Like I am sure many of you have seen an NFT by Beeple sold for $69.3 million shattering any and all records for the value of NFT's. While I think this has the ability to cause more good for blockchain and cryptocurrency than bad it does beg the question of have the rich already hijacked NFT's and now it is just the next form of art? $69.3 million can and will buy you countless priceless pieces of art that are revered currently and while it took centuries for the prices to reach this in the physical world already it has hit it in the blockchain world?
As someone who really loves the idea behind NFTs it is really disheartening to see the prices explode like this as a recent college grad I cannot shell out thousands and thousands for NFTs but I do what to take part. While plenty of artists are reminding true to their roots if you do not get the initial drop the prices to explode just look at the recent Taco Bell NFTs and how some the same day were being sold for $600-700 after being sold for less than $2 earlier in the day.
After Gronk, the longtime New England Tight End and Tight End for Tampa Bay last year decided to launch his own NFT's another huge football name has hoped on the idea. Patrick Mahomes is now auctioning off NFTs and the cheapest one in his auction will be $2,500 immediately pricing out most kids and young adults. Mahomes auction will range from $2,500-6,000 USD and there will be one mystery item with no set price allowing it to go for who knows how much. While he is at least taking a page out of Jack Dorsey's playbook he is only donating part of the amount he makes from the sale to his charity and the Boys and Girls Club of Missouri.
It is rather disheartening to see even the Bananao NFT's taking off in value to where even I have to think twice about maybe I should sell them myself..... To me though this defeats the purpose of why they were created and what was hoped to be accomplished. Blockchain is supposed to democratize things and this money grab is the polar opposite of this very idea.
