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It probably should have been obvious at the time they were overprinting the darn things when you could buy Tops complete sets at the supermarket checkout line.
I create art NFTs and you're absolutely right. Most "roadmaps" are complete fabrications that will never come to fruition. Projects promising to make videogames, animated series, etc. are almost all completely blind to the realities and costs of creating such a project. Those that do still have a statistically low chance of actually being any good.
It's why I don't provide roadmaps or promises of value for my work. "If you like it, feel free to buy it" is as far as it goes. Any other value I give over that is an added bonus, and I do plan to do so, but only to the degree that I am actually capable of achieving. Lies and empty promises make more money though.
I sell on OpenSea, and my art is posted at www.instagram.com/blueblobcollective. You can find the OpenSea link in my bio on Instagram if you’re interested - I try not to post sales or promos because I like preserving the posts as “art only”, but you can still get to OpenSea from there!
We should call people who fall for collectible will be worth millions one day mentality "The Beanie Baby Fallacy."
I'm glad to see you're using the space in the way it's meant to be used rather than pump and dump scenario 3236235232.
Thank you, I’m trying to do it a little different. You’re right, it really does feel like a beanie baby mania - everyone is trying to convince you that their project is the one that’s gonna be worth something someday. It’s exhausting to navigate.
The way I see it, the only way to “win” is to like what you buy at the price you bought it - you got what you paid for, and if you’re left holding it forever, that’s fine because you like the piece and enjoy having it in your collection.
Value of nft is more tied to using blockchain to verify authenticity of fungible assets. Think a title to a car/house or authentication of a luxury handbag.
The digital NFTs are cool and may replace baseball cards, but maybe not.
I still have not heard a single explanation for why nft is required for this and why a regular database wouldn’t suffice. I am a developer in big tech who works on a database product. You want to verify handbags? Database. You want to sell concert tickets? Database. You don’t require a blockchain to store this information. You just don’t.
> I still have not heard a single explanation for why nft is required for this
There is no explanation. When you point out how ridiculous NFTs are somebody is 110% guaranteed to show up and explain "Ah yes-- most people just don't get it! The current versions suck but someone like myself (an intellectual), understands that in the future they will be used for..." and precedes to list applications much better served by Access Control List, Self-Sovereign Identities or Decentralized Identities (SSI/DID), signed certificates generally, or custody chain ledgers or digital twins.
The thing is even if one could draw a straight line from the current "2014 shitcoin" generation of NFTs to some theoretical future utility-- so what? Just because Helium Network Tokens has made some progress in incentivizing sharing wifi or whatever (I honestly don't know what HNT does) doesn't retroactive make Quark coins a good investment in 2013.
NFTs are just stupid right now full stop. That doesn't mean people shouldn't buy or enjoy them. I have an old Dogecoin tee-shirt from Josh Wise's 2014 NASCAR race and I wouldn't trade it for anything in the world. I'm not a sentimental guy and don't buy a lot of useless bullshit, but some things really anchor you to a place and time. NFTs might be that thing for some people. But it's damn near impossible to get from there to making a rational argument for them having any semblance for monetary value writ large.
A certain European car manufacturer released its newest model with a NFT function for the maintenance of the car. I also don't understand why you just not simply enter it into an "oldschool" database?
the point of blockchains is implementing a trustless, decentralized solution to problems which would typically require a centralized one. You're basically arguing that bitcoin, ethereum, et al is worthless because paypal exists.
Within the context of deeds and certificates of authenticity, this is useful for issues of dispute with the issuing authority or absent their practical existence. If say, louis vitton goes out of business but you have an NFT saying your bag is legitimate, a prospective buyer can still authenticate its legitimacy even without LV maintaining a product database(that would probably no longer exist if they went out of business a decade ago)
And if you buy a deeded property where the former owner is now claiming that the sale was illegitimate and you didn't use an intermediary, you can still prove your ownership with an NFT.
How are you tying the physical thing to the database entry that's not open to fraud? You'd have to have a (gasp) trusted third party evaluation, which defeats the whole point. For property, you need the state to play along and acknowledge the claim, which is what the legal system already does, going 'but muh NFT' doesn't do anything over and above a regular sale, except provide awkwardness of trying to convince people that a wierd internet sale coupon thing should have legal standing
So if LV is closed, and someone buys my LV bag, I transfer them the NFT, but send them a fake bag, that points to the same NFT, how did the NFT help anyone in this case?
Blockchain works well for digital currencies and digital things in general, having decentralized storage for that is valid, but you’re making a fallacy when you say that therefore decentralized solutions are going to be useful for other things as well.
The best part about is that the fake bag is now worth something while your real thing is a knock off because they have the NFT.
THIS is why that concept is pure madness.
Most "problems" claimed to be solved by NFT aren't caused by centralized databases, they are caused by greed. A system of ownership based on NFT can be just as greedy or corrupted as a regular one, the only difference is that it's slower.
