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The problem with NFTs is that they are Non-Finite Tokens. There is zero cost to create unlimited number of tokens.
Sure, Justin Roiland's NFT is unique and awesome. But what's stopping Matt Groening or Mike Judge or thousands of other artists from creating millions of new NFTs? https://twitter.com/decryptmedia/status/1349672319392882691
Sure, Justin Roiland's NFT is unique and awesome. But what's stopping Matt Groening or Mike Judge or thousands of other artists from creating millions of new NFTs? https://twitter.com/decryptmedia/status/1349672319392882691
Unlike NFTs, real world art is not zero cost. It takes effort and time to create a piece. This is effectively Proof of Work. A famous artist like Picasso can only create thousands of pieces of art in his lifetime. This limitation creates scarcity, which helps keep the value high.
NFTs, on the other hand, create artificial scarcity. Because of the near zero cost to create another NFT, the market will eventually be flooded with NFTs from artists trying to cash in on this craze. Supply will overwhelm demand and the prices will eventually crash.
With all that said, I’m willing to be proven wrong. I created a unique NFT with my profile pic. It cost me nothing (well except for the ridiculous ETH gas fee) and no effort at all. Prove me wrong and show me that this has value: https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/89637055966389316591284907203503458406686082208484164902285424301564974071809
But know that if this is profitable, nothing stops me from flooding the market with other Chikun tokens or even an identical Powered Chikun token. So buyer beware!
I want to add a clarification. I’m not saying that the digital artwork takes no effort and time to create. Some digital art are amazing and the artists are extremely talented and put in a ton of effort and time into them.
But the NFT is not the artwork. Creating the NFT is cheap
But the NFT is not the artwork. Creating the NFT is cheap
