social media

Bubble Watch: NFT’s

Bubble Watch: NFT’s 150 150 JP

I am going 180º in the opposite direction than Gary Vaynerchuk and what seems like every other social media influencer on this one. NFT’s are all garbage. Just like sports cards. Does that mean people shouldn’t or won’t pay a lot of money for them? No. Too many people are paying hundreds of thousands of dollars for cardboard based on a desire to want something rare. This happens even when the “scarcity” is bullshit. That said, I do think that we’re going to have a massive collapse in this market to accompany or front run collapses in other markets.

On a side note, I am not a proponent for heavy government regulations; however, I can see a huge parallel to the early 1900’s when the Securities and Exchange Commission initiated its laws for the securities markets. I can see why these agencies felt they needed to do that, especially when you have a large number of people being influenced by a few hype artists, formerly called snake oil salesmen. The same thing is happening right now with NFT’s and Cryptocurrency. We’ll see how long it lasts.

The Opinion Market

The Opinion Market 150 150 JP

We live in a time where people make the mistake of taking social opinions shared by many as facts or “science.” You are not wrong because someone else agrees with you. You are not right because someone else (or many people for that matter) agrees with you. I used to see this a lot in the stock market, and now I see this across many areas of science from the pandemic to vaccines to climate change. The other aspect of life people don’t think too much about is advertising. It’s everywhere. It’s in everything. Fauci is a walking advertisement. So is Biden. So was Trump. So are you in, likely. And, as a consequence the game is who has the best marketing.

Personal brand is now a thing almost everyone has to think about. Skills, sure you have to have them; however, if you have a platform of attention, those skills can be anything. Of course, that’s a good thing considering most people give their attention to social media for nearly 3 hours a day. Multiple that number by the ease of use in scrolling down the screen and remember that it is all advertising. Advertising is about attention. What’s social media about?

This is a huge bias on my part. I use social. I know they were created to bring people together better online. I realize that in order to remain a going concern, the companies behind them need advertising to keep the servers alive. There is beauty even with the advertising, and maybe I’m too cynical, don’t be fooled by why people and companies do things. If you align with them and admit that, fine, just don’t be fooled into believing that social proof means accuracy, factuality, or non-motive driven.