Current Events > Study shows that 95% of NFTs are worthless now.

(+) Yeah! (+)

https://markets.businessinsider.com/news/currencies/nft-market-crypto-digital-assets-investors-messari-mainnet-currency-tokens-2023-9

Gee, I'm so surprised.

They were always worthless

Now?

Needs to be 100%.

They were worthless from the beginning, it was the biggest scam idiots fell for in recent memory.

95%?

https://gamefaqs.gamespot.com/a/user_image/1/5/6/AAMrj2AAE3Es.jpg

Did CE have any big shills for them?

:O

Yep. It was a scam from the beginning.

who would have thunk it...

Please tell me that the remaining 5% have at least some NFT function behind, and isn't just "This is prove that I payed money for this image behind that link".

spikethedevil posted...

Did CE have any big shills for them?

SMAL and I believe STEROLIZER.

Should be a "500 lol at NFT" topic

spikethedevil posted...

Did CE have any big shills for them?

Smal, and one of the other usual suspects made a crypto and nft focused social board to predictable results.

I remember one guy who bought an NFT of the then CEO of Twitter's first tweet for millions.

NFTs along with crypto both just seemed pointless to me from the get-go. You own a digital piece of nothing? Or a "currency" that has an arbitrarily set value & price that constantly fluctuates and can't actually be used to buy shit, except wait only certain ones can be used but only on shady parts of the internet to buy weird shit? How either ever became mainstream is crazy to me. They're like pokemon cards for redpilled fellas

https://gamefaqs.gamespot.com/a/user_image/1/5/7/AAOy1LAAE3Et.jpg

Cephalopods posted...

NFTs along with crypto both just seemed pointless to me from the get-go. You own a digital piece of nothing? Or a "currency" that has an arbitrarily set value & price that constantly fluctuates and can't actually be used to buy shit, except wait only certain ones can be used but only on shady parts of the internet to buy weird shit? How either ever became mainstream is crazy to me. They're like pokemon cards for redpilled fellas

Can't remember where I read it, someone beautifully described owning an NFT as anyone can fuck your wife, but only you have the marriage certificate.

St0rmFury posted...

Can't remember where I read it, someone beautifully described owning an NFT as anyone can fuck your wife, but only you have the marriage certificate.

That is a very odd way of putting it, sounds personal though.

St0rmFury posted...

Can't remember where I read it, someone beautifully described owning an NFT as anyone can fuck your wife, but only you have the marriage certificate.

The better comparision in my eyes were these "Name / buy your own star" things.

You just get a piece of paper saying that some star is yours, but you can't do anything with it, you can't even proof which one is actually yours, and no one cares about it either.

Only 95%?

Does the 95 round off to 100 lol.

All my apes gone.

Cephalopods posted...

NFTs along with crypto both just seemed pointless to me from the get-go. You own a digital piece of nothing? Or a "currency" that has an arbitrarily set value & price that constantly fluctuates and can't actually be used to buy shit, except wait only certain ones can be used but only on shady parts of the internet to buy weird shit? How either ever became mainstream is crazy to me. They're like pokemon cards for redpilled fellas

Crypto had legit uses in some countries where the local currency is beyond fucked.

NFTs would be useful for like a digital trading card game, but definitely not the link to some jpg thing that like 99% of them were.

https://gamefaqs.gamespot.com/a/user_image/1/7/1/AABM4yAAE3E7.jpg

I think NFTs had potential but like most things in media, people turned it stupid.

As the above poster said, if it was like a digital trading card game to certify you had 1st edition prints, or if it was like a way to catalog interesting things like event tickets (concerts, sport games, etc) or pieces of history, it could have been cool.

Instead, you had people paying millions for poorly drawn monkeys and lions and acting pretentious.

SuperSaiyanTien posted...

I think NFTs had potential but like most things in media, people turned it stupid.

As the above poster said, if it was like a digital trading card game to certify you had 1st edition prints, or if it was like a way to catalog interesting things like event tickets (concerts, sport games, etc) or pieces of history, it could have been cool.

Instead, you had people paying millions for poorly drawn monkeys and lions and acting pretentious.

But but but THE BLOCKCHAIN!!!

spikethedevil posted...

Did CE have any big shills for them?

Just SMaL

GranolaPanic posted...

Did Sad Face hype NFTs or was that only crypto?

Anyone who previously hyped NFTs eventually tucked in their tail and hid in the closet until people stopped talking about nfts in general. SMaL was the only one really persistent about it.

I was wondering why I havent heard about them in a while.

Evol posted...

I was wondering why I havent heard about them in a while.

I mean the karma requirement means we don't have to deal with SMAL every 3 days. Or ever actually.

Only 95%?

I still laugh when thinking about that stupid ad shown in theaters with Matt Damon advertising crypto currency. It was the funniest thing the first time I saw it due to how dumb it was and how it did not even explain what crypto was.

RiKuToTheMiGhtY posted...

I still laugh when thinking about that stupid ad shown in theaters with Matt Damon advertising crypto currency. It was the funniest thing the first time I saw it due to how dumb it was and how it did not even explain what crypto was.

