Guide for the Filipino NFT Buyers: Bullish or Bearish?
There have been a lot of Filipino players who were playing NFT games so they could feed their families during the pandemic as they lost their jobs. This is a story that really captured our attention as so many people are still wondering what could be the NFTs' real use case for crypto. Blockchain technology was able to cry out for a solution in the Philippines as there have been Filipino players who played NFT games so their family will have something to eat even if they lost their work because of the pandemic. This is a story that definitely caught the people's attention as a lot of them are still wondering about the real use case for crypto. When it comes to NFTs, there is incredible utility that comes with it. The NFTs are unique digital assets with value that you can trace back to the grandfather that is bitcoin. Bitcoin has value not just because of its technical composition or scarcity. Because of NFTs, people can now imagine every abstract concept of inalienable ownership and financial independence. Nowadays, NFTs are priced at more than a hundred thousand dollars. People initially assumed this to be just a huge stunt in marketing. However, since the pandemic began in 2020, the world eventually started to realize that NFTs are a thing by looking into the metaverse inwards. They eventually created a lot of great projects that are actually making sense. Moreover, people have begun to realize what they wanted to do with the NFTs. During that time, there have been conversations with people who were accomplished in that space.
The Value of NFTs
Having a virtual land has made so much sense as there is a wave of authoritarianism that sweeps the world. The tenuous concept of ownership is indefinite in the blockchain space. As people experience the idea of owning something like a virtual plot of land where they can build anything to plant their identity is here. The whole space was able to unlock so many things that are quite pretty, simple, and profound as everyone has experienced art every day. Initially, it can be quite subconscious that it is somewhere behind us that only people with means can access. Yet, recently, everything has completely changed. There are now artists that are making money creating artworks. These people can change your mental model and sense of self-worth. When it comes to plunging and engaging in NFTs, people may ask the question if they want to have this carried forward into another wave and they attempt to choose an NFT. People are valuing NFTs because of their irrational aspect that makes humans feel emotionally attached to their things. The idea got interrogated when a song came out saying that NFTs are bribes that the Ethereum network made and every sort of criticism on the value of the NFTs can come in how people express themselves in the real world. NFTs can bring this ability in the virtual worlds' metaverse. Even if the prevailing idea from people who are outside the space is that digital things don't have value in a place of abundance, they are now undergoing a huge shift in mindset where they begin to give true value to the things that are in the virtual world.
Dismissing the NFT Market Because of Failure to Understand It Is A Mistake
NFTs or non-fungible tokens are among the many tokens associated with blockchain. Unless you have been residing inside a cave for decades, you may have undoubtedly heard about the NFTs somewhere. NFTs are among the numerous tokens that are associated with the blockchain. People have heard about coins such as bitcoin which is a currency in its most basic form. With utility tokens, the holder is given the right to a service or a product. Security tokens provide the holders with a representation in an investment product or asset. NFTs are included in the category of unique digital assets. They are not the same as security tokens that have the backing of an underlying asset or the NFT as they could be somewhat similar to any digital creation like a GIF, meme, or JPEG. Traditional Wall Street is now considering checking out NFTs and wondering who are the people interested in buying them. Aside from that, they are checking out those who are willing to pay for a digital asset in thousands or millions of dollars. As we check out the NFT "Moments" that came from the NBA's Top Shots, cynics may proclaim that they can see a similar highlight on ESPN or YouTube. Because of that, they are wondering why they have to pay for it. That is a valid question as some of these individuals were able to grow up collecting football or baseball cards. These are the same people who would likely tell stories about their dad or mom giving away or even throwing away a card collection that is now worth millions of dollars.
These are the people who see collectible cards as something similar to how naysayers are viewing NFTs now. The abstract term collectible refers to conceptual value with "worth" that is defined because of scarcity and demand. It is obvious that there are several factors that can increase demand. However, something that people can measure is scarcity. In the beginning of the 1990s, since there were so many baseball cards available, the market for it got driven to the ground. This is the same thing that the SPAC market experiences right now. Yet, the greatest mistake that NFT naysayers make is believing that everyone is thinking the same way as they do.
Even if there are a lot of people who don't see any value in the NFTs, consider them as baseball cards that your parents and grandparents consider valuable. NFTs may definitely become the new set of 1952 TOPPS or Beanie Babies. We may not be aware if it will happen but right now, there are so many NFT buyers who are similar to the early adopters of bitcoin. They are HODLing (holding on to it for dear life) it metally. Just as what people saw from GME (GameStop) and others similar to it, there may be something mentally wrong that could exist among the new traders.
In reality, as long as the people who buy NFTs have capital, the market will not become too saturated. Since major cryptocurrencies such as Ethereum and bitcoin are holding their value, the market of NFT may be able to persist stronger for a longer time compared to what traditionalists believe. It may be too early to declare that this market will stay for the following decade. However, it would be best to avoid dismissing it as people don't have enough understanding about it yet.
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