AskLeo - Are NFTs in "A Bubble" or "The Bubble"?
2017 had the ICO hype that got all sort of projects, that were basically doing or solving nothing for the world of crypto, millions upon millions in presales and token selling and we could call NFTs the new hype for this cycle, after DEFI. At least the way I see it.
Mike Winkelmann, the digital artist known as Beeple sold his digital art collection named “Everydays: The First 5000 Days” for $69.3 million. That's a lot of money. That's a whole lot of money for some art that I consider crap to be honest, or that I probably don't understand... Any of the cases might be right.
There's people all over this space tokenizing almost everything in the form of NFTs nowadays from socks to tweets and some do sell quite good. Mike Winkelmann himself considers this NFT craze a bubble though and I subscribe to that. It's a bubble from the valuation of such non fungible tokens point of view not from the concept perspective.
I still believe that we will at one point live in a world where almost anything will be tokenized, it's inevitable, but not to the point where some form of digital art is selling for close to $70 million. That's just speculative bubble territory imo and it's almost half of the total marketcap of HIVE... Lets be serious.
The concept is here and the digitization and tokenization of almost everything is no longer an if, but a when. However, the way we currently perceive and evaluate these types of assets is screaming bubble. The hype attracts participants though and that's a good thing, but much of this hype will deflate over the course of a few months.
Nevertheless the concept is here to stay and it's somehow a proof that the whole crypto ecosystem is maturing with every cycle as every cycle's hype seems to be having a grain of substance in it that solidifies in something sustainable over time. I do believe that NFTs will solidify in something over the years, but for the moment... bubbly bubble.
What about you, how do you perceive NFTs at the moment, have you created anything that you plan on selling as NFT and do you consider NFTs in a bubble right now? Considering you were a billionaire would you pay $70 million for Beeple's NFTs?...
I believe that these prices are pure speculation and many of the investors paying astronomic amounts for anything of this sort will never see their investment back on these. AND I wish Justin Sun would have won the auction for Beeple's NFTs, he would definitely deserve such a cheap masterpiece.
Thanks for attention,
Adrian
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https://twitter.com/AdrianPapava/status/1370475030182830090
Interesting that you're writing about this, I haven't really noticed the trend. Joking, obviously, it seems like everybody is talking about NFTs, just like they were talking about ICO in 2017.
Anyway, I'm working on a project in this niche and currently evaluating Hive Engine (their NFT contract looks good, but they lack royalties, @aggroed said about two weeks ago that it will take a month to add that), and Cosmos, but they are moving relatively slow (still at the structure level, they are establishing pre-requisites - history showed us that once they agree on that, they can move really fast, though).
I really hope to deploy something soon, on whatever platform works best, in the next 1-2 months. There are areas that can be disrupted big time by NFTs...
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You do that. I assume you'll have a dedicated post on the project. Isn't @aggroed behind lensy by the way?
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both! i have been involved with nfts for the past 3 months so i have an idea. Nfts for me have so many potentials. There are so many great projects already out there but there are tons of nfts in general. The demand is quite low for the Nft market and i know many people think otherwise but trust me they have no clue.
Also, many celebrities and famous people have joined the game purely for money and in order to take advantage of people that way. Some of them have basically paid someone to draw something and they sell it with their name for 100x their value. It's our fault for buying though because we think that way more will join or that they will earn more out of their investment.
Also, i speculate that 90% or more of the current projects will be dead in 3-5 years!
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That's what I was pointing at.
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