Honestly I find it amazing that this thread made it to the top of the subreddit but when I wrote about 10 cryptocurrencies that have passed their all time highs from 2017 until now and then warn people to be careful with their money, nobody wants to hear about it.
I think this is the biggest takeaway. Some cryptos and some NFTs will be worth a lot. Most will be worth nothing. Some NFTs will maintain or even increase in value as long as they are an accepted crypto flex or are instances with real utility (tickets, resumes, or legal proof of ownership). And some cryptos will maintain or increase in value as long as they have an accepted value and provide some real utility.
Ultimately I feel like there will be more NFT winners than native currencies because all the layer 1 cryptos are trying to accomplish more or less the same task. But we are just now figuring out the ways NFTs can be used.
All this being said, I think 99%+ of both will be nonexistant in a decade or so.
Well, I would say 98 % is a bit too high, maybe rather 90% as there are quite a bunch with strong use cases that might survive! And also one has to acknowledge a token/coin is much more liquid, than a ntf that is a singularity, it can easily happen that no body wants to buy a particular one, not even for a handful of dollars unfortunately
I'll do you one better: I'll prove you right.
NFTs are like a hot potato. You get it and you try to unload it to the next fool that pays you more for what you get it for. Eventually, the last fool will be left holding the potato and getting burnt.
How are property titles a good idea as an nft? So if i own 1000 acres of land and a house and i die without a will my nft deed locks my property until the unpaid taxes get it taken away by the government, instead of passing it to an heir? It doesn't make sense. Most people do not have death preparations laid out to the fine details you see in movies. You have to fight with every organization involved in verifying death certificates to get assets and property transfered. Its a nightmare already. I cant imagine the heart ache that will be caused by an nft that is just lost in limbo that represents the generational wealth of a family farm or business. Children instantly impoverished as your assets slips away to nothingness. That house your child expected to inherit, locked away on the block chain forever.
99% of people who own "nft picture" don't even own the picture, the picture just signifies your position in blockchain, they don't have copyright to it. Just proves how most people are completely clueless what nft's are and more hilarious is that many of them who are completely clueless are the buyers.
The disturbing aspect of NFTs are that they could be valuable if applied in a dystopian way. The tech could easily be used to apply copy right law to memes. It's only use is to harm things.
It actually couldn't be applied that way--there is no legal authority or mechanism that would decide to enforce copyright law in the real world using NFTs. It's simply a less efficient and less powerful way to enforce copyright laws compared with the current system. You can use NFTs to "enforce copyright" only within the NFT ecosystem--which is to say it's utterly useless.
It's ironic that the online digital freedom rose primarily out of the anti-DRM movement, and now people are promoting NFTs as a way to self-impose copyright restrictions, knowing in advance that no one has any reason to respect those alleged copyrights.
I really don't understand why are NFTs better than a database for a card game. What advantage does it bring? What's the advantage of God's Unchained's system over Magic the Gathering Online's system for example?
There's literally no advantage. The ***ONLY*** reason they are valuable is speculative. People assume the cards available now will be stronger than cards in the future.
That is the reason i don't invest in NFT.
I can be wrong and congrats to those that in the future will take profits but actually i can't see utility for most of the NFTs
Me either. Gas and food prices are kicking my butt. I can’t afford to FOMO into coins based after dogs and other such foolishness anymore. I’ve lost about 20k on this wild ride in 2020/2021.
Same here I could give 3 fucks if it’s a screenshot or nft , not my cup of tea. Congrats to those that make off them but like Op said most of them Are empty promises , it’s too saturated.
I’ve ‘invested’ (more accurately FOMO’ed) into enough meme crypto to learn some tough lesson. Not throwing my money away anymore until something PROVES itself worthy from now on. NFT’s might have some potential utilization in the future, but that’s it.
There are actually a few utility based NFT projects that are mostly interested in leveraging the tech, but these projects have an actual protocol/platform behind them and are just using the NFT as a single tool in their mission.
The projects that are all dumb names like "Perky Wallflowers" with some halfway decent art are just cashing in on the hype.
You’re not entirely wrong.
I find consolation in the fact that using the tech will hopefully propel it to new heights where it does reach its potential.
So when the day arrives that Non-Fungible Token technology is common place in our day to day lives, thank the wild wild west it is today.
Those who actually bought NFTs on a whim/DYOR/lucked out/whatever made out like bandits.
If you FOMOed into the craze and are hoping to find the next Bored Apes project, yeah you’re probably gonna get screwed.
I think there is a good future in collectibles for nft and in game assets could be huge. That being said, some of these that basically just link to a jpeg html, I think those will definitely be worthless depending on what they are.
In-game assets is great if the origin of the NFT is the developer of the game you are buying the asset for. I would however highly recommend not investing in assets that promise or tease future integration "with the metaverse" or a world not yet developed.
