Hey Everyone! Jake here,
First off, Happy Holidays to all. Here’s a quick rundown of what you need to know about NFTs.
- NFTs at this scale were shocking to almost everyone
- They’re not going away! NFTs will be integral to a digital economy, from gaming to land deeds.
- The future will be tokenized, this is about much more than cool monkey art or retro punks.
The Creator of Ethereum & NFTs
Last week I was digging through old Lex Fridman podcasts and came upon an unsettling interview with Ethereum founder Vitalik Buterin.
Vitalik is arguably the most important person in cryptocurrency today. Moreover, he’s a realist, meaning he doesn’t fool himself with unrealistic expectations of cryptocurrency. After all, this was the guy who argued that Chainlink was pretty much useless, (THAT’S A BIG NO NO BUDDY). This time, however, Vitalik Buterin challenged the validity of non-fungible tokens (NFTs).
“I was definitely surprised by NFTs… I was on record saying NFTs are overrated,” Buterin said on the Lex Fridman podcast. “I guess I just can’t personally relate to this concept of spending a lot of money on a thing and there’s no clear understanding why it would maintain its value.”
That’s like Bill Gates saying the Xbox was a dumb invention. So, is Vitalik right about NFTs?
Short Answer: NFTs ARE ALIVE!
Vitalik believed NFTs were garbage because they didn’t have any utility, no art has “utility”. That doesn’t make it dead. Sometimes they’re just fun to look at, or a flex on your friends. Either way, beauty is in the eye of the beholder.
Sure, some people are making money in NFTs, but most of them are buying pixel art and trying to flip it to the greater fool. No disrespect! So instead of throwing your money at memes or crypto cats, consider “utility-driven NFTs.”
Where NFTs are Heading Next
Short and sweet version, NFTs are the future of ownership, but I personally wouldn’t put money into digital art in hopes of someone else buying at a higher price.
Utility-driven NFTs are digital certifications that unlock real-life items. Let me explain.
Utility NFTs can be anything; concert tickets, insurance contracts, a deed to your home, a deed to your virtual land, state-issued licenses, or that epic gear you found in your favorite video game. (COME ON STEAM DO IT ALREADY!)
This “Fad” isn’t going away, it’s here to stay.
We are here to affirm that you could still be early! This is quite possibly the future of our economy. We’re going more digital by the day, COVID was a huge catalyst for this. NFTs won’t stop at digital art. I’m guessing we will see many more applications of non-fungible tokens long into the future. It’s simply a much more efficient and secure.
Honestly, the game hasn’t even started yet, we’re just doing our warm up stretches!
Crypto never sleeps.