What is the future of NFTs and which ones will thrive in the Bear Market?
The first wave of NFTs (non-fungible tokens) was created by a niche group of crypto space geeks, who somehow had the vision that what they believed in would one day change everything. And so it did. But they were not really prepared for what would happen next.
The second wave of NFT creators brought smart money grabbers, quick executors with sometimes less than noble intentions. These opportunistic few began creating computer images with minor variations that would sell out in minutes, just because their “rarity” was designed that way.
NFT collection began surging, almost out of nothing. The key was to tease buyers with excitement and FOMO (fear of missing out), displaying the idea that if they failed to invest, they would miss the opportunity to become a millionaire overnight. 100 % hype!
It was a perfect play of emotions for those rushing into the industry. In many ways, it represented quite a raw and evil side of human nature: “Eat first, then maybe think of the morals.”
You had to get the lingo. Screw being honest! If you smell weak, then you are done!
So, are NFTS done?
Absolutely not. How about using our newly earned intelligence to maximize the benefits for humanity as a whole? Isn’t there infinite potential in the universe for us all to be happy? Especially if we stop creating things that people want badly, don’t really need, and pay huge amounts of money for them!
In fact, with blockchain and web 3.0, the sky’s the limit to making things true and authentic again. We just need to switch the logic around a bit.
The crypto dream is to empower the poor and disadvantaged. However, those dreams are now shattered and the party is dimming down. The moral itch starts to twitch in the back of our heads. How does this make sense again?
Forget those little new guys, getting into crypto since the beginning of 2021. The realization does not sit well with the crypto whales either. Most of them know that morals and true connections to reality did not go far in this system. And on top of that now, responsibility will make itself heard in one way or the other.
Realizing that the post-apocalyptic attitude of #all-is-fucked anyways transformed whales into warriors with nothing to lose. But with millions in their accounts, they actually have the chance to do something!
Where do we go now?
In many ways NFTs will have to show what they are really worth, otherwise, the skeptics will be right. It’s a war between those who believe NFTs are “just hype” versus those who believe NFTs are a way to bring what’s been missing. Who will win? It’s up to us!
The power of NFTs is to be timeless proof of something important. A source to connect smart contracts that can execute on a vision without being impaired or corrupted by bad actors anymore!
The ability to represent “value”, as in social values of something we really should treasure like #truth or #kindness, is no longer a pipe dream with this technology since we can represent anything by designing the system the way we want it.
NFTs can make a difference and represent something that’s been omitted by externalities and the older financial system. Anything, from the ocean to animal life (#tragedy-of-the-commons), can be helped through the use of NFTs.
Think of Carbon trading #NFTree (https://nftree.org/) or animal conservation (https://unuverse.io/) or the quality of air, anything that has its root connected to reality and capitalizes on this new and very potential technology. All this can be represented in this new paradigm. And maybe this actually would allow us to make humans worthy of living on this Earth again.