Are NFTs a scam?

Non-fungible tokens (NFTs) have taken the world by storm, but the hype around them has caused some to question whether they are a scam. In this article, we will explore the reasons behind NFT failures, the potential of digital ownership, and the promising future of dynamic NFTs (DNFTs).

NFTs

Everyone has heard the term by now, but maybe their definition of the term is incorrect. People associate NFTs with a image but it’s crucial to break away from the association because really it just means digital ownership of something. In the future, NFTs will be used for things like a house deed, or car keys, or a monthly membership for an online service, etc. By focusing on this aspect, we can better appreciate the true value of NFTs.

Why NFTs Fail in the First Place

High expectations and over-hyped NFT projects often lead to disappointment. Many project owners lack a clear plan, and there is a noticeable absence of innovation in the space. For NFTs to succeed, what is delivered must be in line with the price. Also, challenges and limitations are what make things more engaging and fun; There are too few projects who enable that type of experience in the web3 space.

To make things worse, there are too many projects that implement ponzinomics into their project. Beware of projects that create their own token alongside their NFT project because in most cases, a token is entirely not needed. This creates value for only the project creators rather than the community. Ideally, the project should deal in AVAX, the native token for Avalanche. The reason why is because this adds value to all holders and each transaction burns AVAX, which reduces the total supply and creates scarcity, further increasing the value over time. Staking mechanisms only drain value, especially if it is done with the project-specific token. While your tokens are locked up, other people are likely dumping causing the price to plummet.

The Art Aspect and DNFTs

The art aspect of NFTs is what initially draws people in. However, DNFTs (Dynamic NFTs) take it a step further. DNFTs can change and evolve over time, making them more interactive and appealing. They are a natural progression in the NFT space, adding an extra layer of depth and personalization to digital ownership.

While it may seem that interest in crypto has waned, it’s essential to recognize that the crypto market goes through bear and bull cycles every few years. The most significant gains can actually be made during bear cycles, provided one has patience. Despite market fluctuations, development and innovation in the blockchain and crypto space continue to grow.

The DNFT Project “Weird Frens”

Among the innovative projects in the NFT space, “Weird Frens” stands out as a DNFT project worth exploring. By pushing the boundaries of what NFTs can be and leveraging dynamic capabilities, “Weird Frens” offers innovative features that are not possible with ordinary NFTs.

Sponsored Mints are entirely free for users.

You don’t need ANY Avax as a Fren can sponsor you.

Glitch Rolls

High risk high reward feature that adds the challenge/limitation aspect missing in most projects. Glitch rolls give you a chance of a “shiny” version of an attribute at the risk of bricking your Fren permanently.

Free daily Roll

Every day you can get a free attribute roll, this is a great feature for users who may not have a lot of crypto.

Experience Levels

The act of rolling new attributes or sponsoring new users grants your account experience points. The higher level you are, the greater your airdrop rewards will be.

Easy Marketplace

The built in marketplace provides an easy UX and a credit system that will cover the cost of your first few transactions. This allows users who have no AVAX to be onboarded and make money by selling their DNFT. What a great feature.

Weighted Rolls

The higher level you are, the more likely you are to roll one of the rarer attributes and the less likely you are to roll the common ones.

Conclusion

NFTs are not a scam, but rather a promising technology with the potential to revolutionize digital ownership. Although some projects have failed due to a lack of innovation and high expectations, the rise of DNFTs and projects like “Weird Frens” demonstrates that there is still much to be excited about in the NFT space. As we continue to explore the potential of NFTs and DNFTs, we can expect to see more groundbreaking projects that will redefine digital ownership and our online experiences.