NFTs Jumping the Shark

Just like that, NFTs went from “cutting edge innovation” to Bourgeois consumer item.  NFTs have officially jumped the shark. 

First, Walmart [2].

Now, vending machines [1].

That’s right folks, you can now purchase NFT “art” from a public kiosk.  Talk about democratizing the “art market”.  You literally need to know nothing to “invest” in these “assets”. 

Is this what Satoshi Nakamoto was dreaming of?  Probably not.

There are layers and layers of unconsciously ironic parody in this product.

For one thing, you can’t shop for your NFT, you just get a random one.  So…it’s kind of a lottery.  That’s innovative.  Not.

Another fun feature is that it isn’t a digital transaction.  That’s right, this innovative, cutting edge, blockchain based “asset” is delivered on a piece of paper with a QR code.  So…it’s kind of a trading card.  That’s new.  Not.

A final irony is that these kiosks aren’t limited to cryptocurrencies, they will happily accept fiat money.  Emperor Nakamoto is spinning in his grave!

Wow! The NFT trend is definitely over now.

I have to say, “NFTs Jumping The Shark”, has to be a leading candidate for this years Crypto Tulip of the Year.

1. Daniel Fastenberg, Move over candy bars, New York vending machine now selling NFT art, in Reuters -Technology, March 1, 2022. https://www.reuters.com/technology/move-over-candy-bars-new-york-vending-machine-now-selling-nft-art-2022-03-02/
2. Jack Kelly, Walmart Plans Launch Of NFTs Cryptocurrency And Tokens As It Dives Into The Metaverse And Virtual Reality, in Forbes, January 17, 2022. https://www.forbes.com/sites/jackkelly/2022/01/17/walmart-plans-launch-of-nfts-cryptocurrency-and-tokens-as-it-dives-into-the-metaverse-and-virtual-reality/

Cryptocurrency Thursday