No Bad Publicity - The Daily Gwei #425
They can keep hatin' while we keep buildin'.
NFTs have taken the world by storm and have quickly become the number 1 on-boarding vehicle for regular people into the crypto ecosystem. Though with this popularity has come a large amount of “hate” lobbied at both NFT creators and consumers. But does this hate really matter and is it preventing the NFT ecosystem from flourishing? I don’t think so.
For about 18 months now the NFT ecosystems growth has been steadily up and to the right (with some quiet periods here and there). This is directly in spite of the massive amounts of negative sentiment that has been thrown at the NFT ecosystem and while the negative sentiment doesn’t seem to be slowing down, neither is the growth. OpenSea is valued at over $13 billion, other NFT marketplaces such as LooksRare and Treasure are taking off, billions of dollars have been traded and major celebrities & brands are getting involved in really big ways. Hell, even giant companies like Facebook are all in on NFTs and the metaverse.
Due to all of this, I think that the NFT critics are completely irrelevant and really the only thing that they are doing is giving free marketing to the NFT ecosystem. Think about it - if one of these critics has an audience of 100,000 people, then they are informing these 100,000 people about NFTs every time they criticize them. Sure, most of them will probably agree with the critique, but some of them will go on to do further research and then some of these people will end up being involved with NFTs in some way. This would all be thanks to the person critiquing NFTs in the first place - and usually doing so with bad or misleading information.
All of this is exactly what happened with Ethereum in 2018, 2019 and much of 2020 where there were very loud critics but Ethereum kept growing and succeeding. Eventually these critics were completely drowned out by all the growth and they were relegated to being a minority rather than the ones having the consensus view. I think the same thing will eventually happen with NFTs as the value and enjoyment that they provide to people vastly outweighs the negative aspects (such as the scams and rug pulls).
All in all, NFTs are a broad brush and I think that the non-crypto public’s perception will change drastically over time as NFTs just become part of everyone’s lives in some way. Whether that’s having an NFT in your wallet that represents the deed to your house or buying a new profile picture NFT and joining a community - I believe that eventually everyone will get value out of this whacky new technology in some way. Oh and always remember - there's no such thing as bad publicity.
Have a great day everyone,
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All information presented above is for educational purposes only and should not be taken as investment advice.