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Collectors of digital NFTs see a 'Wild West' market worth the risk

By Thomas URBAIN

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It's like a cross between Tulip Mania and The Emperor's New Clothes.

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Not sure what to make of this. On the one hand I guess its really no different from stupid rich people spending millions of dollars on paintings or whatever. But on the other I suspect there is way more hidden long term risk involved in something like this. Paintings have been part of human culture for centuries and are physical objects.

With the rapid acceleration of technological development I suspect that NFTs and blockchain technology will be superseded by the "next best thing" that makes them redundant wtihin a decade and these will all become worthless.

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I wonder if NFTs will become junk or not; if everyone eventually starts to migrate over to a VR world that replaces the Internet then they'll need some way of verifying their "property" in the virtual world. Just like when people were selling rare weapons for World of Warcraft. All your possessions in the VR world will be NFTs in a sense.

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@ahar good post! Was also thinking tulips. Crossing with the emperor's new clothes was brilliant.

The 'new' economy is going to be played out almost entirely virtually, and it will be comprised of nothing but bits and bytes, played out on a screen, and then eventually in our heads as the technology evolves.

I am not sure I want a part of it. Got to be more to the meaning of life than this.

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