Decline in interest comes as Elon Musk mocks non-fungible tokens
  • onlooker@lemmy.ml
    10·
    2 years ago

    As much as I enjoy dancing on NFT’s grave, I can’t say I’m thrilled about the fact that Musk’s tweets have this much sway. Well, he is about to own the platform, I suppose. But come on. Environmental harm? Nothing. Throwing money away for literally nothing? I sleep. Musk makes an off-the-cuff tweet about NFTs? EVERYBODY HOLD THE FUCKING PHONE. I hate how this world works sometimes.

    • Tryp@fuckreddit.tryp.digital
      4·
      2 years ago

      It’s a highly volatile collectables market based on hype so I’m not surprised at all, interested in these high prices was already waning before he made his statements. Like always he is just being trendy and repeating what he saw on twitter.

    • stephen@lemmy.ml
      2·
      2 years ago

      I hate how this world works sometimes.

      For me it’s more and more everyday sadly.I try to see the good, but… damn.
      edit: markdown

  • Tryp@fuckreddit.tryp.digital
    2·
    2 years ago

    If you’ve been involved in crypto for a while this sort of ebb and flow is pretty standard fare. New technology gets released, a frenzy ensues, the frenzy ends, the technology remains and continues to grow on a software level regardless of what’s happening on the use case level and stronger use cases emerge. This same thing happened with DAOs and DeFi off the top of my head. The arbitrary value of NFTs exasperated the views that crypto already held in the general publics eye.

    https://usa.visa.com/visa-everywhere/blog/bdp/2021/08/18/nfts-mark-a-1629328216374.html

    The underlying technology being worked on and the visible use cases being promoted often have little connection in the grand scheme of things because that’s what crypto enables you do to. Meet the requirements of the protocol and you can start leveraging it, what you do with it beyond that is completely up to you.

    I’m more interested in futuristic use cases and what ifs. Optionally NFT your banking information and profile to move banks, have it setup in a way to limit information shown and a calculated score based upon perceived value, put your account on the market for auction and banks can bid to bring you to their business. Just spit-balling here but I see potential far far far beyond links to digital art.