The Balloon effect of NFT’s, and why you should immediately sell yours!
Well, don’t get alarmed. we are not talking about all the NFT projects out there. Lets just exclude the game markets (they will stay a long time), exclude the aboriginals & giants like Crypto Punks (they already made history),
What we are talking about are THE PFP RIP-OFFS which consider themselves cool or cute and offer no real utility except giveaways, communities & contests. and the count is just shooting up like crazy. Every new NFTer will get at least a dozen random airdrops and offers on discord the minute he joins (as seen in Oct 2021).
A PFP is a a profile picture NFT by the way which is a very popular trend in twitter, right now.
Why are they Pointless?
Every new project that offers you these PFP’s with promises like strong community or locked treasury or passive income is basically offering you just a big air balloon that will pop. There is no real value or utility in the NFTs these projects are minting, nothing unique that sets themselves apart.
No, don’t even make the argument that these can be pop-symbols, there might be a 100 of them or a 1000 of them, but not millions, at this point you’ve successfully deviated yourself from what NFTs actually meant to be.
An NFT is a digital asset that is considered to have some value or has potential to have value in the future.
Now PFPs and these so called strong communities are basically printing gas-filled air balloons so people can buy them and continue to fill gas, until it pops. And it will pop, because NFTs that just might have real value in its utility are coming, and they will make you feel why you ever thought about buying a PFP, at this point you should probably call it a “strong block-chain community ticket”.
The Error.
If you think about it, it starts with discord communities. Now, these are real fun places where interesting people meet and talk. But the error occurred when the aboriginal NFTs skyrocketed in its sale. This inspired many artists & social communities to give their own a try. This in itself is not bad as any success will only come to those who actually try it.
But since it’s so simple to actually create one, the supply simply reached the peaks with all its duplicated strategies and ideas from the aboriginals. they are not breaking any new ground here, except but offering cool-art & copied roadmap strategies. This is like offering a hundred lollipops at once and marketing that these lollipops will become gold in the future, the key here is almost everyone here will fail to make the cut as they are not offering anything unique that will make them historically unique.
Ask yourself this,
do people care if you own this new NFT?
the answer now would be — yes.
the answer 3–4 months now would be — maybe,
the answer three years from now would be — what’s that? I don’t remember the name. there were way too many NFT’s anyway back then.
Utility NFTs
Now lets talk about Utility NFTs — Crypto-Stamps would be the real best example! Its not any collection but a new opensource concept initiated by cutouts that is completely ground breaking. Imagine all the webpages as postage mails and crypto-stamps as a stamper with which you can stamp on these web pages.
This makes that webpage which is completely worthless until then, have a real value attached to it. Now this makes any stamp collection of this sort shoot-up as not any random nobody can copy/paste a stamp and only the official owner of that NFT particularly can. If you wish to understand more on its working and authenticity, head here.
The final punchline
Sell your PFP’s that you brought just because they looked cool or to make a show that you own a PFP. they are balloons waiting to be popped, and if you still don’t understand check out Balloon-Coins — a crypto satire on degrading crypto community and on how better to invest. At least they are free & fun.
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