I really like this question and the challenge of answering it. I believe what makes NFTs different is a transformative vision of a future that true believers find inspiring and achievable. In their eyes, the current speculative bubble is a mechanism for growing something enduringhttps://twitter.com/AriDrennen/status/1450652779198910465 …
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You make as much headway trying to convince Mars nuts that we can't even keep people alive in the Earth desert yet unsupplied, or the strong AI people that we don't need to start making plans for immortality. Because you're not in a debate about technology but about the Millenium
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What such beliefs have in common is that they offer a positive, transformative vision of a future made better by technology, with a story about why it is achievable and inevitable. Whereas the real world right now doesn't offer much hope or positive future at all. So you get NFTs
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To all the fraud, speculation, and just basic insanity in this space, the NFT crowd can answer that they're replicating the same thing that happens in high finance, except now it's a different set of people who get to participate. The Fed creates money out of nothing, why not us?
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I think recognizing the spiritual hunger that sits at the core of these movements (and remember how many in the space are young people!) is an important step to understanding them. Crypto culture is a mirror world that feeds off of the unexamined failures of the real world.
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And it is also, like everyone points out, a massive scam that will hurt regular people the longer the bubble is allowed to inflate. But it's not just "name a star", it's "name a star" with the promise that you'll get to visit in a rocket very soon, if only enough people believe.
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And I deserve a goddamned medal for 12 tweets on this without a single mention of Communism.
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Here
@nyquildotorg makes a good point, that NFT culture in particular is also Herbalife for young artists, promising them self-reliance and the ability to live off their work if they buy in, assuring them that every garage band can be U2 on the blockchain.https://twitter.com/nyquildotorg/status/1450889518291173376 …Show this thread
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What's the foundational issue with Bitcoin?
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Tether
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