Are NFTs overhyped? | Bitcointalksearch.org

Abiky

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Quote from: isaac_clarke22 on December 01, 2021, 10:46:07 AM

This was the thought that bothers me also. What if someone just downloaded a stock image and just plainly edited them with their own skills in photoshop and published it in the internet. Imagine if they just gave it at a high price and someone bought it.

It's insane. This is no different than making money "out of thin air". Anyone can simply download an image from the web and sell it as their own for profit. I've seen many "digital arts" being sold for millions of dollars (USD) on the Blockchain, when they really have no intrinsic value. The hype is still on-going so the situation will only get worse. At least, the idea is there. Making it a success is another story. I hope NFTs don't see their fate like ICOs where governments destroyed them with fierce regulations. As long as the industry has legitimate use cases, there should be nothing to worry about. Just my opinion

ogundowotoby01

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NFT’s are the new trend and so one they can be really good for the future but most of them are just hype and there are so many these days…. Lets just see if something new comes around maybe they would take over or do you think NFT would do better than bitcoin in the future?

matchi2011

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Quote from: hodlftw on November 29, 2021, 04:34:05 AM

In general they probably are overhyped at the moment. But that certainly doesn't mean they can't be hyped up more to the point of breaking some proverbial bubble. Or is this just the beginning? Thats what we speculate on and it truly is fun. But to be fair, 1-2 years from now, most NFTs will not be worth too much. However, I can see some products like NBAtopshot rarer cards being valuable say 10-25 years from now. There is value, but it is select for sure.

It will be like Ico hyped in 2017, what better with NFT is that there are option if we will focus on digital goods or into gaming. It's somehow can be passion or hobby in investing while at the same time gaining profit. We must know particularly what we aim for so if theres a chance already for profit better grab it and seek another venture on where to gain profit while on hype than holding them too long.

Good point, unlike with ICO hypes, NFT provides an option that you can use your passion to enjoy while waiting for the value to rise.
NFT games which provide play to earn opportunity give investors entertainment that they can use to enjoy, aside from the earnings
developers also targeting those gamers to use their project as good alternative.

isaac_clarke22

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Quote from: ?? on ??

It will be like Ico hyped in 2017, what better with NFT is that there are option if we will focus on digital goods or into gaming. It's somehow can be passion or hobby in investing while at the same time gaining profit. We must know particularly what we aim for so if theres a chance already for profit better grab it and seek another venture on where to gain profit while on hype than holding them too long.

I wonder if there would be a day that this hype will calm down. Mostly NFTs mentioned in here were all game-related and I had never stumble upon other types of NFTs just yet. Maybe a good dump of NFTs would lead to calming down of the hype.
I recall one of the popular NFT here in my country almost dumped down and lowered by x11 starting back in June-July. People were making living with it, but right now, many are grinding really hard with the game.

ICO hype just died due to a lot of scams. I have not heard any NFT scams yet, but I know that part of crypto space aren't scam-proof.

Rehan Zakir

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Nft tokens are very popular now a days. And some nfts are getting very popular such as sports nfts, gaming nfts and influencers nfts.

isaac_clarke22

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Quote from: notsanta on November 27, 2021, 10:00:56 AM

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Not aware of that NFT, but just by reading that Zynga, which the one that made my childhood and teenager days due to those games you mentioned, made me remember a lot of nostalgic moment when I was playing FarmVille.
Kind of sad that they replaced the first FarmVille twice with their sequel. I never bothered playing anymore of their games. I was kind of expecting that they're going to make like card NFT games though.

Quote from: Abiky on December 01, 2021, 08:51:48 AM

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Seemingly most of the people I know that bought NFTs see that as just another in-game item that you could sell at a value depending on the market condition. I never even heard someone to say that it is sort of a "token".

Quote from: Abiky on December 01, 2021, 08:51:48 AM

What sense does it make to pay millions of dollars for an image you can find on the web for free?

This was the thought that bothers me also. What if someone just downloaded a stock image and just plainly edited them with their own skills in photoshop and published it in the internet. Imagine if they just gave it at a high price and someone bought it.

Abiky

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Quote from: harizen on November 24, 2021, 07:48:18 PM

Yes, it's overhyped. But unlike other trends before, there's something special with NFT that's why the hyped of it last long.

