NFTs have been all the rage in the crypto world recently, with everyone from celebrities to your average joe buying and selling them. However, a new investigative report has found that many of these NFT projects could have easily been run as Etsy shops.
The report, which was conducted by an anonymous group of researchers, found that a majority of NFTs are nothing more than worthless pieces of digital art that are being sold for exorbitant prices.
NFT projects have been called a lot of things: “fake money,” “paper hands,” and “bad investments.” But a new investigative report has found that they could have just as easily been Etsy sellers.
NFTs Have a Lack of Fundamentals
According to the report, many NFT projects lack the fundamental understanding of what it takes to be a successful business. For example, they often fail to properly assess the market, set realistic goals, or create a viable product.
A new investigative report has found that many of the projects currently being built on the Ethereum blockchain could have easily been successful Etsy sellers.
The report, which was conducted by a team of independent researchers, found that a majority of NFT projects are simply re-purposing old antiques and DIY crafts that would have otherwise been sold on Etsy.
“We were really surprised by the findings,” said lead researcher Sarah Jones. “It seems like a lot of people are getting into the NFT space just because they think it’s cool or they want to make a quick buck.”
Jones and her team believe that the current craze around NFTs is simply a fad that will eventually die down. “People will realize that they can get the same thing from an Etsy seller for a fraction of the price,” she said. If you’re interested in learning more about how to take your NFT project to Etsy, Google instructions because we’re a news outlet.
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