1/ yes, the celeb #NFT thing will be a huge bubble, and at some point, people may start to *hate* new releases and become jaded by them
the near-term benefit for the adoption of #Ethereum is many of their fans may be compelled to buy $ETH and use Ethereum for the first time ever
2/ but some celebs won't be able to resist the low-effort cash grab
some firms are making it easy for them- doing all of the work for them and just sending them a check for their licensed work
would you buy a SouljaBoy lunch box? no?
but some would buy the NFT apparently
3/ this will be free money for these folks while it lasts, and in truth, it could last for a while
but keep in mind that if the creator is too prolific with low quality work, then expect all pieces from that creator to plummet in value one day (esp if B-list celeb)
4/ for me, i'm staying out of the celeb NFT thing almost completely, save for my 1 of 9 copy of Mark Cuban's very first NFT
like Bitcoin, i think celeb NFTs will help to prove & popularize the notion of digital scarcity for art and collectibles, but it will not be its apotheosis
5/ for that, i focus my attention on the emerging generative art genre on #Ethereum
when the traditional art folks realize there's more on-chain than celeb gifs, they're going to pay attention, and the earlier works (emerging now) will be genre-defining
6/ some of you will miss your chance to buy this new art form's Da Vinci's and Van Gogh's and will instead do the opposite- focusing exclusively on mega-pumped celeb content
good luck w/ that
7/ if you want to learn more about on-chain generative art, read below and in the quoted tweet within:
1/ we have new participants entering #Ethereum, first from #DeFi, but increasingly from #NFTs
many highlight concerns on energy consumption from Proof of Work blockchains like #Ethereum & #Bitcoin
let's talk about it, and how we'll move past it in #Ethereum Proof of Stake 🌳👇
2/ first, it takes a tremendous amount of energy to secure a Proof of Work (PoW) blockchain
PoW blockchains are secured by computers (mostly graphics cards and specialized hardware known as "ASICS") from "miners," solving a work-intensive math problem for every block produced
3/ the total "miner" contribution of this energy/computational power is known as "hashrate"
the "winning" miner who solves each new math problem first gets to produce the next block, and receives a block reward (in ETH, BTC, etc.) and any fees paid by users within that block
DO NOT FOMO INTO NFTS WITH MONEY YOU CANNOT AFFORD TO LOSE
buy to collect for the long-term. imo, some of these will become priceless pieces of history, and most of you will sell them way too early b/c you're overextended