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this post was submitted on 15 Jun 2023
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I still don't get NFTs. Not the technical part, but the why-the-hell-would-anyone-want-this part. Like, I can't even understand the logic behind someone thinking someone else would want something like this. It seems like it should be a simple concept but my brain just hurts.
A crypto coin is only worth as much as the hype surrounding it, so the people holding a lot of crypto needed something beyond "you can use this to buy drugs on the internet" to generate hype.
It turns out that more than a few people investing in tech don't really understand what they invest in, but are highly susceptible to FOMO so any tech company wanting a quick cash injection put together a blockchain/nft/play-to-earn/web3 pitch.
People see bitcoin/blockchain, don't know the difference between the two, and realise other people have made lots of money on it. Same people see a new thing which also uses (or in their eyes, "is") blockchain, and think this is going to be the new way to make money.
Those that don't know anything about it think it's stupid.
Those that know a lot about it think it's stupid.