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It’s shockingly ironic that Non-fungible Token is becoming “Fungible”.
When you search for new NFT projects on Opensea, there are numerous of them springing up. But you can easily see the similarity: first of all is the introduction. All NFTs are dope/cool/good, but some are rarer/cooler than others; then is the exclusive community member benefits, and finally nearly all the roadmap leads to games or metaverse.
However dope the art is, the similarity of utilities always leads to aesthetic fatigue.
There are merits, though. Some of them have vibrant ...cord communities. I myself joined several nice ones, and I find most of them helpful. I am proud to be one of the early players in the NFT world since 2019.
But, is game(e.g. P2E, Sandbox) the only way for us community members to migrate to metaverse?
As a NFT practitioner and collector since 2019, I have participated in creating a P2E game Alpaca City, a credential service Project Galaxy; I also joined BAYC(my first NFT community) in July 2021. I witnessed the heydays that we tried different things about NFT: puzzles, cartoons, generative art, DAO, etc. We also attempted to increase the liquidity of NFT assets, which is quite different from now where the metaverse games rule the roost.
Metaverse games are cool. But the reason why blockchain attracts me is its decentralized feature and the infinite possibilities the smart contracts can make. We love the innovative ideas: CryptoPunks for it marked the new era of digital art, and Bored Ape for it pioneered in building a NFT community belonging to its holders on blockchain.
But now the NFT market is full of capital bubbles because of imitations and price manipulations. Also, there are too many projects intending to make a quick buck and abandon their communities and holders. (I once got tricked by clicking a DM, and bought a NFTs from irresponsible teams).
We witnessed the thriving of those innovative projects and the takeoff of their trading volume, so now we are immersing ourselves in minting different but intrinsically similar NFTs, being busy imitating. But what has been ignored is that Ethereum is still in its infancy stage and what we should do is helping it to embrace diversity In my views, most new NFT projects have no actual utilities except for meme images. This leads to the value of those NFTs mainly depending on how a community develops or price manipulation.
As a NFTs buyer, I think there are 2 kinds of NFTs: purely art NFTs and utility NFTs. The former is for our emotional fulfillment, but paying for the latter is largely due to community benefits, a social identity, or playing games. Besides, the most important reason may be that we want to get arbitrage, especially when there is increasing number of NFT buyers.
Read the rest of the article here: https://medium.com/amateur-guardians-of-ethereum/poke-bubbles-benefit-holders-3f596f3d8dc8