Are NFTs a fad, a gimmick, a scam? In my opinion I say no. But there are a few bad actors to watch out for as with any emerging and established industries. I've said it before, and I'll say it again, NFTs are the future and they are here to stay.
When I say the future, what in the heck does that mean, future of what?
In my humble opinion, nonfungible tokens are setting the stage for how we merge the physical world with the digital.
It's another way to establish proof of ownership over something of value that's easily verifiable on a public ledger that lives on the blockchain.
You can sell it, you can keep it, you can do whatever you like with your token without interference from big government.
It's a peer-to-peer permission less monster that frees you from the clutches of government.
We the people decide what value to give to an asset, and we trade based on what we say that value is. Because we're talking about a new asset class terms like blockchain, and permission less are foreign terms.
For a lot of people, probably most people there's still a lot of mystery around this new asset class.
You're hearing the word NFT left-right-and-center and you're probably a bit skeptical.
Why would someone want to pay ridiculous sums of money for a piece of computer code that lives on a blockchain?
You can't feel it, touch it, smell it for that matter so it becomes a strange new concept shrouded behind a bag of questions.
For those of you already in the space and generating healthy profits, it's a no-brainer.
But healthy profits at what cost?
Tai Lopez who's a well-known online personality famous for his YouTube commercials is in on the NFT bandwagon.
He's selling his NFTs as access to his courses, himself, and millionaire mentors.
It's an OG social club as he calls it, with prices ranging in 0.4 ETH to 33 ETH.
33 ETH at the time of this writing is roughly $84k 😂
I'm not paying $84k to get access to Tai, no disrespect and all, but that's over the top, I'd rather spend my ETH on something else.
Frosties, was a project made up of colorful ice-cream characters which had many people who invested tens of thousands into the project.
Frosties was later found out to be a rug pull, which scammed its investors.
A rug pull is when the founders of a project suddenly disappear and sell off all their assets without notice, never to be heard of again.
Sometimes scammers send random NFTs to your account in the hopes that you'll click and interact with the item which is basically a back door to your crypto wallet.
It's stories like these that scare a lot of people away from investing in NFTs because it gives the space a negative vibe.
But that just a small piece of the puzzle; a few bad apples attempt to spoil the bunch.
The Future Of NFTs
There are a ton of solid projects that have real world use cases and great utility that you absolutely want to get in on.
The problem is trying to sift through all the crap to get to it.
In 2021 NFT sales reached an eye-watering $14.4 billion.
The majority of those projects were, and are still solid investments to consider.
Bored Ape Yacht Club is a top seller, and it's also a standard that many other aspiring projects try to emulate.
The same goes true for:
- Crypto Punks
We've been advancing to a more digital first culture for the past decade.
Everything we do is becoming more online-centric.
From shopping on Amazon to playing video games with VR headsets, we're fast leaving behind the physical world for the virtual world.
The pandemic saw more companies shift to a work from home/ online business model.
Some people are playing Axie Inifity and are being rewarded with tokens that can be traded for fiat money.
This play-to-earn model saw some folks earning a living by playing a video game, how crazy is that?
Minting in-game items with Enjin allows you to sell and earn by trading. (Disclosure, I'm invested in Enjin)
The Metaverse is probably one of the most talked about subjects in crypto right now.
Companies are pouring resources into this alternate reality because they can see we're headed there in the not too distant future.
Facebook rebrands itself as Meta, and is said to have spent $10billion in investing into the infrastructure.
Samsung's 837X is a metaverse experience that lives in Decentraland. (Disclosure, I'm invested in Decentraland)
You'll be able explore new worlds, attend events, and interact with other users.
The interior space is an ever-evolving experience center, designed to deliver forefront metaverse interactions that fuse together pop culture with the spectacular innovations from Samsung.
Gucci and Roblox, Coca Cola and Tafi,
Louis Vuitton, and many more brands are embracing NFTs and the metaverse.
Just think for a moment.
Why would some of the world's most recognizable brands be pouring resources into blockchain technology if they didn't think it wasn't going to be a game-changer?
In the coming years, you'll see more companies following suit to get in on the action.
We are just in the beginning stages of Web 3.0, and those of you with eyes to see understand where we're all heading.
I believe it was Gary Vaynerchuk who spoke at one time saying you probably will see sports tickets all be done on the block chain.
Gary has been an early adopter in blockchain technology, and is a huge NFT fanatic.
He is one of the biggest business personalities and guess what? He's got his own NFT play called VeeFriends.
It's time to embrace the future, and let go of the past when it comes to technology.
Those that fail to change and adopt to emerging trends usually get left behind, and it's never a pretty sight.
NFTs are here to stay, and they are going to be an essential part of how we interact with each other. It's only a matter of time before it becomes a household name, and the norm.