30/11/2021 'You can gain everything and you can lose everything' — here's why experts remain skeptical about the NFT market

Non-fungible tokens — unique digital assets, like artwork andsports trading cards, that are verified and stored using blockchain technology — exploded in popularity in 2021. People create, collect and trade NFTsfor millions of dollars, some with the hopes to profit in the future. But experts are still skeptical that NFTs are a good investment.

The surge in NFTs is still fairly new, but massive amounts of money has already exchanged hands among collectors. Since 2017, for example, NFT collectibles have generated over$6.2 billionin sales while digital art has generated over$1.9 billion, according to NonFungible, which tracks historical sales data of NFTs.

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"I think things like artworks and collectibles have become the big commodity of NFTs because they naturally fit into what NFTs are," according to Jon McCormack, a professor of computer science at Monash University. "Digital being copyable, having this extra Certificate of Authenticity is really important to show ownership of that particular thing."

Researchers are concerned that it may be a bad time to enter the market, which has grown too big, too fast under immense hype and speculation. NFT trading volume grew 38,000% year-over-year to hit$10.7 billionduring the third quarter, for example, according to ananalysis by DappRadar, a company that helps people track NFTs and other decentralized assets.

"This may well be the apotheosis, the peak in the paradigm of everything bubbles," said Michael Every, Rabobank's head of financial markets research for Asia-Pacific. "It worries me intensely even if I fully understand the dynamic that drives younger people in particular."

Experts suggest buying an NFT because you want to own it, not because you want to get in on the hype.

"Don't buy it because it's an NFT," said Evan Cohen, co-founder of Vincent. "Buy it because you like the art or buy it because you think the collectible is cool or the community is cool. You want to participate for the asset, not the underlying technology that powers this."

Arts

https://www.cnbc.com/amp/2021/11/29/heres-why-experts-remain-skeptical-about-the-nft-market.html

Interesting NFTs
#79013
By OthersideDeployer
Noodle Rock
soft body spline & hair simulations in cinema 4d
Lucky Opossum Crypto Club Est. 2140
With only one "Lucky Opossum Crypto Club Est. 2140" digital collectible ever created the owner of this rare NFT becomes the sole member of the Lucky Opossum Crypto Club.
Fuku-Shiva
The term “Fuku” refers to fortune or good luck. “Shiva” refers to the Hindu deity who represents strongly polar qualities, both severe and delicate. On a beach inspired by adventures on Phi Phi island in Thailand, three youths cavort. Two are representational figures and the third is psychologically rendered. A dynamic relationship ensues between the triad; a reciprocity of active and passive states. The boy on the right engages in maneuvers of evasion, defense, and is dressed in a speedo which reiterates the colors and symbolism of the caution tape on the left and upper right frame of the composition. In concurrent reaction the psychedelic figure shoots out a rocket powered paper airplane. The nude boy seated in the froth and sand approaches in passive repose, and is met with active attention but equal physical reserve by the psychedelic being. Perhaps the most naked figure is also the least representational. Looming large, dynamic, and active, it engages its companions playfully. Various symbols interject into the otherwise naturalistic scene, most notably a beach ball and two contaminated barrels nested in the sand. The upright barrel reads “FukuShima” in Kanji. The barrel laying down reads “Dharma”. To the left the scene is bounded by caution tape, reiterating the danger of the nuclear waste while also hosting alien archetypes, whose presence, as is the nature of these entities, runs up and just behind the consciousness of the psychedelic figure’s eggshell-like skull.
Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier Arrés’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, Arrés, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, Arrés uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, Arrés elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. Arrés presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, Arrés freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier Arrés: https://javierarres.com/about.html