Reply To: What’s the ☕ on NFTs?

[Apolloniya Vlasova]

A great overview of NFTs! Coming from an art world perspective, subjective and sometimes inflated value has been assigned to items (or ideas of items) before and isn’t anything new (see Salvador Garau’s “invisible sculpture” being sold for €15k or the infamous banana taped to a wall for $120k). I believe the ownership of “things” has expanded beyond the material world a while ago into the conceptual realm.
My concern with NFTs is the level of trust/mistrust consumers have in the underlying technology, its security, and the uncertain regulatory landscape regarding copyright and ownership. I believe this, together with the NFT market’s inherent volatility at this formative stage, may put off some more risk-averse investors/collectors. It would be interesting to see whether NFTs start further inhabiting the truly common everyday life or stay in the collectors’ bubble.