A highlight from 1265. NFTs Are DEAD! ...Again | Mainstream Media vs Creators
Let's talk about NFTs today and where the market might be heading and what is the future of the non -fungible token. We'll talk about all that for you guys. You don't want to miss this one because I think whether you love NFTs or don't like them, this is gonna shed some light on really what the future is. So stay tuned right here. My name is Paul Baron. Welcome back in to Tech Path. All right. Couple of things I want to hit on. A couple of tweets out here. NFTs are officially dead. 95 % are estimated to be literally worthless with pieces from the top collections only worth around five to ten. Roughly 25 million are sat on dead assets thanks to celebrities, endorsements, etc. Now this was coming over from Market Insiders. All right. And I want you to understand that this is process the typical that happens in innovative spaces. I remember, you know, in the era is, you know, when you look at just the birth of the internet. Is the internet dead? Is it a fad? Then the birth of social media. Social media is junk. It'll never be anything. Maybe not. And then, of course, mobile. You know, the iPhone will never make it. The BlackBerry will rule. This has happened so many times. Okay, so right here we have a piece on Market Insider. This was the actual hit piece. Let me kind of zoom down into the things they talked about. Are NFTs dead? The answer is yes. 23 million people hold these worthless assets. Then further in, fewer than 1 % have a price tag above 6k, a far cry from the regular million -dollar deals of two years ago. Don't take this out of context either because I'm kind of, you know, poking fun at this article. Mainly when you go to the actual source of where this actually came from, what they actually said was this. Is that while the situation does look bleak, in our opinion, however, NFTs still have a place in our future as we still maintain that once dust is settled we'll start to see an evolution with the NFTs. NFTs either need to be historically relevant, similar to the original Pokemon cards. So I think just that statement alone, the fact that they even compare this to the original Pokemon, to me, is groundbreaking. And I think they, the researchers, understand Market Insider does what they always do, which is sensationalize this stuff for clicks. The point is, is that we're talking about major movement in the NFT space in a time in which everything feels like it's dead right now. The traditional finance markets, etc. I want to go to this first clip. This might surprise you. Courtyard is a marketplace that tokenizes trading cards. Those cards then are put into an escrow vault powered by Brinks. You can then tokenize your card or collectible or whatever that you have on Courtyard and then sell that as an NFT. Now before you hear what you're saying about NFTs, I don't want to hear it. So they just did this drop here that sold out in seconds, literally bought it. This is a 1999 base set number 10 Mewtwo listed for twelve hundred and ninety five dollars. Now, if you go to like card collector and eBay and all that stuff, you'll see these prices are pretty much the same, maybe slightly more on this because it's the flexibility of oh, you don't actually need to have the physical item. If you want to claim this item, you can go through and you go here and then you say, I actually want this. I want this real card. Like I want to put this card behind me on the wall so everyone can see.