NFTs Are Done With – Or?

You know the one that states that 95% of NFTs are now, well, completely worthless (if not, here’s your chance to do so). But it appears that this NFT-bashing is just the beginning.

Just recently, Joel Golby, an author for the Guardian and Vice, wrote an article dubbed “What were NFTs? An understandable internet fad, and the next one is just around the corner.”

As you might have guessed, this is not an ode to NFTs. In a nutshell, the article boils down to the thesis that we all fell for NFTs not least because of the pandemic (remember the coronovirus’s lockdowns?) and that we simply needed something like a “really bad picture of a monkey with a tentacle coming out of its nose and mouth.”

Or at least that’s what Golby claims, sarcastically saying that he once practiced convincing himself that the monkey picture is “actually quite cool! It’s good. And it only cost me about as much as a car!”, adding that he had a ghoulish rictus grin.

Indeed, in hindsight it appears that some NFT stories are a bit of looney tunes. This concerns, for example, the story of Beeple that was sold for 2021 for $69 million or NFT collections depicting anuses of OnlyFans models (yes, they exist). 

However, is it still a bit too early to bury the whole thing for good?

The answer is of course not straightforward. On the one hand, NFTs are doing badly. In fact, really-really bad.

But on the other hand, even the authors of the viral report did end it on a not-so-bad note, saying that the NFTs can live through this if they find a new purpose to them.

It is also about how to view the NFT crash. It goes without saying that the 2021 NFT craze was just that. In other words, it wasn’t sustainable by default and even the fact that 5% of those NFTs are worth something is kind of good if you come to think of it.

What’s more, those who created the most-famous NFTs, including the “ugly monkey” do not feel like it’s all doom and gloom.

As a matter of fact, during the Token2049 get-together in Singapore, the CEO of Yuga Labs Daniel Alegre made it clear that the entity is still dreaming big. 

Naturally, none of this should be taken as gospel and there’s also a chance that NFTs, as Golby suggests, will plunge into the darkness of oblivion with someone inventing “the next NFT”.

But if there’s one thing that life has managed to prove recurrently is that it is full of twists and turns. Just ask Bitcoin and all of its obituaries.

Let’s see how this one plays out.

Previously, Gagarin News gave an overview of Greek gods NFTs.