A while ago, I was messaged by a mentor for NFT trading on Discord. I believe in NFT as technology, but not I dislike looking at it from a profit point of view.
Most NFTs will stop selling at one point, and the last buyer will suffer the burn.
I know because this happens all the time in HYIP schemes, and the NFT space is turning into one.
The traders scammers who know what they're doing will stay in the game enough to profit from it and get out of the game as soon as they feel it became saturated.
My opinion on NFT is something I put in my blogs and comments all the time. About how it can be used in gaming, and how I'd like to see a Gacha NFT game and the dangers of this type of games.
There are many reasons I don't want to get into art NFT trading, even though I made some NFT art pieces and plan to create more. I don't like the predatory nature of it. The fact there's no regulation. The fact that anyone can make a copy of the NFT and get away with it. The fact that there's stolen art involved.
So, when I get contacted about NFTs, I get defensive!
You lose my respect as soon as the first thing you say is related to profit. If profit for me means the loss of someone else, then you must have a really good reason to convince me it's worth it.
Don't make me any other random person you want to add into your space. Learn something about me first, then you'll probably learn you're wasting your time.
If you still want to contact me? Do you know what you're doing?
- You'll spend time on me: Who rather spend time watching Youtube and occasionally make art to share for free than maximize my earnings.
- You'll spend time on someone who doesn't have a lot of money, and no drive to earn more except when I needed it to survive (at the moment.)
- You'll spend time on someone who had artist friends whose art has been stolen by the NFT community. (I don't blame the NFT community for this, just the criminals who did it, but you realize how wary will that make me feel bitter.)
I don't like selling things I don't fully understand the utility for, (and I'm not willing to spend a lot of time learning if I'm not convinced yet, that it's worth it.
Most NFT art has little to no utility, or they have uses I don't care for. I dislike procedurally generated art. I find Cryptokitties a tolerable use of the NFT technology, but I don't want to be a part of it.
Side note: I see most NFTs as overvalued!
- Does the NFT deserves the price tag it has?
- What makes it worth that price? Is the artist behind it that popular? Is s/he that hardworking and/or needs the money? Is the art style that unique? Is the money going for a charity project?
- Do I like that artist that much? Do I like the seller that much?
- Is the NFT part of a project I want to support that much?
- If I bought that particular NFT and managed to sell it, can I sleep knowing I sold the NFT for a price more than I feel the one I spent on it?
Notice that these are all selfish and subjective questions, but depending on what art piece we're talking about, some might be able to check all of them!
I hate getting into something just for the money. I've been there. It was a regrettable experience!
If it's an NFT released by an artist I know, and I know it's legit, and it won't hurt my life to buy it, I won't mind... I'd like to support artists when I can.
But for all I know, the NFTs you're messanging me about might be stolen too. Do you think I have time to research all of that?! Do you think I can buy without researching first? Do you think that's wise?
The NFT space isn't regulated, and it needs a lot of time to regulate.
I wish at least some unofficial party comes to curate a regulated list. That way, people can be safe as long as they refer to that unoffcial party, but it has to make trustworthiness a top priority!
Some of the people contacting me, probably have the money to try making such a regulation party, but it's more profitable if the art NFT space stayed the same!
I'd like you guys to try to convince me that art NFTs is a cause worth fighting for. How can you make me believe in sacrificing my time and money for that cause?
It's not impossible...
I changed my mind about many things!
It's just that NFT does not have a lot of convincing arguments right now for someone like me to join the trade.
I have a few pieces of NFT art if you want to buy and invest with them, (more might be coming or not,) but unless your goal is to support me as an artist, I don't recommend you invest in them. I don't believe they'll be profitable for you (or anyone else,) in the long run.
- This rant is also on Read.cash.