A market bubble is not necessarily a bubble when everyone around you believes it is one; instead, bubbles often form when the mainstream consensus believes something is not a bubble, and those who recognize potential risks are actually in the minority position. This phenomenon is amplified by social media echo chambers that make it difficult to perceive true consensus, leading people to mistakenly believe their narrow perspective represents the mainstream opinion.
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Why the NFT Craze Wasn't a Consensus BubbleAdded:
You said a bubble isn't typically a bubble if everyone is saying it's a bubble, but doesn't that describe NFTTS?
I I no, I don't think so. This is this is why it's kind of hard like in with with the way that the internet works and social media circles works work. It's difficult to uh difficult to see like consensus and you can get fooled into thinking like the the narrow area that you're in is consensus and thinking that you're contrarian. and you're just going out and having a mainstream opinion on something. The mainstream opinion was that NFTTS were not a bubble. The mainstream opinion on everything was that everything was not a bubble in 2020 and 2021. So, if you were seeing and it seemed to you like everybody thought everything was a bubble, it was probably just because of the people you were paying attention to and that was a minority position. But most people thought NFTTS were going to be revolutionizing everything and you know and the the entire world. That's why so much money rushed into it. Also, yeah.
No, I I I don't think that accurately describes NFTs.
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