Hacker News Reader

Comment by kuratkull | Hacker News Reader

I have been keeping tabs on digital currency/NFT news just out of sheer malicious curiosity. The "positive" news mostly seem to be "company X is trying out NFTs!". The high profiles cases don't seem to end up with a usable product or are outright cancelled Y months later with the whole thing labeledd as an "experiment". The negative news on the other-hand are pretty scarring - insane amounts of theft, bankruptcies, price drops, dead-end ideas, echo-chambers. I hope this keeps up.

View on HN

Sales volume dropped from >$150M per day in the beginning of the year to ~$8M today (and the trend is still going down).

Keeping in mind this is an established market now (5+ years old) - and that the vast majority of sales are known to be wash trades - this is a small, extremely insignificant market.

Magic the Gathering, at this point, is substantially larger than the non-wash trade NFT market.

My barometer for this stuff is the UFC, which is the perfect platform to market to this crowd. They're already very loudly sponsored by vechain and crypto.com, plus a ton of crypto gambling sites that have come and gone.

Last year there was an NFT advertisement every 10 minutes during UFC broadcasts, telling you to pick up the latest UFC NFT packs. For the past 6 months I haven't heard the announcers mention NFTs a single time.

If you can't even market this stuff to the UFC crowd, it's completely dead.

Lol @ the association with UFC. It feels right, but I can’t put my finger on why. Any idea what makes the UFC crowd the ideal audience?

Early adopters with disposable income and a desire for excitement?

Hmmm. If you are seeing commercials for something you are definitely not an early adopter. For me early adopter for crypto is like the Silk Road Mt. Gox days.

Idk about disposable income, but my frame of reference there is biased from seeing too many Googlers. But maybe aspirations + risk tolerance?

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing.

You know that you shouldn't watch, but you just can't help it.

The sad thing is that a lot of people will get burned by this.

The train blew up a while ago and we’re now watching the ruins smoldering until they eventually go out and we can go in and clean up.

Damn! And I thought that I have a great metaphor going here.

But yours is more on point, I dare say.

https://en.wikipedia.org/wiki/Unstoppable_(2010_film)

Great movie. RIP Tony Scott.

Reply on news.ycombinator.com