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The tulip thing was always a retarded analogy, because tulips were never a widespread medium of exchange. But NFTs aren't meant to be fungible so that doesn't apply either.

As for beanie babies, not really because those aren't scarce at all. While NFTs that are generative like I mentioned aren't really valuable in and of themselves (and IMO aren't meant to be, I think they have the most utility when they cost fractions of a penny to interact with) they can be used in interesting ways, like games that you can interact with in a fashion that isn't possible to cheat and can be interacted with outside of the purview of the game's creator.

That's a trivial example but it still shows there are uses for NFTs that aren't just uploading an image that anyone could download for free.

NFTs like the generative ones don't have to be inherently valuable to be interesting to mess with. But my broader point is that uploading an image using NFTs is the most base level and stupid use of the technology.

[–] 0 pt

Maybe I could clarify my question. Are they not just a dumb techno fad?

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Are they not just a dumb techno fad?

I would say no, because they have definite utility.

As a trivial example: Imagine you are a poker player. Right now your experience is basically:

  • Go to site
  • Make account
  • Enter payment details
  • Buy chips
  • Play

With an NFT representing a "poker account" you could prove who you are anonymously AND have your "pot" of chips be represented in a platform (poker game client/website) neutral fashion, so that going to a new poker platform/client would instead be:

  • Connect your poker account address
  • Play

Instead of having to give out your credit card to every single site in existence.

The point is that even though people are using it for incredibly stupid shit it still has uses that aren't stupid and can confer a lot of convenience to the user.

[–] 1 pt

Now that’s an explanation. Thanks. I’m a frigging Luddite when it comes to crypto.