Nft collapse is imminent. Why nft collapse is inevitable and how we can get rich from nft even now. This nft collapse for most will be a surprise. It is not going to be like a stock market crash. The nft collapse is more severe. It hung us out to dry. If we own anything in crypto this nft collapse is for us.
The six things we need to know Why nft collapse is inevitable.
What is nft and its fundamentals?
Nft stands for non-fungible token. And what is fungible?
A movie ticket is a token. It shows that we are the owner of the seat to watch a movie within a specific period in a day. A food token is to show that our order is in process, and we fully own it.
The token is the identification that the ticket and the food belong to us. A one-hundred-dollar bill has the same value as a hundred one-dollar bills. Read that again to understand. We can exchange all the one hundred one-dollar bills for a one-hundred-dollar bill. The one hundred one-dollar bills are fungible. The one-hundred-dollar bill is fungible.
A non-fungible is just vice versa.
A non-fungible token must use the Ethereum block chain to digitally record transactions. A token has a digital signature. Nft for sale at marketplace can be an image, piece of art, video, tweet digital or media
What is a blockchain?
The use of blockchain in 1991 was to manage timestamp digital documents. This was to prevent any backdating or tampering with the data. Sakoshi Nakamoto took this system to create digital currency bitcoin in 2009. To understand what a blockchain is watch this video.
False hope and nft collapse
Non fungible token trading started in 2012 - the golden period is from 2021 to 2022. Investors poured 27 billion into this market. To cheat someone, you need to build up public expectation.
Figure 1
Expectation is a human weakness. Determination strengthens it. Sir Edward De Bono said that unhappiness is best defined as the difference between our talents and our expectations.
The first nft to sell at 1.4 million dollars is Quantum. It was minted on the name coin blockchain on May 2, 2014 using a technology developed with coder Anil Dash. The Beeple collage The First 5000 Days sold for 69 million dollars.
There are mechanics behind these phenomena which I call them 'big bangs'. The science behind the Beeple Collage as it was introduced to a fan base of 2.5 million followers across social media. The public only reads the outcome (sold for 69 million dollars!) and fail to see the string attached to its success. It is like reading a delightful story without understanding its plot.
As we lack in knowledge of this nft marketplace a group of opportunist investors sneak in and hype around this success story to channel public to follow suit. The real agenda is to make a quick fortune out of an ignorant public.
Like a lottery, the market shows the first prize money to arouse our minds. The probability of winning is very slim.
The newcomers mint their own shoddy version of creativity in the quickest possible time with technology and hoping it will fetch a gold mine! Unfortunately, it is not. The public lack knowledge of how to promote it to a larger crowd. This is where the majority drop the ball.
I spent hours typing this out. Not for a quick profit. To show the ugly side of nft marketplace. Friends introduced nft to me. Nft is known by many who do not even know how to draw a simple sketch. As an artist myself, I began to wonder why this knowledge did not hit me?
Nft marketplace is very illusive. This is the reason I started printpainting.page. It is an honest deal. What you see is what you get. It's an all-original design and paintings. With a big discount. And quality products. Products that are tangible and do hope that you'll love.
The painting on cattle is the artwork supposed to convert them into nft which I did not pursue.
I am selling them on my website as print on demand products. To tell the truth, the startup cost adds its fair load to the evasive nature of the nft marketplace.
Product confidence influences the price tag. A marketable product comes with a lower cost as it is proposed to stay on the market for a longer time. Ask a better question. Why is the operation cost high for the startup of nft? For them to make a quick profit and run if trouble grinds in?
Not to get carried away with my art, my price is applied with a wafer-thin profit to keep my website live and running. By choice I am a full-time digital artist. To be available for my artwork and to serve you better.
I place google lens links at my about page to show customer the freedom of checking my price against the many products out there. This is to display honesty.
Print on demand is a straightforward way to sell art. In nft marketplace the path is foggy and slippery for everyone to be successful. The basis of Elon Musk to build cities on Mars is mathematics. There is no formula in nft. It is all based on wishful thinking.
A good artist is not a sufficient criterion to enter nft marketplace. You must be able to calculate the risk involved and to know the pattern to a windfall which is oblivious even to the investors.
