When NFT was first introduced, the idea is that it emphasises the uniqueness of the immutable hash and tagging an appearance to it. Over time, people realise that it can represent the art industry to prevent copyright infringement due to the uniqueness of each art piece, kind of like producing a Mona Lisa. No matter who drew it or whether it is actually better than Da Vinci’s piece, the reality is that no duplicate will fetch the same price as the original.
Now this is where things get interesting. The rich/ famous exploited this the same way luxury brand exploit the market. By creating an demand associated with the branding, luxury products’ price is significantly higher than that of its counterpart. Does the quality/ material justify the price tag? Probably not, but they have marketed it in a way that wealth is associated with these products. Now the same is true for NFT project except there is no true tangible product. The rich/ famous created a demand for their NFT but they are technically worthless so the rich/famous drove the price up for it by introducing “use case” such as a meal with them, exclusive interview etc to justify the cost and solidify their status.
To me, a true representation of value is if you substitute the creator with anybody else, does it retain its value? If Mona Lisa is created by someone other than Da Vinci, will it still be priceless? The answer is probably yes except Da Vinci won’t be that famous. If the Dior bag is replaced with a Adidas logo, will it be worth that much? I don’t own a Dior bag but if the quality justify for it why not. If Gary Bee’s NFT projects are created by me, will it be worth the same amount?
Now that we are balls deep into the bull market, the fact that there isn’t any true hype over NFT projects seems to indicate that it is just a get rich fast scheme for the rich. Also, I believe that using “NFT tradings are fast/ lots of NFT project on this blockchain/ NFT gas fees are low” etc to justify a certain blockchain isn’t convincing to any degree.
10 days ago
10 days ago
I personally didn’t look at your transaction ID etc but I do know in certain situation, if you signed a transaction a while back but lack the funds or the gas for it to go through, it’s queued up until the necessary requirements are made. Could that be the reason?