fully convinced NFT space is a giant bubble

after this crazy past year that has been the emerging space of NFTs, I thought I might take a closer look at what exactly is going on.

I ventured onto Opensea to have a look at what is selling and making the rounds atm. I have to be honest, there were things that I liked. Cryptoadz are lightearted and made me chuckle quite a bit, while BAYC (despite the hate it gets), is kinda cool tbf. The idea of interactive and immersive NFTs with functions and utility is cool. The pop art nature of these projects is quite fun.

that said, I noticed there was a lot of crap as well. there are about 50, if not more, knock off apes collections. bored ape kids, yung apes, old apes, farting apes, whatever you can think of really. I then noticed the prices of NFTs. youll be hard pressed finding a respectable NFT project available for less than a few hundred dollars. this is farcical. when you go to buy collector cards, for lets say baseball, you dont need to pay 500usd for a brand new collection. same thing goes for stamp collectors, and so on. the pricing on these things is utterly ridiculous.

the whole idea of collecting is that you might win the lottery for a rare card, and that rare card might appreciate in value over the course of many years NFTs seem to have hacked this process, in an ultra capitalistic manner. NFTs definitely offer scarcity and rarity, but the idea of minting an NFT, for hundreds and hundreds of dollars? thats fucked. Most communities are driven by simps chasing the hype and creaming their pants out of fomo. these giveaways and whitelist prizes are glorified spamming. not to mention the amount of adolescent tweens driving activity in discord communities etc. these are major major red flags.

I cant help but feel this is all going to come crumbling down sooner or later. the original projects will survive, cryptokitties, og punks, BAYC - these projects actually did something new and unique. the market will also shift towards actual projects that do the underlying tech justice. all this other crap? it will come crashing down in an epic inferno, burning all those who fomo-ed in along with it.