Non fungible tokens is what they’re called and its success is a byproduct of excess, people having too much money and not knowing where to spend it.
Alas, here we are on the final frontier of inanity — but I don’t have contempt for it while Basquiats sell for $100m. He didn’t have any talent, other than being a fantastic drug addict.
In summary, people are spending large sums to acquire 30 second NBA highlight clips that records them on the blockchain as owners of it and they’re spending millions on digital art and now it appears tweets are being sold, all considered to be collectibles. If this upsets you like many of the defi projects in crypto, ignore it. However, if interested in perhaps profiting from this, take a look into the following SHITCOINS:
MANA, ENJ, THETA, CHZ, WAXP etc.
Access the full list here.
On the issue of earning interest in your coins, Gemini now offers 7.4% for DAI, which pegs to the dollar, essentially riskless according to current doctrine. I feel uncomfortable staking my coins, so instead I buy the coins of the companies who do it, specifically UNI and AAVE.
If you enjoy the content at iBankCoin, please follow us on Twitter
This is wrong
Wow, that’s alot of coin out there!
And if Gemeni goes kaput?
How would I pay for my assisted living?
This craze won’t last. Get em while they’re hot. Or better yet, sell them when they’re hot and there are still a few suckers left.
There will be a pump and dump before the big push but I could see this shit working
Only in rare instances perhaps. If I go into the Louvre and take a photo of the Mona Lisa and put it on an NFT, what value is derived that isn’t already inherent in a photo of the Mona Lisa on Google Images? The value comes from scarcity but I’d argue that after the dump, they won’t come back except for a few very unique tokens.
I use Gemini and read their “lending” agreement when it came out. It’s pretty sketchy and not “riskless” by any means. You are lending your crypto out unsecured and Gemini gives no assurances about being able to get your crypto back timely, or at all, when you request it back. I agree with your strategy on buying coins of the staking apps as an alternative.
I may be stretching it, and maybe I just don’t understand it, but the .com bubble comes to mind.
NFT’s = tulips