Huobi Observation
In August, Tascha, a PhD in macroeconomics, suddenly had one idea that she wanted to buy a diamond and make it into an NFT, then crack the diamond. So would this NFT still have the value of the origin diamond?
Tascha had a conversation with her mother after she had this idea, and her mother raised one question: if you have a house and you burn it down, what good is your real estate license? The value of the property is lost when the physical object is gone, and it should be the same with the NFT.
Tascha later spent $3,219.97 to complete the diamond NFT and put it up for auction on Opensea. Finally, on September 12, the NFT was priced at 5.5125 ETH and is now worth nearly $20,000, exceeding all the costs Tascha paid for the NFT.
Huobi Study Club believes that just because Tascha has been successful in this way does not mean that it is the right way to go. In terms of the event itself, Tascha's attempt to smash diamonds and make NFTs was a novel and topical act that attracted a lot of attention and therefore later sold at a good price. But this approach is not sustainable.
NFT can represent real-world assets, but they are not physical assets. In addition to the house example, for instance, a person's ID number can represent his/her identity, but it cannot be equated with the person itself, although the ID number is also unique. Someone who wishes to purchase a diamond to wear and then ends up with a deal for an NFT would look strange printing that NFT as a picture to hang around his or her neck.
It is conceivable that if a diamond dealer smashed all his diamonds and then made them all into NFTs, he would probably go out of business very quickly.
Give to Caesar what is Caesar's, and to God what is God's. For the future of NFT, we prefer to prove the uniqueness of its assets in the Metaverse virtual world, which it is the tool of the virtual world. The NFT is essentially a piece of code, and the reduction and destruction of real world property does not change the properties of this code.
Huobi Study Club also disagrees with the act of destroying real world property in order to make NFT, we should cherish the fruits of our labor.
Huobi News Flash
[Zimbabwe Finance Minister: Zimbabwe is exploring to make cryptocurrency an asset class]
Zimbabwe is exploring cryptocurrencies as an asset class, and Zimbabwe will not use cryptocurrencies as a trading currency, the finance minister said on Sept. 16.
[South Korean regulators to shut down dozens of uncertified crypto trading platforms]
Sept. 16, South Korean regulators will shut down dozens of cryptocurrency trading platforms in the coming days, but the action will not have a large impact on the South Korean crypto market, considering the low volume of business involved in these platforms.
[Grayscale to continue seeking U.S. SEC approval for Bitcoin spot ETF]
Sept. 16, despite U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler's expressed preference for approving an ETF backed by bitcoin futures contracts, digital asset manager Grayscale said it will continue to seek regulatory approval for a bitcoin ETF backed by actual units of the cryptocurrency.
[Dalio: If Bitcoin succeeds, regulators will "Kill It"]
Bridgewater fund founder Ray Dalio said Wednesday that if Bitcoin does end up succeeding, they (regulators) will kill it or try to kill it because they have a way to kill it.
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