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I don't get NFTs, but then I've never really gotten Bitcoin either. If I'd bought a Bitcoin every time I told someone Bitcoin was overvalued I would have made q
by sterlinm 6y ago
I don't get NFTs, but then I've never really gotten Bitcoin either. If I'd bought a Bitcoin every time I told someone Bitcoin was overvalued I would have made quite a lot of money.
But I'm much more skeptical of NFTs than I am of cryptocurrencies in general. The most persuasive argument to me has been that it's no different than other collectible items. Art is one example, but I think stamps, coins, and baseball cards are better examples.
I think it's kind of objectively stupid to ascribe a lot of value to some random stamp or coin that is rare because of a printing or manufacturing error. But if that's your thing I'm not going to stop you. And if I were very wealthy and you came to me and made an incredibly compelling case that you'd figured out how to predict the future market values of rare stamps and/or coins well enough to build a profitable trading strategy I would consider investing.
The main gimmick of NFTs seems to be that they make it possible for a digital object to be rare. So I suppose some sort of NFT market could just be another type of collectibles, no better or worse than stamps or coins.
That's the most generous argument I've been able to make to myself. Personally I still can't get over the feeling that they're really stupid.
- sterlinm 6y agoThere does seem to be a lot of sketchy grifters floating around the space. I think that's compatible with thinking of them as collectibles. From movies and books, it seems like a lot of cons revolve around absurdly expensive collectibles (art, coins, jewelry, etc.)