NFTs are dead. Pack up your things — it’s over. Well, not entirely, but mainstream media’s love for the extreme, particularly in crypto, may be grounded in some truth.
Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.
In the last episode, John and I talked about the problem of onboarding in crypto and the many ways in which it affects the industry. This week, we go all clickbaity and mainstream and ask, why are NFTs dead?
Mint One, Episode 41: Why NFTs are Dead (Sort of)
If you consume any sort of mainstream media, you will have seen the ravenous appetite for crypto-based misery. If somebody loses access to their NFT collection, is a victim of a rug pull, or their USB stick with millions of Bitcoin is lost, the mainstream media gobbles it up. It’s unsurprising really as many readers devour it too, leaving vicious comments.
It all circulates around the media’s strategy of building something or someone up, only to tear them down once they summit. Crypto has been the victim of that, and while I don’t believe it’ll be terminal, it can be damaging. One common angle is that NFTs are dead, citing 99% drops in “value” and dwindling trading volumes for previously popular collections.
What might surprise you is that I agree (sort of). The brand of NFTs that made them famous — the algorithmically generated collections of 10,000 profile pictures and so on — are dying, if not dead. Thankfully, NFTs have a usefulness ceiling many, many floors above basic art (as powerful as the technology can be to artists.)
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