I think I remember it -- he was comparing crypto investments to explorers' great achievements or something. NFTs are more like the Franklin Expedition, I guess.

good thing all my apes are in the 5%, right?

while the underlying technologies -are- useful for some things (the list of things has zero overlap with what techbros keep trying to use them for), it really never should have been used as a currency or investment medium of any sort because that's dumb as hell.

pyramid scheme gonna pyramid though

The whole thing was likely just rich people trying to normalize a money laundering tax evasion scheme

Raikuro posted...

The whole thing was likely just rich people trying to normalize a money laundering tax evasion scheme

Lol I read that as a monkey laundering scheme lol

SMAL would be in shambles if he had access to CE right now

GranolaPanic posted...

Did Sad Face hype NFTs or was that only crypto?

NFTs have strong use cases, however, its value is tied to what it represents. It representing JPGs obviously isn't going to have any value. But people have used NFTs for authentication and gatekeeping. There's this one heavy metal band, Avenged Sevenfold that gave out NFTs to their fans so they can receive discounted ticket prices and the more shows they attend, the more perks they receive.

But what banks are doing right now is that they've been doing pilot runs of tokenizing their assets and have them represented on the blockchain. The reason why they want to do this is because it distributed ledger tech runs 24/7 as opposed to the market closing after 5PM and it allows them to introduce new types of assets to include in a portfolio like even 0.1% of the royalty rights to some celebrity's song.

https://www.youtube.com/watch?v=C-hxya9rZ4U

The above had taken place at SWIFT's Sibos conference just a couple days ago. I recommend hearing it from themselves.

RiKuToTheMiGhtY posted...

They were worthless from the beginning, it was the biggest scam idiots fell for in recent memory.

I'm in two minds about this. The crypto space is extremely toxic and stupid and people who bought into all that shit and perpetuated it are stupid at best and evil at worst, but the thing about crypto and NFTs and all that being predatory is that it aggressively advertised itself in the hopes of reeling in marks, which it did.

I feel like it's less that idiots fell for NFTs and crypto, and more that an aggressive strain of grifters latched onto it, tied a bunch of pseudo-intellectual jargon and culture war bullshit into it to appeal to the most impotent crowd of people they could find suffering from the Dunning-Kreuger effect, and kept people in those spaces through the use of negative feedback loops and lies.

Like the concept of an "NFT" was popularized through a rash of overinflated tech articles that began blowing up out of nowhere, then the first high-profile NFT was the one they gave out at the Oscars a couple months later with Chadwick Boseman's face on it. Then the space became overinflated with your Bored Apes and pixel things, companies like DC pandered to it by offering Batman cowl NFTs etc. etc.

Elon Musk is a far-right grifter, but he's somebody who exists in the mainstream who actual real-world people have looked up to, for better or for worse - I used to be best friends with a guy who put the guy on a pedestal for being "cool" enough to get a role in Iron Man 2. He was using his massive platform to push crypto jargon like "FUD" and "to the moon" and ultimately validate this horseshit for years. People who take Musk seriously tend to be really callous, fringe and annoying, but until he was exposed as a fraud to anyone who cares and his base of dick-riders dwindled down to the true believers, he had a lot of mainstream support and he used that to lure more people into this shit with dogecoin and his continued coverage of crypto and NFTs. There was a pipeline.

A lot of people poured a lot of money into NFTs and lost it all. I don't feel so bad about that because if you willingly stuck with the crypto community to get rug-pulled multiple times, I feel like you would have to buy into the self-aggrandizement and active malice that comes with the crypto community. If you lasted past the environmental concerns, the fraud and the rampant othering of critics as "FUDders" while you gambled for thousands of dollars, then at best you were still being a shithead. Entertaining the thought that you were gonna be wealthier than you'd even know what to do with it, and that other people were brainless sheep who deserved to miss out on the train and go broke, is really shitty and unsympathetic, and I'm glad you lost your money.

I still feel like there was a concerted effort to blow this up into the movement it became, and I think influencers like Elon Musk and Logan Paul used their brand to lure a lot of people into falling for this entire load of horseshit. I think they encouraged the sort of behaviour that led to people becoming toxic and insular the way that cryptobros did - they actively directed people to that culture and fed into it.

NFTs were popularised by a bunch of artificially inflated bombshell articles about The Next Big Thing, after the media missed out on Bitcoin and the entire cryptocurrency landscape exploded the way it did. They were easily manipulated by a bunch of bad actors, and the fervor was so hot that months after this forced trend was announced, the Oscars publicised their use of NFT gifts and helped legitimise the space into what it became with the help of charlatans like Elon Musk. This was a push by a bunch of bad actors who rode a wave of mixed publicity to the top, and a bunch of people who wanted to be smarter and richer than they were capable of being falling into toxic spaces that fed their negative traits.

It's still on those people for being edgy, contrarian dickheads in the name of owning the libs or getting rich quick or whatever, but I have a lot of misgivings towards the broader cultural push that led to NFT mania. The fanbase were idiots, sure, but they were actively manipulated by bad faith actors. It's a cycle of shit all the way down.

No way?! No one could have ever foreseen this.

God, was that such a weird time.

Plot Twist: the remaining 5% are all owned by SMaL.

TC you don't understand, the monkey actually belongs to me

I'm a little surprised it isn't closer to 100%, their value rides solely on hype and I haven't heard anyone really talking about them in months

No way