Hunting for NFTs’ future
In this week’s edition of what weird thing have they made a NFT of, allow me to present to you the first virtual afikomen hunt.
That’s right, the Passover tradition of hiding the afikomen went digital at a charity auction held in San Francisco. Donated by a digital artist that goes by the name fnnch (pronounced “finch”) the NFT went for $4,200 USD.
Keeping in the Seder tradition, the buyer only received half of the matzah. They had to follow some digital clues to find the hidden piece somewhere on the internet. It was kind of a virtual treasure hunt.
It was all in good fun and for a good cause. Whether the virtual afikomen will increase in value and turn out to be a good investment for the buyer remains to be seen, butt perhaps that’s not the point here. Although most NFT action right now is almost entirely speculation based, maybe this is a sign of a maturing of the space.
I’ve written before about how there needs to eventually be a tangible, if not physical, value for buyers if the NFT craze is to move beyond the fad stage and become a legitimate investment for serious people to pay attention to. I think the jury is out right now on whether that happens.
For those who are hopeful that NFT art remains a normal part of society moving forward, this auction and sale has to be seen as a positive development. It proves that NFTs have a possibility in the charitable world and that, in turn, legitimizes them in the eyes of those who might be skeptical otherwise.
The value of the afikomen here is twofold.
Firstly, it does connect the digital world with a century old tradition and the community that takes value in that. The digital space isn’t about disconnecting ourselves from the “real world” or our communities, but rather it should enhance those connection, while making them stronger and more modern.
A NFT may seem incomprehensible to an older generation, but the afikomen hunt they understand. The buyer was continuing a tradition that connects them to their past. That act strengthens that past and helps ensure its continuation into a new, digital generation.
There’s lots to like for Bubbie and Zayde in that.
The second value is that it was fun. Simple as.
Fun and entertainment is a value onto itself and a commodity that has long been traded in various forms.
No one expects the value of Elton John concert tickets to increase after the concert has ended. No, they didn’t pay big bucks for them as an investment, but rather for an experience that they would remember and cherish for years to come.
The NFT afikomen purchase should be viewed in the same way. Is that worth $4,200 to everyone? No, but it only matters that it’s worth that much to the person that buys it.
There still are a lot of questions about what form NFTs are going to take in the near and distant future, but as long as there are people looking to find new ways to use them, like we saw here, it seems likely that they will find their place in society sooner rather than later.