NFT is everywhere. Just like the previous cryptocurrency and blockchain, it seems that overnight, everyone is talking about the future of NFT and how they become art, business and ownership. Most NFT looks bad because people are following the trend. In 2021, NFTs such as Cryptopunks and Bored Ape Yacht Club reduced their aesthetic standards, but due to their popularity and great success, others quickly followed. In this article, the situation of NFT will be discussed.
What is NFT?
NFT, or non-fungible tokens, is a unique and unavailable digital asset. They are created on the blockchain platform and are usually used to represent the ownership of digital assets or rights. In recent years, NFT has become more and more popular because they provide a way to track the ownership of digital assets safely and transparently.
Although NFT has provided many benefits for enterprises and asset holders, there are several reasons that may lead to not the best choice for artists. First of all, NFT may be difficult to trade and usually require third parties to manage transactions. This may be a trouble for artists who may need to sell works quickly.
The advantages of NFT
There are several reasons for the best choice for artists. Unlike traditional currency, NFT is unique and cannot be copied. This is beneficial for artists because it can help create scarcity and increase the value of their works. However, NFT also has some shortcomings. They are usually difficult to trade and use it, which may limit the ability of artists to sell their works. In addition, they are not widely accepted as traditional currency, which means that artists may be difficult to use them to pay goods or services. Finally, NFT is still quite new, and there is no clear consensus on how to use them. This may bring uncertainty and confusion to the future of NFT.
The disadvantages of NFT
The non-fungible tokens (NFT) has become a popular way of selling works online. NFT is a unique token that can be traded on a decentralized exchange, representing a specific artwork. Although this seems to be a perfect solution for artists, there are several disadvantages to use NFT.
First of all, the liquidity of NFT is not as good as traditional assets. This means that they may take longer to be sold and may not be so easy to trade. Secondly, there is no standardized NFT exchange method. This means that buyers and sellers may not be able to reach an agreement or not to complete the transaction. Finally, the value of NFT may be highly unstable.
Why do most NFT look so bad?
It is undeniable that the vast majority of NFT seems to be created by a five -year -old child. Even so, I may give them more praise to some of the projects.
Most of you see NFTs that look bad are usually the result of the most effortless money grabbing project. Basically, some people will hire an artist and a developer to create art works and write code for the project. Many NFTs look the same, because creators use similar features seen in popular NFT projects, such as Bored Ape Yacht Club (Bayc).
Now, just blame the creators of these projects to launch such a terrible NFT is unfair. As consumers, we also need to take responsibility. The reason why we see so many inferior NFT projects is because people actually bought them.
Why do people spend the hard -earned money on such a labor -saving NFT? The answer is simple. Greedy. Everyone wants to make fast money.
Why do you buy a NFT that looks bad?
Indeed, tens of thousands of people buy inferior NFT every day. Let us tell the truth. You really think that someone will spend hundreds, sometimes it is a NFT drawn by thousands of dollars to buy a child who may be toddled. If they want to get only art from it? the answer is negative.
Most people who buy low aesthetics NFT are for money. In other words, they expect more than just the art itself. It may be money, access rights, utility or just influence.
Everyone is pursuing the best thing in the next. NFTs like Bayc and Cryptopunks are too expensive for most people, so we are crazy looking for the next blue chip stock. I can tell you now that many of us want to Cryptopunk is not for art.
On the contrary, we are eager to have the money and influence brought by NFT with such a high price. I don't say that it is not good anyway, or Cryptopunks is not worth the price label they wear. What I want to say is that there are reasons for all.
Cryptopunks costs hundreds of thousands of dollars for a reason, and other NFT projects that look equally good or better are sold at a much lower price.
The content of NFT is far more than art. NFT can provide value to the holder in various ways. Let's take a look at what is different from all these NFTs in all the same JPEG oceans.
NFT is not just the appearance
When it comes to the world of NFT, we all have our own goals, and of course our own interests. However, in the final analysis, we all hope that we have more than just a poor art.
We want to have something that can provide us with value. Now, NFT can provide value to the holder in various ways. Although art is a way, it is not the only way. NFT can provide value by providing the holder's practicality, access rights, influence, collection, or all these combinations.
As a result of this value search, we see that the bad NFT was purchased at a price of thousands of dollars. However, the real problem stems from a brand new market and consumers lack knowledge and research.
In this regard, investing in NFT is marginal gambling. If you don’t spend time, you don’t spend a proper research on what you buy, then you have nothing to do except the poor design of NFT.
Will people continue to buy NFT that looks bad?
Over time, we can expect that people will stop buying NFT, which looks bad, right? Incorrect.
As long as the NFT has a market, people will continue to buy NFT that looks not very good. However, this does not mean that it is not a good investment, or it cannot provide value for its holders. This means that NFT is not just their physical appearance.
If there is one thing I hope you leave after reading this article, it is not that all NFTs are completely based on their appearance. Similarly, this is why NFT such as Bayc and Cryptopunks achieved such a huge success.
It is important to surpass everything to ensure their names, not just to create poor artworks, but then continue to move forward after stealing all cash. These brands will stay here, they mean business.
I hope that I can say that all the NFTs that poured into the market are the case, but this is far from the facts. In fact, 98% of NFTs are bad investment. This is why it is so important why you have always carried out your own research before buying NFT.
In the end, the truth is well known. Most NFT looks bad, and many people continue to buy these NFTs. However, when determining whether NFT is worth buying, it may be a wrong method based on the appearance. You know what they said; never judge a book with the cover.
Instead, spend some time to study NFT, its creators, brands and the entire company. Of course, its edges may look rough, but internally, you may find a pile of gold.
The NFT scam is an ancient story
Assuming the situation of Cubbie at best is an immoral way to create value for the purpose of earning profits. In the worst case, this is a pyramid plan. In this imagination scene, the use of simple pieces of paper will be a significant sign, indicating that there are problems, and most people may not be fooled. However, if you use a piece of paper to replace an non-fungible token -many people do not fully understand -this will make the whole concept look fresh. This is the same technique, but the new polishing agent is used.
Remember what happened to Beanie Baby? People think they are worthy, and then suddenly, they are worthless. At least for some NFTs, the last person holding it is like the last person who holds Beanie Baby: they will spend a lot of money to buy things that are now worthless.
"But what about the blockchain? Is it unique to a simple piece of paper? Isn't NFT safer?" Well, yes, but this is not important. The only block on the blockchain is definitely safer than a piece of paper because it is not easy to be copied or destroyed. Anyone in anywhere in the world can verify the authenticity of the block is safer than a piece of paper.
Is the bad NFT sustainable?
A major problem of NFT is sustainability. Blockchain technology uses a large amount of energy, mainly from power, which will generate greenhouse gas emissions and produce a large amount of carbon footprint. For example, a single Bitcoin transaction can supply 62.5 days for American households. Although they are trying to make NFT more sustainable, art organizations must consider their hopes to balance between innovation and sustainability.
The above content describes the status and reasons such as NFT looks so bad. NFT may be the future of ownership. However, that's the future. Now, the value of NFT is extremely unstable. They are harmful to the environment, and there are scammers everywhere in the market. They are preparing to squeeze money from the trend as much as possible before the end of the supervision.
