NFTs aren't going away anytime soon, but one NFT analyst advises caution in the space, sharing 18 “uncomfortable truths” that people need to know about the industry.
Nonfungible token analyst and blockchain detective"OKHotshot" has highlighted his picks for 18 of the most “uncomfortable truths” about the NFT industry.to his 45,000 followers on Twitter on Aug. 27, OKHotshot laid bare many of the issues currently plaguing the NFT industry, including irresponsible celebrity endorsements, hacking, and the kinds of projects that are almost always destined to fail.
OKHotshot said there are “no reliable stable investments in NFTs” warning that if an investor hears the term “blue chip NFT” to “run away.” He also warned that “diamond handing” isn’t the best way to make money, instead, investors should be taking profits when they can.Previously, Cointelegraph reported on a poll that found that while 64.3% of respondents said they bought NFTs to make money, 58.
The project raised roughly $70 million, with each NFT minted for three Ether each. However, the floor price on the OpenSea NFT marketplace has plummeted to only 0.26 ETH, worth roughly $370 at the time of writing. OKHotshot said that despite what famous influencers may claim or imply through social media posts, noting that “celebrity NFT projects are notoriously bad investments.”17. Celebrity NFT projects are notoriously bad investments.Recently, Cointelegraph reported on warning letters posted by a consumer watchdog group to nearly 20 celebrities for their role in shilling NFTs.OKHotshot's final points revolve around the idea that most NFTs don't have any intrinsic value.
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