Only thing I would add here is that I believe that the purpose of NFTs was to get people interested in Crypto. It solves no function in anything except for faux wealth and clout chasing.
Similar to how Tesla went for the sport car for their EVs first to bring in a niche but wealthy audience to subsidize their more mass-produced ventures. I would suspect that the first expensive NFT was probably bought by someone who has a high vested interest in the current crypto culture. Then the news follows the money, and people in their FOMO jump on board and start translating their dollars into these psudo-currencies (which behave more like an equity in stability).
So the NFTs are in service to these cryptos, and mostly because cryptos failed for the most part to be able to be the foundations for non-digital goods as was their dream.
When Bitcoin was but a blip on most radars I did hear whispers about BitCoin on convention floors the main things I remember was that it was looking to be a governmentless currency, that it was looking to be used highly amongst the masses.
But what people don't realize is that, currency isn't meant to be hoarded. It's supposed to be used to exchange for the effort it takes to do things in our real world. If you're supposed to hold it for multiple years while it goes to the moon, it creates a hoarding culture.
Currently, all I'm seeing are cyrpto-equities, I have yet to see an honest to god cryto that would be a good stable currency. You would have to design it with that in mind.
More recently I've heard that cryptos are supposed to be a 'hedge against inflation'. While currently its growth is beating inflation, there are some times when it goes down in value faster than inflations is taking value from the dollar. So that is not yet provable, and cannot be correlated.
So to create an actual currency that isn't just horded by the rich wishing for governments to collapse so they can be king, you need to go into creating the digital asset with the tune of making a currency. This means, no you won't get rich making it or pulling in suckers.
Below is just very rough thoughts on making something like that happen, but is just a very paper napkin thought experiment:
Instead of increasingly mining for scarcity, you instead would have something that would 'split' and 'reverse-split' on a regular basis to retain the value of 1 Digital Asset = 1 Currency Asset, and you would maintain that threshold.
If you wanted to hedge against inflation (for realsies) you could adjust the currency asset with inflation.
For instance I make a product called HedgeCoin in 1990 and make it so 1 HedgeCoin = $100 US (1990)
That means that through 'splits' and 'reverse splits', and adjusting the 'split threshold' with inflation today 1 HedgeCoin would be worth $212.66 (2021)
This should be true no matter how much equity was put into the HedgeCoin, so basically instead of adjusting the chart to make it go 'to the moon' exponentially, you would instead have a flat value, what would change, through the splits and reverse-splits, would be the number of HedgeCoins a person holds.
The idea would be to be a store of value rather then a race to be the first one in and not be left holding the bag. Currencies don't work well that way.
This way people are not trying to mine our planet to death.
Only thing I would add here is that I believe that the purpose of NFTs was to get people interested in Crypto. It solves no function in anything except for faux wealth and clout chasing.
Similar to how Tesla went for the sport car for their EVs first to bring in a niche but wealthy audience to subsidize their more mass-produced ventures. I would suspect that the first expensive NFT was probably bought by someone who has a high vested interest in the current crypto culture. Then the news follows the money, and people in their FOMO jump on board and start translating their dollars into these psudo-currencies (which behave more like an equity in stability).
So the NFTs are in service to these cryptos, and mostly because cryptos failed for the most part to be able to be the foundations for non-digital goods as was their dream.
When Bitcoin was but a blip on most radars I did hear whispers about BitCoin on convention floors the main things I remember was that it was looking to be a governmentless currency, that it was looking to be used highly amongst the masses.
But what people don't realize is that, currency isn't meant to be hoarded. It's supposed to be used to exchange for the effort it takes to do things in our real world. If you're supposed to hold it for multiple years while it goes to the moon, it creates a hoarding culture.
Currently, all I'm seeing are cyrpto-equities, I have yet to see an honest to god cryto that would be a good stable currency. You would have to design it with that in mind.
More recently I've heard that cryptos are supposed to be a 'hedge against inflation'. While currently its growth is beating inflation, there are some times when it goes down in value faster than inflations is taking value from the dollar. So that is not yet provable, and cannot be correlated.
So to create an actual currency that isn't just horded by the rich wishing for governments to collapse so they can be king, you need to go into creating the digital asset with the tune of making a currency. This means, no you won't get rich making it or pulling in suckers.
Below is just very rough thoughts on making something like that happen, but is just a very paper napkin thought experiment:
Instead of increasingly mining for scarcity, you instead would have something that would 'split' and 'reverse-split' on a regular basis to retain the value of 1 Digital Asset = 1 Currency Asset, and you would maintain that threshold.
If you wanted to hedge against inflation (for realsies) you could adjust the currency asset with inflation.
For instance I make a product called HedgeCoin in 1990 and make it so 1 HedgeCoin = $100 US (1990)
That means that through 'splits' and 'reverse splits', and adjusting the 'split threshold' with inflation today 1 HedgeCoin would be worth $212.66 (2021)
This should be true no matter how much equity was put into the HedgeCoin, so basically instead of adjusting the chart to make it go 'to the moon' exponentially, you would instead have a flat value, what would change, through the splits and reverse-splits, would be the number of HedgeCoins a person holds.
The idea would be to be a store of value rather then a race to be the first one in and not be left holding the bag. Currencies don't work well that way.
This way people are not trying to mine our planet to death.