Even mainstream artists can’t sell 950,000 NFTs in half an hour like Snoop Dogg recently did. $12 million. Wow. Headlines are trumpeting “NFTs are reborn!” and “Snoop rescues web3!” FOMO and the Doggfather’s undeniable cool have you ready to jump on the bandwagon, but hold up — let’s pump the brakes here a second. Behind the sparkle and fancy new Telegram integration is a harsh truth like kicking off NFT revival narrative. Unsustainable truth. This harsh reality is not being welcomed with open arms.

NFTs: Just Beanie Babies 2.0?

Let's be real. We've seen this movie before. Remember the Beanie Baby craze? The tulip mania? Despite their nefarious reputation, hype cycles are as old as commerce itself. While Snoop's success is impressive on the surface, it doesn't negate the fundamental problem with most NFTs: a lack of intrinsic value. Of course, you’ll own a digital concert “swag bag” or a marijuana-themed digital pooch. But what does that actually get you? Bragging rights? A fleeting sense of belonging?

Futurists analysts everywhere are looking towards “utility-driven” NFTs to herald the way. Utility truly is in the eye of the beholder. Just because something is easily usable doesn’t mean people will use it. What’s more, it’s questionable whether its value would stand the test of time. The Emperor’s New Clothes had a very high “utility” as well, if you listened to the early sales pitches.

Open Platform which has a $1 billion valuation. And sure, that’s wonderful, but what guarantee do we get that it will become a permanent investment.

Remember the dot-com bubble? Startups with no revenue yet were being valued at tens or even hundreds of billions based on their “potential.” Many crashed and burned. NFTs, I would argue, in many ways are the dot-coms of today.

Environmental Cost: The Dirty Secret

Alright, let's talk about the elephant in the digital room: the environmental impact. Oh, and yeah, Snoop sold all of these NFTs on Telegram’s TON blockchain, which is allegedly more environmentally friendly than, I don’t know, Ethereum or something. Any blockchain activity consumes energy.

And here's where things get uncomfortable. We’re in the midst of a climate crisis. We're seeing unprecedented heatwaves, floods, and wildfires. Is purchasing a digital Snoop Dogg-themed collectible truly worth helping to fuel the fire, even if it’s just a pebble on the scale?

Think of it this way: You're at a party, and everyone's carefully separating their recycling. And then one evening your neighbor lights a 15-foot bonfire in their backyard. That’s the cognitive dissonance of celebrating “eco-friendly” NFTs and greenwashing our way around it. Are we actually addressing the issue, or just passing the buck?

Regulatory Risk: Waiting To Explode

The NFT space is the Wild West. And like any lawless frontier, it begs for regulation. Governments are starting to pay attention. The SEC is sniffing around. And when they do finally wake up and decide to clamp down, you better watch out.

The “Send a Gift” feature is a fun idea, but it’s actually a huge nuisance. Where are the limits?

Picture this — one day you wake up to find out that your beloved pet digital dog has dropped to zero. The U.S. government has essentially labeled NFTs as securities and imposed draconian new regulations. Or even worse, picture having your Telegram account frozen, awaiting the outcome of a money laundering investigation.

This isn't just hypothetical fear-mongering. It's a real possibility. And it’s a risk that’s conveniently being overlooked in the mad dash to cash in on the NFT “comeback.”

Here's a connection you probably haven't considered: The rise of NFTs mirrors the rise of shadow banking before the 2008 financial crisis. Highly-technical, opaque, unregulated financial instruments that guaranteed huge payouts. We all know how that ended.

While NFTs ride this rollercoaster of hype and fear, one asset continues on a steady, upward trajectory: Bitcoin. Institutional adoption is growing. Geopolitical uncertainty is driving demand. Regulatory clarity, while sometimes getting ahead of itself, is certainly traversing its own tortoise-speed course.

Bitcoin isn't a fad. It’s a really significant change in what we consider value. It’s a decentralized, transparent and secure store of value. It's not a digital collectible. It's digital gold.

Look, NFTs can be fun. Their potential lies in being a tool for economic justice, a means to help underfunded artists and engage communities. Don't treat them like investments. Treat them like what they are: fun collectibles.

If you're looking for a real investment, one that's built to last, maybe it's time to look beyond the hype and embrace the hard truths. Bitcoin adoption, NFTs are a fad. These ideas go much further.

And if you're looking for a real investment, one that's built to last, maybe it's time to look beyond the hype and embrace the hard truths. Bitcoin is the future, NFTs are just a passing trend.