Why Dogecoin Creator Thinks NFTs Need To Embrace Being Useless
Dogecoin DOGE/USD co-creator Billy Markus said he would rather see NFTs embrace being “useless” collectibles than try to become “useful investment opportunities.”
What Happened: In a series of tweets on Tuesday, Markus said he doesn’t believe that NFTs are useful investment opportunities.
i like collectibles.
i collected magic cards.
i collected basketball cards.
i collected world of warcraft mounts.
collecting stuff is fun. making everything into a super serious investment vehicle is fucking boring.
— Shibetoshi Nakamoto (@BillyM2k) July 12, 2022
“I enjoyed collecting basketball cards as a kid. I don’t mind the club aspect at all. I don’t mind ironic jpegs for clout. I like directly supporting artists,” said Markus. “I do mind bullshit roadmaps, exaggeration, and people acting like they are investment vehicles. They aren’t.”
See Also: WHAT ARE NFTS?
After a massive boom in 2021, the NFT industry has seen a massive decline in trading volume this year. Data from NonFungible shows that the average number of sales has declined 82% and active NFT market wallets are down 76% over the course of 12 months.
Floor prices of high-value NFT projects have also seen a considerable decline over the last few months. Data from Flips Finance show floor prices for Bored Ape Yacht Club (BAYC) NFTs are down to 99.2 Ethereum ETH/USD — a decline of 59% since May. CryptoPunks — another “blue chip” NFT project — saw its floor decline over 50% since a high of 125 ETH in October.
Price Action: According to data from Benzinga Pro, DOGE was trading at $0.06 at press time, down 2.9% over the last 24 hours. ETH was trading at $1,053, down 3.22% over the same period.