The Dubs' first NFT rollout seemed to go fairly well. A year later, round two has been a different story.
As for the rest of the nearly 3,000 NFTs originally valued at $499.99 apiece? Things aren’t going much better. A glance at the lower end of the sale offers on the team’s 2022 Playoff NFT Collection page shows that at least 49 NFTs are already being resold at “buy now” prices below the value they were purchased for just a month ago.
“A lot of the irrational enthusiasm has exited the industry,” Silverman told SFGATE. “I think more and more companies will see NFT projects start out generating some excitement or raising some initial funds, and then the next time they try to go back to their customers or their fans to sell to them again, there’s far less interest. I think that’s what’s happening with the Warriors.”
The Warriors may have tried to dress up this NFT drop with bells and whistles like fan experiences and additional perks. But the reality is that most of its utility, like that of any other NFT, is in speculation. With that being the case, it's reliant on crypto markets, and with those markets in the toilet, its value has gone down accordingly.
“Inherently, the entire space is a self-assembled Ponzi scheme with a real world value of $0,” he wrote via email. “Every dollar 'made' is at the expense of someone else, and then there are aspects of the system that turn it into deeply negative. I think in the end there will be no more recovery, because it requires a new batch of suckers, suckers who are not a renewable resource.”
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