As I explained at the beginning, NFTs don’t make sense to many people. Why would anyone want to pay millions for a file?
This brings me to a crucial point: NFTs don’t “make sense,” but neither do any of the status symbols we have today.
Some would argue that a $300,000 Ferrari has utility because you can travel with it. The question is: why spend that money on a Ferrari when a cheaper Toyota would do?
Let’s not forget that supercars are rarely driven by owners. Not only does the low profile and poor gas mileage make them impractical, but driving a sports car constantly reduces its value. Which is something many owners—who buy expensive cars as investments—would prefer didn’t happen.
Moreover, if you don’t have a problem with people paying millions for artworks that hang on a wall, then don’t criticize people paying for NFT art. It’s the classic Slippery Slope argument—you can’t pick one without accepting the other.
Wait a sec. Someone paid $450 million for this painting?
Like ’em or hate ’em, NFTs are here, at least for the foreseeable future. They will serve as society’s newest symbols—an alchemy of art, technology, and culture.
Will their value drop at some point? Maybe. But then baseball trading cards and classic game consoles are still exchanging for jaw-dropping amounts, so you can expect some NFTs will retain their value in the future.
The world has gone digital, and interest in NFTs is only a by-product of this shift. Once everyone gets this, then perhaps NFTs may start to make sense.
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