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A lot of people would argue that āits supply and demand that causes these crazy pricesā but the reality is that the majority of these NFTs are artificially pumped by the same owner or artist in order to create hype around it and make a quick buck.
Iām not against NFT art. I just think that it kinda sucks that all of this capital is being funneled towards hyper-inflated JPEGs that wonāt end up contributing in providing any needed use cases.
Instead, I think that more resources should be allocated towards exploring the multiple use cases that NFTs have to offer from legal work, to protecting against brand counterfeit to even music and concerts. And weāre starting to actually see some progress in that regard with some projects like Tune. fm using NFTs to their advantage for streaming as part of hbar foundationās $250 million metaverse development fund which I think will push a lot of other chains to start doing encouraging NFT projects to discover the utilitarian side of NFTs.
NFT art will stay as an important part of the crypto culture, but that doesnāt mean that we canāt explore new opportunities that NFT technology has to offer
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Manage all your crypto, NFT and DeFi from one placeSecurely connect the portfolio youāre using to start.
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