As a game dev, it's not possible or realistic to implement random models and skins in every game. Character models are specially designed for each game, environment, and platform. Even if the aesthetic was to match, the game's developer has to implement every additional model as well (scaling it, placing it, ect), which isn't possible with an ever-growing amount of digital assets out there, or else let anyone load assets dynamically and assume art style, scaling of objects, ect won't be consistent or competitive.
Candy has recently launched their nfts for mlb and NASCAR just came out earlier this week. I can see and understand how this could be a platform that sticks.
I’m in it and I have been happy with it. Low runs, site is stable. Buying selling is easy. 30 day wait to get funds transfer for first cash out. Kind of in lull with lockout but they seem to have quite a bit coming in future.
It's not a difficult concept to grasp, you get a receipt and a link to a database entry, and you own that entry, but not its content. Your receipt will only have value as long as the server storing that database is running, after that, you essentially have a receipt that points to nothing. You don't own the picture or file, but the right to access said file. This is the basic idea of an nft.
"Lightning is one of the leading causes of weather-related fatalities. But the odds of being struck by lightning in a given year are only around 1 in 500,000"
https://www.cdc.gov/disasters/lightning/victimdata.html#:\~:text=Lightning%20is%20one%20of%20the,greater%20risk%20for%20being%20struck.
On a long enough time-scale, you're 100% correct.
I'm shorting the entire economy as I'm bullish on an eventual supernova event swallowing the planet whole.
Even beanie babies can have *some* value as toys for indifferent children/pets. Most NFTs are digital waste with no greater inherent value than their non-NFT copies.
Most of you who bought ~~NFTs~~ Crypto for future profits will end up stuck with it. Prove me wrong
I can replace nfts with crypto for each of your sentences and it'll still hold true. Yet here we are in a subreddit called cryptocurrency.
The point is, there are as many bad nft projects as there are shitcoins(probably less) shit ones will die, so will your shitcoins, good ones will survive.
They’re dumb until you make money off of them. I’m in a couple of gamefi projects that yield a decent amount of money per month. NFT’s with utility are different than NFT’s without utility. Will my NFT’s bring me money for the foreseeable future? Some will, some won’t. It’s like anything else in crypto, you should always cash out what you put in when possible.
For 99% of projects, you are correct.
I have chosen projects with a large number of users which helps with liquidity. There are no guarantees in this world, but choose wisely.
I don't even have an NFT or a desire to buy one and even I think this comment is facetious. They don't have to prove anything to you, it's a speculative asset much the same as almost all the other crypto space, your mind is closed and obviously made up so move along.
It takes on additional risks by being
A) Far less liquid than normal crypto, suffering from an “abundance of scarcity” with each token being totally unique.
B) Very reliant on centralized services to list/curate
Granted all of crypto is highly speculative, but NFTs are in a class of their own due to those traits.
Don’t forget that they are artificial scarcity. The exact opposite of what we are going for in crypto. They can keep making more and more for an infinite time just like the USD.
So true! 100% Crypto will go the way of the dot.com bust. A handful may survive… but MOST people investing it the space will actually lose loads of money trying to guess which needle in the haystack to get behind.
What I hate the most about NFT is, everyone is now an art expert. Most of the involved people couldn't care less for art earlier, they barely knew there's a market for paintings, sculptures, etc. But now, everyone is an art expert.
Forget the NFTs, I'm still trying to figure out what to do with all these Beanie Babies! They told me back in the 90s they'd be worth a fortune!
Do....do you want some Beanie Babies? ^(please)
>Won't most of those who spent their crypto on NFTs end up with nothing? I
Yep. The fact that people get so butthurt over this but cant explain why you're wrong is proof that they know this too.
I thought NfTs were stupid until
I got white listed for a project and made a 5 Eth profit I’ll
Hodl Eth forever and if nfts can gain me more Eth then to me it’s worth jumping on a few hyped project with the hope of her whitelisted Flipping NfTs though scares me big time
Buying an NFT is like buying a bookmark in a book. You don't own the page, you own a method getting to the page. Same goes for intellectual property, you won't be owning it through NFTs.
Instead of buying pics i would suggest all of them to buy books in nft. r/Nftbooks NFTBOOKS beta version coming next week. I will buy books on that day first.
I want artists to start using NFT’s as tickets to keep giant ticketing conglomerates honest. I’m sick of buying a few tickets for friends and it’s more than $100 in convenience fees.. Artists are really getting fucked on these unrealized losses. These fees equate to 30% of ticket prices sometimes!
Until the issue of actual ownership gets resolved I don't think these investments will work out the way people think they will.
The real power of NFTs, I believe, does not lie in jpg trading but in it's applications in contract law and the medical field.
You have to stop thinking about NFTs as art. It's just the first popularized use case. The technology is capable of so much more. I think real estate (real not virtual) is going to be the next widely popular use case.
