If I say, non-fungible tokens (NFTs) are something in between nothing, I think I am not wrong…
A few years ago, from different sources, I heard a little about NFTs. It was like ‘many men, many minds’ regarding this matter also act the same. Some say yes, and some say no. Before someday, when I saw that NFTs captured a $60.4 billion market, suddenly one thing came into my mind: is it digital gold or a massive illusion?
I sink into a deep thought: Is it all false? How does digital art, music, real estate, or even a media tweet become so costly? Then I try to see the real fact.
After a long research, I found some interesting things; some of them are psychological, and some are financial.
Start to analyse in both ways: Psychological & Financial
Psychological:
For getting a technological novelty and strong tech-savvy feelings with fear of missing out (FOMO), phobias are growing like this.
Specially when world-class celebrities or brands are involved in it, Sale Bipple’s image against $69 million becomes a landmark. It was not only an art sale but also the beginning of a new line of human psychology, like an owner of high-tech matter.
As the hype cools down, different types of scams become open. Many businesses were left with worthless digital assets and broken expectations. The space, which was once full of hope, began to feel like a free-for-all.
One thing I could realize is that when the tech is potential, the same problem we will see is in the future. Greediness, scamming, illegal behaviour, etc., which we already see in the real world.
Financial:
Maximum high-value NFTs are buying and sealing in between a small group or investor. Because of that, small investors get little access to invest.
When NFTs empower artists, many unknown artists have to struggle hard to sell their work. The maximum benefit will go to already famous artists, popular NFT projects, and big collectors.
Some users are buying and selling in between themselves to make a false high value. This situation makes the new buyer think about NFTs as having more value than reality.
People say that NFTs will give everyone a fair chance, but in reality, things are going like the old way. It means the system is supposed to help everyone, but only the wealthy are taking benefits.
What I could realise:
To see the whole thing from the start to the present, I can learn more about people than this technology. People are always thinking of short and easy ways to get success. To do so, they themselves don’t know what they are doing, clearly saying where they are investing and what for. I am looking for some creativity also. But with greediness and a lot of hassle, people are trying to push down some real talent.
In the end, in a continuously changing world, NFTs are not just an art, it’s a reflection of our desires, fears, and endless search for a new world.
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