Not only because of OP's information, which is very explanatory and at the same time informative, but it should be noted that the majority of the conglomerate does not have a high financial education, and they get carried away by emotions, and nothing more than knowing that they are fashionable and earning money, that for many people means everything, what they do not expect is that everything explodes like a bubble and that is when the complaints begin, due to many awareness campaigns it is impossible to reach everyone and prevent fall for scams, there are very trusting people and as I say, emotions are what do everything.
Topic: ㅤ (Read 332 times)
All this NFT is just hype, it will pass and it will only be useful for the game industry and collectables of those early projects that started everything.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
NFT had disappointed me in few many ways this past year and beginning of this new year already, some ran away with my money and now getting hacked in some kind of cheap way.. so I'm never putting any of my funds in that again.. Just like you said, it's just an hype.
NFT though a good step forward for digital ownership, how it got popular and how it was used is stupid and absurd. There's no law governing what and who could turn anything to NFT and who can't. There are a few original art from original artist that do get recognized but most of the NFT's are fake and meme collection from different projects. It was just a huge ponzi everyone jumped into. There's no value of a stupid graphics from a stupid new project.
Many newbies come to cryptocurrencies on the back of the crypto hype. In 2017 it was the ICO hype, in 2020 it was the DeFi hype, in 2021 it was the NFT hype. But in the crypto industry, as a rule, where there is hype, there is most of the scam, because scammers do not miss the opportunity to capitalize on human greed and inexperience.
I think it's obvious to most experienced crypto users that most NFTs are junk with no value, with a few exceptions (like CryptoKitties and CryptoPunks that existed before the NFT hype). But newcomers run to the market to buy various cheap NFT shit, hoping that in a month, a year or more, their token will cost 100-1000 ETH.
We observed something similar with ICO coins, when people invested in everything, thinking that these projects would bring them x100-x1000 profits, but only the creators of these tokens, and not investors, are guaranteed to earn in these HYIPs.
a
The most popular NFT exchange, OpenSea, has quickly become a major platform with billions in trading volumes in the summer of 2021:
...
And six months later, OpenSea itself admitted that 80% of the garbage was placed on their platform:
...
And 73% of the NFTs placed on their platform are illiquid and have only 1 transaction (which, with a high probability, may be part of wash trading):
...
In fact, those who create these tokens very often buy them from themselves (wash trading), thereby artificially increasing the price and, in the eyes of a beginner, this garbage token acquires value. The beginner thinks that if the token is bought so often, it means that it will continue to be in demand, and therefore, grow in price. Only one nuance is not taken into account: when the NFT hype passes completely, 99% of these tokens will die forever and remain dead weight on the wallets of these unfortunate investors (hello, ICO coins).
Therefore, you should not invest your money in this garbage, hoping for an easy and quick profit. In this scheme, most often, the one who sells earns, and not the one who buys. NFT tokens, more or less known, can be used for short-term speculation, while it is still relevant, but still, this activity is very risky and dangerous.
Therefore, avoid such investments and invest your money deliberately, and not on a wave of euphoria.
I think it's obvious to most experienced crypto users that most NFTs are junk with no value, with a few exceptions (like CryptoKitties and CryptoPunks that existed before the NFT hype). But newcomers run to the market to buy various cheap NFT shit, hoping that in a month, a year or more, their token will cost 100-1000 ETH.
We observed something similar with ICO coins, when people invested in everything, thinking that these projects would bring them x100-x1000 profits, but only the creators of these tokens, and not investors, are guaranteed to earn in these HYIPs.
a
The most popular NFT exchange, OpenSea, has quickly become a major platform with billions in trading volumes in the summer of 2021:
...
And six months later, OpenSea itself admitted that 80% of the garbage was placed on their platform:
...
And 73% of the NFTs placed on their platform are illiquid and have only 1 transaction (which, with a high probability, may be part of wash trading):
...
In fact, those who create these tokens very often buy them from themselves (wash trading), thereby artificially increasing the price and, in the eyes of a beginner, this garbage token acquires value. The beginner thinks that if the token is bought so often, it means that it will continue to be in demand, and therefore, grow in price. Only one nuance is not taken into account: when the NFT hype passes completely, 99% of these tokens will die forever and remain dead weight on the wallets of these unfortunate investors (hello, ICO coins).
Therefore, you should not invest your money in this garbage, hoping for an easy and quick profit. In this scheme, most often, the one who sells earns, and not the one who buys. NFT tokens, more or less known, can be used for short-term speculation, while it is still relevant, but still, this activity is very risky and dangerous.
Therefore, avoid such investments and invest your money deliberately, and not on a wave of euphoria.
