Sent on July 25, 2022, 12:39 pmUpdated July 25, 2022 at 12:54 pm
The use of non-fungible tokens is exploding this year, moving from simple digital collectibles, a sort of Pokemon Web3, to extending into the world of marketing and finance. These certificates of ownership registered in a blockchain can now also act as an entry pass to communities or even breathe new life into crowdfunding.
However, the current slump in the cryptocurrency market, which has led to a 90% drop in NFT transactions since September 2021, appears to confirm the dire warnings from its many detractors. Bill Gates has thus recently contrasted the rationality of investments in the real productive economy, such as that of agricultural farms, with the irrational intangibility of cryptocurrencies, speculative absurdity deriving from what the Anglo-Saxons today call “currenthingism”, the absolute following of all fashions and trends, and a reflection of the craziest greed. With the value of cryptocurrencies coming out of nowhere, it’s easy to think it will come back there.