Yes, just when I thought I have seen it all, Donald Trump announced that he is lauching his NFTs trading card game.
Yes, the man who once called bitcoin a scam now has his own NFT collection lol
$DWAC, SPAC linked to truth social
$Digital World Acquisition Corp(DWAC)$ the stock linked to truth social, the platform Donald Trump posts his messages after he was banned from Twitter has been rising since he posted that he is going to announce something big on 15th Dec
Well turns out, it was him launching his NFTs collection. I am not a fan of NFTs but if you want to raise money this way at least create some real cool looking NFTs.
Judge for yourself
Just to let you know how this news was received, $DWAC just dropped 10% after Donald Trump made the announcement.
Thoughts on NFTs
I admire the technology behind NFTs, enabling ownership of digital creations where pictures and videos are widely abused without crediting the original creator, the ability to trace each transaction and owners is great too.
But, I feel many buyers are trapped in the greater fool theory. Yes, there are supporters who purchase NFTs to support the creators but there are groups that purchase them in hope of selling them at a higher price in the future since each NFT is unique so a limited supply will definitely push the price higher right? Not when the demand is 0.
I am not here to say that NFTs are scams, because I believe many good can be build on it such as a strong community or pave a way for creators and buyers to get to know each other. So definitely NFTs have a place to stay but itis not advisable go in with a mindset of profiting from it, if you are unable to find a greater fool, you will be the greatest fool.
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