NFTs are a solution looking for a problem. They didn’t solve the problem they thought it would work for, that was mostly a scam, but NFTs still exist and will always exist. Much like beanie babies.
Art is often a vehicle for money laundering. That presented a lot of logistical challenges during the pandemic. Enter NFTs. Once the pandemic was over, organizes crime went back to the old ways because it attracts a lot less attention.
They are a thing for the people that spent fortunes on them, but I doubt anyone else cares. They probably have weird online cults where they reassure each other and don’t want to admit it’s over and their money is gone.
Important lesson: if a financial product is unregulated then you should expect that very intelligent and ruthless people are going to be running the same scams that lead to regulations on older financial products in the first place.
In the case of NFTs I read somewhere that investment companies were pumping millions into an astroturf campaign of hundreds of NFT startups to make it look like this was an exciting new thing that was going to be huge and got unsuspecting rubes to buy NFTs at insane valuations before disappearing with the money.
Classic pump and dump that if you did it with stocks you would get 20 years for, but not for crypto.
NFT is a technology that isn’t much used except for “art” and cryptocurrency
The art part was a very expensive fad
The crypto part was a very expensive scam, except apparently Bitcoin is actually trying to serve as a virtual money generator attached to nothing in the real world (in other words, it can turn out to be a scam at any moment, it simply isn’t showing much intention of doing so, its creators are happy farming money as it is)
The tech part was underwhelmingly not used for much else
Ill play some devils advocate that they have a hypothetical use case of government IDS and deeds / important documents – however most modern security methods kinda solve this sorta? Basically NFTs bros cite a couple of cases where banks “lost” ownership files on certaaain houses and claimed the person living in them didnt actually own the house and sold it anywaay. With NFts this becomes nearly impossible to do- however the solution to this is hold banks more accountable.
With IDs it hypothetically impossible to steal someones identity. Governments just don’t really bother due to the massive cost it would be to implement
This is all on the top of the dome so don’t quote/ cite me on this lol take it with grain of salt.
It still exist yes, but a few months ago market watchers were reporting a more than 99% dip in numbe rof trades, most of those they could find were fraudulent wash trading.
Also, almost all of the NFT games and other projects meant to give NFT a use are now dead, those who weren’t scams ran out of money long ago as they were never commercially viable thanks to the complete lack of audience for them.
I think that they have mostly died out, but that they might have been able to work, had some more time and effort had been put into making them have a purpose and use that the majority of people could practically use in their own lives…
I mean, I remember hearing that one potential use was for someone that had gone to a concert, that each ticket would have gotten an NFT which would have been either a song or clip of the show perhaps from different angles. THAT could have been cool, but the recording and all the hardware to even record quality from a hundred different locations, much less thousands, would have been so expensive that each ticket would have to tack on another several hundred dollars imo.
I actually made one of a pet that died, so he would always live on as long as the internet lives on, and I know there were some songs released just as NFTs as well as some shows…but just selling and reselling an image? that was pointless and useless.
They are still a thing among the very rich. They use this as a cover to transfer large amounts of money without having to spend any money to do it. It’s an easier form of what they’ve been doing all along with “priceless” art.
Early NFTs were a scam and new ones are still popping up from people trying to scam others. Some are successful (at scamming people) but mostly there’s just a Twitter community of people creating and trading shitty AI slop images for $2 each.
Most people buying NFTs are trying to get an in with the community so that they can eventually make their own NFT and scam other people. It’s a pyramid scheme
Comments
They still exist, like how tulips still exist.
NFTs are a solution looking for a problem. They didn’t solve the problem they thought it would work for, that was mostly a scam, but NFTs still exist and will always exist. Much like beanie babies.
I still have mine.
i never got around to googling wtf is an nft
Art is often a vehicle for money laundering. That presented a lot of logistical challenges during the pandemic. Enter NFTs. Once the pandemic was over, organizes crime went back to the old ways because it attracts a lot less attention.
Ticketmaster/NFL gave a couple when you attended a game, a couple years ago.
Lame as anything.
An old fashioned paper tick used to be cool artifact to hang on to.
I still have a Facebook connection who is trying to sell them. Is anyone buying them, I hope not.
