There’s a thread in a list I’m on titled “NFTs are a Scam.” I know too little about NFTs to do more than dump here three thoughts I shared on the list in response to a post that suggested that owning digital seemed to be a mania of some kind. Here goes…
First, from Walt Whitman, who said he “could turn and live for awhile with the animals,” because,
They do not sweat and whine about their condition.
They do not lie awake in the dark and weep for their sins.
Not one is dissatisfied.
Not one is demented with the mania of owning things.
Second, the Internet is NEA, meaning,
No one owns it
Everyone can use it
Anyone can improve it
Kind of like the Universe that way.
What makes the Internet an inter-net is an agreement: that every network within it will pass packets from any one endpoint to any other, regardless of origin or destination. That agreement is a protocol: TCP/IP. Agreeing to use that protocol is like molecules agreeing to use gravity or the periodic table. Everything everyone does while operating or using the Internet is gravy atop TCP/IP. The Web is also NEA. So is email. Those are held together by simple protocols too.
Third is that the sure sign of a good idea is that it’s easy to do bad things with it. Look at email, which is 99.x% spam. Yet I’m writing one here and you’re reading it. NFT’s are kind of like QR codes in the early days after the patent’s release to the word by Denso Wave early in this millennium. I remember some really smart people calling QR codes “robot barf.” Still, good things happened.
So, if bad things are being done with NFTs, that might be a good sign.
The image above is of a window into the barn that for several decades served the Crissman family in Graham, North Carolina. It was toward the back of their 17 acres of beautiful land there. I have many perfect memories of time spent on that land with my aunt, uncle, five cousins and countless visitors. The property is an apartment complex now, I’m told.
NFTs, like crypto is a technology that has interesting potential use cases. But right now, it’s not just a matter of mostly crap, it’s 100% fraud to get smaller investors large to add liquidity to the horribly over-leverage cypto pool so money launderers and billionaires can maximize their return in getting out before the bubble collapses.
EVERY SINGLE PERSON working/investing/promoting in the NFT space is either a scammer, a shill or a mark. That statement isn’t 100% true, but it IS 99.9999% true.
This is a really good 2 hour video about NFTs and crypto that uses the economic ruin caused by the real estate bubble and it’s little understood and highly bought into financial products as a structural model for what’s happening in crypto/NFT.
Spending 2 hours to get self-education is a pittance compared to the money that people are setting on fire in hopes of getting rich in “the next internet”, which web 3.0 ain’t. VCs are throwing money at NFTs because crypto stalled as tech, but NFTs allow leveraging those investments. The computing power and ease of use doesn’t exist at the individual user/device level (and won’t for decades) to make web 3.0 different from web 1.0. At best the VCs behind some of the new centralized NFT cloud services will make bank when they get purchased by web 2.0 cloud folks.
I read s much about NFT but still can’t understand it’s clearly 🙁 If I get it right, it’s somehow related with metaverse? I work with metaverse development company (https://itrexgroup.com/services/metaverse-development/) but still can’t get it. I was hoping to read your NFT description, maybe you can explain it easily, I like your writing.
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