Trump Cards - say what you will but it’s making people like us money! $750 floor from a $99 purchase
(media.greatawakening.win)
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You must be caught All you “own” is a bunch of bits on a hard drive. No tangible value
Just like FTX, it can go to zero
The bits are on the blockchain, not a hard drive. Looking at other NFT collections, owning one of these NFTs means you now belong to a club. The owners may get some kind of first dibs at something released in the future. NFTs are more than just art work. At worst, it's like a baseball trading card that can't be lost or damaged.
However, their value is in the perceived value of the bits in the blockchain. There is no backing, they now have a history that is a couple of weeks long, and just like FTX you can lose everything almost overnight.
I have a co-worker that bought Bitcoin backing the late 1980's, and he bailed on them when they first hit over $19,000 each (the first run-up), he cashed out with about 2,000 bitcoins and is now retired (at age ~50). He will tell you that he was lucky. And I wish nothing but the best of luck to everyone who bought in - but KNOW what you bought. It has the potential to go up, dramatically, as well as zero out. Don't be like Giselle and Tom Brady and put your entire life savings in it.
Fair points to consider. FTX was an exchange and had nothing to do with crypto being bad, it proved that centralized exchanges aren't to be trusted, not crypto in general. Most NFTs and alt coins can go to zero absolutely, most aren't really decentralized and have no use case. However, bitcoin is different, is decentralized, has a limited value that will never go above 21,000,000 and is an actual store of value that can be stored off of centralized exchanges. Buy during bear markets, sell during bulk markets, and you'll make money. But the making money part is now in the short term. I believe in BTC and other cryptos for the future improvement of society, it is the only truly decentralized option that is completely transparent.
Long story short, btc is the only for sure thing that I feel will have mass adoption in the future. Other alt coins will help transform society (think elections and tracking government spending), those of which may not exist yet.