Author Topic: NFT WTF  (Read 622 times)

  • Offline neXus

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NFT WTF
on: April 12, 2021, 04:38:19 AM
Pretty much as the title.


NFT was originally conceived as a means to use blockchain to digital mark a digital artists work so you knew who made it and the ability to add worth and authenticity to their artwork just a physical version would. As things go though it has gone into a crazy town make something valuable / use it to launder money and just down right scammy/sleazy affair.


First up is the NBA selling clips / digital cards and other companies... OK, card collecting is a thing and I guess in principle it is OK but the pricing stuff has gone nuts. The 1 pixel colour block selling for a crazy amount was just nuts and all the other stuff in between. This just needs to die and go away as it is all just bad and dodgy!


Thoughts?

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #1 on: April 12, 2021, 07:28:04 AM
Its bollocks and anyone that buys an NFT is a tool with too much money.

  • Offline neXus

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Re: NFT WTF
Reply #2 on: April 12, 2021, 08:14:37 AM
Its bollocks and anyone that buys an NFT is a tool with too much money.
Or doing it for dodgy reasons like laundering money. One guy has spent over 40 million on the NBA stuff for example. Can not think that down the line it will be worth even more considering thousands of people have the same things and any of us can get the EXACT SAME clips for free if we wanted too.

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #3 on: April 12, 2021, 08:50:05 AM
You're right, though I think a lot of crypto generally is used for laundering anyway.

  • Offline neXus

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Re: NFT WTF
Reply #4 on: May 31, 2021, 03:47:56 AM
BBC has a great article:
https://www.bbc.com/news/technology-57273904


And I think we are also hitting this peak stupid already.
Someone bought a virtual NFT handbag that they can do nothing with and it was more than the actual 2k bag in real life! I think like 4k something!


If you have the money to spend on these things - All for you, but I can not believe that they will hold value in 10 years or a 100. I may be wrong there but with evolving software and tech these will be out dated and may not even be comptabile and viewable in 20 years.


If you buying more than the physical object you have to be avoiding taxes or laundering money or some form of investment scam.


Cryptocurrency has hit rock bottom in terms of credibility in my eyes as well recently.
You can have one person tweet they support it one minute to buy cars, accept payments and then a few weeks later pull it. The same person or other people tweeting to inflate one crypto over another and so on.


Now the new thing is "Oh yeah, it is killing power" and a few countries are taking measures in that regard and new ones popping up that are "Echo friendly" to try to be the next big one.
SSD's are already going up in price because of the China one that uses SSD and hard drive space and not churning numbers.

  • Offline neXus

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Re: NFT WTF
Reply #5 on: May 31, 2021, 05:08:14 AM
I forgot to hit post from the above post the other day.
And today articles from music artists who are livid who, outside the big names are struggling to take off under Spotify, Apple and digital music sales to see videos of pink cats making millions!

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  • Offline Clock'd 0Ne

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Re: NFT WTF
Reply #6 on: November 19, 2021, 17:22:14 PM
https://kotaku.com/someone-right-clicked-every-nft-in-the-heist-of-the-cen-1848084379

About time something like this happened and NFTs were shown up for the utter exploitative bollocks they are.

  • Offline neXus

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Re: NFT WTF
Reply #7 on: November 22, 2021, 23:43:22 PM
https://kotaku.com/someone-right-clicked-every-nft-in-the-heist-of-the-cen-1848084379

About time something like this happened and NFTs were shown up for the utter exploitative bollocks they are.


There are a lot of people paying crazy money and buying and selling them right now that you could get into and making money off for sure but this is all a scam.
While they are the images only and no digital signature I do not think it will be long before someone works out how to replicate that from the blockchain and attach it so it is meaningless.


All the reasons why that exists and what it could mean have hardly even been applied yet.


The idea that not only do you own the original but it allows you access to certain things or do other stuff I get but you do not have any means to use most of them yet and people just literally not even saving it locally and just seeing they own it on websites that could be gone in a year.
Also with some stuff on the news just seems another means as a tax write off for many and money laundering as well.

  • Offline Serious

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Re: NFT WTF
Reply #8 on: November 25, 2021, 11:01:10 AM
A huge amount of crypto is being used to defraud people who have no idea what it is. Even more is being used to cover crime, such as drug trafficking and illegal porn up.

Really there is very little reason for it in normal life and trade where you cannot use something else.

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