Although, as some others noticed, I also don't see any fundamentals or advantages of buying digital stuff and collectibles. Still, it's better to have those physically as it's worth more.

The NFT hyped is more valuable and makes sense to buy if it's about related to NFT games. They are the ones keeping the NFT hype and trend alive.

Most NFTs are full of hype, while some of them are not. It depends on what real use cases an NFT is able to provide to people in the mainstream world. NFTs which serve as in-game items are the only ones with intrinsic value. The rest are simply pure speculation. What sense does it make to pay millions of dollars for an image you can find on the web for free? This shows us the level of immaturity in the crypto/Blockchain space. Knowing that most people are making big bucks with NFTs, it shouldn't be long enough before governments begin cracking down the industry. Regulations will probably "kick in", effectively putting an end to the hype. Everything will be similar to the ICO hype of 2017.

I'd focus more on decentralized cryptocurrencies like Bitcoin and Ethereum than NFTs, since they're bound to last a lifetime. As long as you play your cards right, you'll have nothing to worry about. Just my thoughts Grin

justdimin

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Quote from: hodlftw on November 29, 2021, 04:34:05 AM

In general they probably are overhyped at the moment. But that certainly doesn't mean they can't be hyped up more to the point of breaking some proverbial bubble. Or is this just the beginning? Thats what we speculate on and it truly is fun. But to be fair, 1-2 years from now, most NFTs will not be worth too much. However, I can see some products like NBAtopshot rarer cards being valuable say 10-25 years from now. There is value, but it is select for sure.

Yes, majority of them are seriously overhyped. But even at that we do know that there are genuine ones that are really good, and among the good ones there are still going to be the bad ones in the market as well.Making the right choice when it comes to NFTs requires you to be very selective, you shouldn’t just buy any NFT you see , some of them might not be worth anything good in future.So, anyone that is buying NFT now really have to be selective of the choice they make, or they would definitely end up being sorry for themselves.

Although at this point I still think that the market is going to be mostly profitable due to the hype, so most of the tokens you are going to be getting now are more likely to yield profit, and the profit is coming from the hype in the market. So the question is which of them is really going to stay when this hype is over?

hodlftw

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In general they probably are overhyped at the moment. But that certainly doesn't mean they can't be hyped up more to the point of breaking some proverbial bubble. Or is this just the beginning? Thats what we speculate on and it truly is fun. But to be fair, 1-2 years from now, most NFTs will not be worth too much. However, I can see some products like NBAtopshot rarer cards being valuable say 10-25 years from now. There is value, but it is select for sure.

jeungo

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Given the uniqueness, and the presence of interesting personalities behind these electronic works of art, their cost can be justified. But often we see a series of primitive works, the cost of which is overestimated due to the high hype, and the insane injection of money. Plus, many such works are on the Ether network, where the gas price is high, and the price starts from the gas cost + the seller's interest.

Alice Bloom

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Quote from: Jason Rubar on November 28, 2021, 11:27:30 AM

Quote from: Alice Bloom on November 28, 2021, 02:07:32 AM

It seems that now the world is divided into three camps: those who like NFT; those who think this is a stupid waste of money; and those who do not even know about them or do not care. Personally, I like some works of digital art, and the rest I consider to be indispensable.

And which NFTs do you like? I haven’t found anything exciting or original, which I haven’t seen before.

I like FAPP, and I have not seen anything more exciting and original. For me, many NFTs lack imagination. By the way, here is the link https://bitcointalksearch.org/topic/ann-fapp-minting-starts-on-november-23-nft-nsfw-links-inside-warning-5370296

South Park

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Quote from: SquirrelJulietGarden on November 20, 2021, 10:05:19 AM

Quote from: Russlenat on November 19, 2021, 04:14:44 PM

NFT are very popular now so probably it's overhyped. Also, we are in a bull market so anything new will easily sell, and though there are NFT's that are really good for the long term I believe just like other projects, ICO, IEO and etc, only few will survive as the rest are just joining the hype hoping they could sell and scam investors.

People mostly think of NFTs are something bind with games that is untrue. With NFT, you can mark the ownership of anything from game items to financial reports, medical records or arts.

Therefore, I meant NFTs have very wide area of use cases and this will help this trend last even after the bull market. I don't think NFT will die or disappear like PoS and Masternode or ICO. There will be more successful NFT projects than any trend in the past.

