ARS-1987 1 day ago
Some will have actual use cases and value like pictures that went viral for meme may be leased by corporations for advertising or songs could also be owned via nft and you’d collect royalties on their use. But most like these dumb 1kb Jpegs will be worth fuck all long term don’t fall for it. Most high ticket nfts got that way by being laundered amongst the same people
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fat-dog-for-midterms 1 day ago
I feel like digital art or collectible NFTs have almost no chance of success in the medium to long term. NFTs that have a legitimate use case on the other hand…I feel like those could have massive potential.
unprotextor 1 day ago
Not scams, but they’ll go to zero once people realize reproduction of digital assets across NFT platforms is… FREE.
Frank-Fingerman 1 day ago
People still buy first edition copies of CDs for huge premiums, even though improved versions (remastered, extra tracks) are available and even though the songs are available on streaming platforms or YouTube for no cost. So NFTs will still have some value, especially the ones verified as authentic. Frank Fingerman
Seeker_Of_Secrets 1 day ago
Scam might be a strong word, but I would agree that they don’t live up to their intended purpose currently. Say there is some NFT which sells for millions of dollars on the ethereum network. There is currently nothing stopping myself or anyone else from making another NFT which is exactly identical to that one. That NFT gives no ownership or IP over the image attached to it. I could make a million copies of that NFT if I so choose. Yes they wouldn’t be the “real” one, but functionally they are identical. They all point to the same shitty jpeg of a cat or a pixelated character, so why should any one be considered more real than the others? Why would I pay millions for that jpeg when I could do a Google search and get it for free? Now if NFTs actually did offer IP or ownership over their associated images that would be a different story. But they don’t currently.
intotheEnd 1 day ago
NFT is an incredible and revolutionary technology. Digital art NFTs however, is a massive bubble. Any NFT that has only pretty pictures but no real life use-cases or utility is going to be worth very little when people realize they just spend $10,000 to buy a digital version of the same art that guy at the street corner is selling for $5 and nobody looks at it twice. NFTs that are tied to real world assets or has some form of utility will be the only ones left standing on a pile of junk NFTs. For example, a firm who owns a piece of Pacaso is selling ownership of it via NFTs. $8000 each NFT, to own a piece of the $30mil Pacaso art that’s kept in a secure vault. That NFT, I think, will appreciate in value. There are special NFTs that grant the holder the legal rights to certain memberships to exclusive organizations, special services (ie. Veefriends) , etc. I think those are worth it.
el_crypto_dawg 1 day ago
They’re really great for money laundering. Nobody is dumb enough to drop money just to own one
0yata 1 day ago
Honest question. I what way would I be able to launder money through them?
el_crypto_dawg 1 day ago
Imagine you are trying to transfer your dealer a large amount of money. What better way to obfuscate the justification for this amount if not to ask your friend to create an NFT and place it on the marketplace which you can buy in order to pay for the „goods”.
natefrogg1 1 day ago
It would be easy to create an nft then buy it from yourself from different accounts/wallets a few times at higher and higher prices, then tank the price and now you have created an artificial loss for yourself.
wheredidaprilgo 1 day ago
No but I don’t think they have real value either
SpectralVoice 1 day ago
Definitely not a scam as people know what they are buying even though I would never but pixelated art for the amount they are going for right now. I think that bubble will pop. But NFT’s in general are a great and vast technology with many, many beneficial use cases for mankind.
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ARS-1987 1 day ago
Some will have actual use cases and value like pictures that went viral for meme may be leased by corporations for advertising or songs could also be owned via nft and you’d collect royalties on their use. But most like these dumb 1kb Jpegs will be worth fuck all long term don’t fall for it. Most high ticket nfts got that way by being laundered amongst the same people
fat-dog-for-midterms 1 day ago
I feel like digital art or collectible NFTs have almost no chance of success in the medium to long term. NFTs that have a legitimate use case on the other hand…I feel like those could have massive potential.
unprotextor 1 day ago
Not scams, but they’ll go to zero once people realize reproduction of digital assets across NFT platforms is… FREE.
Frank-Fingerman 1 day ago
People still buy first edition copies of CDs for huge premiums, even though improved versions (remastered, extra tracks) are available and even though the songs are available on streaming platforms or YouTube for no cost. So NFTs will still have some value, especially the ones verified as authentic. Frank Fingerman
Seeker_Of_Secrets 1 day ago
Scam might be a strong word, but I would agree that they don’t live up to their intended purpose currently. Say there is some NFT which sells for millions of dollars on the ethereum network. There is currently nothing stopping myself or anyone else from making another NFT which is exactly identical to that one. That NFT gives no ownership or IP over the image attached to it. I could make a million copies of that NFT if I so choose. Yes they wouldn’t be the “real” one, but functionally they are identical. They all point to the same shitty jpeg of a cat or a pixelated character, so why should any one be considered more real than the others? Why would I pay millions for that jpeg when I could do a Google search and get it for free? Now if NFTs actually did offer IP or ownership over their associated images that would be a different story. But they don’t currently.
intotheEnd 1 day ago
NFT is an incredible and revolutionary technology. Digital art NFTs however, is a massive bubble. Any NFT that has only pretty pictures but no real life use-cases or utility is going to be worth very little when people realize they just spend $10,000 to buy a digital version of the same art that guy at the street corner is selling for $5 and nobody looks at it twice. NFTs that are tied to real world assets or has some form of utility will be the only ones left standing on a pile of junk NFTs. For example, a firm who owns a piece of Pacaso is selling ownership of it via NFTs. $8000 each NFT, to own a piece of the $30mil Pacaso art that’s kept in a secure vault. That NFT, I think, will appreciate in value. There are special NFTs that grant the holder the legal rights to certain memberships to exclusive organizations, special services (ie. Veefriends) , etc. I think those are worth it.
el_crypto_dawg 1 day ago
They’re really great for money laundering. Nobody is dumb enough to drop money just to own one
0yata 1 day ago
Honest question. I what way would I be able to launder money through them?
el_crypto_dawg 1 day ago
Imagine you are trying to transfer your dealer a large amount of money. What better way to obfuscate the justification for this amount if not to ask your friend to create an NFT and place it on the marketplace which you can buy in order to pay for the „goods”.
natefrogg1 1 day ago
It would be easy to create an nft then buy it from yourself from different accounts/wallets a few times at higher and higher prices, then tank the price and now you have created an artificial loss for yourself.
wheredidaprilgo 1 day ago
No but I don’t think they have real value either
SpectralVoice 1 day ago
Definitely not a scam as people know what they are buying even though I would never but pixelated art for the amount they are going for right now. I think that bubble will pop. But NFT’s in general are a great and vast technology with many, many beneficial use cases for mankind.
Source: Scifi Addicts
