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Loopify Responds to The Scathing Dan Olson Video on NFTs

Digital content material creator Dan Olson, recognized for his YouTube sequence and graphic design, has addressed what he believes is “the issue with NFTs.” In a two-hour-long video posted on social media, the YouTuber will get into NFT scammers, digital artists, Ethereum costs, and extra.

Though lots of his followers agreed to his standpoint, NFT collector Loopify didn’t. Because of this, the TreeVerse founder wrote an in-depth evaluation of Olson’s video, explaining the place (and why) he could be unsuitable.

image from the Dan Olson NFT video
YouTuber Dan Olson has just lately turn out to be viral with a two-hour video essay on NFTs and Loopify provided his suggestions. Credit: YouTube

NFTs might have an enormous drawback, Dan Olson thinks

Certainly one of Dan Olson’s newest YouTube movies to have gone viral is relating to the NFT market.  Twitter NFT influencer Loopify describes the video essay as a “one-sided video the place Dan takes factual data and construes it to suit his narrative.”

Accordingly, Loopify believes Dan Olson selected to showcase the worst examples of the NFT market simply to show his personal standpoint.

For instance, Olson stated that generative artists rushed to affix the NFT development and misplaced loads of cash within the course of. He additionally identified the generative artists’ alleged confusion when promoting their very own property. In return, Loopify defined that this isn’t a difficulty of the NFT area itself. In reality, every artist can simply discover any solutions relating to the mission mechanics, generative artwork marketplaces, and extra. Artists also needs to do that earlier than investing their money and time, Loopify factors out.

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On one other notice, Olson stated that any NFT purchased in the present day may turn out to be 100 instances extra helpful sooner or later. Loopify agreed to this assertion, but additionally talked about that “99.99% of issues are going to 0.” After all, the collector additionally identified the identical occurs with different niches too, as many individuals try to make fast cash.

Midway via the video, the YouTuber additionally claimed that the majority NFT initiatives promise holders monetary returns. On this case, Loopify defined that a lot of the large NFT initiatives specify that monetary beneficial properties will likely be used for roadmap crowdfunding. Some initiatives on the market might promise monetary returns too, however they shouldn’t be trusted, Loopify believes.

screenshot of a Loopify message on Dan Olson's NFT video via Twitter
NFT collector Loopify printed a really detailed written evaluate on Dan Olson’s viral NFT “criticism” video. Credit: Twitter

What about Ethereum & NFTs?

Surprisingly, Dan Olson identified that those that actually succeeded out there had been folks proudly owning loads of ETH required to purchase NFTs.

As soon as once more, Loopify disagreed with the YouTuber’s assertion. Allegedly, NFT gross sales don’t essentially enhance the worth of the foreign money itself. In reality, the collector even showcased a comparability chart between the every day Ethereum value and NFT gross sales quantity:

chart of daily ethereum price vs NFT trading volume
Loopify confirmed a chart revealing that the NFT buying and selling quantity doesn’t essentially affect the Ethereum value. Credit: Loopify

Nonetheless, Loopify admitted that ETH is extra helpful within the sense that it has extra use-cases due to NFTs.

In abstract, the Treeverse founder disagreed with most of Dan Olson’s factors of view in his written post. After all, neighborhood members have equally completely different opinions too.

No matter every particular person’s private opinion, one factor is for certain: NFTs are actually extra standard than ever, and this could be only the start.

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