This is the only thread on NFTs you need to read. twitter.com/smdiehl/status/1445795667826208770
A lot of people retweeting this are talking about how "the community" is what makes this different. But having a vibrant community doesn't make something financially sound. World of Warcraft has (had?) a vibrant community, but that doesn't mean we should
conflate gold in WoW with real money.
People are also saying "but it's fun." That's totally fine. I spend money on things that are fun all the time. That's what money is for: buying utility. And if that's what your attitude is towards NFTs then great.
But NFTs are not:
- a career
- an investment vehicle
- ownership of an object, physical or virtual
- the future of the internet
- a way of life
- a social identity
And you see people saying stuff like this all the time. What worries me about NFTs is the cult surrounding it
If everyone's fine walking away in five years saying "that was a lot of fun and a worthwhile way to spend my money" then great. But the space is flooded with people who don't talk like that.
Here are some examples:
"NFTs... completely change the rules of ownership. Transactions in which ownership of something changes hands have usually depended on layers of middlemen to establish trust in the transaction, exchange contracts and ensure that money changes hands."
theconversation.com/nfts-are-much-bigger-than-an-art-fad-heres-how-they-could-change-the-world-159563
“Never before has a comedian asked for fans to invest,” Raybould says. “They’ve asked for fans to send them money, and they send them back a T-shirt or put their name in the credits [of a movie]. But do you want that, or do you want cold, hard cash?”
vox.com/the-goods/22700655/cryptocurrency-invest-nft-whiskey-playboy
