Planet of the Bored Apes

Planet of the Bored Apes

Going back again to the topic of NFTs, this time it is more of my subjective view or a little …

Going back again to the topic of NFTs, this time it is more of my subjective view or a little rant that has been popping in my head. If you missed out on our earlier posts about the notorious digital tokens, in short (and entirely inaccurate, for the sake of brevity), these items are same as an irreplaceable certificate of ownership in the blockchain. So, let’s say you expend on a picture of a Bored Ape, there’s a transaction on the blockchain that validates your ownership to that file.

Lately, I have been drowned by posts about celebrities buying NFTs, especially those randomly generated monkeys or cryptopunks, for wild prices. Martin Garrix, Chainsmokers, Steve Aoki, Kygo are only a few among the many others who are pumping a lot ot posts about the Metaverse and million-dollar valued NFTs.

On one side, I am glad to see self-made entrepreneurs like 3LAU monetizing his songs through the said virtual marketplace.. from another I see useless chatter about dumpster cryptos and unnecessary NFTs. It is correct to remain highly skeptical on picture of a monkey costing more than a regular house. There are huge social perks associated apparently, because the owners get to enter the “elite” echelon who will have exclusive access to privately held events among other things. Apart from that, it holds nothing more of value.

The rich people like to differentiate their investments by spending on various things, and these NFTs are mostly their version of collectible cards and toys. In the upcoming (yet there isn’t even a prototype) Metaverse, NFT owners could end up having further special benefits.

However, my guts tell me that there’s too much commotion created for us, normal people to even think about investing in these things. They are assets that were worth nothing a few months ago, and who knows if they will maintain those high price tags in the years to come? I may be wrong, yet heavy investments on a volatile market is equivalent of walking a minefield blindfolded. All this frenzy for nothing.