What kind of silly person buys something that is already publicly available, and still expects to flip it for even a bigger price? This is lunacy.
Oh no! Money laundering schemes are worthless? Who would’ve thought?
I would remove “is already publicly available” from your comment. What you are buying isn’t the actual thing. The problem is that people still think they are. And the biggest problem, imo, that they just buy to sell at a higher price, and fast. A market that its only aim is to sell at a higher price right after buying, must be doomed. But I’m not an economic expert, maybe I’m wrong.
That’s what the collectables market is before crypto was even a thing. Highest risk with the highest reward, there is nothing more volatile than collectables because the same event that causes it to lose value could mean massive value gain to others, think murder houses. It’s the ebb and flow of human perception and when you add in decentralized, unregulated crypto we get the digital collectables market which will always be like this.
There is no ‘doomed’ because the product possibilities are infinite and the value of them exists within a bubble, new NFT use cases will be separate from every one before them. “NFT’d links to art” are just a terrible use case through and through.
