Collective mania is a thing. Why do you want that rare Pokémon card? Because all of your other friends play Pokémon and they want it too so it has value to you even though it’s literally just a piece of paper with a cool graphic and happens to be artificially scarce.
NFT’s are the exact same thing but instead of it being your school friends that are jealous and obsessed over your rare thing, now it’s a discord community of 10k+ that are going nuts over a golden jpeg. Every NFT project has to have a strong community that is incredibly excited about that artificially scarce collectible.
I’ve participated in NFT mintings and it really opened my eyes. They make 10,000 of these randomly generated images and sell them to a rabid community of speculators who are willing to throw hundred if not thousands of dollars at their chance to strike it rich.
I am just too old for NFTs but I can completely understand how that is cool having grown up collecting baseball cards.
There is really no valid argument that paying for a jpeg is any more ridiculous than paying for a piece of ultra thin cardboard with a baseball player on it that tends to gain in value based on going back in time in the players career. As if the rookie card being worth more than the second year is purely logical and not just a type of supply/demand herd mentality.
NFT’s are the exact same thing but instead of it being your school friends that are jealous and obsessed over your rare thing, now it’s a discord community of 10k+ that are going nuts over a golden jpeg. Every NFT project has to have a strong community that is incredibly excited about that artificially scarce collectible.
I’ve participated in NFT mintings and it really opened my eyes. They make 10,000 of these randomly generated images and sell them to a rabid community of speculators who are willing to throw hundred if not thousands of dollars at their chance to strike it rich.