Try a search for 'what is the resell price for Nyan Cats?' We will not find any. There is no resell value as its pricey! What signals this to an artist who wants to join the bandwagon?
Fig 2
We cannot expect buyers to come straight to our artwork and pour the tills into our wallets. Our driving factors for nft marketplace must be the effort needed to put our token to a larger fan-based group and must avoid imagining the illusory big bang outcome!
For nft to be successful, it must be an original content, interesting, a little humor, or the creator must be popular figure and should have a marketing medium to a large chunk of customer base fan group. And finally, hope that it fetches a fortune!
The influx of copycats in the nft market minting similar kind of cats after Nyan cat windfall does affect the original Nyan cat reseller market. It's harder to resell the original Nyan cat. In the absence of true artists into the marketplace and the growth of copycats contribute to the poor-quality mints on the supply side.
It snowballs to a nft collapse. Read for reference.
Shoddy framework and nft collapse
CryptoPunk nft was sold for 532 million dollars. Reports found out that there was a major setback in the transaction. The buyer and seller are a single user artificially inflating its price. This sort of cheating is widespread in the nft marketplace. The system has no robust framework to stop such frauds and irregularities. It is like the policing system-acting after a crime is carried out. Trust is lost in the system.
The person who buys a nft does not own the asset. He does not buy its copyright or its license. The buyer of the Nyan Cat owns only the token and not the meme. The seller holds its intellectual and creative rights. Why does the system not lock in that crucial mainspring as a code into the buyers' token?
What is the message to good new artists (creators of nft)? It is not a haven to display their masterpiece. Better to stay with conventional wisdom.
A true artist is one who creates from passion and love. Not from greed for money or fame. Only an artist understands this. The primary motive of every true artist is to show how he sees the world and its surroundings through his art. It is not for profit.
A true artist goes for outcome base and not profiteering from it. You can learn this trait from great artists in history.
All famous paintings are the works of a good artist. Look at this page for Leonardo Da Vinci pay check.
His monthly payment is around six thousand dollars. Do you think it is a fair deal for such an incomparable artist? He lived 500 years ago, and he still lingers in our hearts. His famous painting 'Mona Lisa' is priceless and took him 17 years to complete. His obsession was perfection. The character of a good artist is the same - they go for sincerity in their works.
Realism was behind in the mind of Leonardo. According to Peter Schjeldoahi "the fundamental theme of Western art since the Renaissance is bodily experience"
It's a practice of the master to get corpse from the Church. Dissected dozens of them to sketch detailed drawings of skeletons, skulls and bones. He made wax mold of the heart and brain. He had the first drawings of human organs, the appendix, reproductive system, and lungs.
This helped him to introduce realism into his art.
The prevalence of shoddy framework in nft marketplace cannot be a good platform to display good artist works. It is a waste of time and effort for them to do so. Evasive price inflationary and value is not the same to an artist. He goes for realistic value. Public wow factor!
A good artist is like a hungry lion who hunts and finds food. It cannot adopt the character of hyenas who scavenge from other's hunt. It has a different chemistry. Artistic nature. Leave that in the comments section of this article.
The irregularity in the structure of the nft marketplace will repel good creators (true artists) entering the market. This will initiate nft collapse.
Volatile market and nft collapse
Crypto fluctuates unpredictably. Investor and user sentiments, government regulations, and media hype influence its supply and demand. It is a highly volatile market.
There is no governance over Crypto. The whims and fancy of investors directly make it unstable digital currency. Its supply is limited. The stimuli are from the demand side.
A buyer who can afford nft bids for higher price and place it in social media profiles to display it as a status symbol. A case study of Bored Apes Yacht club which has ten thousand variants of apes is a point to note.
The celebrities upload photos of expensive monkeys as a status symbol. This has set the trend of the nft market to follow suit and influence the price of nft concerned. Nft is tied up with crypto currency and as the supply is limited, there is a vast price increase if demand for it is increased. It does not behave like fiat money which is controlled. It is worse off than shares.