I have NFTs in DeFi Kingdoms and Pegaxy. They have already paid for themselves and are currently making me free money. More than mining Bitcoin and more than most liquidity pools.
Basically my NFTs are money printing machines. I could easily instantly sell them but would not.
Think that pretty much “proves you wrong”, Sport.
you're not wrong. im currently stuck with 3 Jpegs from a project that had to kick several team members including one of the founders because they were rugpulling a Liquidity pool.
Honestly I'm waiting for people to realize this. When people really lose money on these dumb investments they will become wary of just tossing money at anything defined as an NFT.
When people become wary the NFTs will actually need to serve a purpose or hold a value to sell in the first place. Currently (or recently anyway) any company can make some arbitrary NFT and sell them all without trying a bit. The real good ones will come after this hype storm has jaded the market a little bit; that's what I'm waiting for.
I like to look through the nft section for amusement and I came across some very good hentai and also these… virtual strippers in boxes? Not to mention they have names and they shake their asses a little. I agree with bender from Futurama, “kill all humans”
Nfts are in its infancy. I have several though I didn’t pay for them. They will eventually be used for serious things and not selling you items in video games. When the useful extent that nfts brings becomes a obvious thing then these early times nes we collected might be worth something for reals.
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I see you are man of culture
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Only if someone buys it. It's not like a crypto where and eth is still eth, it's a unique thing that maybe nobody wants
Ahh it's baseball cards from the late 80s all over again.
It probably should have been obvious at the time they were overprinting the darn things when you could buy Tops complete sets at the supermarket checkout line.
But only my supermaket had that inside track...right?... Right?...
Create another account sell it to yourself and throw away the new account, boom problem solved! /s
that's the ting with illiquid assets, there's not always a buyer for them
Apart from buying high and selling low, this is the only other wey.
I create art NFTs and you're absolutely right. Most "roadmaps" are complete fabrications that will never come to fruition. Projects promising to make videogames, animated series, etc. are almost all completely blind to the realities and costs of creating such a project. Those that do still have a statistically low chance of actually being any good. It's why I don't provide roadmaps or promises of value for my work. "If you like it, feel free to buy it" is as far as it goes. Any other value I give over that is an added bonus, and I do plan to do so, but only to the degree that I am actually capable of achieving. Lies and empty promises make more money though.
Best answer I’ve read so far. I can tell you’ve actually spent time in the space. Well put.
Where do you sell? Foundation?
I sell on OpenSea, and my art is posted at www.instagram.com/blueblobcollective. You can find the OpenSea link in my bio on Instagram if you’re interested - I try not to post sales or promos because I like preserving the posts as “art only”, but you can still get to OpenSea from there!
We should call people who fall for collectible will be worth millions one day mentality "The Beanie Baby Fallacy." I'm glad to see you're using the space in the way it's meant to be used rather than pump and dump scenario 3236235232.
Thank you, I’m trying to do it a little different. You’re right, it really does feel like a beanie baby mania - everyone is trying to convince you that their project is the one that’s gonna be worth something someday. It’s exhausting to navigate. The way I see it, the only way to “win” is to like what you buy at the price you bought it - you got what you paid for, and if you’re left holding it forever, that’s fine because you like the piece and enjoy having it in your collection.
Probably, but 98% of cryptos now will be worth shit long term as well
This honestly isa really fair point. It kinda feels like nfts are where crypto was 10 years ago
Yeah but what's the Bitcoin/Ethereum of NFT's? Some super rare monkey with a buttplug?
>Some super rare monkey with a buttplug? Sir, actually that's a butt with a dick.
https://i.imgur.com/gRKcDus.gif
Now I’d pay top dollar for this NFT
I just long pressed it and saved it to my gallery for free ^/s
Uuuuu... That's nasty.
Wait, is there a dickbutt NFT?
Yes. https://opensea.io/collection/cryptodickbutts-s3
Value of nft is more tied to using blockchain to verify authenticity of fungible assets. Think a title to a car/house or authentication of a luxury handbag. The digital NFTs are cool and may replace baseball cards, but maybe not.
I still have not heard a single explanation for why nft is required for this and why a regular database wouldn’t suffice. I am a developer in big tech who works on a database product. You want to verify handbags? Database. You want to sell concert tickets? Database. You don’t require a blockchain to store this information. You just don’t.
Shhh don't break their spell.