They are a thing for the people that spent fortunes on them, but I doubt anyone else cares. They probably have weird online cults where they reassure each other and don’t want to admit it’s over and their money is gone.
Important lesson: if a financial product is unregulated then you should expect that very intelligent and ruthless people are going to be running the same scams that lead to regulations on older financial products in the first place.
In the case of NFTs I read somewhere that investment companies were pumping millions into an astroturf campaign of hundreds of NFT startups to make it look like this was an exciting new thing that was going to be huge and got unsuspecting rubes to buy NFTs at insane valuations before disappearing with the money.
Classic pump and dump that if you did it with stocks you would get 20 years for, but not for crypto.
Trump sold a bunch of them to believing supporters who now have worthless computer files.
NFT is a technology that isn’t much used except for “art” and cryptocurrency
The art part was a very expensive fad
The crypto part was a very expensive scam, except apparently Bitcoin is actually trying to serve as a virtual money generator attached to nothing in the real world (in other words, it can turn out to be a scam at any moment, it simply isn’t showing much intention of doing so, its creators are happy farming money as it is)
The tech part was underwhelmingly not used for much else
Ill play some devils advocate that they have a hypothetical use case of government IDS and deeds / important documents – however most modern security methods kinda solve this sorta? Basically NFTs bros cite a couple of cases where banks “lost” ownership files on certaaain houses and claimed the person living in them didnt actually own the house and sold it anywaay. With NFts this becomes nearly impossible to do- however the solution to this is hold banks more accountable.
With IDs it hypothetically impossible to steal someones identity. Governments just don’t really bother due to the massive cost it would be to implement
This is all on the top of the dome so don’t quote/ cite me on this lol take it with grain of salt.
I just hope that people will realize the same thing about crypto/corruptocurrency.
Still waiting for the penny to drop and that people realized crypto is a con too.
A CryptoPunk sold for $78 937 earlier today, a Bored Ape for $22 275, several Chromie Squiggles were sold between $6000 and $22 000 last week.
The hype has died down, but I don’t think NFTs are going anywhere.
It still exist yes, but a few months ago market watchers were reporting a more than 99% dip in numbe rof trades, most of those they could find were fraudulent wash trading.
Also, almost all of the NFT games and other projects meant to give NFT a use are now dead, those who weren’t scams ran out of money long ago as they were never commercially viable thanks to the complete lack of audience for them.
Trump killed that crap.
Only good thing he has done.
Not understanding it, and/or it losing value, doesn’t make it a scam.
Comic books and baseball cards have also lost value. They ebb and flow.
People are going crazy for XRP NFTS rn
They were basically beanie babies
I think that they have mostly died out, but that they might have been able to work, had some more time and effort had been put into making them have a purpose and use that the majority of people could practically use in their own lives…
I mean, I remember hearing that one potential use was for someone that had gone to a concert, that each ticket would have gotten an NFT which would have been either a song or clip of the show perhaps from different angles. THAT could have been cool, but the recording and all the hardware to even record quality from a hundred different locations, much less thousands, would have been so expensive that each ticket would have to tack on another several hundred dollars imo.
I actually made one of a pet that died, so he would always live on as long as the internet lives on, and I know there were some songs released just as NFTs as well as some shows…but just selling and reselling an image? that was pointless and useless.
I can understand it being a fad, but how is a technology a scam? Computers aren’t a scam just because some people use them to scam.
I’ve been buying some lately… web3 domain names.
Even a stinky turd has value of someone else will buy it.
Scam or not, Fake currency or not- if you cash out you still owe the IRS their share: https://www.irs.gov/filing/digital-assets
They are still a thing among the very rich. They use this as a cover to transfer large amounts of money without having to spend any money to do it. It’s an easier form of what they’ve been doing all along with “priceless” art.
Early NFTs were a scam and new ones are still popping up from people trying to scam others. Some are successful (at scamming people) but mostly there’s just a Twitter community of people creating and trading shitty AI slop images for $2 each.
Most people buying NFTs are trying to get an in with the community so that they can eventually make their own NFT and scam other people. It’s a pyramid scheme
That second bit. They were “a thing” for about six weeks back in 2022 or so.
MAGA crowd still buys whatever Trump puts out. They have no value, but a fool and their money…