Don't forget the Metaverse trend is coming with ETH, Facebook and perhaps more Big techs will join.

The concept of NFTs is interesting and that is not up for debate, the issue with NFTs right now is that they are being used to scam unsuspecting people by selling them something that will never have value, while some others are using those tokens to launder money in an easy way, so while I think digital assets that you know only belong to you have a future, the current market full of speculation that we are seeing right now is what I do not think is going to survive for long.

Jason Rubar

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Quote from: Alice Bloom on November 28, 2021, 02:07:32 AM

It seems that now the world is divided into three camps: those who like NFT; those who think this is a stupid waste of money; and those who do not even know about them or do not care. Personally, I like some works of digital art, and the rest I consider to be indispensable.

And which NFTs do you like? I haven’t found anything exciting or original, which I haven’t seen before.

xSkylarx

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Quote from: GrigoryGaga on November 27, 2021, 11:22:03 AM

I am a person who is very far from collecting, and I wouldn't say I like the hype around NFT. It seems that they do not have any unique value; the price does not correspond to the quality.

Yes, I agree, but in terms of NFT games, I believe I am hooked on it and ready to invest in it because we have seen that there are a large number of people playing play to earn games and earning money, on which people who do have money choose to invest their resources. While there are still people who buy paintings or artworks or other items because they want it, we don't always know why they are doing so. However, we should respect them because they are investing their money in it.

Alice Bloom

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It seems that now the world is divided into three camps: those who like NFT; those who think this is a stupid waste of money; and those who do not even know about them or do not care. Personally, I like some works of digital art, and the rest I consider to be indispensable.

GrigoryGaga

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I am a person who is very far from collecting, and I wouldn't say I like the hype around NFT. It seems that they do not have any unique value; the price does not correspond to the quality.

Galley

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With the hype surrounding the NFT, they have become, as expected, overpriced. In fact, they have no real value. Of course, this does not apply to works of art or copyright photographs of famous people. There are possible options for using such NFTs, and that is desirable in a single copy.

Porfirii

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Quote from: notsanta on November 27, 2021, 10:00:56 AM

i think play to earn games (nfts)will have some of the most utility, see $GALA games for example. the CEO of zynga the company who made farmville and mafia wars some of the most viral games in early facebook days, now leads gala. their games are actually fun. I'm bullish on $axie infinity as well.

but other nft's no. unless you are in a massive community like bayc or cp most will be flops

I agree. NFTs are not just overhyped, but overhyped in the wrong way.

Briefly, I think that they are undervalued in some way, while overhyped. How is this contradiction possible?

Because a huge percentage of Non Fungible Tokens are simply trash (same story that ICOs back in 2017/18), but I believe that we are still far from seeing the true potential of the concept itself. Correctly applied, NFT technology can be huge. I don't know if it will be for in-game items, artistic products or whatever. It may even explode with something that hasn't been invented yet (some kind of wearable that will be mainstream in the future, a little brainstorming here). But, in the meantime, we are focusing on the fireworks.

notsanta

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Quote from: Abiky on November 19, 2021, 10:47:13 AM

NFTs are everywhere these days. From digital arts and paintings to in-game items, there's an NFT for everyone. Some NFTs are selling for big bucks, even when they don't have any intrinsic value. There's a lot of hype surrounding NFTs lately, where companies are joining the Blockchain bandwagon in order to obtain a piece of the pie. At the end of the day, real use cases for the mainstream world matters. It's not about hype, but rather about usability. I just don't see any real value to NFTs other than serving as purely speculative instruments (like "meme" coins).

Do you think NFTs are overhyped? If not, why? Your input will be greatly appreciated. Thank you.

i think play to earn games (nfts)will have some of the most utility, see $GALA games for example. the CEO of zynga the company who made farmville and mafia wars some of the most viral games in early facebook days, now leads gala. their games are actually fun. I'm bullish on $axie infinity as well.

but other nft's no. unless you are in a massive community like bayc or cp most will be flops

dbc23

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At some point the hyping is needed but its wise to trade with caution. NFTs are virtually everywhere and one just need to take caution because scammers would soon invade the projects if they haven't already. We have so many varieties of NFTs currently and definitely not all will do well

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