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How are NFTs different from Bitcoin at all? The value of each is based only on speculation, they're premised on a manufactured scarcity to give the impression of being valuable because they are somewhat rare, people are only interested in them as a get rich quick vehicle... the comparison is perfect. I see no difference between NFTs and Bitcoin, so for someone to criticize NFTs as an investment vehicle and not crypto is the peak of cognitive dissonance to me.
Well, to give you a short answer, Bitcoin is a payment method, and NFTs are far from it.
You can buy BTC for $48k apiece, and since Bitcoin is accepted by 15,000 businesses worldwide, including major companies like PayPal, Microsoft, AT&T, Starbucks etc., the same day you can pay for their goods and services at more or less the same rate. Theoretically, we could be doing the same thing with NFTs using barter system, but good luck with buying an NFT for $48k and expecting provision of goods and services for this amount.
Kinda missed my point.
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No, I didn't. I'm sorry to have made that impression on you, but I didn't miss your point. The thing is that I'm always trying to write posts that aim not only to someone I'm replying to, but to other people who might read my post also.
I'm not talking about the literal differences between bitcoin and NFTs, I'm talking about what makes each "valuable." You probably should have been able to pick that up from the context of the rest of the post. Your post didn't address the substance of my post, which is how are you drawing an arbitrary line between NFTs and Bitcoin and trying to pretend they're different when it's the exact same thing that makes each valuable- large groups of people who arbitrarily agree they are.
If you think of it, it could be said about almost anything. Take gold, for instance. We all know that gold is highly efficient and, at the same time, corrosion-free conductor which makes it irreplaceable in electronics. But do you know that today 80% of the newly obtained gold is used in jewellery manufacture? So, the main demand is coming from that field, jewellery, and thus it's the main factor that affects the price. Now, why do people think that gold jewellery is valuable despite the fact that gold can be replaced by materials that look absolutely the same but thousand times cheaper? Maybe because, using your words, there are large groups of people who arbitrarily agree it is?
But now you've given an example of gold's intrinsic value- use in jewelry. The value comes from it's intrinsic properties; not people speculating on it's value, but actual use. That's not where bitcoin's value comes from, nor NFTs. In both cases, that value comes exclusively from speculation on the future value of them, based solely on a mass assumption of future worth. To differentiate, gold as a store of value is completely arbitrary, just like bitcoin. But gold still has a demand outside of store of value (the intrinsic value of gold) and bitcoin and NFTs do not. That's the difference between bitcoin and gold and why there's no difference between bitcoin and NFTs.