NFTs and Hoarding

There’s a current craze in the crypto world for NFTs (Non-Fungible Tokens) that has spilled over to the mainstream.

A lot of people think these are a new thing.

Believe it or not, they’ve been around for a few years now.

Back in 2017 everyone was going mad for NFTs called Crypto Kitties.

Thinking they were going to be a ticket to riches.

Unfortunately, most of those collectable digital assets are now worthless.

NFTs are non-fungible tokens which means they are unique and are identified by their code on the blockchain to which they belong and therefore can’t be copied.

Like an original painting can’t be copied exactly.

Of course, it’s likeness can still be printed.

The same with NFTs.

They are in token form though, so you own the token which represents ownership of a digital asset like a piece of digital art or music.

Beeple’s collage, Everydays: The First 5000 Days, an NFT sold at Christie’s for $69 million. Image: Beeple

The idea behind this is to make that item scarce and therefore collectible.

I have a real issue with collections and their collectors.

It’s just a glorified version of hoarding.

Sure, the items you are hoarding may be valuable, but they are just material things.

The purpose of owning them is just a way to elevate your status by showing off what you own.

Now you can do it digitally.

I really don’t see the value in that at all.

#beboldbebravebeunique