Are NFT’s a scam? Or are they tickets to get rich? Let’s explain what they are and how they may or may not be a scam!
A couple thoughts:
1. I wasn’t paid to make this // The examples I share were meant to illustrate the utility of NFTs. I think NFTs are here to stay and far too many people are buying ones with zero utility. I simply wanted to address that and warn others.
2. I’m Not Shilling for NFTs // I say in the video that you shouldn’t buy something just because someone else says its cool. I also say that you shouldn’t buy something that doesn’t provide you value. My examples were meant to draw a comparison between useful NFTs and useless NFTs. I talked about winning a Nintendo Switch and now I realize that feels awkward and promotional. I regret including that.
3. NFTs Have an Environmental Impact // It’s true. Blockchain transactions consume a lot of energy. I didn’t mention this because my video was meant to focus on utility and scams. In hindsight, I should have. I am encouraged by the attempts to reduce energy consumption in NFTs, though. For example, the NBA and Defi Kingdoms examples are running on a proof-of-stake model that uses 99.9% less energy than the typical “proof of work” model. I won’t go into detail but you can look up the difference. All industries MUST get cleaner if they want to have a future.