So if the crypto hype wasn't enough and pushing coins to sky high new valuations, we now have a new blockchain based craze taking the community by storm. NFTs
While it is completely insane to ignore the recent NBA Top Shot NFT collectible which sold for $200,000, it is as equally insane to believe, all, some, or any of them will retain that kind of value.
I'm not going into the details of why some pieces sell for astronomical figures in the art world, but it does present some savvy investors as way of parking capital into an otherwise worthless asset.
Not to mention, I am a bit more skeptical of lesser known brands or artists coming into this space. McBTCMemer8000 (I made up that name) can mint a NFT on Ethereum blockchain, and then mint it under a different name with some slight variation. Or he can mint the exact same collectible on a different blockchain.The non-fungible portion of NFT means irreplaceable really. But what about replication?
The ability to ID, track, and analyze an NFT across the entire ETH ecosystem is daunting enough (especially for images). But to cross-chain track as well? I'm not sold yet. Hell we can barely track some high quality knock offs from actual real art in museums. (seriously, look up how many times some millionaire has been stiffed with a phony sale, even some auction houses / experts have been bamboozled).
Granted, in the case of officially licensed brands like the NBA, it would be extremely difficult to pass off a forgery, or secondary re-production since all the data is on chain and public. Which brings me to ask, what is the contract address for NBA top shots? I honestly have no idea.
But there are other NFT's. NFT's which provide some kind of yield for owning them. A lot of gaming platforms are integrating some NFTs as mechanisms for rewarding players will game-native tokens for holding certain NFTs. I think that is neat. Why? well forgery or not, in the case of AlienWorlds, (don't quote me on the game title though). If you own the NFT for a plot of land, anyone who mines on that plot of land is paying you a % of the trillium mined.
So knock off, secondary, etc, if it still gives me a yield, who cares?
Same applies for ENS domains. The .crypto and .eth and .etc domain name suffixes. If I own, AlphaNova.crypto, there will only be one "AlphaNova.crypt" and because it is not an image, but a series of words on a string, it can't really be reproduced.
Yes I'm acutely aware that it can be AlphaNova.fil or Alphanova.xyz or some other chain specific version. Just like you can have AlphaNova.com, Alphanova.org, Alphanova.net and so forth. The ".com" will always be the dot com.
So as I am diving deeper and deeper into the NFT-verse, I am thinking along the lines of an investor, and a seller. What can I buy that is 100% guaranteed not to be replicated, that will have some utility other than being a "shiny" object, and will have some re-sale value close to my initial investment?
I've seen horse racing NFT craze (ZedNet) & all these little knock offs of crypto kitties that are very popular lately, and I'm just asking myself. Why on Gd's green earth would someone pay $30,000 for an NFT asset with no interest bearing properties.
And I think for now, almost all NFTs will not have any resale value close to what they're selling for now. Maybe the virtual land NFTs in AlienWorld can even appreciate, if game adoption truly grows. Let's hope EA, and Activision keep their greedy claws off this space for now. (By far the worst gaming companies on the planet).
Some NFTs in the NFT space are very promising. Those that utilize crypto assets and turn them into bonds. Sync Bonds, Barn Bridge NFTs, etc. And I do a lot of REAL world applications that NFTs can be used for in terms of document verification.
But for now.... use your judgement, don't let the FOMO influence you into making a poor investment decision. Unless you really love the art piece or the project. Then money isn't really an issue anymore right?
But for the time being, I think nearly all art-based NFTs are entirely, over valued whoever is buying now, will be aching when the euphoria ends.
Speaking of NFTs for sale, shameless plug here.
https://app.rarible.com/alphanova
https://opensea.io/accounts/AlphaNova
Above are links to my NFT collection on sale. All my .crypto domains are 1 of 1. The only asset I have that's a duplicate is that CoinGecko / MotorBike. I got it air dropped and there's 389 in existence I believe. Rarer than most, but more common than some.
Artistically yours,
Old Grey Fox
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
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Alphanova.crypto
Above is the .crypto address for anyone who wants to shoot me some cheddar for my thoughts. Please no BTC or ETH. Network fees are killer. Stick to LTC, XRP, ADA, or TRX. The last 3 are almost free in terms of network fees.
And if you happen to be a Publish0X admin reading this, PLEASE CAN YOU GIVE US THE OPTION OF BEING REWARDED IN TRC-20 tokens vs only ERC-20 tokens? PLEASE IMPLEMENT NON-ERC-20 tokens as rewards. THANKS!
