So NFTs are a bit more popular than I thought they would be
I wrote earlier this year about Ethereum and I mentioned that I thought NFTs were a bit of a side thing... I may have been wrong.
I will admit that I have been surprised with how much NFTs have exploded this year. I guess it has something to do with everyone stuck at home and some people getting things like government payments to get them through these difficult times.
What the heck is an NFT?
A unique digital identifier, it is immutable (cannot be changed) and is used to record who owns what.
I said previously that I think the exciting future for NFT's is things like event tickets, having that immutable everlasting evidence that you where at the once-in-a-lifetime event seems like a really cool idea to me.
However, what is currently happening blows my mind.
People are paying for tweets. People are paying for digital pictures.
To me this is a nonsense, nothing on the internet cannot be duplicated. A digital picture can be saved or a screenshot taken of it. Yes, the NFT proves who the original owner was (is) and yes it is a great way to pay the artist, but who really wants to own a digital picture?
I am flumoxed by this current surge in popularity and speculation in the NFT space.
I imagine a lot of people will be burned on this one. Like any commodity, it is only worth what someone else is willing to pay for it. At the moment, there is this enourmous hype about the NFT world and people are paying silly numbers for digital monkeys. I imagine that at some point people will realise this is rediculous and the bottom will fall out of that market pretty quick.
I might be wrong. I suppose, I hope I am wrong.
I don't want this to be the Ethereum legacy.