NFTs are not a scam.
Do not get blind sided by amateurs that don’t know much on the subject in question, or by the big headlines of articles you’ll find on pseudo information websites, which are just there as clickbait rather than to give you reliable information.
A NFT is simply evidence registered on the blockchain, that you are the sole proprietor of a unique numerical content. This does not mean that said content can not be copied. But, contrary to any other numerical content, NFTs prove that you possess an original copy.
It’s like the difference between a painting exposed in a museum, and the copy of that same painting that you have exposed in your living room.
Let's look at this point by point.
What is an NFT?
From Wikipedia:
"A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger. NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin"
Why are NFTs going to be used for iS cards?
We have to look at the "Law of Supply and Demand"
#1 - If the supply increases and demand stays the same, the price will go down.
#2 - If the supply decreases and demand stays the same, the price will go up.
#3 - If the supply stays the same and demand increases, the price will go up.
#4 - If the supply stays the same and demand decreases, the price will go down.
NFTs are going to be used by Totem to artificially decrease the availability (supply) of these digital cards in hopes of increasing the price of these cards. They already started this process of artificially limiting the availability of some cards. The SECs are here to create the "***** of missing out effect" (that desire to own all our favorite cards) to increase their price as a direct result.
Fortunately, we (the demand) also have a say in this equation. We can just vote with our wallets and not buy into these NFTs, if we don't support them. That will cause demand to go down preventing prices from going up (#2 of "Law of Supply and Demand).
I was not born yesterday. In my eyes, NFTs are just here to artificially limit the availability of digital products in hopes of increasing their value, when in reality, digital items can be infinitely copied. I call that a scam.
One final point. Digital movies, digital music, digital video games [digital art] are sold by major companies to consumers for set prices. Let's say about $30.00 for digital movies, $2.00 for digital songs and $70.00 for digital video games, and they are available to all consumers who want them. There is no limit on the supply side.
Would you all like to live in a World where all digital products get converted into NFTs? That would limit the availability of digital movies, music, games making their prices go up to the hundreds or even thousands of dollars?
Please do not misunderstand me. I absolutely love the different versions of software that Totem released over the years. I have been a supported of this company since the begining in 1999. I do however miss the days where I could just purchase cards for a set price (if I liked them), and skip cards that I did not want.
Again, to each their own, but it is still something to think about. Think wisely and vote with your wallets.