A million-dollar nft can crash if the value of crypto changes downsides. These are the countries against cryptocurrency. They are an incredibly good mix of countries with diverse cultures and religion. Strangely, their thinking process is the same. They wanted a secure and stable currency.
Unregulated crypto markets could become avenues for money laundering, fraud, and terror financing. Trust comes from majority support. Those who are trading in crypto will want to quickly milk them and encash the small profit even from a game like Axie infinity. The 'earn as you play' game is also flatlining.
The search for 'Axie infinity' shows a similar trend with the phrase 'non-fungible token'. There is a basic reason for such behavior in search results. And the word 'painting' shows consistent search results.
Fig 3
The space industry is on its way to reaching 1 trillion dollars. As of today, forty percent of the world is not connected to the internet. Crypto currency has a role to play here. It must become a trusted currency: it should be exchanged with fiat monies of individual countries.
For international trade countries produce goods and services based on its comparative advantage. And primary produce cannot be marked up with crypto currency as it will affect its demand. Sir Thomas More in his book 'Utopia' describes a fictional society as a place, or condition that is ideally perfect in respect of politics, laws, customs, and conditions. This will not happen in our divided world. One currency to prevail is hard to come by.
And as long nft is tied up with crypto currency, and it will be, its marketplace is ever unstable. It is sensible not to trade artwork in nft unsure marketplace. Sell in the conventional way - and the best choice will be print on demand.
Nft slippery marketplace will impede art value.
Nft is not an art
Classifying nft as art is an error, The debate is ongoing. It is not tangible. The concept of a digital link to a specific artwork cannot be art. It did not come into being. Its location is in the ethereal state of digital mind space. Ownership comes with tangibility.
Can we say we own a house in heaven? No.
The majority do not believe the hereafter as it is not tangible. We cannot feel and we cannot see. Nft will not survive for another five years. Nft will die. It is an illusion made real to tap into the innocent character of a human mind to confuse and amass unfair profit.
Nft cannot be art. Print on demand is a better avenue for true artists to show and sell their masterpiece.
In classical or conventional paintings, the value is intrinsic as the painter is already dead, and only one owner has the true painting. Or a display in the museum.
Nft 'art' only exists in the digital space. Downloading is easy. It is easy to copy, and the supply becomes infinite in the absence of restrictions.
This might be the reason true artists do not want to waste their time on nft and will want to get away from it as soon as they can.
As nft is not art, this will lead to nft collapse!
Infinite supply and nft collapse
Nft is supposed to be the one and only. This is only theoretical. On site there is chaos in the marketplace.
It is flooded with copycats. If one were to paint Mona Lisa in a different pose would that be a sneer to the original painting? Or are they considered neo classical or contemporary art?
Nft 'gurus' say these are variations and give a mushy price tag to each from thin air. And those with deep pockets are radicalized to buy them as profile pictures for the social media platform.
Would you consider such behavior foolishness? Or a symbolism of wealth?
If nft marketplace is intended for a longer life span, the stakeholders will restrict such propagation and protect the original artwork from such frivolous reaction. The Bored Apes and Nyan Cat are near examples to learn.
Copycats compromising artist will continue to flood the market and likely to cause infinite supply to the original works. This will give buyers a choice. Go for cheaper variations and hope to hit the jackpot.
The thing to know in nft is that the first buy of the original is the best buy to the seller and the worst buy to the buyer. There is no resale value to nft. And with additional variations, the original artwork will fade in the digital space.
How does a house price appreciate? It could be the size, location, amenities, and tenure. Nft is a digital 'non asset'. It is in some binary space in someone's website, the only attachment to it is the token codes.
There are nft airdrops, utility which have pixelated nft markets and this is a danger for true artists. Nft is rights based and must be not speculative based. Only a doodle artist prefers nft. He prefers profit over passion or love for his art-producing quantity at the expense of quality. This will lead to nft collapse.
Art was once facing challenges with the advent of photography-why do we paint when we can just snap a photo? However, painting is still thriving to this day! As each fingerprint can never be the same, each artist's painting soars with innovative insights with his effort.
To have an organic sale price for an art, nft is not the marketplace as there will only be one time winner.
