Why I Don’t Recommend NFTs… YET!

This is a controversial opinion on NFTs because while I believe most people think they’re silly, there’s a huge community that is now being tapped into by the mainstream, influencers, and celebrities.

It’s fair to say that most people making money are the issuers of NFTs. This could be like the NBA issuing a top shot collection or a popular artist who is releasing their own NFT collection. This has now started to include influencers and celebrities who are cashing in lazily on their fanbases.

There’s a rampant amount of scams, low value projects, and low effort projects, that it’s nearly impossible to know what to invest in.

This is not investing, this is speculation. This is akin to trading collectibles in real life and if you don’t think that’s investing, then neither is this. Too many people who want to invest money find themselves buying random NFTs not understanding the liquidity isn’t there and someone has to actually buy it from you.

A lot of what actually makes an NFT valuable is the exclusivity or its rarity, you can’t just buy random ones and hold them hoping they will go up in value.

You have to become a marketer of NFTs if you actually want the value to go up especially given ideally there are a scarce amount of the one you buy into.

NFTs are exclusive or special anymore because everyone is launching an NFT. It’s become more like unnecessary “digital waste.”

There is also a huge amount of plagiarized NFTs and even an entire archive dedicated to just saving NFTs images for other to utilize: https://thenftbay.org/index.html.

I support NFTs, there are so many use cases for the future, but I would guesstimate that 90%+ of the market is just looking for quick cash, not to support artists or some noble goal.

Current Use Cases For NFTs:

• Collectibles

• Tokenized physical assets

• Tokenized real estate

• Tokenized digital rights and monetization — books, music, etc.

• NFT Staking

• Domains

• Video game assets

• Social media/Marketing

• Event tickets

• Tokenized ownership proofs — products, charities, and more

Future Use Cases For NFTs:

• Secondary market for gaming assets

• Healthcare records and other records that need to be valid, updated, and accessible

• Identity management

• Certifications, licenses, deeds, or any kind of record can be minted into an NFT

• Loyalty/subscription items

I will cover the “Sleepminting NFT” scam in the future.

Do you agree or disagree? Do you own any NFTs? What do you think about NFTs currently and the future of NFTs? Let me know what you think about this in the comments below and don’t forget to subscribe!

*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*

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I am a social blockchain enthusiast that blogs and vlogs on what I believe to be the next level of social communication. https://www.scottcbusiness.com/

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Scott Cunningham

Scott Cunningham

I am a social blockchain enthusiast that blogs and vlogs on what I believe to be the next level of social communication. https://www.scottcbusiness.com/

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