My Two Cents On NFTs And What I Believe Would be Their "Downfall" + A Solution to Prevent That

The Storm Called "NFT":

The surge in NFT and its usage has taken many by surprise. These "Non-Fungible Tokens" seem to be more than what only traders would be interested in, and have instead, caught the interest of a wider range of people such as programmers, gamers, and even artists.

What's So Special About NFTs, THO?

NFTs' world is where Programming, Finance, Marketing, and many more gather. That's like more than 80 percent of what is required to build a functioning ecosystem. Oh, and did I mention that it's also Decentralized??

The idea of "owning" something digitally was not possible before NFTs. You might say "Hey, I could license my digital artwork, song, etc....", but these are two very different concepts. A copyright-protected song, artwork, and in general "asset" is still "duplicable" and anyone can still copy them, use them, and even benefit from them without paying anyone anything.

NFTs have solved that issue. Once minted to the blockchain, only the owner can do whatever they want with the asset and when sold, not even the creator can do anything about the minted copy.

The Downfall??

The BIG problem with NFTs is that they are currently being used in far more trivial fields than they would normally be. Minting and trading "artworks" which are just variations of each other with no real use seems utterly futile in my opinion. Prominent examples are:

The Crypto Punks

Bored Ape Yacht Club

Now before anyone starts razing me and saying that I'm spreading hate, lemme make some points clear.

I do appreciate their efforts in making NFTs and putting them in the spotlight.
I realize that they are bringing value to the crypto world.
Also these are just examples that come to my mind since they are more famous. Nothing personal with them.

My point is: Is this truly worth it? The secondary market is acting crazy and the price is only going up since more people are joining the crypto world, but how much will the price go up? Who will be the incremental buyer at some point forward? It can't all be profits, right?

I mean if you're going to buy one if you like the combination, or it just looks cool and you wanna keep it, then be my guest. But, is buying and keeping something so expensive worth it? If you're a millionaire, YES. In which case I truly love to be your friend. But otherwise, that's a big no from me... if it were cheaper, then sure. Buying them at a far cheaper price or "minting" them would be more reasonable. You can think of it as investing in a project you have faith in or would like to support.

I'm not a financial advisor, but a person who likes to view things objectively. Just trying to create the bigger picture in one place so those who are not so sure can make up their minds.

You might also buy one for a cheap price and become rich so soon, who knows? Like those who bought SHIB and became wealthy in less than a year. But I'd say don't put your entire fortune in an investment.

Solution:

The solution would be simple:

Education:

We need to educate people on what NFTs and Cryptos actually are, the power that comes with them, and how we can truly use them to their full potential. Trading is the first use that comes to mind when there is something of value, and I believe we should go beyond that and learn how this new technology works and how we can utilize it. Things I'm quite excited about is how NFTs will prosper in the gaming and programming world.

Conclusion:

While NFTs are still in their early stages, and as much as I believe they are currently "over-hyped" in some areas, I think they will continue to prosper in the coming years until they find their suitable place in the programming, trading, and also gaming world.

Until then, Stay Healthy and Wealthy. Thanks for reading up until now, and I'd love to hear your opinion on what is about to happen in the NFT world and hear any objection to what I've stated here.

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