How NFTs Are Going to Evolve and Change the World, part 2

Source: American Consequences
by Kim Iskyan

“Is an original JPEG of a ‘rare’ cartoonish pixelated ape (an image which is replicable in a few seconds using a phone or computer) really worth upwards of $200,000? (That’s the floor price of a ‘Bored Ape Yacht Club’ NFT, the top collection on OpenSea over the past week.) To better understand the future of cryptos, let’s go back to the Internet in 1994. That’s when the web was just in its infancy; at the time, a few people believed it would revolutionize how we communicate, learn, work, and live. Others thought it was a silly distraction. Most people didn’t notice it at all. Five years later, though, that had changed. Almost any asset that was remotely connected to the Internet was bid up to the stratosphere, in the dot-com bubble of 1999 and 2000. The bust that followed destroyed trillions of dollars of value.” (11/23/21)