This usually happens with every emerging trend. Just like there were garbage ICOs, the same is happening with NFTs now. Only those NFTs with intrinsic value will survive in the long run, while the rest go all the way down the drain. Picking the right NFT as a long-term investment is tricky, since you can't predict whenever an NFT will become a huge success or failure in the mainstream world. Crypto land often behaves in strange and bizarre ways, so expect the unexpected.
What I think will really take off is not digital arts/paintings, but rather in-game items as NFTs. That's where the money will be since games are a big hit these days. It's still the early days of NFTs, so I'd say we should give them more time until they're mature enough for mainstream use. Just my thoughts
I wouldn't say you should avoid investing into NFT's, however you should not really be doing something that would be as risky as investing into brand new and zero utility ones. Go ahead and invest into something that would be profitable for you but that doesn't mean invest into everything, just focus on the things that could actually make you money.
Axie for example has been the biggest example in this case. There are some people who could make some profit with it, but that doesn't mean that you should be investing into it, why? Because there were also a lot more people who lost money on it as well, even though you could earn from playing, the value of it dropped so much that even the income didn't make it back.
Axie for example has been the biggest example in this case. There are some people who could make some profit with it, but that doesn't mean that you should be investing into it, why? Because there were also a lot more people who lost money on it as well, even though you could earn from playing, the value of it dropped so much that even the income didn't make it back.
The big value of NFT in my view is the technological proof that you own the picture. Of course there will be scams like there are scams for everything else, but the underlying technology for NFTs is something that will stay. Should you spend millions on an NFT? Probably not but that can be said for any picture that is non-tech as well and yet people spend millions on a Picasso or other masters.
NFT got its popularity because of the hype they made together with these media influencers and known personalities. Because if we think about their natural value and their use-case, that seems actually missing in the market. Their existence is quite interesting at first but for now, it was messed in the market that it looks not encouraging anymore.
There are very few quality NFTs, in fact finding them is more difficult than finding potential coins. Even though Opensea is the main NFT trading platform, there is a lot of rubbish NFT there. What I emphasize is how the NFT community usually determines the quality of NFT, even NFT memes are more popular while NFT which has very little utility is not even popular.
Oversea platforms and their impressive performance couldn't save the other NFT projects that we believe are useless. So far I have never used and bought NFT, because I think NFT is just a joke, it makes no sense to me. but everything has worked and NFT users are extraordinary and will become a trend in 2021. This makes NFT even more attractive to cryptocurency users. and i'm pretty sure if nft won't last long.
Good for you, you never experience what I or we all who invest on it experienced a sad results after the hype. If you ever invest on them just because it's in the hype make sure you do your research as myself did a little yet it's just a slow pace of earnings and totally got burned in the long run.Lucky for those who invested early because they can take their profit if they want as always but for those greedy one they were left with slowly declining value of their token in the long run. They aren't profitable nowadays since I think almost everyone knew it was a trap to invest on them.
So far I have never used and bought NFT, because I think NFT is just a joke, it makes no sense to me. but everything has worked and NFT users are extraordinary and will become a trend in 2021. This makes NFT even more attractive to cryptocurency users. and i'm pretty sure if nft won't last long.
NFTs are indeed on its hype stage and sooner or later people will realize that is has no value at all, though I invest on some project that I think has the real usage in the market which I also enjoying to have especially on NFT games.
This is just like ICO or IDO that will soon be left behind so investors should be more wise on dealing with NFT. You can still invest of course but its better to take profit always than to regret it later on.
This is just like ICO or IDO that will soon be left behind so investors should be more wise on dealing with NFT. You can still invest of course but its better to take profit always than to regret it later on.
NFT have no future, the hype will die soon and no one will talk about them anymore only those games that have lots of fans/players will carry on with NFT in game assets other than this is nonsense.
Just like the initial coin offering (ico), the meme coins (shitcoins) and others that we have on the past. The general term of them have died already but there are still a few projects that are under in their category that have survive and are still living peacefully until this date.Maybe the same thing can happen in nft where the term or the trend nft will soon fade and will be replace by another but there would be a few nft's that will remain. Nft's with real use cases, they can be games and in game items. Games will be relevant because it is being used as a past time of the people but what makes it more interesting is the ability to earn. That makes it hard to forget.
There are very few quality NFTs, in fact finding them is more difficult than finding potential coins. Even though Opensea is the main NFT trading platform, there is a lot of rubbish NFT there. What I emphasize is how the NFT community usually determines the quality of NFT, even NFT memes are more popular while NFT which has very little utility is not even popular.
Truly the hype is real for the NFTs.
These tokens, arts, music and everything that has been minted had a value from the makers of it. But eventually, as they sell it, an aspiring nft investor should ask to himself if there will be another taker once he starts to sell it.
Well, we shall see the exact thing after or during the bear market which is just around the corner. Many of these millions of nfts in valuation might drop to the bottomless pit and it shall reflect on its price.
