Digital content creator Dan Olson, known for his YouTube series and graphic design, has addressed what he believes is “the problem with NFTs.” In a two-hour-long video posted on social media, the YouTuber gets into NFT scammers, digital artists, Ethereum prices, and more.
Although many of his followers agreed to his point of view, NFT collector Loopify didn’t. As a result, the TreeVerse founder wrote an in-depth analysis of Olson’s video, explaining where (and why) he might be wrong.
NFTs may have a big problem, Dan Olson thinks
One of Dan Olson’s latest YouTube videos to have gone viral is regarding the NFT market. Twitter NFT influencer Loopify describes the video essay as a “one-sided video where Dan takes factual information and construes it to fit his narrative.”
Accordingly, Loopify believes Dan Olson chose to showcase the worst examples of the NFT market just to prove his own point of view.
For example, Olson said that generative artists rushed to join the NFT trend and lost plenty of money in the process. He also pointed out the generative artists’ alleged confusion when selling their own assets. In return, Loopify explained that this isn’t an issue of the NFT space itself. In fact, each artist can easily find any answers regarding the project mechanics, generative art marketplaces, and more. Artists should also do this before investing their time and money, Loopify points out.
On another note, Olson said that any NFT bought today might become 100 times more valuable in the future. Loopify agreed to this statement, but also mentioned that “99.99% of things are going to 0.” Of course, the collector also pointed out the same happens with other niches too, as many people are trying to make quick money.
Halfway through the video, the YouTuber also claimed that most NFT projects promise holders financial returns. In this case, Loopify explained that most of the big NFT projects specify that financial gains will be used for roadmap crowdfunding. Some projects out there may promise financial returns too, but they shouldn’t be trusted, Loopify believes.
What about Ethereum & NFTs?
Surprisingly, Dan Olson pointed out that those who truly succeeded in the market were people owning plenty of ETH required to buy NFTs.
Once again, Loopify disagreed with the YouTuber’s statement. Allegedly, NFT sales don’t necessarily increase the value of the currency itself. In fact, the collector even showcased a comparison chart between the daily Ethereum price and NFT sales volume:
Nevertheless, Loopify admitted that ETH is more valuable in the sense that it has more use-cases thanks to NFTs.
In summary, the Treeverse founder disagreed with most of Dan Olson’s points of view in his written post. Of course, community members have equally different opinions too.
Regardless of each person’s personal opinion, one thing is certain: NFTs are now more popular than ever, and this might be just the beginning.