Are NFTs Really Worth It?
With the rise of the NFT market, I wanted to look at the most famous and hyped projects that are out there. On the first look this market looks insane. But looking into it further there is a good reason why this market is how it is right now. And while it cooled down for the last month or so I still think that it is a big hype going on and that there is something more behind this phenomenon than just wanting to get rich quick.
Recent NFTs Examples
To start the list of we have the infamous cyberpunks. They are supposed to lean on the London’s punk time in earlier times. The cool thing about those is that there are several modifications. Some of them are more rare than others. Hence, the different pricing. For example: An alien or zombie skin are more rare than a normal “human-skin” which results in the first ones to be sold at much higher price.
Another example (and probably the most dumb one) are the Ether-Rock-NFTs. If you didn’t know or live under a rock (pun intended), these NFTs are drawn pictures of rocks that differentiate from each other in their color. Moreover, these are pictures of rocks which you can not do nothing with other than store it and show it off.
This brings me to the third and final example of the recent FNT mania. The Bored Ape NFTs. Here, even NBA Star Stephen Curry got one of those. With these NFTs it is similar as with the Cyberpunks. Some apes have different attributes which make them rarer than others. In addition to that, owning a NFT in this collection gives you the right to purchase some special merch that is not available to everybody. This would give you a special status and bring also some value to the real world.
Comparison to Modern Art
So why do people buy this kind of stuff? It really took me a while to understand and wrap my head around it. But the Ape NFT merch collection finally brought light into my world. By owning such NFTs people are entering a special club that not everybody has access to. (And who doesn’t want to be special?) It gives a sense of pride to be a person who can be associated with a NBA star who also owns one piece of this collection. That means you are in the same club as a celebrity.
On top of that, I quickly draw a comparison to the real world. How often did I wonder why people are paying millions of dollars for art that every five year old in the world could have painted. The answer is easy. Firstly, they see value in it because it is a unique item that maybe a certain artist made which makes it one piece of a collection. Secondly, they want to show off and flex in front of people of their kind. This makes it more understandable.
Conclusion
So are NFTs worth it? In my opinion they certainly are! Not only do they have an advantage against the real world art because it is prettier (of course debatable) but also they are more handy. Imagine you are buying a painting and don’t know how to transport it in your Fiat Panda. By buying an NFT you just store it in your wallet and sell it whenever you want. Furthermore, I don’t have anything against people showing off or flexing. I think it is cool that our society can build such clubs that are based on digital assets. Also I like the idea of these collection cards which are digital. For sure it gives life another facet!
Published by ga38jem on
LeoFinance
On 13th December 2021
https://www.theverge.com/2021/5/11/22430254/cryptopunks-christies-sale-larva-labs
https://www.cnbc.com/2021/08/23/people-are-paying-millions-of-dollars-for-digital-pictures-of-rocks.html
https://decrypt.co/79676/nba-star-stephen-curry-buys-ethereum-bored-ape-yacht-club-nft-for-180k
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