NFT: No Fucking Thanks

  1. They're paying thousands for celebs to push it to people. Some nfts are cool and all, but a lot of the ones the "influencers" are pushing are straight up scams. There was just recently a $70 mil scam... I swear these people are ruining something that had so much potential

  2. My friend was invited to do a live Twitter event with Ozzy and Sharon Osbourne discussing their NFT Bats. Weirdest shit ever.

  3. Snoop is in on it too. He bought out Death Row Records just to pull the Chronic and Doggystyle off of spotify and turn DR into an "NFT label".

  4. Eric Andre too. Posted about NFTs on his instagram and made an incredibly petty response to people complaining (rightfully) about how they’re bad for the environment. He’s all in on it, pretty disappointing.

  5. If celebrities have commercials telling you to buy crypto, it’s too late and they are just looking for bag holders now

  6. The funniest shit is that there are tons of people who think that if they buy an NFT with for example Batman on it, that they now own the rights to the franchise and are legally allowed to make Batman content.

  7. Also goes to show the people making these things are either completely ignorant of copyright law or intentionally misleading people. A lot of these NFTs are using copyrighted content without an assignment/publishing rights and they're like "well it's on the block now so..." So yeah get hit with a lawsuit.

  8. The Dune fiasco was so much dumber than that it baffling: 1, It's not even the Dune book, but an art book for a cancelled film. 2, They thought it was the only copy so their original plan is to burn the book and make it available in NFT only (there were several original copies still in existence, not to mention reprint iirc) 3, Also the digital copy of the book is available here:

  9. didn't one big example was the guy who bought that rare dune book and all of the sudden thinking he owns the IP? He got called out for being an idiot and not understanding the basic of how copyright works

  10. I recognize that I'm sending you the link to a feature-length YouTube video but this is the clearest explanation of the entire system I've ever seen.

  11. It's just a token that proves ownership and can't be faked/taken away on a whim. Don't think about it as shitty digital art because that's just 1 dumb use case. The metadata is the important part.

  12. It is quite simple: you take an image file, assign it a unique identifier, sell that identifier to an easy mark and encode ownership of it onto a blockchain, creating a permanent record that they own this specific id. The id itself is of course completely useless.

  13. The best way I understand it is to think of it as art. Art has no inherit value save for the fact that people believe it is worth that much. The down side to NFTs is that its all virtual and not easy to display. Additionally, it has been show that NFTs are really easy to counterfeit unlike real art.

  14. the crypto marketing and influencers were ALL pumping scams. No fucking thanks is right. Source: I work full time in NFTs and 99% of what is marketed is get-rich-quick schemes by the creators who have no interest in sticking around to build a brand.

  15. Artists selling NFTs of their art is one of the only ways I can think is a "legitimate" way to use NFTs (there are others I know, but this is one area I spend a lot of time in) - but to me they're extra dumb because of the energy usage needed to mint is helping destroy the planet so no thanks.

  16. Not all crypto is a scam. i know i sound like the scammers but really the main few are the ones that should have anything invested in. the rest are a gamble or a scam really

  17. It straight up is a pyramid scheme lol. It walks like a white soccer mom, dresses like a white soccer mom and talks like a white soccer mom? It's a MLM scheme, but this one is made for the bros

  18. It's for money laundering. Why open a cash business to clean drug/crime money, for example, when you can simply transfer and cash in crypto currencies using NFTs as the product.

  19. I thought part of the entertainment of celeb watching is watching them make poor financial decisions that you would not and cannot emulate.

  20. Know a guy who bought tons of NFTs thinking he was gonna make big time short term profit but now regrets it as no one has offered him anything for them.

  21. Unfortunately your friend is at the bottom of the pyramid, not the top. He's going to end up with worthless, intangible beanie baby tokens when the bubble pops and everyone figures out its a scam based on hype and tech drivel.

  22. My favourite of people that were interested are some of the artists I follow on twitter.. They sold some NFTs of their art for like $2000+ but are also selling $30 posters of it.

  23. Are NFT's "over"? like what is a tangible thing you can point to that says they are "over"? (I am hoping that's the case)

  24. Nothing "tangible," but anecdotally, the first time I heard about NFTs was a little over a year ago when Beeple's combo NFT sold at auction for $70mil (first NFT ever sold through a major auction house). That coincided perfectly with the gamestop/wallstreetbets/robinhood saga, and for a moment, everyone was talking about alternative investing, crypto, and NFTs.

  25. The hype is slowly dying down, there are metrics one can use to accurately confirm it like Google search data or Twitter trends but I don't have the time to dive into it right now...

  26. The average NFT sale price fell from ~$5,000 at a peak last November to $2,500 in early March. Trading volumes on OpenSea fell from about $250 million in February to $50 million in March. Definitely not going well.

  27. I cannot plug Folding Ideas / Dan Olsons NFT video enough, shit is literally movie length but by the end of it you end wanting to burn the whole bitch to the ground.

  28. Also can't recommend this video enough. Not only is it highly educational on the topic but it's really entertaining. Dan has made a craft out of what he does and he and the team deserve so much respect for the work they put into this stuff.

  29. The goal wasn't to make the whole thing viable long term, they just needed enough interest to pass the hot potato. The pyramid collapsing in some other sucker's hands is just fine.

