It’s time people just fully accept 90% of the NFT space is a rug/slow rug - page 2.

GreatArkansas

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Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.
(....)

ICO/Altcoins mania before around 2017-2018 was almost the same as this, lost more than 90% of their value for some projects.
I believe this bear market or huge drop is just a way to clean the market, scams or not legit projects will vanish, what will remain are those legit and they will recover soon or in the next cycle. The issue here is per project, not the entire ecosystem.

ice18

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Most new NFTs today are just for profit yeah they are too many minting nonsense NFt everyday, shilling on social media targeting newbies in crypto ending in big loss, I saw some wallets buying NFTs in marketplace and selling below the buying price after 2-3 months of holding, this means they are totally in loss after speculating in this nonsense arts with no usecase.

libert19

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That's just crypto space Tongue

tbct_mt2

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Rug pulls are terrible because it can make you poor, bankrupted after one night. However, even there is no rug pull, a NFT project with its core financial model for Play to Earn, Move to Earn, Read to Earn, xyz-to-Earn, it will definitely make your poorer with time, gradually without any rug pull.

Because investors buy and wait for all time high to dump that token. Gamers or non-gamers but are called as gamers have to spend an initial capital to buy NFT cards and play to earn. Their earning from playing will be dumped on the market and price will be fallen unavoidably. You can not say they scam you, it is just their model is bad and you believed in a bad project with bad finance model.

CuriousGeorge

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KUWA.ai

More than 90% NFTs in the market are actually useless. NFT is just hype and the price was there if it got hyped and it will not have any value if it will not get hyped. What you are saying actually true. The problem is since it was very cheap to mint NFT and then it will make people try to mint it anytime but they do know that so well if their NFT might be useless NFT with no demand. NFT must have demand to get value. No demand meant no value for NFT. So many NFT like land was actually bullshit.
The price of virtual land has been going down so hard. Many late joiners were always loosing so much money due to the buying garbage scam NFT. i don't even consider NFT such an innovation. It offers nothing.

Strongkored

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Slow rug does not mean that it will never become rug pull, only that time slows down and this proves that NFT is also full of scammers.
Why should you buy art that is difficult to sell in the future or even zero in value while being able to buy a physical work of art whose value can be high in the future.
NFT will be the same fate as ICO, DeFi and other altcoin trends that will also appear full of manipulation

Silberman

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Quote from: Kelvinid on November 07, 2022, 04:43:34 PM

Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Some people had already changed their views toward the NFT project after the big shot last year. It was likely an unforgettable moment that even happen to them and I was not sure if there is like that to happen again. I say this because it was to know that NFTs are another set of worthless projects. Might some have a good market value, I won't say 90 or 95%, as it is possibly close to 100% worthless projects.
Not really a good choice when investing in crypto...

Agreed, it is impossible to know the true percentage of NFTs which are scams and the art which will never recover the value at which it was sold, but it should be incredibly close to 100%, besides while at some point I tried to see the value that something like this could have for true artists, the more I think about it the less it makes sense, since a truly talented artist could always create a valuable piece of physical art they can sell based on their digital art without the need for NFTs and still make money this way.

ryzaadit

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Now someone's brain has been used ~XD.

The only problem is NFTs is their orderbook, almost the spread is -90% and people who are new in Crypto getting a lot bomb advertiser from all paid influencer for taking opportunity into NFTs. But they don't know anything about that.

#RIP for all people who are investing in NFTs.

rhomelmabini

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Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

If we look at how many NFT projects there is right now, I think 10% that it remains not yet rugged are still a huge number, maybe it should be lowered. NFT potential hasn't been discovered yet by many but I can tell as well that there are lot of projects out there that just want to grab that pie of money to the investors.

