Real Talk
Holy fucking utility
Probably about 95% of projects dropping roadmaps are fulfilled by freelancers on Upwork with teams under the legal drinking age. People are rushing to buy garbage because of its amazing (imaginary) utility. NFT airdrops, a boring p2e game that no one will play, a worthless token, staking for that worthless token, the list goes on. None of this creates real value. Everyone is trying to cash in on the gold rush.
Blockchain technology is undoubtably going to change the world. The problem we see with all of these projects is that these "founders" don't even understand how the tech they're selling works. There's no innovation, there's no utility, there's nothing. Everyone buying is only buying because they think that someone else might buy it for more from them later.
Just checkout any upcoming projects Discord. You won't have to look hard to find clueless founders and even more clueless buyers. It's absolutely insane because some of these projects even go up in value.
For those who don't understand the tech, NFTs are just .json (Javascript Object Notation) files tokenized. It sounds a lot more complicated than it really is. This is what an NFT looks like:
"{
"name": "THE FUCKING APES #1419",
"symbol": "TFA",
"description": "THE FUCKING APES IS A COLLECTION OF 1420 NFTS BUILT ON THE SOLANA BLOCKCHAIN. THIS COLLECTION IS BY FAR THE BEST ART ON SOLANA & THE ORIGINAL APE PROJECT THAT SPAWNED THE BORED APE YACHT CLUB, DEGENERATIVE APE ACADEMY, AND ALL THE OTHER APE DERIVIATES",
"seller_fee_basis_points": 1000,
"image": "1419.png",
"external_url": "https://www.thefuckingapes.com",
"edition": 1419,
"attributes": [
{
"trait_type": "ONEOFONE",
"value": "THEFUCKINGRAREST"
}
],
"properties": {
"files": [
{
"uri": "1419.png",
"type": "image/png"
}
],
"category": "image",
"creators": [
{
"address": "GwWAu1qZLntmdpHgeukuxPxCkovAwmJtP63XwF3UVEBT",
"share": 50
},
{
"address": "AYFBEQpehqPJsfsJMswnf2p8Fb87yaaVh6cnqaLXA2iT",
"share": 50
}
]
}
}
"
the .json file is just data formatted depending on the blockchain of the NFT.
Although incredible things are and will be created with blockchain technology, most projects aren't. They're just selling you artwork behind the vale of "a new mysterious and confusing" technology.
Last modified 1yr ago