Current Events > I have no idea what NFTs are

(+) Yeah! (+)

And at this point I'm too afraid to ask.

They are like in-game cosmetics that you spend money on in an online game, but theres no game and all the cosmetics look like shit, they can only be accessed online using an incredibly wasteful encryption system, and people are throwing away millions of dollars on them.

They're the newest thing rich people waste money on to feel like they own something no one else can have. Evolution of abstract art

Seems like a scam.

AmericaTheBrave posted...

Seems like a scam.

Thats exactly what they are

NFTs aren't scams

people are just using them to scam

They're scams

what are they if not scams?

If a person comes up to you and acts enthusiastic about them or tries to talk to you about blockchain technology being the future then it's the red flag. You know all you need to know about that person. Back off.

You know those old TV ads that would try to sell you a "limited edition collectible coin" and came with a "certificate of authenticity" that had a unique number that told you exactly which print it was? Imagine the same thing, only you're just paying for the certificate and not the actual item.

armandro posted...

NFTs aren't scams

They also have no inherent worth, though. They've been talked and pumped up by nu-wealth crypto bros as a way of enriching themselves further. It's gonna pop soon. One can only buy so many copy pasted monkey jpeg ownership certificates before they realize they mean nothing.

https://i.imgur.com/TnJmwr3.jpg

sounds like life

s0nicfan posted...

You know those old TV ads that would try to sell you a "limited edition collectible coin" and came with a "certificate of authenticity" that had a unique number that told you exactly which print it was? Imagine the same thing, only you're just paying for the certificate and not the actual item.

This is probably the best way of summarizing it. Now just imagine that the certificate of authenticity costs a million dollars and can only be purchased via an anonymous crypto currency transaction.

https://gamefaqs.gamespot.com/a/user_image/5/1/5/AAB1wnAAC2Ar.jpg

I think they're called non fungible tokens?

so as I understand it you're giving your credit card information to a game company in exchange for fake money that you can use to buy things to add to your game character. except such things might not ever come into existence.
which to me sounds even worse than DLC, because DLC is at least something "finished"

AmericaTheBrave posted...

I'm too afraid to ask.

first time for everything i guess

Theyre a massive grift.

CommonGrackle posted...

so as I understand it you're giving your credit card information to a game company in exchange for fake money that you can use to buy things to add to your game character. except such things might not ever come into existence.
which to me sounds even worse than DLC, because DLC is at least something "finished"

you have overestimated it. you give your credit card information to the game company in exchange for what is essentially a receipt. you are paying for a fucking receipt. and it has no value unless you can sucker someone else into buying it, which is the only reason any of these fucking things are selling right now.

vbucks

AmericaTheBrave posted...

And at this point I'm too afraid to ask.

To my understanding, it's digital things that has like an 'id/block chain code' what ever they are called, that can't be forged. So if you purchase an in-game hat, it's the 'one and only one in existence'.

So now all the scum companies are trying to sell these 'limited', 'exclusive' items for big bucks.

Then you're btfo

https://youtu.be/XwMjPWOailQ

Summary...

An nft is like buying someone's grocery receipt.

Make it even clearer: https://en.m.wikipedia.org/wiki/The_Work_of_Art_in_the_Age_of_Mechanical_Reproduction

Snakebone99 posted...

An nft is like buying someone's grocery receipt.

This also sucks

Anyone remember that time TC cried that the new Game of Thrones show is changing the race of a character to black and to prove the character was white, he posted official artwork of the character? But then it turned out the official Game of Thrones artwork was actually Dungeons and Dragons fanart from Deviantant, and TC closed the topic without commenting?

I jokingly mentioned to my little brother we should make some and my folks overheard. After explaining they embodied SMH status.

https://gamefaqs.gamespot.com/a/user_image/3/6/4/AAI-dfAAC2tM.jpg

DeadBankerDream posted...

Anyone remember that time TC cried that the new Game of Thrones show is changing the race of a character to black and to prove the character was white, he posted official artwork of the character? But then it turned out the official Game of Thrones artwork was actually Dungeons and Dragons fanart from Deviantant, and TC closed the topic without commenting?

I'm so sad I missed that

AmericaTheBrave posted...

Seems like a scam.

It is.

Snakebone99 posted...

An nft is like buying someone's grocery receipt.

This is actually the best explanation I've seen so far of NFT lol

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

this video explains the scam very well