There are ShitNFTs like the ShitCoins.

Blockchain technology in the last 5 years has gained significant growth and there has been expansion of on-chain assets, among the development is the NFT. Back in the early days of NFT, most NFT platforms I saw created assets and created tokens along with it and it seemed like the token will be used only for the asset. I saw a few like that then but the improvement has been great considering the growth of NFT in the last 4 years.

I think Bored Ape NFT is among the most expensive some worth $500k but the beauty in this is that holders gain membership in the BAYC and have access to exclusive perks. and some other cool stuff. That might look like something to check out or throw some dosh on as digital assets investors.

Also, there are some special NFTs that are sold for over $70m. These attracted a lot of positive and negative folks in the system. In the same way, we have the Meme or shitcoins, we have some NFTs in that class.

People creating digital assets and minting them on blockchains doesn't make them worthwhile. Having a digital signature is not enough. The key value to everything is the purpose or use. If I throw $50k into an asset what does it use for? If there is no clear answer to that, I am probably gambling with my money. As it is in many crypto projects people have lost money on NFT and the tragedy is always loud.

I have joined a couple of AMAs on some NFT projects and when the founder starts explaining the use of the NFT, I just smile because investing in most of them is like placing your money on fire.

NFT should have long-time and short time purposes as it is for other crypto assets. I was in a small class yesterday showing some people about Hive and someone asked the question… "will Hive be available for long"? My response was simple. Hive has survived the worst days and the tenacity of Hive and the community is great plus the algorithm used is strong enough to keep it alive.

I am working on music NFT and the first thing I considered is the purpose. Why people should buy music when they can listen to it freely on Spotify and the rest? Not everyone considers that, they just use Blender or another illustration software to create digital assets on throw on the chain. Before you invest in the next NFT, check if they are not shitNFTs.

Posted Using LeoFinance Alpha