You know what no one could have predicted? That a market based on the imaginary property of endlessly duplicated JPEG images may not be the ultimate long term sustainable. As Wall Street Journal reports, the NFT market is flattening, down 92 percent from last September. Which makes it simply the most amazing time for a Japanese publisher Square Enix, is famous for properties such as Final Fantasy, sell most of their Western IPs and studies play the batshit diagram.
Yesterday we learned that Square Enix is going to sell Crystal Dynamics, Eidos Montreal and Square Enix Montreal to the monolithic group The Embracer, along with the ownership of games such as Deus Ex, Tomb Raider, Thief, and Cain’s legacy. Why? Because, to quote Squenix, “The transaction enables new businesses to start up by investing in areas such as blockchain, artificial intelligence, and the cloud.” Which means, the previously announced desire to milk the NFT / blockchain market.
The NFT appears to be the most extremely precise emblem of the 1920s. This is all blatantly obvious crap. Companies are literally selling a line of code on what they call a blockchain, to repackage the extremely old idea of ownership of digital assets as your next big investment you should get in now while it goes well. Of course, you’ve been able to own things like video game skins for a long time. Somehow, however, many of these companies put a lot of effort into pretending that you can have a photo now, and then pretending that by taking it, the photo somehow gets imbued with innate value – they all get life by having enough idiots clapping their hands and screaming, how they believe in fairies.
Unfortunately, many of these clapping idiots wear expensive suits and …Speak aloud in conference rooms, and as with any other aspect of the “web 3.0” scam, companies are desperately trying to make a profit before all the illusion is blown to the wind. And it seems the breeze may have come sooner than anyone expected.
this WSJ he does not mince words in his reports. The opening line is simply, “The NFT market is collapsing.” Citing not only the 92% drop in sales, but also the extraordinary 88% drop in “active portfolios”. since November.
This seems to be partly due to rising interest rates, which choke the poorest but in turn make the richest ones much less risky to speculate. And there is nothing more speculative than betting on the massive illusion of jpeg ownership.
This is an illusion that has recently been broken for many people who have discovered that the promises that the NFT will somehow add value over time are not vaguely true. We recently reported on Sina Estavi’s attempt sell NFT with Jack Dorsey’s first tweet (with link so you can have your own copy for free) for which he paid $ 2.9 million expecting to see deals, coughing, $ 50 million and received nothing more than $ 3,600. he is since he made an offer just $ 14,000, or less than 0.5 percent of what he paid for it a year ago.
Funny, as reported by the WSJ last month, the reason he didn’t part with him because of this $ 14,000 overpayment is “because I think the value of this NFT is much more than you can imagine” and “who wants it? to buy, it must be worthy. “
Unfortunately for us, many game publishers rely on this one-legged horse, and the consequences can be grim. From Square Enix down Ubisoft down Sega down Team 17 down Atari zombies down Konami down GameStopthis industry is up to the shit.
NFT would be QAnon if they were in stock, if belief in a flat Earth could be bought and sold. They rely on belief in their own existence, they require faith and religious notions of “valence” to thrive. With the planet hitting the financial ramifications of the past two years, it seems that such faith is not so easy.
The NFTs are always meant to be a bubble and they will no doubt have small jumps, a revival of interest with each new nonsense twist, not even reaching nearly 2021, but allowing True Believers to cheat themselves and others for a while, come on. But let’s hope that this news of the market crash will eventually be enough to scare the gaming industry away from this ridiculous money hole. We contacted Square Enix to ask if the news had prompted them to take a break.
If not well i have some cute jpegs of some bridges that i could sell.