A lot of those companies failed for quite obvious reasons. People were dumping millions in some pretty moronic and misguided notions. In fact, it's long overdue.īack in the day, if you even hinted at "we might get a domain name and a website", you'd be getting funding.
So, I'm happy it is happening and it can't happen fast enough for me. But of course a lot of amateur investors with dollar signs that lost their money 20 years ago, are the same kind of gullible fools lining up for a repeat of that. This is simply what happens when you introduce large amounts of stupid money to a very immature sector. One has just had more time to become more rigged for wall street. I don't really see the two markets as too different though. It also has more defined and predictable bull/bear markets in relation to bitcoin halvings. But in both these cases you can fly to a non extradition country with your newfound fuck-you-money, leaving the investors up shit creek without damages.Ĭrypto has some benefits over the stock market, it's open 24/7 so it doesn't discriminate against anyone, and it's more volatile so one can get higher returns (well, or losses) with less of an investment without having to resort to options or margin which are just as risky. I don't see many stocks paying out dividends, but I suppose that's a thing.Ģ) Illegal's never stopped anyone from doing anything, and I don't see how the crypto version isn't fraud too.
Maybe you own a part of the company assets, but these days with remote work and internet companies that can be close to nothing. You don't own the people and they could all just quit one day. Companies are after all just people doing stuff. I recommend following Kyle McDonald on twitter if you want some deep dives on exactly why a lot of artists are skeptical about crypto/web3/NFT stuff.ġ) That's debatable. The result is that most of what's left in NFTs now is the scammy, ponzi-scheme-y, low creativity generative ape type stuff and it's looking like that's going to become a self-fulfilling prophecy. Some because of environmental concerns, some because of all the usual reasons that come up in NFT/crypto discussions, and some because of the backlash itself (you might make some money minting an NFT, but you're also likely to lose a lot of your existing fans). From what I've seen, a few have made a bunch of money, but mostly that community has rejected NFTs. Anything that would actually make it straightforward for artists working in digital media to make a living would be welcome and there was some hope that NFTs might be that. That community has always had the problem that artists working in those media haven't been able to just sell a painting or sculpture the same way that artists working in traditional media. My partner used to run a gallery for new media and digital-focused art. Overall, you're right, though I have seen a few legit, established artists dip their toes into the NFT space (eg, James Jean, Phil Hale).