Shoddy artistry and nft collapse
Classical painters like Leonardo Da Vinci showed us that seclusion is essential for creativity. Classical art is always good to observe. Leonardo Da Vinci was unique as his paintings depict intrigue, feelings, and his inner state of mind.
Leonardo Dav Vinci was an exemplary of a good artist. He was a thinker. He spent most of his time bringing realism to his art. See painting without perspective. Which is flat.
He introduced an illusion of depth in his art on a flat surface. He used the mathematical principles of linear perspective-parallel lines, horizontal lines and vanishing point. Perspective was discovered.
Claude Monet who came after him twig realism. It was an innovation. In classical art, the lines and strokes are defined. It details character, displays emotion in the face, clarity in the oils. Claude Monet discovered a new way to paint using opposites to realism. That was to blur those clarity and emotions and he founded impressionist painting.
Human beings do have a special skill on how to identify effort against shoddy artistry.
A true artist realizes this need and works extremely hard to create awe-inspiring artwork to impress the observer. This is the motive behind every true artist. His spirit incessantly torments him with this agenda. He enjoys the process.
Norwegian artist Edvard Munch in 1893 composition 'The Scream' impressed the human mind. The agonizing face is an iconic image expressing the anxiety of the human condition. The human tendency to appreciate effort and artistry will lead to nft collapse eventually.
A nft does not comes with a signature. Food cooked with different mediums of fire or heat taste differently. Sellers who create nft due to the mirage of profit in mind. Conversely, true artists despise greed. Most people in this world are not greedy. This is the reason only two percent of them are rich.
The 'pundits' of wealth building give misleading information that we do not know how to monetize. And this false information serves as bombshells to break our innocence. We plight for a wrong question: What I am not doing right?
True artist acknowledges this and with the mass support nft collapse is imminent as it is against the true character of mankind.
How can we get rich from nft even now?
The mathematics of nft collapse is clear by now. However, even now we can get rich from nft.
The central theme to get rich from nft is to know what is within our control.
The topic on nft is not my concern. This post is for a good intent. To ensure awareness of nft risk and rusk. I use the pronoun 'you' to indicate that this message is sent directly to you for better grasp. I do apologize if it seems rude to you.
This post is on art alone, painting, and design only. If you are not an artist, engage one. I can do it for a fee (contact page).
To get rich from nft mint only one nft
To get rich from nft you must only mint one nft for now. I am not going to write on the steps as you can easily get the information in Opensea. And mint your own nft. Do not buy from nft marketplace. As mentioned, buyers do not own the artwork copyright.
To get rich from nft copyright your nft
To get rich from nft you must copyright your works. You can watch this video for more information. And do refer to Ipwe and IBM announcement here.
Buyers in the nft marketplace do not own the artwork copyright. Therefore, mint your own nft. And do register your website with the DCMA and add on one of their badges to show that you are protecting your content
To get rich from nft create a large fan base in social media
The mainspring on how to get rich from nft is the volume of fan base across social media.
Social media is websites and applications that enable users to create, share content or to participate in social networking. It can be a blog post engaging news or ideas on twitter, Instagram, Facebook, or any other social media.
People you know constitute demand. The bigger the crowd who knows about your product, the chance of purchase is higher. In the case of The Beeple, the owner promoted nft to a large fan base of 2 million. And it was a success. This is the benchmark for how big your customer base should be.
The simplest way to post on social media (on twitter for example) is to create a story that interests you. As information is everywhere, twig the story to make it interesting. Malaysia stopped chicken exports to Singapore. As a result, I twig the news to sound more appealing and created visual content on twitter. Be creative. Add sensible humor to your story.
You can read this article on How to get a bigger audience on twitter. To get rich from nft promote your nft to organic followers instead of robots. Real human traffic will be your final customers and not robots.
To get rich from nft follow celebrities
If you want a meaningful follower, follow celebrities. It is extremely hard for a celebrity to follow you. It is easy to follow them. Engage their own tweets and write back the things a celebrity wants to read. Be polite and write positive comments.
Celebrities influence the nft marketplace to a larger extent.
Best of luck!