Are NFTs Hyped Up Bullsh*t?

Let’s break it down so we can move past the glorification.

Tim Denning
The Startup
Published in
4 min readAug 31, 2021

--

Image Credit–Pexels

NFTs are falling from the sky.

They’re literally everywhere. You may have noticed on platforms like Twitter that everybody’s profile picture is changing into badly drawn cartoons, inspired by pixelated Minecraft-style graphics.

This is no accident. Cryptocurrencies created blockchain. Blockchain enabled Ethereum. Ethereum led to the NFTs revolution. An NFT is simply a digital representation of creative work. Soon an NFT will be a digital representation of items in the physical world like concert tickets.

The popular website YCombinator posed the question: Are NFTs bullsh*t?

Signs of NFT hyperbole

You know NFTs are hyped up when you see headlines from CNBC like “This 12-year-old coder is set to earn over $400,000 after about 2 months selling NFTs.”

Headlines like this make me run in the opposite direction. We’re still early with NFTs. Right now they’re being peddled as an investment and a way to make huge amounts of money.

I don’t buy it.

When a technology is so new it’s best not to get caught in the hype. The hottest NFTs are CryptoPunks. Credit card company Visa paid $150,000 for…

--

--

The Startup
The Startup

Published in The Startup

Get smarter at building your thing. Follow to join The Startup’s +8 million monthly readers & +772K followers.

Tim Denning
Tim Denning

Written by Tim Denning

Aussie Blogger with 1B+ views that made me 7-figures — Get my free email course: https://timdenning.com/1k-mb

Responses (18)