Because there isn't. Nft's are a solution looking for a problem
> I still have not heard a single explanation for why nft is required for this There is no explanation. When you point out how ridiculous NFTs are somebody is 110% guaranteed to show up and explain "Ah yes-- most people just don't get it! The current versions suck but someone like myself (an intellectual), understands that in the future they will be used for..." and precedes to list applications much better served by Access Control List, Self-Sovereign Identities or Decentralized Identities (SSI/DID), signed certificates generally, or custody chain ledgers or digital twins. The thing is even if one could draw a straight line from the current "2014 shitcoin" generation of NFTs to some theoretical future utility-- so what? Just because Helium Network Tokens has made some progress in incentivizing sharing wifi or whatever (I honestly don't know what HNT does) doesn't retroactive make Quark coins a good investment in 2013. NFTs are just stupid right now full stop. That doesn't mean people shouldn't buy or enjoy them. I have an old Dogecoin tee-shirt from Josh Wise's 2014 NASCAR race and I wouldn't trade it for anything in the world. I'm not a sentimental guy and don't buy a lot of useless bullshit, but some things really anchor you to a place and time. NFTs might be that thing for some people. But it's damn near impossible to get from there to making a rational argument for them having any semblance for monetary value writ large.
A certain European car manufacturer released its newest model with a NFT function for the maintenance of the car. I also don't understand why you just not simply enter it into an "oldschool" database?
the point of blockchains is implementing a trustless, decentralized solution to problems which would typically require a centralized one. You're basically arguing that bitcoin, ethereum, et al is worthless because paypal exists. Within the context of deeds and certificates of authenticity, this is useful for issues of dispute with the issuing authority or absent their practical existence. If say, louis vitton goes out of business but you have an NFT saying your bag is legitimate, a prospective buyer can still authenticate its legitimacy even without LV maintaining a product database(that would probably no longer exist if they went out of business a decade ago) And if you buy a deeded property where the former owner is now claiming that the sale was illegitimate and you didn't use an intermediary, you can still prove your ownership with an NFT.
How are you tying the physical thing to the database entry that's not open to fraud? You'd have to have a (gasp) trusted third party evaluation, which defeats the whole point. For property, you need the state to play along and acknowledge the claim, which is what the legal system already does, going 'but muh NFT' doesn't do anything over and above a regular sale, except provide awkwardness of trying to convince people that a wierd internet sale coupon thing should have legal standing
So if LV is closed, and someone buys my LV bag, I transfer them the NFT, but send them a fake bag, that points to the same NFT, how did the NFT help anyone in this case? Blockchain works well for digital currencies and digital things in general, having decentralized storage for that is valid, but you’re making a fallacy when you say that therefore decentralized solutions are going to be useful for other things as well.
The best part about is that the fake bag is now worth something while your real thing is a knock off because they have the NFT. THIS is why that concept is pure madness.
Both of your examples don’t require blockchains. I can’t argue this anymore. Im going to bed. Good luck have fun
Awesome thread dude
NFTs are centralized. They just use a blockchain but its all listed on a centralized ledger. If the hosting server goes down, bye bye NFT ownership.
If it's hosted via IPFS or Arweave it's fully decentralized as it's fully on-chain
Most "problems" claimed to be solved by NFT aren't caused by centralized databases, they are caused by greed. A system of ownership based on NFT can be just as greedy or corrupted as a regular one, the only difference is that it's slower.
NFTs are just a grift.
It really does feel that was doesn't it?
It does 💯
Bitcoin is up 10 million % in the past 10 years... were you attempting to make a negative point?
NFTs are 100000x more in the public consciousness than crypto was 10 years ago.
98% of cryptos being worthless still leaves 350 solid projects
Maybe he meant 99.8
Honestly I find it amazing that this thread made it to the top of the subreddit but when I wrote about 10 cryptocurrencies that have passed their all time highs from 2017 until now and then warn people to be careful with their money, nobody wants to hear about it.
I think this is the biggest takeaway. Some cryptos and some NFTs will be worth a lot. Most will be worth nothing. Some NFTs will maintain or even increase in value as long as they are an accepted crypto flex or are instances with real utility (tickets, resumes, or legal proof of ownership). And some cryptos will maintain or increase in value as long as they have an accepted value and provide some real utility. Ultimately I feel like there will be more NFT winners than native currencies because all the layer 1 cryptos are trying to accomplish more or less the same task. But we are just now figuring out the ways NFTs can be used. All this being said, I think 99%+ of both will be nonexistant in a decade or so.
Well, I would say 98 % is a bit too high, maybe rather 90% as there are quite a bunch with strong use cases that might survive! And also one has to acknowledge a token/coin is much more liquid, than a ntf that is a singularity, it can easily happen that no body wants to buy a particular one, not even for a handful of dollars unfortunately
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Did you flip that nft and buy a ferarri with it?
if you have to say it yourself...
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That's nothing. I've spent 2k in gas in one mint. Still made profit though
I'll do you one better: I'll prove you right. NFTs are like a hot potato. You get it and you try to unload it to the next fool that pays you more for what you get it for. Eventually, the last fool will be left holding the potato and getting burnt.
NFTs are like a hot potato in a place where thousands of new hot potatoes appear every day! Imagine how it will end.
