I am going 180º in the opposite direction than Gary Vaynerchuk and what seems like every other social media influencer on this one. NFT’s are all garbage. Just like sports cards. Does that mean people shouldn’t or won’t pay a lot of money for them? No. Too many people are paying hundreds of thousands of dollars for cardboard based on a desire to want something rare. This happens even when the “scarcity” is bullshit. That said, I do think that we’re going to have a massive collapse in this market to accompany or front run collapses in other markets. Just because the internet was a great invention doesn’t mean crypto, blockchain, or NFT’s are too.
On a side note, I am not a proponent for heavy government regulations; however, I can see a huge parallel to the early 1900’s when the Securities and Exchange Commission initiated its laws for the securities markets. I can see why these agencies felt they needed to do that, especially when you have a large number of people being influenced by a few hype artists, formerly called snake oil salesmen. The same thing is happening right now with NFT’s and Cryptocurrency. We’ll see how long it lasts.