Chat > Entertainment & Technology

NFT WTF

(1/3) > >>

neXus:
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?

Clock'd 0Ne:
Its bollocks and anyone that buys an NFT is a tool with too much money.

neXus:

--- Quote from: Clock'd 0Ne on April 12, 2021, 07:28:04 AM ---Its bollocks and anyone that buys an NFT is a tool with too much money.

--- End quote ---
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.

Clock'd 0Ne:
You're right, though I think a lot of crypto generally is used for laundering anyway.

neXus:
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.

Navigation

[0] Message Index

[#] Next page