Everything I am about to say is likely to be called FUD by a few readers. Perhaps it will be below in the comments or perhaps when it gets shared to social media, but I guarantee that some of you will decry my points and say I am just spreading fear, uncertainty, and doubt (FUD).
But from time to time I need to share my entirely unoriginal (and hopefully growing in popularity) hot takes. So here it goes.
NFTs, as well as to a significant extent cryptocurrencies, are the latest grift by the unscrupulous and untrustworthy that have sadly caught a lot of normal people in the crossfire, and for a whole host of reasons should be almost universally avoided.
In the wake of the current crypto crash and NFT markets taking a nosedive, and with shared sentiments here at Quill & Pad, I wanted to go over some reasons why NFTs could be a looming crisis for the watch industry. I would like to assert that the industry as a whole needs to choose its next steps very carefully lest it become both latest victim AND criminal grifter in the NFT space.
But first a quick primer on what NFTs are, how they are made, and some basics about how they, and the market for them, function. NFT stands for “non-fungible token,” which means it is a unique item, not interchangeable with anything else (similar to a handmade sculpture by Michelangelo), only one exists and cannot be replaced with a duplicate. Unlike a mass-produced screwdriver, for example, which could be swapped for another of the same kind…
