One day, and you can never go without someone telling their new project to us, we can’t go again once they have already gone. Then we will almost certainly see someone saying that they want to do so. For example, the very best thing about the Midnight Society, which just announced a new line of NFTs without ever calling them NFTs, is that they are exact what they are. It looks like NFT is becoming a dirty word among game developers, and it’s not hard to see why it’s happening.
For sure, FTs are universally bad (at least in their current form). They are useless, the environment isn’t very attractive. Half of them are likely to be scams. I don’t agree, he says. Vullas Gabe Newell wasn’t so comfortable with the sketchy stuff that it had to be with NFTs he banned them from Steam.
On the same site, it makes me uncomfortable to say that the NFTs seem to be unwonderable.
Recently, people and companies who had previously numbed themselves with NFTs have backed up due to public backlash. That backlash will have very real effect on the NFT market. According to the Financial Times, the volume of NFTs on OpenSea fell 80%, and the average selling price of an NFT has fallen 48% since that time last November.
It seems like the NFT wave finally crashed and is on the backslide. That’s not to say that the NFT has disappeared entirely, but the initial craze that resulted in such a large fraud and that such ludicrous prices and a lot of applications is being replaced by the cold, difficult facts of the world. There’s no way anyone wants to pay $10,000 for a picture of a bored monkey, but there may be other applications for no digitalisation that don’t suck.
Midnight Society uses NFTs to identify club special members. Whoever owns the NFT gets special access to loot giveaways, social events and early access to game builds. And each NFT cost only $50, so it is a reasonable expense to get an exclusive relationship to a thing you enjoy.
It’s not a perfect system, and you could argue that NFTs aren’t the ideal way of keeping track of club members, but there’s a better use-case than trying to convince people you’re stupid and worthy.
