Current Events > What the fuck is so bad about NFTs?

(+) Yeah! (+)

This was such an obvious bait topic

Come on, CE

5000 karma, 1 post

pokedude900 posted...

Okay, but what is gained from it being on the blockchain? Why not use standard internet databases to manage this stuff? Like Steam's trading cards? It's way more efficient and accomplishes the same task.

If it's more efficient, why hasn't Steam figured out how to make their trading cards relevant and successful the way NFTs are? I know what the trading cards are, but I haven't really looked into what I can do with them. Are there any Steam cards selling for six figures and above?

X-wingPilot posted...

If it's more efficient, why hasn't Steam figured out how to make their trading cards relevant and successful the way NFTs are? I know what the trading cards are, but I haven't really looked into what I can do with them. Are there any Steam cards selling for six figures and above?

That's not a sign of "relevant and successful". That's money laundering. And NFTs definitely aren't more efficient. The whole metaverse thing is a fad.

Trading cards contain desktop wallpapers. They can also be crafted together to make emotes, profile backgrounds, etc. They, along with those items, can also be bought and sold for store credit, which can be used to buy games. They serve a practical purpose within the scope of Steam without using excessive amounts of energy, so of course they don't sell for insane prices.

How many people actually own NFTs, btw? *googles* Oh. Less than half a million. And only 40k own the bulk of their combined value. Yeah. Sounds super popular and successful. Totally not a pyramid scheme to help a small number of individuals get rich.

pokedude900 posted...

What you're not taking into account is that there are only about 80 million people in the world who own any bitcoin (and probably substantially less own even $1000 worth), whereas several magnitudes more own gold. And that's only talking about in its pure state. Virtually every citizen of a first world country on the planet owns something that contains gold within it.

In the case of 100% crypto adoption, as I've said before, banks would create currencies and peg them to the BTC. The energy consumption won't scale up 1 to 1 with the userbase this way. In addition, this would replace the current banking system and reduce a considerable amount of overhead.

It's a fool's errand to look at the energy consumption and say blockchain is awful for the environment as it misses the nuances of what it aims to achieve and what grander benefits it would have should it achieve its goals. You gotta start learning about smart contracts. That tech is revolutionary, nothing short of life changing.

Rathinor posted...

That's not a sign of "relevant and successful". That's money laundering. And NFTs definitely aren't more efficient. The whole metaverse thing is a fad.

Well, have fun with your "efficient" trading cards. I'll stick with my NFT that jumped in value by $15k in just a few hours:

https://i.imgur.com/M5LlKbf.png

Also, the floor price for this NFT was about $23.5k on January 3, 2022.

X-wingPilot posted...

Well, have fun with your "efficient" trading cards. I'll stick with my NFT that jumped in value by $15k in just a few hours:

https://i.imgur.com/M5LlKbf.png

Also, the floor price for this NFT was about $23.5k on January 3, 2022.

Yeah... That's not actually money dude. What can you do with those "gems"? Buy more?

That doesn't even seem like cryptocurrency

pokedude900 posted...

Why?

I'll tell you why.

He pulled something out his ass so he could use it as a "gatcha" for why the banking system is bad.

Also if anyone wants a good video that does a good surface level summary of why NFTs are absolutely worthless, here you go:

https://www.youtube.com/watch?v=XwMjPWOailQ

pokedude900 posted...

Okay, but what is gained from it being on the blockchain? Why not use standard internet databases to manage this stuff? Like Steam's trading cards? It's way more efficient and accomplishes the same task.

