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Emin Gun Sirer of Avalanche (AVAX) expressed: I believe what we’re seeing is merely the tip of the iceberg of interest in the new digital collectibles. There’s so much room for improvement.
We see pet rocks trading for a lot of money because there’s a lot of interest and not enough worthy choices. The rocks might individually go down in value, perhaps, as all these people predict, but the NFT space overall is poised to grow substantially from here.
Someone said, “A drawing of a fucking rock selling for nearly 3 million dollars. I don’t know whether to laugh or cry.”
“EtherRock 27 purchased for Ξ888 Ether ($2,872,733.28) 5 hrs 56 mins ago (Aug-28-2021 09:37:29 AM +UTC)”
Emin responded stated, between $3m rocks and $12k for an invisible rock, everyone is saying that we’ve reached “peak NFT” today and that we will only go down from here. I beg to differ.
NFTs are going to be with us for a long time to come. However, we have not yet seen the traditionally collectible content (e.g., Major League Baseball, soccer, etc.) in digital form. Likewise, we have not seen any viral NFT-based games. Nor have we seen any good NFT applications.
Most importantly, NFT-related tools are abysmal, and the NFT ownership experience is pretty rough right now. The current NFT experience is simply a copy of the old playing card experience, with many extra steps. And yet, there’s insane interest in NFTs.
Community response: I’m trying really hard not to be judgmental because people have a right to be utterly stupid and spend millions on an invisible rock or a pair of scissors.
While some people think we’ve reached the NFT peak, I’d say we are at the bottom of the mountain! We climbed only the first stage, and there are many to go.
It is what NFTs represent that is the big story. Liberation from the middle man, the broker, grifter, and sponsor. Art is now protected. This is big.
This market is crazy, and it won’t stop. We can’t judge. It wasn’t even a genuine invisible rock, just a cheap knockoff.
People starving in the world and were buying virtual rocks for millions; someone explain this, please.
Prices are manipulated to extract value from outsiders. Usually, this is called a scam. However, this also looks like some kind of money laundering.
How smart, and where do you sell it? And who will buy your screenshot? How is he going to pay? How can he be sure that you will deliver it?
The buyer is moronic for paying 2.8mm for a virtual rock that people can download for free.
It seems you are missing the point; the value stays on the actual blockchain token that is the only way you can transfer the ownership of the picture; downloading it with the 3 dots makes you a pirate, not an owner.
