Are NFTs worth bothering with?
First, it’s worth asking what success looks like. It could be financial gain, or it might mean stronger relationships with fans, or a combination of the two.
I’ve read, watched and listened to multiple sources of information on NFTs. I’ve also taken a course on the subject.
I’ve seen multiple influencers and artists minting (releasing) NFTs, making money from them and strengthening fan relationships. That’s why I’ve come to the conclusion that…
NFTs are worth bothering with*.
I’ve been swayed by two sources in particular:
- Gary Vee
- @NFT on Instagram
Gary Vee knows what he’s talking about. For example, he was an early investor in Facebook and Uber. He knew TikTok was going to explode before many other people, he has a habit of not saying much at all on a subject unless he’s all-in. And he’s been saying a lot on NFTs because he’s all-in.
@NFT on Instagram has also influenced my thinking. Whoever is behind this account shares facts on NFT communities, influencers, and publishes news of who’s doing what in this space.
However, I am well aware of counter-arguments and the disadvantages of NFTs.
Seth Godin, the well-respected author and founder of Yoyodyne and Squidoo, explains in this post why he believes NFTs are “a dangerous trap”. He argues, for example, the “astonishing amount of electricity” used to create and trade NFTs is potentially very damaging.
Because this market is complex for many people and so new, it’s reminiscent of the early days of the internet: there are relatively big players today who will disappear, while future dominant platforms have not yet been invented. Another similarity to the early web is many people’s apparent distrust of Web3 technology, such as blockchains, which underpin the NFT market.
Based on observing and learning about this space for a short while, and despite the counter-arguments and disadvantages outlined above, I do feel that, on balance, NFTs are worth exploring further.
*This might change after I’ve continued learning for some time yet. But for now, I do believe NFTs are worth considering if you’re an artist of any kind. Like every post on this blog, my opinions on this page should not be taken as advice.
Please note: creating or trading NFTs involves financial risk. There are costs, including ‘gas fees’ (computation payments), which must be considered, and Ethereum, the cryptocurrency used for trading NFTs, fluctuates continuously.