Current State of Crypto and NFTs

in #vyb3 months ago

NFTs have become very popular in the crypto space, the first and foremost example of this might be the "Bored Apes." These are familiar to many people now, and are essentially illustrations of cartoon apes that can be "owned" by the general public. Usually, the rich general public. Many other NFTs have gotten a reputation of being grifts, fakes, ripoffs, or other names of the sort. All of these activities fall under the category of "Web3," which instead of bringing back trust and security on the internet, may inadvertently ruin the remaining trustworthiness with the rapid creation of often worthless NFT projects and projects of the sort. NFTs have become so popular that the Ethereum network often cannot handle the multitude of transactions, leading to people paying exorbitant transaction fees in addition to already exorbitant prices for these illustrations that many people maintain are already worthless. While the goal of Web3 that is often touted seems noble, the dangers of getting involved now may cause massive damage. People are becoming rapidly involved with very new technology, the may not last or be the final iterate of the Web that buyers think they are buying. This unregulated space may lead the way to the future, but may also leave far too much damage in its' wake.

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Links to previous relevant posts

Any comments on my post are welcome and appreciated