Imagine how many people fell into this craze and went ahead to "invest" money that they couldn't afford to lose. Maybe 1k, 5k, 10k - for some this is enormous amount of money.
But then to be met with a, "Yeah, but, I don't care about this NFT, it's old, good luck selling it." response... That's as stark of a wake up call as you can get.
> Imagine how many people fell into this craze and went ahead to "invest" money that they couldn't afford to lose. Maybe 1k, 5k, 10k - for some this is enormous amount of money.
That’s an accurate description for almost the entire crypto/nft/defi industry.
Look at price and volume action for almost every coin or product launch. Check when they opened their Twitter account. Check when their 60k+ followers opened their accounts, and ask how an obscure coin/nft appeared out of nowhere and managed to get tens of thousands of followers in weeks.
There are legitimate defi companies. The industry, at the moment, is a snake pit.
When you’re paying 1m+ for digital „property“ that doesn’t produce income or can’t be leased or otherwise converted into income without selling it to the next sucker, is there any difference?
> Well if you thought there was an intrinsic value in the object you wouldn’t be too sad to keep it in your “collection”.
I agree with you. There’s also a very legitimate argument for buying NFTs to support digital content creators.
However, once you reach seven figures, you’ve reached a very exclusive level generally dominated by well known artists, with a market supported by extremely wealthy institutions and investors.
There is almost no reason to believe that a Jack Dorsey NFT is worth seven figured absent what I listed above. This was speculation.
But then to be met with a, "Yeah, but, I don't care about this NFT, it's old, good luck selling it." response... That's as stark of a wake up call as you can get.