In hindsight, the idea of NFTs wasnât silly, itâs that they were targeted at a market of people who doesnât understand why easily copied objects are worth owning the original of. NFTs never reached the point of having the necessary legal structure around them either.
So many of the arguments around NFTs didnât make sense but they sounded like zingers so people gave in. Like, there are plenty of house developments with hundreds of carbon copy houses, but people donât say those houses are worthless because thereâs so many copies of them. Similarly, no one says that famous paintings are worthless because theyâve been mass reproduced.
NFTs could have ascended into the class of objects used for wealth purposes, but that market never developed. But the underlying idea is actually a quite good one. Itâs similar to how the idea of a decentralized public ledger is useful in a whole bunch of ways.
And while NFTs didnât work out, Iâd put them in the same class of idea as the prediction-market-using-futures-contracts idea thatâs exploded recently.
Sometimes ideas flop, but that doesnât necessarily mean the idea was bad, it might just be that it was aimed at the wrong demographic.