The co-founder of Artist3, Ukeme Okuku has disclosed that the Fear of Missing Our ( FOMO) is responsible for the recent NFTs hype and buzz. He disclosed this in an interview with Bobby Anyadike on the Inside Blockchain Show by CryptoTVplus.
The show started with Ukeme being asked what NFTs are. The co-founder responded by stating that Non-Fungible tokens are units of data stored on the blockchain. He further explained the concept could be better understood with the knowledge of fungibility; the interchangeable nature of an asset for another of its kind just like the traditional Fiat currencies. NFTs cannot be replaced with another of its kind.
He further explained the concept could be better understood with the knowledge of fungibility; the interchangeable nature of an asset for another of its kind just like the traditional Fiat currencies. NFTs cannot be replaced with another of its kind.
He further explained the concept could be better understood with the knowledge of fungibility; the interchangeable nature of an asset for another of its kind just like the traditional Fiat currencies. NFTs cannot be replaced with another of its kind.
FOMO Caused NFTs boom
However, while being asked what was responsible for the recent hype in NFTs, Ukeme noted that it was purely FOMO that was caused by the Press. He explained that the Press have brought people’s attention to various artists buying NFTs for ridiculous prices and people are trying to get a hack around what NFTs are;
He explained that the Press have brought people’s attention to various artists buying NFTs for ridiculous prices and people are trying to get a hack around what NFTs are;
“I would say the Press, this could be associated with the recent sale of digital artworks everyday by artists. The Press took it wild all over the place and that alone gathered a lot of attention and gave attention to the NFTs space and people got to learn what NFTs was… because of the buzz, everyone tried to get a piece of it, so it was purely FOMO exposure by the Press.”
Going forward, he used the concept of “boom and bust” cycle to answer the question of why the DeFi buzz seems to be going down. He noted that there are seasons of boom for certain products in the cryptocurrency industry;
“I think with the cryptocurrency space, everything has actually had its boom and bust cycle. We had the 2017 ICO boom where everyone tried to bring every product to the blockchain space…that is the same that happened to the DeFi boom.”“Everyone was trying to bring every single financial instrument and solution to the DeFi space. So now, I think the same is happening with NFTs but at the end of the day, it’s always the users that decide whatever they want to use the technology for.”
“Everyone was trying to bring every single financial instrument and solution to the DeFi space. So now, I think the same is happening with NFTs but at the end of the day, it’s always the users that decide whatever they want to use the technology for.”
He went on to explain that FOMO helps the industry in adoption process and fosters exposure. It helps to bring in new users and evangelists of NFTs.