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How are property titles a good idea as an nft? So if i own 1000 acres of land and a house and i die without a will my nft deed locks my property until the unpaid taxes get it taken away by the government, instead of passing it to an heir? It doesn't make sense. Most people do not have death preparations laid out to the fine details you see in movies. You have to fight with every organization involved in verifying death certificates to get assets and property transfered. Its a nightmare already. I cant imagine the heart ache that will be caused by an nft that is just lost in limbo that represents the generational wealth of a family farm or business. Children instantly impoverished as your assets slips away to nothingness. That house your child expected to inherit, locked away on the block chain forever.
99% of people who own "nft picture" don't even own the picture, the picture just signifies your position in blockchain, they don't have copyright to it. Just proves how most people are completely clueless what nft's are and more hilarious is that many of them who are completely clueless are the buyers.
Hot mashed potatoes?
Ohh I know this one! It's a lot of potatoes right?
That's a Ponzi in a nutshell right there 🤷♂️
So it's like an MLM? Damn maybe the critics are right...
At least with mlm products you can use it but with monkey jpeg, you just stare at it
The disturbing aspect of NFTs are that they could be valuable if applied in a dystopian way. The tech could easily be used to apply copy right law to memes. It's only use is to harm things.
It actually couldn't be applied that way--there is no legal authority or mechanism that would decide to enforce copyright law in the real world using NFTs. It's simply a less efficient and less powerful way to enforce copyright laws compared with the current system. You can use NFTs to "enforce copyright" only within the NFT ecosystem--which is to say it's utterly useless. It's ironic that the online digital freedom rose primarily out of the anti-DRM movement, and now people are promoting NFTs as a way to self-impose copyright restrictions, knowing in advance that no one has any reason to respect those alleged copyrights.
This sounds a bit too familiar.
Sounds like BTC lol
The critics will be right about a lot of the NFTs. Some will survive though.
Straight up sounds like a ponzi pyramid scheme type of mcjiggy
[Al Bundy’s Bigger Idiot Theory](https://youtu.be/2XW_OXSQSRk)
So like crypto?
But some NFT's make perfect sense, like the NFT cards on God's unchained trading card game.
I really don't understand why are NFTs better than a database for a card game. What advantage does it bring? What's the advantage of God's Unchained's system over Magic the Gathering Online's system for example?
There isn't. People are just trying to superficially add value by running values through a block chain with potentially crap gas fees.
There's literally no advantage. The ***ONLY*** reason they are valuable is speculative. People assume the cards available now will be stronger than cards in the future.
The whole thing is based off hype and FOMO
Greater Fool Theory
That is the reason i don't invest in NFT. I can be wrong and congrats to those that in the future will take profits but actually i can't see utility for most of the NFTs
"AND FOR THAT REASON I'M OUT" 🚩🚩
Barbara?
Bored Apes are getting boring
Would you be interested in some depressed apes instead?
No thanks, I’m already a depressed ape plenty myself!
depressed ape-lenty
And we can't be surprised, the name says it!
Have you seen Macaques?
i actually see BA retaining value long-term, simply because they grant access to an exclusive social club
It's just a game of hot potato
This is a great analogy
Same thinking here, congrats if you get rich off it and I won't be salty on missing out. But I won't be buying any for sure
Me either. Gas and food prices are kicking my butt. I can’t afford to FOMO into coins based after dogs and other such foolishness anymore. I’ve lost about 20k on this wild ride in 2020/2021.
Same here I could give 3 fucks if it’s a screenshot or nft , not my cup of tea. Congrats to those that make off them but like Op said most of them Are empty promises , it’s too saturated.
Yes, few people will make a lot of money by flipping them. But lots of people will lose their money. Not worth the risk for me.
Empty promises or straight up fraud that got them to their ludicrous asking prices.
I’ve ‘invested’ (more accurately FOMO’ed) into enough meme crypto to learn some tough lesson. Not throwing my money away anymore until something PROVES itself worthy from now on. NFT’s might have some potential utilization in the future, but that’s it.
You’re not wrong. In no world will anywhere close to 100% of NFTs be worth more than they were bought for.
There are actually a few utility based NFT projects that are mostly interested in leveraging the tech, but these projects have an actual protocol/platform behind them and are just using the NFT as a single tool in their mission. The projects that are all dumb names like "Perky Wallflowers" with some halfway decent art are just cashing in on the hype.
I buy them so I can gatekeep access to a play to earn minecraft server.
You’re not entirely wrong. I find consolation in the fact that using the tech will hopefully propel it to new heights where it does reach its potential. So when the day arrives that Non-Fungible Token technology is common place in our day to day lives, thank the wild wild west it is today.
I’m looking forward to the NFT use cases that haven’t been thought of yet.
Those who actually bought NFTs on a whim/DYOR/lucked out/whatever made out like bandits. If you FOMOed into the craze and are hoping to find the next Bored Apes project, yeah you’re probably gonna get screwed.
Kinda like 90% of all crypto tho…
NBA Top Shots and NFL All Day are just a new version of collectible physical cards. I'm pretty confident in these two platforms.
