Why the NFT market needs the “Crypto Winter”
Amidst the ongoing ice cold breeze of a looming “crypto winter”, the JPG NFT index, representing a diverse range of NFT projects scrambling to find their non-existent down jackets, has dropped over 75% in the past 3 months. A result of short-sighted greed and an unstoppable avalanche that’s been long overdue. NFTs will change the world for the better. But they will need to solve real problems and represent real value, I believe.
Get rich without work and without contribution to society?
Last year, like many others, I have heard about miraculous stories from soldiers of fortune having purchased some NFTs of JPGs at the right time: The story goes that they would have decided to never work anymore because these JPGs made them millionaires.
Good for them. But is this what we humans should strive for? Getting rich without work and without any contribution to society? Many think so, I don’t.
JPG-NFTs do not contain comprehensible value
Like many other bubbles before, also this one needed to burst sooner or later. Fortunately, it was sooner, because a phenomenon like this one brings out the worst of human nature: Greed.
Hundreds of thousands of gold-diggers followed the hype after the Beeple-auction, but most of them were quickly deceived: No one would buy their pixels at a higher price they paid, so they just burned money.
Was this a fair market correction? Divine justice? Capitalistic justice? Probably all of…
