NFTs are a piece of shit.
Don't wanna be an American idiot, Don't want a nation under the new media, And can you hear the sound of hysteria? The subliminal mind-fuck America. - Green Day
Before you get mad and triggered at me. Let me clarify - not all NFTs are shit, but most of them are. Some are actually very cool, useful and have enormous utility. Others, meh.
Not everything that is packaged as an NFT can be valuable. But that’s what we wanted in the last bull run. Let’s draw some pictures, make it a rare collection and pamp it all up bro. Get rich or die trying as our friend 50 cent would say. Well, if you brought most of these NFTs in the last few years, you probably would have less than 50 cents now. Welcome to in the club bro.
Anyways, why do I think most NFTs are shit. Let’s break it down a bit more. Without getting into the details on ERC 721, 20, 1899, 1155** let’s take a simplified approach. Most of the NFTs have the following in common:
a token contract with a limited mint count or not
token has a meta data associated with it - a picture, video, music or your mom’s ass
token may or may not have some kind of privilege access. e.g. in NBA TS some tokens have a VIP access to actual games. Real cool expensive stuff.
lot of marketing shill based on graphic designs and stories
then we got some OG NFTs that deserve their place in history. Do I mean CryptoPunks?
Let me ask you a question. Why do you think Mona Lisa is worth $1 billion? Think for a moment and you may have a few answers. But, I’ll give you a very simple one - because there is only 1 fucking Mona Lisa. Only ONE.
Apart from Lisa’s historical and cultural significance that jacks up its price to $1 billion, its rarity is guaranteed. Only ONE fucking Mona Lisa in the world. This is one of the core concepts of the collectible market. Also, the reason why some of the art works like starry night is so valuable in the world. Make sense, right?
Next time when you see a doggo shiba inu Elon meme NFT with a mint count of 10K, I truly hope that you don’t separate with your 10 ETH because the serial number is #3.
Fun fact - I love NBA Top Shot, and even TS realized that they fucked up big time by having a large mint count on their NFTs. Hence, there is a massacre going on currently, where a lot of the TS moments are being burned in their new challenges. Coincidence? I think not.
Now, you must be thinking - ok, next time I gotta make sure the mint counts are low like 100 or 50. Now now now, just because a NFT has a low mint count don’t make it valuable, does it? But, that’s for another time in the future.
Just my fucking opinion though.
**one of these numbers is actually a TV show. ChatGPT will help you know which one.