internet and social media show exciting comparisons to the development of NFTs but the feeling is simultaneously bullish with a hint of caution.
Revolutionary Development or Bubble?
The world is a fast-growing place, and often what is best is right under our noses. Offering a simplistic example of how many people doubted both the oncoming impact of the internet and social media, Gary Vaynerchuk took to Twitter to sound off on the potential of Non-Fungible Tokens (NFTs).
Vaynerchuck, who was an early investor to Twitter and Coinbase, as well as an entertainment moduly, provided some insight in some threads over the last few days––July 30 and Aug. 1––about his NFT opinions.
“Confusion and judgment from the masses without doing homework is always my Que,” Vaynerchuk wrote on Twitter.
Rushed judgment and ‘confusion’ are often the go-to reactions to any wholly new revolutionary innovation. NFTs have faced similar skepticism even from the art world despite the high price points from the digital assets.
NFTs: Own Your Own Slice of the Internet
We are at the very beginning, and although there is skepticism, there is also a great deal of excitement. Christie’s sale of an NFT by digital artist Beeple for $69m back in March set a new record for digital art. The world has been fluttered with news of NFT sale prices.
The buyer of the piece, on the other hand, has verifiable and secure evidence that he is the owner of the valuable slice of the internet. This notion of marketization represents a new dawn for the idea of trust.
Though we may include a copy of Beeple’s artwork in this article, there is no way for us to prove that we do indeed own it.
“I actually do think there will be a bubble, to be quite honest,” Beeple, whose real name is Mike Winkelmann, told the BBC in March 2021. “And I think we could be in that bubble right now.”
Mr. Winkelmann’s skepticism is certainly not uncommon, but there is an aspect of the innovation that is uncontestable. The next step will surely be how this idea of ownership can slowly begin to impact our lives in practical ways.
How Does This Compare to Something Like The Internet?
There is an academic spine that runs through the manifestation of the internet and blockchain tech. The first-ever message sent over the ARPAnet was between UCLA and Stanford research labs. From the world of academia, the internet migrated to the corporate and public worlds.
The exciting projects and developments that we see in the NFT space are not exactly being hatched in academic labs. Similarly, members of the teams behind exciting projects like Axie Infinity tend to have esteemed academic backgrounds. Same with the early internet–– Remember both the stories of Steve Wozniak and Bill Gates?
The cryptospace and blockchain have managed to weld together a grassroots movement. Vaynerchuk compared what he is seeing to the beginning of the internet. This movement started with the birth of Bitcoin, is spearheaded by some of the brightest academic minds in the world today.
Both the internet and blockchain are preoccupied with notions of connectivity. Whereas the internet focuses on open access and the exchange of information, blockchain has the capability to connect and securely share value through public validation of all transactions.
Vee Also Voices Scepticism
Just days after his initial tweet recounting the similarities between NFTs and the internet, Mr. Vaynerchuk also pointed out that huge price fluctuations are to be expected.
He suggests that If the NFT space keeps moving at its current pace, the expectation is that the market will be saturated with more NFTs than being demanded.
On current viewing, demand seems more than capable of stacking up, but we shall see how the market develops to cope with the potential for saturation.
Source : bsc.news
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