Author: NFT Creator
Tue Jun 14 2022
INTERNET - When the whole NFT thing started up, it really did seem like a great idea. It would give artists of all kinds the ability to monetize their content in a way that previously was not available at all. It gave them a store front where they could upload their artwork and provide all the cool information about what makes it special. And as a bonus, it gave them a built-in infrastructure to handle all manner of transactions without needing to know how to write mass quantities of code. But something changed along the way. And that something has meant that the market has failed to deliver on that promise.
The reason for this comes in a couple of parts. But the bottom line is that, if you are a creator, and you made your own collection of NFTs in hopes that you could generate interest in them and sell them, that is just not something that is possible anymore. Because the market is completely saturated. Nothing is collectible anymore. Nothing has any value anymore. Because the bucket is overflowing with content. No one will invest in content that has no value and, now that the flood is ongoing, it never will have any value.
Mind you, in this context, I am only referring to how this affects individual artists. If you are in the NFT ecosystem to make money buy flipping them, there is still plenty of opportunity there.
Well, what in the world happened?
I'm going to do my best to break this down. The way that I see it, these are the principle causes:
There are a LOT of these things out there now. The idea is that these games will use NFTs a playable items in the game, allowing you to progress faster, or allow the player to stake the NFT and earn passive income every day, or to unlock functions of the game. These sorts of NFT vary wildly in value, depending on how many people are playing the game and how many are available.
The downside of this is that many people are not interested in NFTs if they cannot be used in some capacity that way. So you will not be selling to them.
The big companies have already moved on
Large organizations like MLB, and other entities like famous bands, put out their own collectibles. They released them. They sold them. And nothing new has happened in that space for many months now. There is no movement on them. Whatever anyone has, they aren't selling.
The downside here is that the people that bought those NFTs have what they want, and are not active anymore. So you will not be selling to them.
The market is saturated with crap
This really is the point of it all. There are so many collections out there that were generated using little scripts to create like 10,000 NFTs and then spread them all over the market. I have 4 wallets on OpenSea that contain SO many of these things because people are just passing them out for free. No one buys them. They just take up space in your wallet. These are the worst of the lot. These are the ones that have flooded the market so badly that they have just killed interest in any of these things being valuable collectibles.
Why in the world does OpenSea allow people to write scripts to mint stuff by the 1000s anyway? What is to be gained from that?
To make matters worse, OpenSea in particular has made the whole endeavor ridiculously expensive. A few months ago, I wrote up a whole thing about what is wrong with the ETH chain, which is what OpenSea runs on. In short, the economy functions on "gas fees" which are SO expensive that most of us just can't even bother with it. Am I really going to give someone $125 to activate my wallet so I can put NFTs up for sale, knowing full well that there is very little chance they will sell at all? No. Of course not. The entire collection isn't worth that much!
Well they have have Polygon. That's a little bit better. That one is supposed to use no gas fees. But OpenSea has raised their minimum listing price to $5. And if you want to know why THAT is a problem, read that article I linked up there that explains the whole problem with moving funds around on the ETH chain. It's a farking nightmare. And if you wish to move your money out of Polygon, again, go read the other article. Also, lately I have seen when trying to move an item or put it up for sale, I'm getting a message from my wallet saying that I need to pay some $25-100 in gas fees to activate the collection. On a chain with no gas fees. When I asked for an explanation, I got lies, runarounds, general bullshit, and "it's not our fault you don't get it."
By the way, I have made it a point to put links to my wallets so you can see the stuff I have available. I never ask anything for writing all this stuff. But I am asking you now. Buy something. It would be a big help. And it would also be the best way to prove to me that OpenSea is not just a gigantic pile of nonsense.
I don't mean to single out OpenSea, because they aren't the only market. But they are the ones that purport to be the biggest storefront on the internet. And if we're being honest... I don't see that that is actually true. My experience is that it is bloated, inconsistent, confusing, and in the end, not making any real sales. I didn't mean for this article to go this way, but this is the road I seem to have ended up on.
Maybe I just don't understand
Yeah. Maybe. So why don't I go seek help? LOL. Right. Go to their discord sometime. When you ask for help, what you get is bombarded with private messages from people claiming to be "OpenSea support", and every single one of them are scammers trying to get control of your wallet. And the people on the actual server who are supposed to be giving you help give you incorrect information, then point you to so some article on some web site that is supposed to explain better.
Perhaps that is my biggest problem with this whole thing. You either understand it or you don't. Either you trust the economy or you don't. But don't count on getting any help from anyone. Any time you ask for help it's like asking this guy:
Nothing but condescending, useless, inaccurate information. Or scams. Or more usually, both.
Will this ever be fixed?
It doesn't seem likely. The people like the guy pictured there don't see this as a problem. They see themselves as above the rest of us. And any of those people reading this article have probably already sprained their eyeballs rolling them back into their head. As I said, I didn't really mean for this article to single out OpenSea as a problem. But just this morning I had a string of things happen, all of which are listed in this article, and because it is fresh in my mind, that is how we landed here.
#bitcoin #cryptocurrency #BCH #NFT #nftcollector #OpenSea
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