Topic: Is NFT and virtual real state project the biggest scam in past 3 years? - page 2. (Read 233 times)

Ironically, the NFT sector that many people were previously hyping has now left little more than a dumping ground in the crypto space, although some things are still in place and seen as forms of work verification. In reality, I also find this redundant.
Before that, in the period when people viewed it as a trend, the exaggeration of features could be applied to life, but it never showed its true value. I remember in the last bull cycle, there was a lot of money flowing into this sector, and that's part of the reason we saw so much crap being traded. I can imagine NFTs as an inapplicable trend that will continue to fade into memory in the crypto development journey, similar to the ICO boom of 2017 and everyone not paying much attention to it after that.

It is true that NFTs do not have the same tangible utility as altcoins like XRP ETH or other Altcoins which have specific use cases in real life.
It is important to note that the value of any asset is determined by the market and the demand for it. By the way it looks illogical to invest in a digital painting or virtual real estate.
Itt is true that the anonymity and decentralized nature of cryptocurrencies can be used for money laundering but remember one thing money laundering can occur in any financial system not just in NFTs or crypto projects.
But the thing is that decision to invest in NFTs or real estate projects virtual or physical is personal. But important this that do a proper research and due before making any investment decisions.

Nfts have already been used for representing liquidity pools in uniswap. You are talking about that tech linked to some images. They can be linked to anything. Also, i am quite concerned that people are using same arguments about nfts as nocoiners are using about countless tokens and cryptos. That they are a scam and have no real value, except when people decide to give them value. Just like with most cryptos out there. Only difference being that they represent unique assets and are illiquid. But most cryptos out there are illiquid and dead.

probably, thats just the thing with these kind of random investments people throwing money at quite literally everything, even right now people are throwing money at ftt thinking if ftx gets revived successfully it will be some best coins out there again but in reality its quite the opposite the ftt, is having big chance of being liquidated to pay debts and gets abandoned altogether.
same with NFT and digital real estate, people just throwing money without understanding what it actually is, even the land owner of many metaverse game right now find their land kinda useless.
its only good when the game was still incentivizing the land ownership right now financial condition many of these games getting worse the devs definitely can't outright incentivize easily like before.
therefore the decrease in value, even justin bieber was arguably scammed by NFT.

Your opinion is totally valid and there is no right opinion because this isn't a zero-sum game. I'd admit that the major reason why you feel NFT are the way they are is because some founders and so called creatives of those NFT projects only made those NFT projects out of the sheer motivation of money and majority of them were outright garbage. What's interesting is that, the market doesn't care. As long as there's a possibility for the price to go up easily and they can rinse, repeat and move the liquidity to another shitty jpegs, everyone's good with it.

As someone who has dabbled with code and experienced (on a granular level) how NFTs work and how they can be created, I'd say it has much more better use cases than it was used for in the past which was obviously pump abd dump. Use cases like  soul-bound tokens, Gated experiences and more.

As for Real estate based project, I've seen plenty of those especially during the ICO days and I've come to the conclusion that not all real world assets can be tokenized. I know Real World assets (RWA) is a word easily thrown in crypto these days.

I agree with you. The concept behind these innovative solutions may not entirely be wrong but the players found therein are the reverse of the solution those innovations presents.

Also, the tech did not find its way into mainstream properly, thereby making it premature in nature. Not that it does not have the ability but the abuse by fraudulent players made investors pull out of the space and that has left people with the notion that it is a total failure.

It is just like other trends before that got irrelevant and seen as scam if we talk about them now. NFT and NFT real estate had became a trend before and I think it is not different from other trend before like ICO, IDO, gamefi projects before that has little to zero value today. The survival rate of projects on crypto is very low and around 90% of the projects doesn't last a cycle before they got abandoned. I guess it's normal for me that NFT became useless, it's proven that majority of NFT doesn't really have a utility and only for display or clout. Sooner or later it would be normal for you to see it that way.

These scams always come up every bull run. We used to have ICO scams and then came ITOs, STOs etc. The previous round of bull market, we had DeFi, NFTs, Metaverse shitcoins, Meme tokens etc. Surely with another bull run coming up, the scammers are thinking of new creative ways to fool newbies

I agree with you on your argument, as I have also been taught about those two trends, which are the so-called metaverse, as some also call it, or argumentative reality—things we actually can't see. In the aspect of the NFT, which took the internet by storm, and those in the crypto space were also pumping in their investments in that direction; they were all short-term projects that couldn't last more than a given period due to their lack of use case, as you have already identified. Whoever can get the most marketing also has the highest bid in the market.
 
In fact, what I noticed in the aspect of the NFT was that most of the sales from the onset were even completely scams in the first place. What they did was mint an NFT, place it in the open market, and make it open for a bid. Now, the same people in charge of the project will use another wallet to make a bid for the NFT with a higher price, which they can agree to sell and transfer to the buyer. Now, the same person will place the NFT for sale in the open market, allowing them to gather another amount of money a bit higher than what it was exchanged for before to buy it again. This is just the same circle of people trying to manipulate the price and make the transaction visible in the blockchain. Now, they will have to make headline news promoting the same NFT to attract other investors who will fall victim to their trap.
 
Most art works that were bought for millions of dollars during the time when NFT was trending can't even be priced for $10,000 again by anyone who knows what they need in crypto. Most people don't know what they want; they just follow hype and trends to make profit, which usually ends them up in a scam trap.

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.