The NFT trap
Seth Godin gives us his opinion on why the NFT market is a bubble and people should stay away.
He compares NFTs to works of art that don't have a limit on supply. It is only those that become wanted by others out of fame or represent something of sentiment (like beauty) in society.
People are more likely to buy them in the hopes they will re-sell at a higher price and for bragging rights. Besides, it takes a lot of energy to sustain this industry, according to Seth's research.
Photo by Boitumelo Phetla on Unsplash
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Interesting. That's the first real negative outlook I've heard on NFTs. I'm not interested in them myself but I keep hearing its all the rage right now. Nice to know there actually is another side to the coin.
It's all the rage but many creators are flooding in, and also as an investor one can end up with something worthless. He hasn't factored in areas like gaming where NFTs have a functional value or markets where buyers buy from themselves from different addresses to create some sort of interest and other angles I'm yet to be aware of...