VeVe total gross revenue for its first year was $100 million with about 1.3 million active users. The growth was so fast that VeVe became one of the top grossing apps in the app store:

https://www.one37pm.com/nft/art/veve-top-grossing-app

At the rate they are onboarding new users, VeVe's CEO is projecting that they will hit $1 billion total revenue by the end of 2022.

https://youtu.be/EPG_CkfII8s

NFTs might not make sense to you, but they are blowing up whether you like it or not. People said the same things about Bitcoin:

"It's a fad."
"It's a scam."
"It's money laundering."
"What's the point?"

etc.

https://youtu.be/g5xf6Ibd4Jc

https://youtu.be/a2-AelD1fms

You can look down your nose at NFTs all you want. The truth is no one gives a shit what you think about NFTs. The NFT train has left the station lol. You might as well try to stop the sun from rising each morning while you're at it.

I'm stacking VeVe NFTs and the crypto token (ECOMI) that powers the app. It's not for everyone, but the gains are stomping all over the stock market.

Notice how SMAL ignored my post pointing out that his picture is worth "gems" not actual currency. Basically like IAP

X-wingPilot posted...

...

1. Nothing you said answers my question about the benefits of being on the block chain.

2. From that article:

Its important to note that while gems are the currency used to purchase collectibles on VeVeand are purchased for $1 USD eachthere is still no way to cash these gems out.

This is one of the most blatant scams I've ever seen.

I'm not here to answer your dumb ass questions. If it's not for you, it's not for you.

https://www.trustpilot.com/review/veve.me

I cannot withdraw my money
I cannot withdraw my money. They take the money $1 = 1 gem but I think they are just making loads of money from purchases and never going to let customers simply cash out

Scam
Not able to withdraw funds
Flooded with bots and all drops are sold out in less than a second
The whole app is a scam and I don't see how it is actually legal. They take your money but get nothing in return

Be careful
These guys are serious professionals. You dont know youve been scammed for months, possibly even years.
Anyway, avoid at all cost and dont be naive.
Youll never have opportunity to cash out, stuff you buy arent actually NFTs, stuff you buy isnt transferable and its in Veve ownership, soooo many broken promises, beta version of app for more than a year, unnecessary bans and blocks if you ask burning questions on official groups TLGRM and DSCRD. Waaaay to many new digital collectibles coming out everyday, sketchy domain, GEM is the actual product that they are selling and many more red flags.
Plus, possibly the most toxic community in NFT/crypto world full of stubborn fans that dont realize theyve been scammed until the last moment.
Licenses are suspicious and for heavens sake, like other comments said, read terms and conditions before investing and dyor

https://youtu.be/yyaVZvFbxXI

https://youtu.be/Mx4Xs-AR-XM

https://help.veve.me/converting-gems-to-omi-or-fiat-currency

The ability to convert gems into fiat currency or OMI is currently unavailable.

Most of the time, when the cashier says "do you want your receipt", I say no. I have even less reason to do it online lol.

Crypto/blockchain/NFT is the worst thing to ever happen to the internet

i guess i missed the trend and i just dont care for it

anyone who's hyping it and anyone who falls for it just makes me lol lmao rofl

these things feel like such a scam...

I hoarded a bunch of nuggets currently worth 5000 pokdollars each. Once the banks collapse I'll be rich.

Big_Gold posted...

https://help.veve.me/converting-gems-to-omi-or-fiat-currency

Big_Gold posted...

https://www.trustpilot.com/review/veve.me

Lmaoooooooooo

@X-wingPilot SMAL, you got scammed and won't be able to pay your sister back

Are the people buying into Veve all under the age of 20? I feel like they must not have much life experience if they fall for a scam THIS obvious.

I absolutely guarantee one of two things is going to happen within the next year or so. Either a) the company disappears overnight or b) they severely reduce the value of gems when they add the ability to cash out. Your Spiderman gif will be worth $10. Maybe $100 if you're extremely lucky.

Many good reasons listed ITT. I'll add that some are taking advantage of the system to sell IP without the owner's knowledge, such as those Youtuber NFTs. And there's also the issue of content availability being threatened by the new ownership system if it takes off. I read a story about a popular Youtube video where someone bought an NFT of said video, then got the video copyright-striked and removed since the buyer 'owned' the video now.

pokedude900 posted...