  30. If you’ve got to spend millions trying to convince people something is a good investment because it’s not immediately apparent it’s a good investment, then a it’s probably not a very good investment

  31. I mean to be fair. I only use Reddit and the only time NFT's are mentioned is in a negative light. I felt it best to join the bandwagon and hate on NFTs without any knowledge at all. It's working great.

  32. The very first time I heard about NFTs and had to look up what they were, everyone was ripping them a new asshole. That was a fucking world record for me.

  33. If I want to gamble I'll rather visit a casino, at least there they are transparent with the fact you are being fucked over

  34. Nfts are especially stupid. They're just a regular, shitty pump & dump scheme that someone sprinkled glitter on

  35. it's definitely not over, things come in waves now. The public can't hold their attention on something for more than 45 days. But trust me, there is people workin they ass off to make your life even more miserable with technology.

  36. My brother called me up to boast about his first 60 dollar NTF purchase. I asked him to explain how they increase in value over time. His response was that he didn't know but he tried to explain NFTs as a transformative technology by comparing them to the printing press and internet. Dude got mad when i asked if there was anything else to talk about since he didn't know what he was talking about.

  37. OK cool. I was away for the weekend. Are NFTs dead dead now? That'd be some consolation, considering I'm back home now and have to go back to real life. NFT peeps losing their ass would just brighten my week considerably.

  38. Right after GameStop, it seemed like all news sites were hyping up TopShot NBA basketball card NFTs trying to ride the wave of hype, but it’s not like something ever lead to people making money off it.

  39. the promise and premise of NFT's were cool in niche uses if either the actual media was not reproducible or if the buyer could see an ROI on viewings, purchases, etc.

  40. Was telling my friend that this is the modern day equivalent of the Dutch tulip mania to me. Pure speculation with no inherent value but people definitely made $$$. Just don’t be the one left holding the bag when the song ends.

  41. Do think there's a place for crypto? Yes. Do I think that even 1% of the different cryptos and crypto related schemes out there are going to last for the next decade? No.

  42. Here I am with a full-time job in the Web3, crypto space working on a project right now involving NFTs. Guess I missed the memo 😳

  43. In what world are nfts a passing fad? I feel like I hear more about this shit every day. And crypto is definitely here to stay. Just ignore it.

  44. It was popping off right after the doge craze. They were trying to ride the confusion and hype of doge.

  45. I got a free NFT with a VIP concert ticket I purchased this week and I have no fucking idea what it is, STILL, and now I own one. And I have no idea what to do with it.

  46. The one person I know that still shills that shit recently made me aware that they're an anti-vax Trumper. Why am I not surprised.

  47. Attatching an NFT to a digital game and allowing digital games to resold on a marketplace would an excellent use of the technology.

  48. It's dumb because people use it as a get rich quick scheme instead of just being reasonable. There are so many use cases for NFT's then just JPEGS. I understand the sentiment though alot of it is just stupid jpegs.

  49. I really wish Snoop hadn’t fallen for this shit… I was stoked when I heard he took over for death row but like, he’s just selling ape NFTs? I dunno who even buys themZ

  50. That's why people stress to buy Bitcoin, not "crypto" which often only have a staying power of a few months or years.

  51. Oh the NFT thing had passed by finally? I'm old enough to be perpetually out of all loops, so I need reddit to inform me of these things.

  52. It’s the art of the biggest fool. Basically people pay a stupid amount for something hoping that people will pay an even dumber amount. It’s like the modern art game but takes up less space. It’s a place for people with money to park and hide and exchange and laundry it if money is obtained illegally. Get a divorce split everything accept that 25 million bitcoin and NFT wallet in your pocket. Or 5 million dollar watch collection.

  53. I could see this bullshit was a scam from MILES away. Even the concept just sounded stupid. "Buy this digital picture for 100k lol". Where's the tangibility???

  54. NFTs in and of themselves aren't bad. They can actually be really useful in the future if the law backs it up and it can be used in court as proof of ownership. Unfortunately, up until now it's mostly been abused by influencers and given a bad name

  55. If there are this many suckers who are investing in NFTs, could I make a profit minting NFTs and selling them to these suckers?

  56. Yeah, I'd like to say I wouldn't, but I am broke as hell. If I could doodle a 2D cartoon of my feet or something and get $50,000 you bet your ass I'd doodle that picture.

  57. Yeah the silence from them over the past month has been great, really loving how literally every corner of the internet just bashed them to death

  58. Celebrities have ruined the image of NFTs. Everyone thinks it’s just pictures of apes and weird dudes that goes for thousands of dollars. While that’s true, that’s not the only nor main function of an NFT.

  59. The really annoying thing about this NFT wave is how horrible of a representation it is of the underlying technology. NFTs are not JPEGS, they're an immutable record of ownership of the JPEG, which means jack shit because all the NFT contains (essentially) is a link to the JPEG.

  60. on god bruh. the saddest part to me was watching all the rappers try to explain what a nft is and how it works. knowing they dont know nothing lmaoo

  61. I even got a text survey. They were normal political polling questions and then suddenly 25 versions of HOW DO WE MAKE YOU LOVE CRYPTO?!?!

  62. There must be slight buyers remorse after buying NFTs. The non-fungibility of the NFT inherently renders them valueless!! It just good for bragging rights. 😬

  63. hello, for those looking for a serious project with a big team there is Neoland, a very promising Monopoly p2e the mint is coming soon. Only 200 WL left DYOR this big project 🔥🔥

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