There’s a strange disconnect in the NFT space where everyone still seems to agree on their cultural value (or at least general enjoyment), yet the vertical hasn’t come close to reclaiming its former momentum. 

Why?

We aren’t locked in our houses delirious from COVID and needing something to gamble on.

But also I think any game where 99% of people lose eventually exhausts that 99% of people who aren’t addicts.

Hacker founder using ai to coordinate onchain economies /tenfold, nounish channel client /comint

More: rubinovitz.com

Yeah the turbo scamming in NFTs rekt it for the people who were genuinely interested in building a new paradigm for creators. 

Same thing has happened with this cycle’s version (memes, creator coins, whatever you want to brand them). 

PF enabled the most egregious value extraction since ICOs (probably worse but I don’t have the data). 

At some point we need to stop the rotations and build something useful. 

Hurts watching things like AI develop instantly accessible use cases while crypto continues to relive the same cycle.

I also think crypto metas as just schelling points for gambling.

This cycle the schelling points were memecoins and ai.

I don’t know enough about short term trading to know why you need to rotate through schelling points. Maybe to make people feel early?