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Murtaza Hussain
@mazmhussain
I like crypto and am glad that the prices have gone back up. I HODLd and tend to mostly buy what you could call the "blue-chip" cryptocurrencies whose performance and valuation I am satisfied with. I can't help but ask, however, what happened to all the people who were convinced to buy "real-estate in the metaverse" or were told that it would be a good investment to pay tens of thousands of dollars for images of a cartoon ape? I do not hear much about these narratives anymore and I have not heard of any recovery in values, though I am sure some credulous people lost quite a bit for trusting these stories a few years ago. There needs to be some self-policing and accountability not just of the fringes but the mainstream of any industry in order to build and deserve public trust. I highly recommend reading the book "Narrative Economics" to understand how good storytelling can be used to drive unwarranted increases in asset prices. https://press.princeton.edu/books/hardcover/9780691182292/narrative-economics
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Metaphorical
@hyp
punks and apes will have their novelty and value as historical artifacts over time, but not sure how many others will. these are clubs, and clubs are only as valuable as their current membership. digital art has some value but it has to compete with what’s free. digital real estate is only as valuable as the eyeballs (foot traffic) it gets.
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Metaphorical
@hyp
One thing not often addressed is how a few bad apples can spoil the whole barrel. When one has a negative experience with a particular avatar, it can sour you on the whole group. I think we see that with apes for sure, less so with punks. And the rest are all over the place. Over time, these sour experiences with a few representatives can sour most people on the whole community and eventually it's no longer cool. Time will tell on historical artifact value or if things just go horribly out of style.
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