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What is the hype about NFTs?

Deborah Agboola on March 20, 2022

I first heard about NFTs from the @tag-comics Instagram page. They create and post African-oriented comics and have a particular comic that discuss...
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Bernd Wechner • Edited

I think you forgot to mention that NFTs are Not For Thinking people. They are literally a flash in the pan of human stupidity, with buyers all riding the bigger fool wave as many critics put it. That is, as they have zero intrinsic value and only the value that the market puts on them, any buy who hopes to make money on one is doing so in the hope of finding an even bigger fool than themselves (who will buy it off them for an even higher price).

Of course, if you have enough cash with nowhere to go and just want to beat some drum and don't mind losing the money, NFTs are a nice way to go and a great way for artists and such to tap into some of that lazy money that we have created in our world that refuses to share the wealth but rather creates poverty while lining rich pockets.

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Rafael

Seems you are misinformed, at least have a look to NFTs domains or utility NFTS as shibuya.xyz.

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Bernd Wechner • Edited

Misinformed is harsh. NFT domains are hardly an established or common thing and I don't even know anyone who understand how they work (the domain name is resolved to IP address) and in fact they don't unless as a user you tweek your browser:

unstoppabledomains.com/blog/gatewa...

To wit, it's an emergent technology. But I will give you credit that it is an application of possible merit. The jury is out on that still.

And shibuya.xyz, seriously:

It has been a even though because I final launched one thing new, but following operating on this because September I am proud to say that we are releasing the beta of @shibuyaxyz now
study my to start with medium short article (ever lol) to discover out additionalhttps://t.co/udlGyPNL5R
– ppppleasr (@ ppplpleasr1) March 1, 2022
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So it's hot off the presses well behind the NFT boom and craze selling worthless IP. That said again, you are right and there is a possibly utility here for the idea (though I am left wondering if what shibuya wants to do can't be done with simple user accounts i.e. is not in any way reliant on NFT technology per se, just riding the wave). Which differs from NFT domains which do hinge on a way of proving ownership of a domain name without a central authority, but in the public domain, and NFTs do fit that bill well.

So, on the whole point is taken, there are sensible uses of NFTs, and yet, I don't know of any easy to use mature or mainstream applications, and the hype has been dominated by valueless NFTs (domain names have value, names in general do and the right to use them, hence registered trademarks).

And worth noting that we were commenting primarily about: What is the hype about NFTs? And the hype has a very bad rap indeed.

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Ben Halpern

Folks should check out Metapunk

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Lee Wynne

Absolutely, we would love this type of content over on the Metapunk Forem 🦙

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Can Olcer

NFTs, like most other things that label them as "web3" are get-rich-quick-schemes. Here's my thoughts on why should leave your fingers off blockchain as a developer: dev.to/canolcer/fellowdevs-stop-bu...

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Jon Randy 🎖️ • Edited

I strongly suggest watching this. It's long, but very informative. The problem with NFTs...

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Jon Randy 🎖️ • Edited

Blockchain - whilst being interesting tech - is still a solution looking for a problem in most cases. Sadly, the cases that are actually approaching being something like worthwhile are vastly overshadowed by all of the ridiculous money making scams. Even Ethereum's creator is worried about where all this is headed.

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FJones

And even those cases are only approaching something like worthwhile. They have yet to demonstrate any benefit of this technological solution over others.

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Timonwa Akintokun

Quick note Bitcoin isn't the first coin to be created . There were a few failed crypto coins before Bitcoin. All in all, your writing is good and easy to understand for a newbie. 👍🏽

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Deborah Agboola

Thanks for your feedback, Pelumi. On the section where I mentioned "What makes an NFT valuable", I meant first of its kind. Bitcoin was the first coin of it's kind, Not the first coin ever created. Thanks for pointing that out.
All in all, Thanks for the positive feedback!

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Timonwa Akintokun

Ok. Thanks for the clarification

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rinegade.sol

Solana is a blockchain, not a marketplace
there are many marketplaces on Solana like Magic Eden for example