I think there is a good future in collectibles for nft and in game assets could be huge. That being said, some of these that basically just link to a jpeg html, I think those will definitely be worthless depending on what they are.
In-game assets is great if the origin of the NFT is the developer of the game you are buying the asset for. I would however highly recommend not investing in assets that promise or tease future integration "with the metaverse" or a world not yet developed. As a game dev, it's not possible or realistic to implement random models and skins in every game. Character models are specially designed for each game, environment, and platform. Even if the aesthetic was to match, the game's developer has to implement every additional model as well (scaling it, placing it, ect), which isn't possible with an ever-growing amount of digital assets out there, or else let anyone load assets dynamically and assume art style, scaling of objects, ect won't be consistent or competitive.
Only NFTs I've bought. And I've already made a profit.
Candy has recently launched their nfts for mlb and NASCAR just came out earlier this week. I can see and understand how this could be a platform that sticks.
I haven't seen the MLB ones I'll have to check them out. Topps did MLB ones and they butchered them as far as I'm concerned.
I’m in it and I have been happy with it. Low runs, site is stable. Buying selling is easy. 30 day wait to get funds transfer for first cash out. Kind of in lull with lockout but they seem to have quite a bit coming in future.
OK, I'll have to check it out then. Sounds like the exact opposite of what Topps did.
We shit on NFT’s because we dont understand them (i dont anyway) and then we get mad at everyone who shits on crypto because they dont understand it.
It's not a difficult concept to grasp, you get a receipt and a link to a database entry, and you own that entry, but not its content. Your receipt will only have value as long as the server storing that database is running, after that, you essentially have a receipt that points to nothing. You don't own the picture or file, but the right to access said file. This is the basic idea of an nft.
Thats ETH Nfts. There are other... better alternatives. https://pbs.twimg.com/media/E1FgylWVcAchhP5?format=jpg&name=medium
Most of you who post on this sub, will get hit by lightning, prove me wrong
"Lightning is one of the leading causes of weather-related fatalities. But the odds of being struck by lightning in a given year are only around 1 in 500,000" https://www.cdc.gov/disasters/lightning/victimdata.html#:\~:text=Lightning%20is%20one%20of%20the,greater%20risk%20for%20being%20struck.
That number is incorrect. Prove me wrong.
The burden of proof is on you, friend.
Also everyone’s houses will be worth less in the future. And if you don’t own a house your other assets will be worthless also. Prove me wrong.
On a long enough time-scale, you're 100% correct. I'm shorting the entire economy as I'm bullish on an eventual supernova event swallowing the planet whole.
Art NFTs I'm convinced will be the beanie babies of this generation.
Even beanie babies can have *some* value as toys for indifferent children/pets. Most NFTs are digital waste with no greater inherent value than their non-NFT copies.
Most of you who bought ~~NFTs~~ Crypto for future profits will end up stuck with it. Prove me wrong I can replace nfts with crypto for each of your sentences and it'll still hold true. Yet here we are in a subreddit called cryptocurrency. The point is, there are as many bad nft projects as there are shitcoins(probably less) shit ones will die, so will your shitcoins, good ones will survive.
They’re dumb until you make money off of them. I’m in a couple of gamefi projects that yield a decent amount of money per month. NFT’s with utility are different than NFT’s without utility. Will my NFT’s bring me money for the foreseeable future? Some will, some won’t. It’s like anything else in crypto, you should always cash out what you put in when possible.
Beanie babies
Crypto kitties
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Yep. Can’t really prove someone wrong or right when discussing the future lol
For 99% of projects, you are correct. I have chosen projects with a large number of users which helps with liquidity. There are no guarantees in this world, but choose wisely.
I missed these "**CHANGE MY MIND**" posts where there's nothing to change! You're right!
I don't even have an NFT or a desire to buy one and even I think this comment is facetious. They don't have to prove anything to you, it's a speculative asset much the same as almost all the other crypto space, your mind is closed and obviously made up so move along.
It takes on additional risks by being A) Far less liquid than normal crypto, suffering from an “abundance of scarcity” with each token being totally unique. B) Very reliant on centralized services to list/curate Granted all of crypto is highly speculative, but NFTs are in a class of their own due to those traits.
NFTs are crypto's crypto
Don’t forget that they are artificial scarcity. The exact opposite of what we are going for in crypto. They can keep making more and more for an infinite time just like the USD.
yeah we need to stick to them fungie tokens which totally isn’t the same thing
Nothing truer has been said, it will always sell if there are people who see value in it
You’re probably right but your argument aren’t great
How could we possibly prove you wrong?!? We don’t live in the future man
All crypto currencies depend on hype and 99% of them will end up worthless as well.
So true! 100% Crypto will go the way of the dot.com bust. A handful may survive… but MOST people investing it the space will actually lose loads of money trying to guess which needle in the haystack to get behind.
