Another thought on NFTs:
https://www.jacobinmag.com/2022/01/nfts-fallon-paris-hilton-bored-ape-digital-imagery-commodification?mc_cid=83a022b2c7&mc_eid=04bde2691d
Another thought on NFTs:
https://www.jacobinmag.com/2022/01/nfts-fallon-paris-hilton-bored-ape-digital-imagery-commodification?mc_cid=83a022b2c7&mc_eid=04bde2691d
According to Bloomberg, the Ukraine is now the leading Crypto Currency on Earth.
I wonder how all this will ply out between NATO and Vladimir Putin. A lot is at stake and there appears to be no clear winner, regardless of outcome. If anything, there will be more uncertainty going forward and markets don't like uncertainty.
All assets including NFT's hjave a cyclical nature to them. The Bitcoin and Etherium bubbles of last year have come back to earth so to speak. It's hard to value a price for them as in traditional commodities. I do not understand the whole theory or process of how they are created and used. The strong ones such as Bitcoin, Etherium, Avalanche and Cosmos will most likely prevail over the hundreds of never heard ofs before.
Good point. I agree that it is very likely that selection over time happens but it may not favor the more established digital currencies. These are however different from NFTs, while they share some of the underlying technology.
Thanks Karl for this informative contribution, I m wondering if the 27 Billion placed in the NFT are coming from similar financial market hype/bubble. The next stage is to accept NFT as collateral for leveraged transactions.....
Would NFTs classify as Veblen goods if the problem of signaling ownership is overcome by creating the possibility to present ownership? This could be done in a digital environment (e.g. "hang" a painting in a virtual reality room but only if proof of ownership is verified) or in a physical environment (e.g. a digital frame which allows to display NFT art but only if proof of ownership is verified).
As I read your article, I was reminded of the "I Am Rich" app (https://en.wikipedia.org/wiki/I_Am_Rich), which was sold in the Apple app store for a lot of money and only displayed a red dot. In this example, the app store/IOS software would be the environment where it is secured, that no "cheap" copy of the "I Am Rich" would be available to buy. The only version to buy the "I Am Rich" app would be the original, expensive app. As buyers of the "I Am Rich" app could present this to other people, which trust that the environment (app store/IOS software) only allows owners to display the digital good, the "I Am Rich" app would be a Veblen good. While this is my point of view, I would love to hear other/your opinions.
Yes, very interesting. Future version of NFTs may allow for the joy of exclusive displays. The "I am rich" app example is also fascinating. It raises the question of imitability; how easy is it to imitate a red dot and display?
This article is so misinformed, it's insane. This feels like a "crypto is a fad" article when bitcoin was $100 per coin.
Hi Alexy, Could you please elaborate on the insanity? Paying millions for an NFT that shows I am owning the rights to a jpeg sounds insane to me. Thanks, Karl