I’m all in when it comes to creator based NFTs (music, art, videos, etc) and that it will revolutionize the way we currently see it as money would go directly to the artists and not to the corporates who holds the right to the art.
But what are these JPEG NFTs which are currently making the rounds in every major blockchain?
They are being circulated like: “10,000 unique art pieces”. What they don’t tell you is that they use the same underlying photo and rebrand those 10,000 ‘art’ pieces by adding accessories to it. Same ape- with sun glasses and without sun glasses, with armour and without armour, with this and without this, are being categorised as distinct NFTs.
To top that off, they don’t even build these ‘art pieces’ themselves. Most of them use online softwares to assemble the body parts and give them a random rarity factor. And then they advertise it as the most rare ‘NFTs’ would be a fortune in the future.
They sell all these ‘legitimate’ art pieces for as much as $500/$600 each. And… people are buying all of these ‘NFTs’.
To all you folks, if you see a project which has done nothing but create these ‘distinct’ NFTs and you put your money in it- you are probably going to lose money there. There won’t be any community left once the facade of uniqueness is exposed to the larger public.