Are NFTs worthless? This question is as old as NFTs themselves.
Dear readers of the Sunday Tech Revue, let’s get to the bottom of this question a bit, but that’s not the only interesting topic today.
Are NFTs worthless?
Fast catch-up: A Non-Fungible Token (NFT) is a non-replaceable digitally protected object. Recently very popular in the digital art scene and technically typically based on a blockchain.
Currently, an article, with a very critical attitude towards NFTs, is getting a lot of attention. Even John Carmack, legendary game developer that he is, has commented on this.
The article says that an NFT is really nothing more than a link to a blockchain address. Further, it raises points, such as lack of scarcity (the Mona Lisa exists only once, as it is physical) or manipulation (anonymous buys) by the artists themselves to drive up NFT prices.
In this context, John Carmack generally brings Intellectual Property into play in his commentary. This is the right context, but also elevates this discussion into the philosophical.
When do ideas become works? What value do physical works have, what virtual ones? Where do NFTs fit in here and what regulation will there be on this?
My opinion on whether NFTs are worthless or not
My personal opinion is that NFTs are here to stay.
They will evolve greatly over the next few years and will most likely require the physical demands of scarcity. Or we will live more and more in the metaverse and there NFTs will play a fully integrated role.
What is your opinion? Are NFTs worthless?
The IOTA Foundation continues to deliver
It has been just two weeks since the IOTA Foundation announced the Shimmer Staging Network. Among other things, this brings a new coin and the possibility for staking.
But the stream of news does not stop. This week great news from the IOTA project became known.
The Foundation announced the Assembly smart contract ecosystem. This is big news, as it not only bridges to the blockchain world via EVM, but above all enables feeless smart contracts. A possible game changer, if adopted at scale.
Metaverse Real Estate Bubble
If there is a real estate bubble, is there also a virtual estate bubble?
Here comes my prediction: Young as it is, the metaverse will nevertheless soon experience its first (real) estate bubble. Today, virtual land is already changing hands for over $4 million, as recently happened in The Sandbox.
Ridiculously much? Well, the largest crypto fund Grayscale Invest estimates the revenue potential of the metaverse at US$1 trillion.
- More Metaverse: Microsoft’s Mixed Reality becomes Metaverse? CEO Satya Nadella reveals Microsoft’s plans at Microsoft Ignite. Nadella sees the Metaverse as revolutionary as the World Wide Web.
- Even More Metaverse: Second Life founder Rosedale is skeptical of the Metaverse push. He says people don’t want to wear VR headsets all day.
- Crypto: The crypto market was shaken up once again, with steep drops around 20%. Reason: Stock market uncertainties and lots of leveraged capital in the crypto market. Besides that, and also interesting in the context of NFTs: Adidas announced a partnership with coinbase.
- Xenobots – The next big thing?: As the University of Vermont shows, AI-developed xenobots can replicate biologically – promising not only for regenerative medicine.
Now, I’m always interested in your opinion. Share it here or on Twitter. But most of all, have a nice and relaxing Sunday.
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[…] Already today, in the forerunners of the metaverse such as Sandbox, land is passing to the new owner for tens of millions of dollars. It goes so far that I have already predicted the first virtual real estate bubble. […]
[…] Another fact is that this answer my question from a previous article, where I asked: Are NFTs worthless? […]
[…] Therefore, will 2022 be the year of SBTs after 2021 was the year of NFTs? […]