Ryan Broderick writes in his newsletter Garbage Day about an NFT event in New York City and what it says about the future of crypto
I’ve read about a bunch of different use cases for NFTs — party passes, hotel reservations, concert tickets, video game earnables — and in every instance the only thing an NFT version of that specific product would accomplish is a wildly unstable and inflationary secondary market. The guys at NFT NYC this week basically want a world run that’s run entirely on eBay.
They think that they can all become Jordan Belfort by adding unregulated bidding wars to everything we buy online. They see themselves as savvy enough investors that in a world of constant digital price gouging that they could still come out on top. And they see NFTs as a literal ticket to an exclusive club of culture and wealth.