I May Have Been Wrong about the NFT Craze

Joshua Henslee

9 months ago by joshua

Recently I wrote that the NFT craze is similar to the Dot com bubble:


While the end may still play out similarly as non-sensical developments continue, it appears this craze is nowhere close to ending.

The demand for generative NFTs seems to be extremely high, and lots of manpower, energy and memetics are being poured into making these happen.

Recently the creator of Vine, Dom Hofmann released Loot, a simple randomly generated list of adventure gear and a week later not only were these items flipping for thousands (totalling millions of dollars in volume) in the secondary market but a vibrant community emerged rabidly wanting to build on top of Loot in only 10 days or so.

Source: https://twitter.com/jonjyan/status/1433205141029761026

(Also note that the author of this article is coming to the same conclusion as myself about the NFT momentum)

Even though technically there is not a game (yet) behind Loot, the concept is fascinating. As a big fan of RPGs and dungeon crawlers I can see the potential, and find it amazing that so many developers were eager to build atop Loot so quickly.

However, launching on Ethereum with their innate scaling issues likely limits the potential growth of this project. I look forward to something like this emerging on BSV, though I’m realizing the difference right now is the sheer numbers and raw ability in the developer community. BSV just does not have the talented developers these other chains have, likely due to the inability to make the kinds of money developers are making on other chains.

Fortunately, we are seeing this change but still it is not enough. As more products, apps and services are built atop BSV, we should see this gradually change.