*This is a post I’ve just written on DSCVR which is a Reddit like forum hosted in the Internet Computer ecosystem. NFTs are incredibly popular there which has fulled a party-like atmosphere where there is zero criticism but plenty of hype, FOMO and nonsense. I have just left a post offering a bit of criticism and am looking forward to seeing how it is received.
A Voice of Reason in the NFT Space
The current environment with NFTs has been described as a virtual party where nobody really knows what is going on, but it is really fun!
Yes, it is fun but like a party some may get laid but many others are just going to end up with nothing more than a hangover.
There are seemingly infinite NFT projects popping up daily on the IC, some of which look to be very compelling. But along with this are a lot of shady projects driven by nothing more than bot-fuelled hype and bought by flippers looking to turn a quick profit. Just take a look at any comment section of many NFT projects here on DSCVR:
1. Great!
2. I’ve been waiting for this for a long time!
3. Price will go up!
– Take these three comments, say them in slightly different ways and you have 80% of the comment section for NFT projects here on DSCVR.
Criticism seems nonexistent, so as a service I thought I’d provide some on a few current projects. This is my own opinion and I’d like to express it.
1. IKUZO
This is a copy of Azuki on Ethereum. In fact it looks more like a copy of a copy called Sのkira. Both of these use Japanese katakana in the wrong way in their own BRAND NAME!!
IKUスO – Says “Ikusuo”
Sometimes it looks like this:
エKUスO – Says “Ekusuo.”
Both SのKIRA and IKUスO are knock-offs of the real thing. It is like buying a fake Louis Vuitton in China, neither have any real value but many people want to buy them anyway.
2. Flat Fiat
Art is subjective so impossible to put a “real” value on. Given that this is a real artist and the supply is being kept extremely low and is pretty expensive, this will be an interesting mint to watch. However, I do not like this project for the following reasons.
1. On the flatfiat.com website they state:
“The Flat Fiat project prevents hyperinflation by reducing the production of fiat currencies and altering the currency basis.”
No it doesn’t. Flattening a few coins by train will do absolutely nothing to prevent hyperinflation. This is a ridiculous thing to say.
For me, I’m not going to spend 30 ICP on an NFT of a flattened coin. I think 30 ICP would do much better in an 8-year neuron. That is called investing… buying an NFT like this is called gambling. But in the art world anything can happen so who really knows. That statement about hyperinflation is a bridge too far for me into the land of nonsense.
3. IC Flowers
“But I like the art!!!”
OK, art is subjective so impossible to say what is good art. But I know that I could take a dump in a toilet, take a picture and call that art. In fact, this is already seemingly being done! I was recently invited to a Discord server called ICShits and saw another NFT project called “Pooping Ladies” People will seemingly buy anything these days in NFT land.
IC Flowers is a project hoping to capitalize off the fumes of BTC Flower. To be honest, I was surprised that BTC Flower took off; I didn’t buy it as I thought it was ugly. Again, art is subjective so if a terrible jpeg seemingly created with 1985 Paintshop is your thing then by all means enjoy!
Well, those are my thoughts and certainly not financial advice. Just be careful and research things carefully. It is hard not to get caught up in FOMO, hype and desire to be included (thus all those special roles in Discord). Internet Computer itself is a gamble but like all of us one which we believe in. If we’re going to play in this space I’d say keeping your ICP in a neuron is what a careful investor would do, while NFTs are on the extremely risky end. Never know how the party will end but try not to get too drunk.
Best of luck to everyone.
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