Are the people buying into Veve all under the age of 20? I feel like they must not have much life experience if they fall for a scam THIS obvious.

I absolutely guarantee one of two things is going to happen within the next year or so. Either a) the company disappears overnight or b) they severely reduce the value of gems when they add the ability to cash out. Your Spiderman gif will be worth $10. Maybe $100 if you're extremely lucky.

SMaL got banned (again) so he can't respond, lmao

Lost_All_Senses posted...

It's less dumb once you consider abstract art has been around forever with rich people putting value on invaluable things. Me theory is once rich people can own anything they want, they start influencing the worth of stuff others can't have. Just so they can still keep chasing the high of spending money and owning things no one else can. They start to influence worth itself

Its money laundering.

Buying an NFT is like donating to charity without the deductions

Nothing. Banjo will always be Banjo

"Yes I would like to buy that picture of a monkey for $120k"

"No problem, and here are a fuckload of drugs, guns, and ammo for free as a gift for supporting me."

NFTs are not digital art

When I started using the internet, I was jaded and untrusting. In the decades since, very little has changed in that regard. NFTs are such an obvious scam. It's an unquantifiable value ballooned almost exclusively by speculation. There's no real value.

General-Secura posted...

They're fucking pointless. You're not even paying for something physical.

i'm not a fan of the nft craze, but to play the devil's advocate, most of the digital media industries (gaming, music, film/television, etc.) these days involve paying for things that aren't physical - and i'm not a fan of that either

Digital media at least exists on your hard drive. NFTs are on some remote server that could vanish at any time.

pokedude900 posted...

Digital media at least exists on your hard drive. NFTs are on some remote server that could vanish at any time.

i received a game (cd) for christmas years back which required online authentication to play. lost access to the email address a year or two later. contacted support; couldn't proceed without proof of purchase. was purchased in a brick and mortar. that game copy is effectively bricked.

i see no difference.

Alucard188 posted...

When I started using the internet, I was jaded and untrusting. In the decades since, very little has changed in that regard. NFTs are such an obvious scam. It's an unquantifiable value ballooned almost exclusively by speculation. There's no real value.

ok but how is this any different from the real art world and if you think about it literally anything on the market

SBAllen should sell individual posts as NFTs

I dont own any, but I also dont think theyre going anywhere anytime soon

TheMikh posted...

i received a game (cd) for christmas years back which required online authentication to play. lost access to the email address a year or two later. contacted support; couldn't proceed without proof of purchase. was purchased in a brick and mortar. that game copy is effectively bricked.

i see no difference.

That's because the game had shitty DRM tied to it. That's an entirely separate issue.

VigorouslySwish posted...

ok but how is this any different from the real art world and if you think about it literally anything on the market

Well if you buy a piece of artwork you actually own that physical piece of artwork.

Tmaster148 posted...

Well if you buy a piece of artwork you actually own that physical piece of artwork.

This.

NFTs are a grift. @VigorouslySwish

If you've ever copy pasted a picture off Google you should know that they're obviously not something good or trustworthy

pokedude900 posted...

That's because the game had shitty DRM tied to it. That's an entirely separate issue.

my point is that the erc-721/nft standard facilitates DRM on public compute infrastructure, though the implementations for accessing/managing out-of-network resources are usually shoddy and immature.

and that drm is an epidemic in modern online gaming/music/film/television distribution, never mind cloud services in general. even where you download to a physical device, you don't really control it in many cases.

Besides all the obvious reasons already posted, all the NFTs I've seen are really bad, really lame pieces of "art". Why you would even spend a dollar for some of these pics is beyond me.

TheMikh posted...

my point is that the erc-721/nft standard facilitates DRM on public compute infrastructure, though the implementations for accessing/managing out-of-network resources are usually shoddy and immature.

and that drm is an epidemic in modern online gaming/music/film/television distribution, never mind cloud services in general. even where you download to a physical device, you don't really control it in many cases.

So you think NFTs are the future of DRM?