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Has the current NFT market given NFTs in general a bad reputation?

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by COINS NEWS 156 Views

The sentiment around NFTs in general seems to be pretty negative. Many people outside of crypto view NFTs as vastly overpriced JPEGS of poorly designed animals/pixel art and largely view it as the newest scam, which to be fair to them, that's what the vast majority of NFTs out there today are. Even inside the crypto community NFTs are generally viewed is pretty pointless and in a negative light. However, the real use cases for NFTs have hardly even been implemented yet, and I worry that the general view of NFTs today has tarnished the term "NFT" in a way that makes it kind of off-putting to any company/government that would consider implementing the technology properly.

I am a bit worried that the negative light NFTs are viewed in may have put NFT technology implementation into passports, government issued IDs, university degrees, certificates, licenses and uses within actual consumer goods for preventing counterfeiting etc may have been set back many years due to the negativity surrounding the NFT market today. Do you think the overpriced JPEGs on the market today have given a bad reputation to NFTs and tarnished the term "NFT" for the near future?

TL;DR: Have the overpriced JPEG NFTs on the market today given a bad name to NFTs and the technology in general?

submitted by /u/Hsiang7
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