NFT: Expectations vs. Reality

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1 year ago
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NFT’s are regularly purchased and traded online in exchange for cryptocurrencies, and they are typically encoded using the same software as many other cryptos. NFTs are all the rage this year, but what exactly is a NFT and how do they work? We break down the difference between expectations and reality when it comes to NFTs.

EXPECTATIONS

  • Anyone who learns about NFT technology and joins its community immediately anticipates finding a place where value is being created and shared.

  • If a buyer purchases a one-of-a-kind work of art from a creator, the buyer will receive incentives for holding the piece over time, and when he chooses to sell the piece, the creator will receive a royalty.

  • This is an example of creators and artists creating digital assets and monetizing their pieces without having to go through a middleman to sell for them.

  • Keep in mind that because this is a new technology, there is a potential that scammers would target the site and try to scam older or less experienced users of their money.

  • Selling get-rich-quick schemes to people is a well-liked method of doing this, and since they are aware that people want to gain money, they frequently take advantage of this.

  • They fell for the trap and spend a fortune on NFTs with the idea that they will be able to sell them later at a higher price, only to watch as their value dived to nearly nothing.

REALITY

  • The NFT market appears to be static. This is due to the fact that NFTs are now solely employed for financial advantage.

  • New users and partnerships seek to get rich quick by building NFTs, selling them for huge prices, and then walking away.

  • There is no agreement on how to advance the technology, yet this is a widespread problem.

  • They are using the technology for their own purposes rather than trying to find new methods to use it.

  • They copy and paste the original artwork to make their own “NFT piece,” which they then sell.

  • The majority of users in the NFT realm replicate the artist’s creations.

  • Supporting the original author becomes exceedingly challenging as a result.

  • The expectations for NFTs as of right now are not yet attainable.

  • The NFT sector is still in its early stages, and the existing use case will discourage new customers from entering the market.

  • It won’t take long for this to become clear.

REFERENCES:

  1. https://medium.com/coinmonks/nft-expectations-vs-reality-3d8a228f52e7

DISCLOSURE:

None of these articles constitute financial advice. Articles are highly summarised to make it easy for the reader and save your time, so please DYOR further before putting your hard-earned money into any product mentioned.

Please note that the tech industry evolves rapidly and the info in this article is correct at the time of publishing. As Heraclitus said, “Change is the only constant,” so if anything sounds old or off, please holler on the socials or comment here so everyone stays peeled.

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