The concept of NFTs has a lot of value. But a JPEG of a chimp is not worth a million dollars…

A lot of people would argue that “its supply and demand that causes these crazy prices” 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.

I’m not against NFT art. I just think that it kinda sucks that all of this capital is being funneled towards hyper-inflated JPEGs that won’t 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 we’re 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 foundation’s $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 doesn’t mean that we can’t explore new opportunities that NFT technology has to offer