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- An artist Brad Troemel doesn’t think highly of NFTs. He says that no-one actually cares about them as they can be produced in bulk.
- NFT can be anything, not just an image. Any stuff which can be tagged along with the blockchain can be considered as an NFT.
- Many popular celebrities have developed a liking towards NFTs, and the sector has seen a substantial rise during the year 2021.
NFT Collections Can Be Produced Too Easily
Though the NFT sector has witnessed a boom during recent times, there are folks who are fascinated by the concept. Among them is an artist, Brad Troemel, who argues that as long as they can be generated in bulk and so fast, no-one cares about them.
He elaborated that the defining method to produce NFTs is that they can be auto-generated as a collection of hundreds or even thousands of pictures to be traded at time.
This is understandable, as the greatest NFT series tend to be algorithmically generated Apes, with a slight variation in every one of them, making them unique,, but they appear the same somehow.
These avatars are more like intellectual property than art. Like Batman or Ironman, they can be limitlessly exploited for their identity without giving us something new.
This is a usual frustration in the art world. With respect to the economy, the majority of NFTs are too wishy-washy. This is because the ones who are actually throwing money at them to get their hands over NFT, they are actually spending funds for bragging rights, instead of any epic or legendary Call of Duty: Warzone skins. Which is actually useful.
But NFTs Are Not Limited To Images Only
We must not forget the fact that Non Fungible Tokens are not just restricted to images. Anything which can be converted into a digital format and can be associated with a blockchain, is an NFT.
PFP projects such as BAYC fall into the category of digital design. The problem is not that they are humdrum, or are algorithmically generated. Let us understand this through Mark Rothko’s work. He created similar kind art for like 20 years, but if I see his art, it is worth chewing over. This is not the case with NFTs.
Will It Have Utility In Future?
In my opinion, NFTs will have utility in the future. Let’s take the example of BAYC NFT collection. Yuga Labs introduced ApeCoin to support Ape DAO as well as to serve as the native token to the Otherside metaverse.
Upon initiation of ApeCoin, it was announced that BAYC holders will receive around 10,000 ApeCoin per NFT holding.
So this surely creates a utility for NFT holders, and I think many other utilities will emerge with time, we just have to keep faith and patience, that’s all.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
