NFTs — Just Copy It?
To the question: “Why should I buy NFTs? I can just copy the image, can’t I?” Comes the answer, “If you print out a copy of the Mona Lisa, you don’t own it. It’s the same with NFTs.”
Even though the answer is very descriptive and easy to understand, it only represents half the truth. Let’s be honest with ourselves: Can you imagine someone spending 769 ETH for a Bored Ape because they just want to own the art?
No? Neither can we. The real value of NFTs can be well explained by a combination of the following criteria:
1. Fame/Statement
The Bored Ape Yacht Club is again a good example. Stars from all parts of life own a Bored Ape (e.g. LaMelo Ball, Stephen Curry, Steve Aoki, Eminem). It’s easy as never to become a part of this exclusive community — just buy one.
And it gets even better: Twitter allows NFTs to be used as profile pictures. This way, it’s also immediately clear to everyone that you’re the owner — and not just copied an NFT. Meta, by the way, seems to be working on a similar feature for Instagram.
2. Exclusive communities, events, or other benefits
Access to special conveniences within the community show also the possibilities of NFTs. A very prominent example is the Flyfish Club founded by Gary Vaynerchuk, among others. The Flyfish Club is a restaurant in New York City that can only be used by Flyfish Token holders. Access is therefore only possible for a very select group of users. This may also explain the current floor price of 4.25 ETH on OpenSea.
Another example is Project META BILLIONAIRE which chartered a yacht in Dubai for Holders.
3. The art itself (obviously)
Of course, the desire to own a beautiful piece of art can also be a driving force. For us, for example, the Invisible Friends are simply very beautiful aesthetically. But here the tastes are as different as the people themselves.
Conclusion and the probably most important point
From the previous three points, of course, comes probably the most important point: the hope for an increase in value to generate profits from the purchase of NFTs. However, an increase in value will only occur if the previous points are at least partly fulfilled.
To the question: “Why should I buy NFTs. I can just copy the image, can’t I?”
You can answer, for example:
- Can you copy fame?
- Can you copy ownership?
- Can you copy tickets to exclusive events?
- Do you make your money by copying pictures?
This consideration is of course strongly limited to the hyped NFT market, which does not include other valuable application areas, such as proof of authenticity for high-value luxury goods. Nevertheless, with this consideration in mind, the hype around NFTs can be understood.
What often bothers us about NFT projects is the lack of a long-term business model. Many projects are launched from one day to the next and disappear from the scene as quickly as that.
This is exactly where we come in with our NFT Worlds News Project. Have a look at our mission:
A Long-Term NFT Business Model. NFTs With Real Added Value | by NFT World News | Mar, 2022 | Medium
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