NFTs: My Experiment (Part Two)


Hey folks! I've noticed that there has been a fair bit of appetite for my first few posts on Publish0x, so I've made a Twitter account where I'll discuss all things blockchain/crypto. You can follow me here and be the first to see when I've put out a new post! 

In 'NFTs: My Experiment (Part One)', I promised readers that I'd check out the NFT space. I have spent the better part of the last 24 hours doing just that, and have mixed feelings. On the one hand, I enjoyed the process of minting my own series of NFTs set at the bare minimum price of 0.1 ETH (talk about a hefty floor!) If even one of them ever sold, I'd break even on this little experiment, which is kinda neat, but I also feel that this indicates just how inaccessible the market currently is for the everyday consumer. 

Any other site with a (>$300) floor would be considered a luxury brand, but even the biggest NFT market Opensea.io feels more like Web3's Craigslist than, say, your typical Louis Vuitton sort of vibe. There's a reason for that: Opensea is a decentralized app (dApp in Cryptospeak). What it's really doing is framing a picture of blockchain-based smart contracts for people to peruse. This technology is still very much in its infancy, and more importantly, it is not part of the core functionality of blockchain technology, but rather an example of one (fairly dramatic and not at all essential) use-case. 

The system was sluggish to use, and site data lagged far behind what one would get on a normal website. Further, the systems in place for browsing the market of NFTs overwhelmingly favored top sellers. I actually couldn't even find any small creators natively on the platform: just a handful of people who are doubtlessly millionaires by now. The first impression one gets is that the scene is paradoxically played-out while still in its infancy. 

My money is on the latter being more important than the former. I think that NFTs will get large-scale adoption, but probably not through a dApp-based platform. I'm sad to say that at this point, the smart money would be on Libra and Meta's digital Metaverse to dominate this scene. For that reason, I don't think that I'll likely be doing much with NFTs down the road. I just foresee this quickly devolving into a system where people will dump large sums of money and then feel that they've gone too deep to stop, and if anyone knows how to manipulate our brains to do that, it's Zuckerberg and his army of big-data armchair sociologists. 

Loot crates are the last thing Web3.0 needs.

How do you rate this article?


8

0

OnlySocks
OnlySocks

Yale Philosopher and Crypto Enthusiast


Why Crypto? A Philosopher's Perspective
Why Crypto? A Philosopher's Perspective

The old guard keeps telling us that crypto is a classic example of a market bubble, and that it's about to burst But what we're witnessing is a revolution which can only be described by the market, and is not circumscribed by it. The next class shift is fueled by crypto, and it's poised to tear down their whole world

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.