Speaking of NFT, is it really attracting attention in the 2020s? There are many scams because it is shady, so I will explain the reason in this article. However, it is also true that the excessive advertising tends to make people think that it is questionable. Are NFTs actually suspicious? Is it safe to invest? I’ll explore that area.
Why NFTs are said to be shady
NFT is a term that has become very popular since around 2020. However, it is true that many people are wary of this word because it came out so suddenly and it is also a trend. The reason why it is said to be suspicious is as follows. Although it is popular and talked about, in reality, it is just an image, and there are not many valuable works or tokens that can be used. You can easily trade on the app if you are interested, but many people don’t see the point in it because they don’t use it afterwards.
NFT fraud
NFT scams are quite common. The number of cases in which people who have never created NFTs sell information products at high prices through multi-level marketing schemes is increasing, so it is dangerous. Therefore, there are many fraudulent business methods that take advantage of the word NFT, which is why there is concern. There are some PJs that offer NFTs for free on their wallet pages, but many of them are more suspicious than you might think. As a precautionary measure, check the news before purchasing and starting. You can also view the official content.
too much price volatility
The NFT market has been expanding very rapidly since around 2019. However, from the second half of 2021, the distribution volume suddenly fell and the market price plummeted. Since the market is still in the early stages of development, the balance between supply and demand is subject to fluctuations, and in the past there have been numerous spikes and crashes. Because price fluctuations are so high, many people consider it “speculation.” If you have the opportunity, you should always check and know the category of the target stock.
crypto assets
Many people think that the term crypto assets, which is digital data, is very suspicious. That’s no wonder, as there are quite a number of fraudulent crypto asset fraud cases in the industry worldwide. In fact, as explained above, there are scams in NFT transactions on the official website, so there is a need to be cautious. NFTs are often talked about in the same way as virtual currencies because they are bought and sold using virtual currencies. Understand that making money is not easy, but it is a difficult business. There are risks involved before you use the funds to sell the property.
hype
Advertisements about NFTs are very likely to be exaggerated using technology. There are clearly suspicious advertisements, and they are all about guarantees on the principal when selling products, such as You'll definitely make money'' andYou won’t lose anything.” NFT advertising tends to be expressed as if it applies to everyone. Be careful when obtaining information from the web.
I don’t know NFT
NFTs using blockchain have only appeared in the last few years. In Japan, the fact that there are not many people or cases of registering NFTs themselves is adding to the suspicion. Although the data market is still rapidly expanding, there are still too few users accessing and using it. It has become an event that is only bought in some areas.
Legal development
Legislation regarding virtual currencies and NFTs is not well developed. If something goes wrong with a transaction, it is unclear who will be held responsible. And they are not protected. It is true that many people are worried about this. You can use the network to send coins such as real Bitcoin that you personally own from Metamask etc. As a result, a considerable amount of infrastructure has been developed.
NFT is coming
As mentioned above, the general public is very wary of NFTs. The market is currently unstable and there are concerns that no one will be able to invest. However, it is believed that the era of NFTs will continue in the future. New risks such as hacking are increasing, so further development will be necessary. NFTs are used not only in art, but also in anime, music, and other fields, where various artists have been born.
Increase in game projects
In recent years, cases where game companies and others have started projects have been confirmed and checked by users. The project is actively working and announcing new campaigns, benefits, and other major service structures. Some users have even assembled item collections or started communities.
Does it have a future?
In conclusion, in terms of future prospects, the laws mentioned above will be a problem. Legal protection is necessary for influencers and creators to study, accumulate knowledge, and then sell their works online and make a profit, but this has not kept up. Since the timing is still really bad, it feels suspicious because scammers are working behind the scenes at the moment.
New entry by companies
Currently, companies and celebrities are entering the NFT market one after another. Therefore, it is believed that the NFT boom will not end as long as there are still new entrants. As a result, awareness is increasing even among people who have never heard of NFT before. Famous companies include Facebook and Adidas. Also, more and more people are making smartphones for collectors.
NFT introduction by SNS
Instagram and Twitter have started to introduce NFTs. You can now set your Twitter icon to a unique NFT. This is expected to increase awareness of NFTs as they are being promoted to the general public. There are many cases where you suddenly realize that an image or photo is the same NFT. There are more and more people getting started. However, there have been cases of theft, so it is important to be careful of scams.
resale
Riding the NFT boom, scalpers have also appeared. Although scalpers are generally disliked, they are helping to revitalize the NFT market. The advantage of reselling NFTs is that they are digital assets, so there are no fixed costs. As the market is still developing, it is said that profits can be increased in the future through OpenSea and other platforms. Since you own the copyright even if you release or issue it, security is high and more people in Japan are taking a chance on it. There are fewer problems than before, which is attractive.
Bybit’s NFT Marketplace
Bybit has an NFT marketplace. Once you open an account, you can actually enter and trade, so let’s give it a try. If you are a beginner, it will be important to continue to communicate your work through videos and SNS to promote your work. It’s important to use platforms like Tweet to get your message out to people.
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