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Leon's avatar

A great writeup as always, but wanted to push back just a bit on the idea of NFT as a status enhancing network. While I don't disagree that humans are status seeking monkeys, NFTs don't yet confer the type of social prestige that would create that social network enhancing effect.

I think it is lacking a "metaverse" that is widely used to show off that NFT token. This metaverse has to be both widely used, so that people can notice your status signalling, and it has to have some type of exclusivity (or scarcity) with the particular NFT token series . After all, NFT art seems like it can be pumped out fast. And the same art can even be reused multiple times if you have different NFTs built on different blockchains right? e.g if I purchase a NFT piece of art, how am I going to get everyone on say Facebook to realize that pixelated art avatar is worth a million bucks ? There isn't evenfunction on Facebook to support authenticating that you are the only allowed user of that NFT art...

Until something like this happens (think the Metaverse in REady Player One) I think NFT is a fad. I think it will have great functionality once the appropriate dominant metaverses are created that can leverage them

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Anon's avatar

This is brilliant. Thanks for this analysis!

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