I believe NFTs have actual legitimate uses and possibilities within a digital ecosystem, but what happened in these lastest years had more to do with especulation and economical bubbles.
I am not sure how much money laundery has something to do with the exponential growth of the market capitalization of the NFTs.
Also, I believe it is a completely different situation to buy a NFT like asset like an Axie infinity creature that buying virtual land, which is obviously does not have any tangible value outside of the virtual world.
It would have been better if NFts were used to issue more practical things like cinema tickets or promotional tokens, instead of turning into what it was... Like it seems the term and idea of NFTs have become stigmatized.
Topic: Is NFT and virtual real state project the biggest scam in past 3 years? (Read 233 times)
November 19, 2023, 09:18:32 PM
November 19, 2023, 08:35:33 AM
-snip-
however one must know that this so called virtual real estate doesn't seem really a good idea, after all the land could just gone when the developer went out of business.
maybe if they quit that's why we are looking for something that will work. the idea is good when the economy works there but i don't think it will work, i have never seen someone here buying land there.however one must know that this so called virtual real estate doesn't seem really a good idea, after all the land could just gone when the developer went out of business.
look at the top 1 NFT's market
https://opensea.io/collection/boredapeyachtclub
The price is so random and some are very expensive and i don't know why people are buying, i still don't get it
November 17, 2023, 09:18:11 PM
maybe if real estate projects are categorized with fraudulent projects I completely agree with your statement. because several times I participated in prize programs from real estate-based projects, none of them were successful (never got to listing). But if it's an NFT project, I still doubt it even though I don't have a concrete example for you
November 17, 2023, 08:20:33 PM
honestly there are indeed many of such project that are scam, basically just trying to take advantage of the hypes, but i think the ones that are real, and what i mean by that is having real products and keep on developing, also exists.
however the trend itself about metaverse and its digital property are just a big bubble people are valuing it too high, its supposed just to become a new technology that could give real ownership towards the metaverse users and not something like pump and dump but people nature is that they like to speculate and when the bubble burst many people considering it as scam which I think is not as long as the product is still there, even there are still many metaverse games that still alive, its just a trend coming to an end I guess.
however one must know that this so called virtual real estate doesn't seem really a good idea, after all the land could just gone when the developer went out of business.
however the trend itself about metaverse and its digital property are just a big bubble people are valuing it too high, its supposed just to become a new technology that could give real ownership towards the metaverse users and not something like pump and dump but people nature is that they like to speculate and when the bubble burst many people considering it as scam which I think is not as long as the product is still there, even there are still many metaverse games that still alive, its just a trend coming to an end I guess.
however one must know that this so called virtual real estate doesn't seem really a good idea, after all the land could just gone when the developer went out of business.
November 17, 2023, 04:46:26 PM
-snip-
No, it still don't make sense to me because why would one spend hundreds and thousands and some even spend millions for a piece of digital art, I mean if you are buying a real painting or art works atleast you can exhibit it or keep it at your home or office but the same is not possible with NFT. I am not against people who invested into it for hype as it was a trend but when it comes to real life use case this is useless and those who have spent millions loos like money laundering.
But i don't know i don't spend my time checking the price right now and i think there are much lower now.
Of course they still can exhibit the NFT's in their own digital website or they call it metaverse?
emm about digital art or NFT's what ever you call it. I think it will stay just like altcoins, most of them will be gone and some will survive
November 17, 2023, 02:51:56 PM
Let us say that a few of them are real and most of them are likely scams. It's true that every bull run that we're having some this type of hype from a new version of it like in the past.
This time, we might get some ETF things and we're going to see that with other altcoins as well. First we see it with Bitcoin from actual financial institutions, I mean the giant ones.
Next, we get ETH application for another ETF. So, with all of these projects seeing the trend, we might see the next ones to build up the hype for their projects.
And it's not going to be from them but they might pay these institutions to do just the application for them.
This time, we might get some ETF things and we're going to see that with other altcoins as well. First we see it with Bitcoin from actual financial institutions, I mean the giant ones.
Next, we get ETH application for another ETF. So, with all of these projects seeing the trend, we might see the next ones to build up the hype for their projects.
And it's not going to be from them but they might pay these institutions to do just the application for them.
November 17, 2023, 02:41:50 PM
-snip-
No, it still don't make sense to me because why would one spend hundreds and thousands and some even spend millions for a piece of digital art, I mean if you are buying a real painting or art works atleast you can exhibit it or keep it at your home or office but the same is not possible with NFT. I am not against people who invested into it for hype as it was a trend but when it comes to real life use case this is useless and those who have spent millions loos like money laundering.
But i don't know i don't spend my time checking the price right now and i think there are much lower now.
