Are NFT's and Crypto a complete NO?

4 posts in this topic

Okay so I watched @Leo Gura's latest post on his blog. 

I'll straight up say I'm far from an expert on any of this stuff, so anything I say is just to clarify my (also our) understanding. 

So I've been observing the crypto and NFT space almost daily now for over a year. 

I mostly see a bunch of gamblers, degens, looking to make quick money, highly overpriced NFT art, unoriginal art projects, etc. 

But I also see (a few) people who have some amazing possibilities of NFTs as well. 

1) By using Bitcoin Cash blockchain, you can put your music on the blockchain, without selling it or financial incentive, but to simply protect your music, as a copyright 

2) Naval Ravikant talking about how communities will be able to, in some years, vote on different plot stories for a book or a movie. So like instead of JK Rowling, just one creative writing a book, we have a community of creatives contributing to the creation of a story. Not in a completely decentralized way, obviously some centralization with the original creator of the story, but just taking on the ideas of a community of creatives for more opportunities injected into the story, more meaning with a community contribution, and non-financially driven votes as well. (All if done right) 

3) NFTs providing proof of ownership in a digital world, solving a problem from web 2.0

4) Certain cryptocurrencies solving problems like tracking criminals down that otherwise wasn't possible (Spoken in-depth by a law enforcement authority in the crypto space) 

Now from my understanding, on a high level, 98% of crypto and NFTs right now are just shit, and garbage driven by this goldrush type mania. However, over a 10 year period, I can see amazing possible use cases of NFTs and crypto, and potentially penatrating all industries if gone about right. 

Am I missing something here?

I partly am trying to clarify my understanding because I am diving deep into music and over time I want to get creative with my combining elements of music, art, video with virtual reality, NFTs, metaverse, etc. Would it be a mistake to combine these? I am using virtual reality right now, and I see positives and negatives, same with metaverse, same with NFTs and crypto. 

I see my life purpose as very little financial motive, and mostly just being a massive contributor in the world, and I still see the benefits of NFTs and metaverse in this pursuit. 

I guess I'm mainly saying that none of these fields are a complete no right? 

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There will be some validity to this field, but also there will be like 90% grifters, scammers, con artists, losers, and hype.

It's gonna be a few gems drowning in a sea of shit. Without careful discernment you will lose a lot of money.

If you truly care about creativity and art, NFTs and crypto have nothing to do with that. Do your art without any attention on NFTs or crypto. Art is not about such things. Do not get distracted by gimmickry.

You are God. You are Truth. You are Love. You are Infinity.

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@Leo Gura yeah tbh I'm not able to sift the gold from the shit that well. I won't completely reject it, but you're right, even giving attention to this is taking away from the core of the art creation. 

One strategy would be to not look at this for the next 5 to 10 years as I focus on the art, and later on when the real good use cases are available, I can consider pulling elements then. 

We'll see in 5 to 10 years I guess

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If you think anything that uses the Bitcoin Cash blockchain is a good idea then stay far away from crypto and NFTs ahaha

You don't need to put stuff on a blockchain to protect it by copyright. Simply putting a work out into the world automatically applies copywrite to it for like 75 years after your death in most countries. It's not a service we need.

Voting on meaningless stuff like book/movie plots is kinda useless. But I would love to see direct democracy where we can securely vote for ourselves every week on issues from our smartphone, instead of electing representatives.

NFTs as proof of ownership is a strong use case.

You are right 98% of NFTs and crypto are shit. If you want to get involved, take at least 2-3 months to just observe the space and learn as much as you can. See who is actually an expert and who's talking out their ass, who are just scammers, etc.

Owning a diverse mix of the top 5 / top 10 cryptos as a small part of your overall asset allocation is a pretty safe bet IMO. 

Other things are likely to 100x or 1000x in price but it's almost impossible to identify what they are. For example, I'm sure there is going to be a gaming token and metaverse token that blows up huge. But for each one that does, hundreds more will disappear and become worthless. And it's too hard to identify which is which at this point.

I've been following the space for years and I still can't sift the shit from the gold. But if you start now, then in 5 or 10 years you'll have the expertise needed to tell when things start to develop legitimate real-world use cases.

As far as your own music goes..... we're already halfway there. I definitely don't recommend signing with a record label and going the conventional route, just like I don't recommend writers go with book publishers either. You've got all the tools at your disposal to sell direct to customers from your own website, to actually own your customers, and keep 97% of the revenue (just payment processing fees.) Vs selling out for an agent or publisher that doesn't really do anything for you.

Start messing around with music/art/video/VR/NFT/metaverse stuff now, but don't necessarily expect anything to come of it for several years. However, it'll really set you up in a great position once we finally see what the metaverse will actually be like.

Eg. There's no risk or cost associated with starting to do concerts in the metaverse today. I wouldn't be paying to mint NFTs of your art that may or may not sell. There are plenty of "risk-free gambles" you can take in the space where all you'll waste is your time. Even then it's not really a waste, because you're learning.

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