I find myself baffled by the recent uproar over reports that the majority of NFTs (Non-Fungible Tokens) are now deemed worthless. It’s almost as if major news outlets have collectively decided to pick today to expose the so-called “worthlessness” of NFTs, creating a narrative of surprise and indignation.
But—give me a break, most NFTs were worthless from the beginning and are worthless now, unsurprisingly, they were only propped up by hype, and now that the hype is gone, the entire media is pushing “surprise” as if they did not play a major role in hyping up those worthless NFTs back in the day.
Understanding the NFT Hype:
NFTs arrived on the scene promising uniqueness and ownership in the digital world, but the market was quickly flooded with items having little to no real-world utility. Many were lured into purchasing these digital assets, buoyed by media hype and influencer endorsements, only to find their investments plummet in value.
Many people need to get out of their delusional minds, it almost felt like some of us who were calling those NFTs bullshit were bad people or enemies of progress, you don’t wish use case into things, if something has no Utility, you can’t wish Utility into it, I never got to understand how many of those NFTs garnered value, but then again, blame the hypemasters, they created value that went through the roof based on nothing.
Media's Role in the NFT Hype
Remember the Jack Dorsey tweet NFT that sold for $2.9 million? It was just auctioned for $1.13. They called it owning a piece of history, indeed.
The media played a pivotal role, not only in inflating NFT values but also in failing to educate the masses on discerning intrinsic value. Out of 73,257 analyzed NFT collections, 69,795 have crashed, leaving 23 million investors grappling with significant losses. We also had million dollar graphic images of stones, hilarious stuff, they really had the entire industry looking like money laundering schemes.
It’s just sad that even legitimate NFT’s are also caught up in the market downtrend due to the bleeding bear market, so it’s very easy to lump all NFT’s as birds of the same feather when in actual fact all are not created equal. Someone on my timeline asked, do people still use NFT’s?
Legitimate Use Cases
Take Splinterlands, for instance, a game entirely played with a set of NFT cards, offering users real interaction and engagement, showcasing that not all NFTs are created equal. I played a 39 minutes game m today and had an interesting win I had to share on my timeline on Twitter, guess what, the entire game was played with a set of NFT cards.
NFTs were supposed to be a big win for artists. Some did well, but many got caught in the wild ups and downs of the market. It’s a tough lesson in what happens when the hype gets ahead of real value.
A lot of these hype and crash of nft markets emanate from peoples lack of understanding of the ecosystem and this is not an issue that is particular to NFT’s alone but also crypto, people buy into hype with no use cases from influencers and are surprised that the prices crash. Clearly we all need to learn more about what makes an NFT valuable. It’s up to everyone—platforms, communities, and influencers—to help people understand NFTs better and avoid bad investment decisions. One day we will heal as a people with the ways we make our financial decisions.
NFT 2.0 - Dynamic NFTs
Welcome the new phase of the next hype. According to sources, the idea of dynamic NFTs came from the desire to create digital assets that are more engaging and interactive for users. Static NFTs, while valuable and popular, have fixed properties that cannot be changed. This limits their potential for use in games, collectibles, and other applications where users want to interact with their digital assets in new and innovative ways.
image is Ai generated
NFT 1.0, characterized by its excessive hype and lack of substantial utility, may be declared dead, but we are on the brink of witnessing the evolution of this technology. NFT 2.0 promises more interaction, engagement, and dynamic uses, aiming to revolutionize digital assets' functionalities. Are we ready to embrace this new phase?
Let's explore more in the upcoming posts about the world of dynamic NFTs and their potential to shape the future of digital interactions and ownership.
Thanks for reading, and do share your thoughts on this evolution in the comments below!