A little thought on NFT’s in their current stage... Bullshit | Sheep-Free Zone👻

A little thought on NFT’s in their current stage...

Bullshit.

Non-Fungible Token = a great concept that fits perfectly into the route of where this world is heading in terms of tokenisation and digitalisation. As we progress into a world where we’re likely going to be imprisoned in the metaverse it will have many great use cases to prove ownership of items and pieces in our little digital homes. It will also be useful for further government surveillance on all of our assets and possessions. People tend to become fixated on the magical money that can be made from these new hype-focused sectors, but forget what this is all leading up towards...

NFT’s for jpg purposes is all a fugazi. I couldn’t care less for ownership of some pixels on a screen when the exact same image can easily be saved by the entire world in the exact same format. You often see people comparing an NFT to owning the real Mona Lisa, which is delusional to even consider comparing the two. The Mona Lisa is a 1 of 1 and hand painted, you can attempt to duplicate it, but it will never be exactly the same. A piece of shit and effortlessly illustrated NFT of a cartoon, which can be directly copied/saved by millions of people does not showcase rarity or have any value. It’s all hype.

For an item to have true value in terms of artwork, it tends to stem down to the rarity of the item in question. As a fan and skin collector on counterstrike (CSGO), I see how such a NFT-based economy would make sense with the correct assets. For an example a weapon skin on Counterstrike is individual and unique, each skin comes in different conditions from Factory New to completely worn. Within those categories of skin conditions, each skin also comes with a unique ‘float’ (condition of skin) and pattern number to identify the individuality of that skins pattern, meaning each individual skin pattern and condition carries a unique rarity to it, with some patterns being more valuable than others. This is what makes these skins valuable, as they’re not direct duplicates of the exact same item and no person can own the exact same version.

There’s no value in owning an item that the entire world also owns in the exact same version completely free of charge. Congratulations on owning this item, you deserve a medal. As the exact same item can be duplicated and placed in the possession of anyone else, in theory they also technically own this item as it’s in their possession in the exact same format. A lamborghini wouldn't have much value if you spent £300,000 buying one only for others to be able to walk into the dealership and drive the exact same car completely free of charge.

You see people like GaryVee preaching the value of NFT’s, only to then release his own and make millions from his audience who are all under the illusion of believing they’ve invested into something of value. In reality, you’ve just been scammed into buying something completely worthless. It's the same as any other trend, suddenly everyone's deeply involved in NFT's, they'll also be claiming everything else that follows in this hype-fest is also of value. Culture vultures.

For an asset to be a worthy investment, it must have value. At present the value is all based on hype. When the hype fades away, what’s to say there will be a buyer willing to pay such a price when the hype is gone? We saw this with the ICO phase and it’s always the same bullshit of “it’s the future”, “this is will moon”... these people always end up vanishing until the next hype. As I’ve said before, these are miniature bubbles within an overall enormous bubble.