These tokens, arts, music and everything that has been minted had a value from the makers of it. But eventually, as they sell it, an aspiring nft investor should ask to himself if there will be another taker once he starts to sell it.
Well, we shall see the exact thing after or during the bear market which is just around the corner. Many of these millions of nfts in valuation might drop to the bottomless pit and it shall reflect on its price.
It is difficult to tag the entire project in the nft space scam or a waste of investment because of the hacks or scams involved, otherwise we would use the same logic to view the entire crypto space. just like the ico days, the defi's now we have nft's, we have equally heard several hacks, exit scams or rug pull during ico's, same thing happening in defi, in fact, till now we are still experiencing many defi hack, same as non defi projects, now nft is the latest trend with lots of hype and it is very natural to see scammers and hackers trying to take advantage of this new trend.
if we talk about wash trading, then we should look at where it all started even before nft came into the picture, many exchanges where accuse of wash trading and that was not because of nft, open sea is a platform like any other who has suffered in the hands of hackers whether trading on nft or not, am just trying to be objective.
if we talk about wash trading, then we should look at where it all started even before nft came into the picture, many exchanges where accuse of wash trading and that was not because of nft, open sea is a platform like any other who has suffered in the hands of hackers whether trading on nft or not, am just trying to be objective.
Honestly, even though I've managed to profit from some NFT products, I don't believe in what they bring to life. The great hype and the promise of profits make it impossible for newcomers to understand that they are just stubborn and greedy people. But it is also necessary to accept the natural laws of life, not only for this market, which, hopefully, over time, will help us grow up and have a better awareness of investing as well as look for opportunities in this market money.
IMO, all of these NFTs things especially for NFTs without any feature like Play2Earn.
More worst than ICO/IEO/Crowdfunding token, In token we can accept the loss and sell instantly because we have book order. Comparing to NFTs there is no single order book, If we have orderbook maybe only one offer and mostly just a joke offer like under 1$ or 99% from the current price.
That's the worst of this NFts things.
Those play2earn also sounds very fishy. I mean, only those who joins early are able to make everything, while others that join later can't make much and in the end they have to spend money to make money or else you will be making peanuts without spending anything. And it's the same thing over here. Buy some random stuffs and hope that you will get rich. Only the creators and those who got them early makes the profit, while others that bought them later due to the hype are stuck with those trash NFTs or items that have no use. More worst than ICO/IEO/Crowdfunding token, In token we can accept the loss and sell instantly because we have book order. Comparing to NFTs there is no single order book, If we have orderbook maybe only one offer and mostly just a joke offer like under 1$ or 99% from the current price.
That's the worst of this NFts things.
All this NFT is just hype, it will pass and it will only be useful for the game industry and collectables of those early projects that started everything.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
I disagree. I reckon give we should give this more time before declaring something as only hype. NFT might be the beginning of something new culturally and it might also become the doorway that will encourage many people to enter and learn more about the cryptospace. However, I agree that the prices are based on hype and much of them will be dumped during the bubble pop.
Im think nft now are raw, and he should evolve more. But nft in games or metaverse it's good. Coz they are backed by a physical item in the game which are unique. While a regular IMG can be easily can and copied, I think we will use more nft in web 3.
Now i think if nft doesn't have unique technic he are useless
Now i think if nft doesn't have unique technic he are useless
I like some of the NFT P2E games but I'm not a fan of NFT arts. It was pretty clear to me that many items sold there are stolen and it's nice for Opensea to acknowledge that. They are also active in cleaning up their platform. Squiggles was the latest I have seen that was delisted from Opensea since they were accused of scam and rugpull. They deny it but most likely they are following other evidences that surfaced.
The fact that centralized entities are able to delist and therefore materially affect the prices of NFTs is also absurd.
E.g. I believe some BAYC owner was able to pressure Opensea into labelling some stolen NFTs as fraudulent.
While that in itself has nothing wrong with it, it inherently challenges the principles of decentralization. You are essentially catering for the ultra-rich elite and appeasing them whenever they fail to instate the necessary security themselves.
E.g. I believe some BAYC owner was able to pressure Opensea into labelling some stolen NFTs as fraudulent.
While that in itself has nothing wrong with it, it inherently challenges the principles of decentralization. You are essentially catering for the ultra-rich elite and appeasing them whenever they fail to instate the necessary security themselves.
IMO, all of these NFTs things especially for NFTs without any feature like Play2Earn.
More worst than ICO/IEO/Crowdfunding token, In token we can accept the loss and sell instantly because we have book order. Comparing to NFTs there is no single order book, If we have orderbook maybe only one offer and mostly just a joke offer like under 1$ or 99% from the current price.
That's the worst of this NFts things.
