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I am sure NFTs perform terribly in the short term too, in aggregate. Most NFTs are not celebrity endorsed and will just languish even in the bull run. (Like most shitcoins).

Real estate is in between IMO - kind of a collectable but there is cash flow but it doesn’t have the upside growth of stocks, unless it is some kind of rezoning or redevelopment.

Gold is more like a collectable (no revenue stream) as is any other commodity.

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Sorry but real estate is nothing like a collectible. It has tangible value as a form of housing or for some commercial purpose (retail, office, etc.).

Real estate that isn't being used for anything and won't be for the foreseeable future is sort of kind of like a collectible. But even then presumably there's the idea it will be used for something someday.

I mean on a collectable-investment spectrum, it is further towards collectable than stocks.

Which I can justify by saying do you know of houses purchased and kept empty for years in high rent demand areas. It is pretty common.

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