Yeah, NFTs have no meaningful utility, but you can’t deny the amount of money, hype, and new users they brought to Ethereum

I’m not the biggest NFT fan to say the least but I do give credit where credit is due.

A lot of people smack talk NFTs and NFT holders and to some extent it’s understandable. But a lot of these people fail to realize that the real value that NFTs brought wasn’t in the form of utility or service but more so in the form of exposure.

NFTs are by far the most popular form of crypto. They found their way into the mainstream and there are now multiple celebrities and major brands that either own, launched, or rep a certain NFT project.

All of this brings value and revenue stream into the Ethereum ecosystem plus it gives crypto and especially Ethereum especially now that L2s are making everything way cheaper and easier to access. Major companies are relying on L2s all of which adds yet more value to Ethereum.

All of Facebook, Instagram, Coca Cola, Reddit, Bentley, and ESPN are using an L2 (Polygon) for their NFT ventures all of which poured a ton of money and exposure onto Ethereum.

In fact, the aforementioned Polygon scored almost 2 billion dollars in NFT sales in August ALONE.

This is not even mentioning all the other players like Immutable X and Loopring back when GameStop gained a ton of hype.

So while these ERC-721 tokens don’t really have any practical use cases, you can’t entirely say “they’re useless” because they arguably provided more hype than anything else in the crypto market and helped push crypto and Ethereum into the mainstream.

Some people invested, some made memes, and some even went as far as creating their own NFTs all of which indeed added value.

I’m not sure if this was the intended purpose of NFTs in the first place, but they provided the community as a whole with much-needed exposure and you can’t deny that.