Of course they still can exhibit the NFT's in their own digital website or they call it metaverse?
emm about digital art or NFT's what ever you call it. I think it will stay just like altcoins, most of them will be gone and some will survive
November 17, 2023, 02:12:47 PM
I don't think NFTs are useless or scams, they just ride the trend and eventually it will go down.
What really matters is the value. NFT's value depends on people who want to buy at a certain price and most NFTs are overvalued.
I think it depends on the thing you see something even in the real world, there are many types of collections worth millions of dollars in the auction.
Personally, I didn't get it and it's not worth it for me at least but I am open-minded and I embrace what it is even I don't understand.
Yeah, history bla bla bla and it sounds silly to me, and what if we compared in the digital world?
Right now we spend many hours per day in this Internet world, let's say the digital world.
Let's think the same thing and they think NFTs are collections, Does that make sense?
What really matters is the value. NFT's value depends on people who want to buy at a certain price and most NFTs are overvalued.
I think it depends on the thing you see something even in the real world, there are many types of collections worth millions of dollars in the auction.
Personally, I didn't get it and it's not worth it for me at least but I am open-minded and I embrace what it is even I don't understand.
Yeah, history bla bla bla and it sounds silly to me, and what if we compared in the digital world?
Right now we spend many hours per day in this Internet world, let's say the digital world.
Let's think the same thing and they think NFTs are collections, Does that make sense?
No, it still don't make sense to me because why would one spend hundreds and thousands and some even spend millions for a piece of digital art, I mean if you are buying a real painting or art works atleast you can exhibit it or keep it at your home or office but the same is not possible with NFT. I am not against people who invested into it for hype as it was a trend but when it comes to real life use case this is useless and those who have spent millions loos like money laundering.
November 17, 2023, 01:58:59 PM
I don't think NFTs are useless or scams, they just ride the trend and eventually it will go down.
What really matters is the value. NFT's value depends on people who want to buy at a certain price and most NFTs are overvalued.
I think it depends on the thing you see something even in the real world, there are many types of collections worth millions of dollars in the auction.
Personally, I didn't get it and it's not worth it for me at least but I am open-minded and I embrace what it is even I don't understand.
Yeah, history bla bla bla and it sounds silly to me, and what if we compared in the digital world?
Right now we spend many hours per day in this Internet world, let's say the digital world.
Let's think the same thing and they think NFTs are collections, Does that make sense?
What really matters is the value. NFT's value depends on people who want to buy at a certain price and most NFTs are overvalued.
I think it depends on the thing you see something even in the real world, there are many types of collections worth millions of dollars in the auction.
Personally, I didn't get it and it's not worth it for me at least but I am open-minded and I embrace what it is even I don't understand.
Yeah, history bla bla bla and it sounds silly to me, and what if we compared in the digital world?
Right now we spend many hours per day in this Internet world, let's say the digital world.
Let's think the same thing and they think NFTs are collections, Does that make sense?
November 17, 2023, 10:26:34 AM
What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.
People become innovative and even on real estate it can be used the nft but unfortunately none succeed in developing one that is actually been useful enough to make it work. Some invest on this not because of use cade but potential hype or trend it could bring and they know that its not a good utilization for nft but they are just riding it. What nft can be used heavily is on digital asset land that totally works on some of gaming ecosystem. Perhaps, we cant really put nft on everything in the real world. 
November 17, 2023, 09:50:48 AM
NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason
Absolutely yes! NFTs are the biggest scam in the cryptocurrency world. Thankfully majority of the users have now understood this fact and moved out of NFT market. Facebook also thankfully came out of their virtual world project which failed to attract users.
These digital goods do not have any utility and they do not add any value to your life. God bless those who had invested millions in buying a digital real estate or a piece of crap image thinking they will become a billionaire one day.
Not actually the biggest since there are more larger than that, but for sure one of greatest scam created by those persons involve in that scam business so maybe we should forget about investing on those things since there's no proper usage of those NFT's and they are just presenting us something that still in their control. Before where NFT is new maybe for other they can say its profitable but at current condition then maybe not since there are just small number of groups just hyping it and maybe they still want to earn from those NFT's or simply they want to recover the money they lost then they want to use the newbie so that they would buy their NFT holdings or rather believe that NFT still alive and it just experiencing a down trend just like other potential alts so they need to worry about that. But in reality nothing will happen to new investor because they are just giving their money to those people who want to scam them.
November 17, 2023, 09:39:59 AM
Dunno about the biggest scam because there are always plenty of them in crypto. We had FTX, BlockFi plus many more over the last 3 years but yes for sure, NFT’s & virtual real estate are huge scams, total waste of money with no future.
