Eric Siu explains why most NFTs fail. About 99% of projects are worthless, like Beanie Babies, while 1% become valuable. Market hype made people think every NFT would be collectible, when really they work like rare art, trading cards, or sneakers.
The mistake that most people are listening right now that don't know about NFTs as a collectible digital asset is they think NFTs are Beanie Babies. They don't realize that NFTs are stuffed animals. It's a genre. 99% of the projects ended up being Beanie Babies. But just like contemporary art with Jackson Pollock and Andy Warhol, just like basketball trading cards, Michael Jordan's rookie card's worth a lot of money. 99% aren't. Just like sneakers, just like watches, just like everything that's collectible. 99% are zero. 1% is remarkable. The hysteria of the moment Got everyone thinking every single one was going to be collectible.