More worst than ICO/IEO/Crowdfunding token, In token we can accept the loss and sell instantly because we have book order. Comparing to NFTs there is no single order book, If we have orderbook maybe only one offer and mostly just a joke offer like under 1$ or 99% from the current price.
That's the worst of this NFts things.
almost every day I am surprised that some person sells a picture for hundreds of thousands of dollars or millions...and I think these are the ones who are lucky, most NFTs are not liquid, and it is not clear which NFT will become popular today, so this market is very risky and I would think several times before investing.
There are just few NTFs that can have a "real" value (maybe linked to some famous artist on real life)... Others are just blockchain trash created ad-hoc to scam people without knowledge of this field.
Good topic Ratimov, this should be pinned to allow every newbie following this section to have a clear overview of the market.It's a good discussion to avoid another drama like ICO Mania of 2017.
Good topic Ratimov, this should be pinned to allow every newbie following this section to have a clear overview of the market.It's a good discussion to avoid another drama like ICO Mania of 2017.
I'm not really interested in NFT, because it's clear that making money is not as easy as trading on an exchange. The reason is simple, that NFT is good at OpenSea which is mostly the biggest platform for now. First, I'm not an influencer who easily spreads photos about NFT's work on social media, especially Twitter, which is easier to spread. If we are going to start with NFT, then preparation for promotion is the main thing. Second, they don't care about the quality of their work because if they are promoted by big influencers, the price will go up and become trending on the surface of OpenSea. That's what I know so far about NFT marketing. You can see how garbage in NFT is scattered and no one buys it, that's because they only come when the trend has emerged, while the power of Influencers is No. 1 to promote an NFT.
Merit to OP for speaking the truth! NFT is a pure hype just like we had for ICO and Defi which eventually died a painful death after siphoning out billions of dollars from investors pocket. NFT is going to do the same thing, but on a larger scale. Majority of the people will burn their hard eanred money behind some stupid images.
Honestly, If someone has millions to invest in art, they must go for real paintings of known artists. An NFT winter is absolutely coming which may never get over.
I depends why you buy NFT. Also there are different types on NFT. If you buy cause you like the art then the price is not relevant so much. Other type of NFT that I buy is the NFT that have some use, being a casino token or some other type... Honestly, If someone has millions to invest in art, they must go for real paintings of known artists. An NFT winter is absolutely coming which may never get over.
Merit to OP for speaking the truth! NFT is a pure hype just like we had for ICO and Defi which eventually died a painful death after siphoning out billions of dollars from investors pocket. NFT is going to do the same thing, but on a larger scale. Majority of the people will burn their hard eanred money behind some stupid images.
Honestly, If someone has millions to invest in art, they must go for real paintings of known artists. An NFT winter is absolutely coming which may never get over.
Honestly, If someone has millions to invest in art, they must go for real paintings of known artists. An NFT winter is absolutely coming which may never get over.
IMO, I think Nft's are not to be considered as an investment but rather than a form of collections because NFT's are just a kind of digital art that's why it has no long term demand for it that's why in reality it is very true that the NFT's are just driven by temporary hype and after the hype was fade it leaves behind a trail of losses if those people who bought it was considered it as a form of investment. I totally agreed with the author's points of view!
Wash trading is pretty common with the new NFT projects coming out these days. Opensea and other similar platforms are partly to blame for this massive scheme becoming rampant.
These platforms clearly have the means to prevent this, like how OS removed the copied (left-facing) Bored Ape Yacht Club NFTs on their platform, yet they chose to turn a blind eye to most spams on their platform since they too profit on the increase in volume. I'm afraid that once the Metaverse hype really blows up and integrates their own NFT marketplaces, things are only gonna get worse.
These platforms clearly have the means to prevent this, like how OS removed the copied (left-facing) Bored Ape Yacht Club NFTs on their platform, yet they chose to turn a blind eye to most spams on their platform since they too profit on the increase in volume. I'm afraid that once the Metaverse hype really blows up and integrates their own NFT marketplaces, things are only gonna get worse.
Just like we see with bitcoin, majority of investors are motivated by hype and would not be interested if there is no fomo or the price is not skyrocketing. When bitcoins price is within the low range and going sideways or down, many tease bitcoin investors for their poor decision, when the price starts bulling upwards, those same people would buy at the top or wish it were cheaper so they could buy more.
NFT is another of such hype trap, lots of attention and money flowing around in it and many people wishing to get a little of the billions in marketcap, exposing them to scams.
NFT is another of such hype trap, lots of attention and money flowing around in it and many people wishing to get a little of the billions in marketcap, exposing them to scams.
All this NFT is just hype, it will pass and it will only be useful for the game industry and collectables of those early projects that started everything.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
I don't see the any other future than that.
Wasting time and money for imaginary gains is 99% way to bankruptcy.
Jump to: