The NFT craze has stopped being funny
theweek.com
theweek.com
Initially I thought they had some interesting DRM technology but when I found out how weak it was I realized how desperate some people are for yet another asset they imagine is valuable.
It makes me think a lot about Tom Wolfe's writings on subcultures
https://en.wikipedia.org/wiki/The_Kandy-Kolored_Tangerine-Fl... https://en.wikipedia.org/wiki/The_Pump_House_Gang
which center around the idea that not everybody can be at the top of "the" social pyramid but that anybody can be at the top of a little social pyramid shared with a few other people.
The fact that some of the most highly sought-after NFTs are randomly generated, really off-putting and not something I can bear to look at for a long time is enough to convince me that it's just a gold rush
But the bag holders are usually happy to spend money on a link to a website, even if the art is sloppy, they just want to be a part of the culture. They are buying a feeling. It's not unlike buying a diamond whatever or a car, boat, whatever you don't need.
But if you think the subcultures which are now being built around this are going to disappear, it's because you've only been exposed to the kind of media coverage that focuses on the speculative bubble and animal picture cash grabs.