NFTs Good, Bad, and Ugly
Projects such as CryptoPunks, Bored Ape Yacht Club, and CyberKongz are blue chips in the NFT and these projects are backed by great teams and sections. These NFTs generate passive income as they have some sort of utility and even reward holders.
Individual images have been auctioned off at Christie’s and Sotheby’s, is the reason behind CryptoPunks became so popular
By taking Axie Infinity as an example. We can conclude initially everybody could get in. In southeast Asia, Axie Infinity was so famous because entry was easy and involves cost next to nothing. You may make money side by side with it. This was very important and crucial for many during pandemic.
Crypto art is booming now days but NFT have a more brighter future even more than the Crypto art.
Best-in-class NFTs or Blue-chip NFTs are too pricy, their too much expensive cost eliminates regular person to buy. This creates opportunities for the duplicity or copycats.
• Overnight 99% of NFTs will go to zero because of this.
-Common sense is taken away by Hype
-NFT market have more sellers then the buyers hence, it is not very liquid and resulting in silent crash.
-Crypto is very volatile as seen with blue chip crypto’s like Bitcoin, Ethereum and NFT is no different.
In order to make quick buck, scams and pump-and-dumps are the only option you have. One of the prime example of it is Evolved Apes. The project head took 798 Ether, roughly $2.7 million with him after it launched in opensea.
-NFT is a new phenomenon and is fast-paced nature could result in hurting lots of people. Its hard to predict and no one actually knows which projects will be successful. Although money is spilled in centre, left and right.
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