Like a lot of people in this sub, it just feels weird to me to see people spending SO much money ONLY for a .jpg or .mp4. I understand that some people are collectors by nature or they really resonate with something like NBA Topshot that makes them want to take part in those projects.
At some point though, I just don’t see how the “unique features” or artstyle of a picture warrants the insane price tag that NFTs are getting. I have a bad feeling that all of this scalping and flipping is leading to poor sentiment and distaste for NFTs in both the crypto community and the mainstream as well. I’m also worried that if this continues, people will look down on NFTs like they look down on Dogecoin (people think it’s a joke, which it is), even though the technology of NFTs has such immense potential to be used outside of simple “digital ownership.”
What I think could help alleviate this issue is for NFTs to offer utility or experiences to the people who purchase them the first time around. This, in my opinion, would give more credence to the ‘value’ of an NFT, and if people would still want to purchase them on the aftermarket thereafter, they are welcome to do so.
For example, a few months ago Floyd Mayweather (american boxer) partnered to have NFTs made about him, and one of the NFTs also offered private boxing lessons and dinner with the guy. That is such a unique experience.
More popular are games whose assets are made of NFTs, meaning they are not locked to any one intellectual property and could be transferred from one game to another. Something you bought in Barbie: Island Adventure could also be worn by your Neopets or something. Decentraland and Sandbox are two examples of this.
Another example is Mogul Productions offering NFTs with movies they partner with. Not only are the NFTs unique in themselves (content from deleted scenes, movie props), but they also give you an invitation to meet the cast of the film in-person as well. I know for sure people would fight for that opportunity to meet and take photos with certain celebrities.
One last example is like – what if Johnny Sins (you know who he is) offered NFTs about his career, and if you bought one then you could get a unique experience like… personal lessons on how to be an astronaut or a lawyer.
This is the kind of stuff I want to see out of the NFT scene in order for the community to continue to thrive. Whether it involves celebrities/reputation/scarcity, NFTs that get bought and sold need to also provide a use-case outside of just collecting purposes to show the utility that they can offer. Thanks for coming to my Ted Talk.