I don't understand how it cuts out the middle-man, perhaps reduces the cost of the middleman, but you still need to use a service and pay them to mint it, then you still need to find marketplaces to sell it, isn't that middlemen?
NFT memorabilia perhaps is direct sales but anything that has any tangible value like something tickets or art/music with royalties or ownership attached to it WILL need a middle man to back up the authenticity of the claims by the NFT.
Sure it's an improvement on the trading of stock certificates or contract ownership but people are confusing an NFT with it being a bearer asset which it's not.
I realise we live in a narrative-based game, and it's more about the story and sounding good and as you mentioned above a call from authority like Elon means more than any fundamentals, but doesn't mean I can't say its stupid lol
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I guess that is middle man but it's a lot less of a middle man. The music and art industries are weird and a lot that people don't see. There are so many people that take cuts of the profits that the artist is left with nearly nothing. For instants take Apple music a $0.99 track only earns the artist about $0.64 because the payment processor takes a fee, apple takes a fee and you nearly cut your profits in half because of it. Now list this same track yourself on a market place with a far less fee (now of course we are not there yet with Ethereum) but you now have a higher income per track sold. So maybe not cutting out the middle man but at least getting your deserved cut. This music industry is abusive AF in terms of fees towards artists.
lol, I agree with you it's stupid on the point of influencers but honestly that's now a large majority of people act anymore. They follow, already spent their next paycheck and so on. It for sure has a very real possibility to fuel a massive market and shift things into NFTs Even though things are dying down I have a strong feeling it's going to come back with a vengeance at some point.
It reminds me of 2017 rally where everyone was buying whatever shitcoin possible. Then it died off for years and reparked as more real world use cases came to be. I strongly feel we will be moving in that trend again. It might not be 3 years though it most likely will be shorter.
I don't disagree there, entertainment is a racket with many leaches in the system, just like a lot of industries, I can see it in marketing too where I am in.
If as you say these NFT platforms are regulated and arent a DOA then that means there's an entity behind it with a profit motive. So how much NFT trading is actually wash trading? We know exchanges do it all the time, why wouldn't I wash trade on my own platform and then sell the story oh artists on xx site are making bank, its manufactured press driving a marketing funnel
Like I mentioned I am a marketer so I see things always through that lense
I think I'm also a little harsher this time around since in 2017 i was a newb that drank the kooliad and bought into the sales pitches of all those shitcoins and I'm just seeing striking similarities and feel like it will end up the same way.