Stalker22

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NFTs, at first were being used as collection of arts. The existence of gaming NFTs makes NFT vulnerable to many attempts that promise huge return but end up with blanks. Play2earn like sites are garbage and scammers. NFT needs to be originality, not staked in games. If no one is trying to strive for improvement, this market will only stay at its current state: scam and blind trust in ideas that has no foundation or plans at all. It is sad that in order for people to understand this, something have to go wrong first. On the one hand, I do still believe that NFTs will be used for many different applications in the future. However, I do not think that the gaming industry is a good place to start.

royalfestus

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Quote from: Victorik on November 07, 2022, 09:04:38 AM

I use to think I am the only person in the Crypto space who do not have interest in NFTs. I really do not see the need of buying a piece of online art for an outrageous amount. It doesn't make any sense to me. I guess it is beginning to become clear that sooner or later NFTs will be done away with. The hype has gone down and will continue to do so.

As well as art purchases, NFTs have uses in music, real estate, gaming, metaverse, luxury goods, and supply chain management. NFTs have attracted a lot of crowdfund this year, and their use case is still so interesting. Although the hype at the beginning was followed by so much scam, I believe it is a good foundation for making a good outing. The market for NFTs still exceeds 2 billion dollar

livingfree

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Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Only ourselves can help ourselves.

Those pieces of advises that others have, they're barely even listened by the people we are talking to. The NFT party is done and the overpriced pictures and pixel images are still there but bottomed rock with its valuation today due to the bear market.

Many have been awaken on this but I still see some that are firm and remaining strong at these times but those are like, the real NFTs that has utilities and offers some benefits as you hold them. They're only few but I better getaway from them today.

crzy

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There’s risk with NFTs since not all of them have the utility and yes there’s a lot of project already who failed and exited the market by scamming many investors. Doing research first before you invest can protect you from getting into this kind of trap, so do this always.

Many NFTs can stay in the market though because it is being backed up by many investors and they already started to create real usage, if you are lucky enough to get an opportunity to own them, grab it.

Kelvinid

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win lambo...

Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Some people had already changed their views toward the NFT project after the big shot last year. It was likely an unforgettable moment that even happen to them and I was not sure if there is like that to happen again. I say this because it was to know that NFTs are another set of worthless projects. Might some have a good market value, I won't say 90 or 95%, as it is possibly close to 100% worthless projects.
Not really a good choice when investing in crypto...

hugeblack

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Most of the people who bought or traded Khaled did so for the sake of experience, but there was no clear investment model to support their idea and because it was easy to get money in the year 2020, this industry boomed quickly.
Now a lot of things have changed, so we wouldn't be surprised if not many people returned to invest.

Beparanf

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Burpaaa

Greedy people that promising lots of utility to NFT are what makes this industry destroyed. NFT has a great introduction when it was only being use for collection of arts and music. The existence of gaming NFT gives opportunity to vulture for creating many scam attempts by rug pulling those players that promised to have huge ROI. Those play2earn or anything related to earning by holding NFT are now scam and garbage.

NFT should be use to its original purpose on preserving arts in blockchain for collection purpossand not for profit.

uneng

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You are being conservative on your assumption, I guess at least 95% of NFTs are useless, inevitably ending in losses for investors. The whole art work integrated into crypto world through NFTs is a shady practice which doesn't make sense from the artistic point of view. Why would anyone buy an 'original' virtual art piece which can be simply copied and perfectly reproduced just by clicking print screen button on any keyboard or smartphone? NFTs are great as practical and working items inside virtual gaming universes, but as flat virtual art pieces they are just a tool for wealthy individuals launder money.

asriloni

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Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

I did accept that even since the launch of NFTs in the market and some of these NFTs were scam. I would like also to call that as a place to gambling. The cycle is someone was minting NFT then sell it on opensea and finally they are betting on their luck.
NFT was actually just a worthless assets if that doesn't have utility even having utility didn't mean if it was a good NFT. There are so many scammers who were using NFT as a way to scamming people too.

Quote from: Liz Truss on November 07, 2022, 06:02:31 AM

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Hard to believe but that's the truth behind NFT. facebook has been fallen due to the NFT.

Victorik

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I use to think I am the only person in the Crypto space who do not have interest in NFTs. I really do not see the need of buying a piece of online art for an outrageous amount. It doesn't make any sense to me. I guess it is beginning to become clear that sooner or later NFTs will be done away with. The hype has gone down and will continue to do so.

Liz Truss

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If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Topic: It’s time people just fully accept 90% of the NFT space is a rug/slow rug - page 2. (Read 303 times)