NFT Loss - minus 99% ROI

User avatar
Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

In all seriousness, I usually try to keep an open mind so I sort of get both sides of the argument.

Bottom line, people are all about status and you have to admit NFTs are a good way of displaying that in the digital space. It may seem like irrational insanity but tribalism often is, and crypto tribalism seems to be the driving force behind it.

Everyone always screams bubble at anything new, but you can't ignore the fact that today we exist more in a digital world than a physical one, and our presence and appearance in this space matters. Since people love nothing more than to flex and you see it daily in all wakes of life, this logically creates a need to flex in a digital manner. Splurging money on a unique NFT art piece is not much different, it's about flexing your status and your wealth, and to a far bigger audience than driving your Lambo to get groceries once a week could.

And for some it's about credibility as well, if an expensive piece of NFT is a requirement to join exclusive clubs on Discord or elsewhere then some would argue it has value as well, since networking and exposure at that level etc can be deemed priceless. Another interesting thing with NFTs is now you can be both famous and anonymous at the same time, something that was not really possible before but sounds like an ideal balance. Buy a Bored Ape and slap that bad boy on an anonymous Twitter account and suddenly your voice matters and your advice is relevant. Since you now own a unique recognizable "digital face" there is no need to actually show or risk your real face.

In the trading ecospace overall I would assume NFTs can be used as a unique credibility tool as well and will be the difference between real traders and the pretenders, simply because those that don't actually trade cannot afford them. Not exactly full-proof but this can help with the much needed transparency in this industry.

Not long ago people on here were asking for an exclusive trading club and a way to verify who is even profitable etc, so that's just a random example that such needs do exist, and now with NFTs solutions exist as well.

Like the Discord discussion the other day where people were interested in that, who wouldn't want to be a part of an exclusive Discord group where you can't get in without a unique NFT.

OP of this thread made a unique avatar as well, but if he put up a Bored Ape instead or a similar equivalent then he probably wouldn't get that stern telling-off to stop posting crap the other day :)
User avatar
Kai
Posts: 6092
Joined: Tue Jan 20, 2015 12:21 pm

Sounds about right :lol:
User avatar
gazuty
Posts: 2547
Joined: Sun Jun 26, 2011 11:03 am
Location: Green land :)

So good. And Parker is so clever.
weemac
Posts: 1216
Joined: Mon Sep 16, 2013 8:16 pm

People are now stealing Youtube gamers' and influencers' images and channels off Youtube and creating NFTs with them.

Bitcoin is SO last century.
User avatar
Crazyskier
Posts: 1157
Joined: Sat Feb 06, 2016 6:36 pm

Damien Hirst is the UK's wealthiest living artist.

Much of his wealth came from NFTs and many of the early adopters of his work have also had many many times their initial 'investment' returned.

CS
Post Reply

Return to “Cryptocurrency”