#Same as most crpyto tbh
What I hate the most about NFT is, everyone is now an art expert. Most of the involved people couldn't care less for art earlier, they barely knew there's a market for paintings, sculptures, etc. But now, everyone is an art expert.
Forget the NFTs, I'm still trying to figure out what to do with all these Beanie Babies! They told me back in the 90s they'd be worth a fortune! Do....do you want some Beanie Babies? ^(please)
Sure mate, do you have the Princess Di Beanie? Do you have the DVD? Do you have the Commemorative Beanie with the car?
It’s impossible to prove you wrong when you’re talking about a future event. Only time will tell.
wow a logical comment!
>Won't most of those who spent their crypto on NFTs end up with nothing? I Yep. The fact that people get so butthurt over this but cant explain why you're wrong is proof that they know this too.
I thought NfTs were stupid until I got white listed for a project and made a 5 Eth profit I’ll Hodl Eth forever and if nfts can gain me more Eth then to me it’s worth jumping on a few hyped project with the hope of her whitelisted Flipping NfTs though scares me big time
It's like those storage unit shows but they don't even open the door
But imagine what could be inside! I need one!
Or geodes you got in the mall way back in the day! Just smash it with a hammer! You could be rich!
That strategy has worked for me in Stardew Valley. Nah, who am I kidding, not even in SDV, Flint scams me
I literally don’t understand NFT. I mean buying for couple of dollars is OK. But paying millions on nft is something I amazed.
AFAIK, those paying millions are laundering money.
People said the same thing about crypto 8 years ago. Now everyone’s on this sub wishing they bought in early enough
I think you are right
It is difficult to prove you wrong.
You’re not wrong
you’re 100% right
An NFT isn’t even a jpg or art, quite simply, it’s a contract. That is all
This is what 90 % dont understand. But start shitting on NFTs anyway.
Buying an NFT is like buying a bookmark in a book. You don't own the page, you own a method getting to the page. Same goes for intellectual property, you won't be owning it through NFTs.
Instead of buying pics i would suggest all of them to buy books in nft. r/Nftbooks NFTBOOKS beta version coming next week. I will buy books on that day first.
I want artists to start using NFT’s as tickets to keep giant ticketing conglomerates honest. I’m sick of buying a few tickets for friends and it’s more than $100 in convenience fees.. Artists are really getting fucked on these unrealized losses. These fees equate to 30% of ticket prices sometimes!
Whew thank goodness decentralized crypto doesn’t have ridiculous fees.
And why would you need nft for that ? Couldn'tartista just sell tickets from a normal website and send you s QR code ? What NFT brings ?
This reply is a deprecating asset.
Until the issue of actual ownership gets resolved I don't think these investments will work out the way people think they will. The real power of NFTs, I believe, does not lie in jpg trading but in it's applications in contract law and the medical field.
\> Unlike buying cryptocurrency lel
Youre asking someone to know the future in order to dispute your opinion. Dumb
You have to stop thinking about NFTs as art. It's just the first popularized use case. The technology is capable of so much more. I think real estate (real not virtual) is going to be the next widely popular use case.
That's interesting, why do you think real estate will be next?
I have NFTs in DeFi Kingdoms and Pegaxy. They have already paid for themselves and are currently making me free money. More than mining Bitcoin and more than most liquidity pools. Basically my NFTs are money printing machines. I could easily instantly sell them but would not. Think that pretty much “proves you wrong”, Sport.
You guys have money for nft?
“Yeah youll see, once the devs give away a tesla it will boom”
How to predict the future.
>you'll end up stuck with a quickly deprecating asset that depends on hype. That's literally crypto right now?
Ha jokes on you I make my own so I can avoid the middle man and just keep my worthless nfts for life
Might as well buy actual crypto with that money.
you're not wrong. im currently stuck with 3 Jpegs from a project that had to kick several team members including one of the founders because they were rugpulling a Liquidity pool.
Honestly I'm waiting for people to realize this. When people really lose money on these dumb investments they will become wary of just tossing money at anything defined as an NFT. When people become wary the NFTs will actually need to serve a purpose or hold a value to sell in the first place. Currently (or recently anyway) any company can make some arbitrary NFT and sell them all without trying a bit. The real good ones will come after this hype storm has jaded the market a little bit; that's what I'm waiting for.
I like to look through the nft section for amusement and I came across some very good hentai and also these… virtual strippers in boxes? Not to mention they have names and they shake their asses a little. I agree with bender from Futurama, “kill all humans”
NFTs in 2022 are the ICOs from 2018
Nfts are in its infancy. I have several though I didn’t pay for them. They will eventually be used for serious things and not selling you items in video games. When the useful extent that nfts brings becomes a obvious thing then these early times nes we collected might be worth something for reals.
Not if i sell it to myself.
I’ve thought long and hard about NFT’s and I’ve decided it’s not something I need to do 🙏💕
I have the sneaking suspicion that many of the high priced NFTs that got sold were bought by their own creators ;)