November 17, 2023, 09:38:13 AM
NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason
Absolutely yes! NFTs are the biggest scam in the cryptocurrency world. Thankfully majority of the users have now understood this fact and moved out of NFT market. Facebook also thankfully came out of their virtual world project which failed to attract users.
These digital goods do not have any utility and they do not add any value to your life. God bless those who had invested millions in buying a digital real estate or a piece of crap image thinking they will become a billionaire one day.
November 17, 2023, 08:56:26 AM
NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:
What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.
What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.
If you feel my statements are incorrect then please share your response with a justification.
I agree that it is only paintings worth hundreds of thousands to millions of dollars.What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.
What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.
If you feel my statements are incorrect then please share your response with a justification.
It's different if you own an item or asset, and it's made in digital form but has a real part in real life.
like justin bieber who bought nft for 1 million$ and now the price is less than 50k$.
So for NFT I agree with you.
real estate, I've heard of a project called Prophy, if I'm not mistaken, and until now I haven't heard anything about the project, maybe you can see it on Coingecko or CMC to make sure the project is still there or not, because I think, if I'm not mistaken, Propy was released in 2018.
November 17, 2023, 02:28:48 AM
I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.
While the rich do this with art, wine, real estate, jewelry and many other luxury goods, I really doubt his is what we are seeing with NFTs, as there is no prestige to be gained by having a bunch of pics anyone can get online.To me it is very clear that what we area seeing when it comes to the NFTs that were sold for a high price is simply investors being caught on the hype and money laundering, as someone that got their coins illegitimately could create a NFT, sell it to themselves for a huge amount of money and then claim they earned that money in a legitimate way.
If you think that’s the only case; money laundering, then tell me. What of those NFTs that were sold for a lower (yet a lot of money) amount? Starting from $1,000 to $5,000, $10,000 you also think it’s all money laundering? In as much as I do not really buy the concept of NFTs and have never and will likely never purchase an NFT, I believe that there are people who see value in it. I do not let my own thoughts overshadow the truth. Some people may be using it for money laundering but there are others who actually are invested in this; I am talking about those people who really buy and sell NFTs
November 16, 2023, 11:25:57 PM
I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.
While the rich do this with art, wine, real estate, jewelry and many other luxury goods, I really doubt his is what we are seeing with NFTs, as there is no prestige to be gained by having a bunch of pics anyone can get online.To me it is very clear that what we area seeing when it comes to the NFTs that were sold for a high price is simply investors being caught on the hype and money laundering, as someone that got their coins illegitimately could create a NFT, sell it to themselves for a huge amount of money and then claim they earned that money in a legitimate way.
November 11, 2023, 03:08:04 AM
It's not arguably and I can say for the past few years NFT's are mere of deceit because i can't see any real world usage concerning it apart from some piece of arts works that is being wrapped and presented as NFT, at this point the owner's get them listed in an Opensea or nft's collection center with an outrageous price and, I wonder after buying it how does investors benefits from it since I am not a fans of NFT's.
I could flashed back then there were some real estate projects that were doing adverts in this forum but after a while I couldn't get any tangle information about then and that was how they all folded without making progress. So anyone who is putting interest in these type of project are just wasting their resources as i believe to know that such project never became successful.
I could flashed back then there were some real estate projects that were doing adverts in this forum but after a while I couldn't get any tangle information about then and that was how they all folded without making progress. So anyone who is putting interest in these type of project are just wasting their resources as i believe to know that such project never became successful.
November 11, 2023, 02:05:49 AM
I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.
November 11, 2023, 12:19:59 AM
NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:
What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.
What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.
If you feel my statements are incorrect then please share your response with a justification.
They are definitely scams and a way to get people to part with their money, but I am not sure virtual real state is a bigger form of scam than meme coins, since meme coins are also completely useless and yet they can attract hundreds of millions of dollars in investments too.What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.
What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.
If you feel my statements are incorrect then please share your response with a justification.
But whichever takes first place among the different scams we have on this market, people need to keep their eyes open as this is just the beginning, and a new wave of scams will come soon and a great deal of money will be lost once again by newbie investors.
November 10, 2023, 11:33:40 PM
~
Scrap the real-life thing, NFTs weren't designed to affect real life in the first place for the most part imo. It was designed afaik to create a system where artists could sell their art online in a way that duplication wouldn't be possible (or even if was, legitimacy can easily be proven) and there was also a mechanic for resales iirc? The idea was nice really, execution well idrk how much better ir could've been but you can see what happened when it was executed, it went horribly bad. And well, fools are a dime a dozen when it comes to places where there's the possibility of a get-rich-quick scheme, regardless of whether it has a use case or not. Most people don't even look at that and just look at how much profit they could gain instead.
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