You know what no one can expect? The proprietary market for infinitely repeatable jpegs may not be a definitive and sustainable game in the long run. Like The Wall Street Journal ReportsThe NFT market is “steady,” down 92 percent from last September. Which makes it the most incredible time for a Japanese publisher Square Enix is famous for real estate like Final Fantasy To sell most of the IP addresses and studios facing west To gamble on the Patchett chart.
Yesterday we learned that Square Enix intends to sell Crystal Dynamics, Eidos Montreal and Square Enix Montreal to the monolithic Embracer Group, along with IPs for games like The former godAnd Tomb riderAnd thief, And Kane’s Legacy. why? Because, in the words of Squenix, “the deal allows for the launch of new business by moving forward with investments in areas including blockchain, AI, and cloud.” which is to say, Its previously stated desire to milk the NFT/blockchain market.
NFTs seem like the most unusually accurate logo of the 1920s. It’s all a pile of blatantly obvious nonsense. Companies literally sell a line of code for what they call a blockchain, To repackage the very old idea of digital asset ownership as the next big investment You should enter now while all is well. I’ve been able to own things like video game variations for a long time, of course. Somehow, though, many of these companies put a lot of effort into pretending that you can now own an image, and then pretending that by doing so the image somehow becomes imbued with an inherent value – all given life by enough fools who They clap their hands and shout how they believe in fairies.
Unfortunately, a lot of these idiots who applaud them wear expensive suits andd speak out in meeting rooms, and as with any other aspect of “Web 3.0” fraud, companies were scrambling hard for profit before the illusion faded away. And the breeze seemed to have appeared earlier than anyone had expected.
The The Wall Street Journal Do not sully words in her reports. The opening line is simply, “The NFT market is collapsing.” This indicates not only a 92 percent drop in sales, but also an unusual 88 percent drop in “active portfolios” since November.
This appears to be partly due to higher interest rates stifling the poorest, but in turn causing the rich to become less risky in their speculation. And you can’t get more speculative than betting on the collective delusion of JPEG ownership.
This is an illusion that has been broken for a lot of people lately, discovering that promises that NFTs will somehow gain value over time isn’t vaguely true. we I recently reported trying Sina Estafi to sell NFT from Jack Dorsey’s first tweet (Linked so you can have your own copy for free), for which he paid $2.9 million, expect to see bids, cough, and receive nothing over $3,600. he is Since then it has been trying From just $14,000, or less than 0.5 percent of what he paid for it a year ago.
It’s funny, as the Wall Street Journal reported last month, that the reason he wasn’t given up because of this $14,000 excess is, “Because I think this NFT is worth a lot more than you can imagine,” and “whoever wants to buy it, it should be worthy.” .
Unfortunately for us, many game publishers are betting on this one-legged horse, and the consequences can be dire. from Square Enix to Ubisoft to Sega to Team 17 to zombie atari to Konami to Jim StopThe industry is deep in this nonsense.
NFTs are QAnon if they are stock, if flat land can be bought and sold. They depend on belief in their existence, which requires faith and religious notions of “merit” in order to thrive. With the planet experiencing the financial consequences of the past two years, it seems that such faith is not easy to find.
NFTs have always been a bubble, no doubt going to get a little high, and a resurgence of interest with each illogical new development that doesn’t get anywhere close to 2021 but allows true believers to continue deceiving themselves and others for a while as it comes. But let’s hope that news of this market crash is finally enough to scare the gaming industry away from this ridiculous money pit. We reached out to Square Enix to ask if the news has given them any pause.
If not, well I have these cool jpeg images of some bridges that I can sell.
“Writer. Friendly troublemaker. Lifelong food junkie. Professional beer evangelist.”