Partly Because people waking up to the idea that money is fake and is pretty much based on the same - what people are willing to do for it.
NFTs strike me as one of those things that’s stupid, but it’s so stupid that it’s genius. Especially in the context of a near-future society. Where more and more ppl seem to be embracing the idea that non-physical things are not only valuable (many times even priceless) but that they should be able to be traded too, not just material things.
NFTs are stupid because they are basically taking the ecosystem of piracy, slapping encryption on it and then telling someone to pay for some shit that can be copied over and over and over.
NFTs are trying to place value on things that hold no value in the digital space to normal people. Once MP3s came out, the economics of the CD changed the point that music holds no value to the consumer other than the enjoyment they get from listening to it. And even then, people can't justify paying for something that is ubiquitous.
Copyrights and ownership in reality, was only enforced due to the fact that we didn't have the technology to reproduce shit. Now you can find every single album, book, movie, ever made on the internet. Who the fuck is paying for this shit other than middle men, so they can pimp the shit to content distrubtors who are gonna sell it to the consumer on some bullshit subscription model?
These crypto nerds are trying to hold back progress with this NFTs shit. Nobody cares to "legally" own art anymore because its every where.
Shit, music publishing rights has been worthless as fuck since Napster came out and the industry knows it. Unless you owning the Beatles or Michael Jackson or the Rolling Stones, most artists catalogs are worthless compared to other assets out there.
I really don't understand how NFTs hold value, other than people paying that amount for whatever reason.
Isn't that how anything holds value when it comes to economics. Value for most things are imaginary.
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