NFT's are a bigger scam than LUNA/UST - page 2.

tbct_mt2

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Quote from: Abiky on June 16, 2022, 08:04:37 PM

Exactly. We can't say all NFTs are bad, simply because scammers are rampant across the crypto space. There are a few good projects that actually deliver as promised. With renowned companies like Nike, Pringles, and even NBA in the game, I doubt NFTs will disappear anytime soon. The industry is just starting to blossom as venture capitalists pour money into smart contract platforms like Ethereum, BNB, and Cardano like crazy. We should give NFTs some time before they become a force to reckon with. Who knows if in the future the NFT space becomes fully legitimized due to ever-increasing regulatory efforts from mainstream governments? Just my thoughts Grin

Not all cryptocurrencies are bad. Not all stable coins are bad. Not all NFTs are bad.

Scammers will use blockchain, cryptocurrency, stable coin, NFT as their tool to scam investors. Technology, NFT in particular is not responsible for scam activities. It is naive people falls to scam projects and get scammed. They must learn more, control their greed better and they will be fine in the market.

NFT technology is a good thing and can be applied in many area. We will see its growth in future.

larry_vw_1955

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Quote from: Abiky on June 14, 2022, 08:28:28 PM

The content was never meant to be stored on the Blockchain.

According to you or according to who?

Quote

If it did, most blockchain networks would be so bloated, the average person won't be able to use them for day-to-day payments.

Which is why to do it right there need to be a blockchain specifically for nft use case and nothing else. Not for day to day payments but just to store the nfts, including their image. That's the only way it can have a real value.

Abiky

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Quote from: Anonylz on June 15, 2022, 12:01:34 PM

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Exactly. We can't say all NFTs are bad, simply because scammers are rampant across the crypto space. There are a few good projects that actually deliver as promised. With renowned companies like Nike, Pringles, and even NBA in the game, I doubt NFTs will disappear anytime soon. The industry is just starting to blossom as venture capitalists pour money into smart contract platforms like Ethereum, BNB, and Cardano like crazy. We should give NFTs some time before they become a force to reckon with. Who knows if in the future the NFT space becomes fully legitimized due to ever-increasing regulatory efforts from mainstream governments? Just my thoughts Grin

mdgabrielzim

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I partially agree with the title. The market is still developing and probably in the near future we will have many serious proposals, for now what we have are doodles of dogs and cats being sold at exorbitant prices.

eaLiTy

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Quote from: fenican on June 11, 2022, 11:41:38 PM

The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't really own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked or bought out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

If the project that launched the NFT is closing down then it is possible that the servers will eventually go down or some other people will take over those servers. Since it is a new space there are more methods of storage coming up. If the artwork and the NFT are stored in the same blockchain then there is nothing to worry even if the project disappears. The rest of the storing methods have their downfalls, so check carefully before investing.

Outhue

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NFTs will feel the hit the most in this bear market but at the same time it might open door to greater opportunities, imagine buying bored ape yacht as a affordable price after few months of bear market? This used to belong to the biggest boys in the world ( richy rich ) lol.

Morningstarr

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Quote from: fenican on June 11, 2022, 11:41:38 PM

The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked, or bought-out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

Many theories in the circle related to NFT like Nft money are used for money laundering, Weapons or drugs trading, and all other kinds of Black market businesses it's not 100% true but some activities like pic of the rock sold in millions of dollars so that's type of activities shocking everyone.

zasad@

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The NFT art market is just starting to develop and therefore there are a lot of scammers in this market. NFT tokens are already quite well used in games, and this allows you to sell and buy various game things. Another direction is the metaverses. Although this is the same, only a larger ecosystem with more opportunities.

fenican

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Quote from: mindrust on June 13, 2022, 11:50:08 PM

People buy NFT’s because they think they can sell it to somebody else from a higher price. That’s the only reason for their existence. In other words, NFT’s are nothing but ponzi schemes. Eventually people will run out of fools and NFT’s will go away but bitcoin will survive just like how it survived the previous bear markets.

I don't have an issue with that. The "Greater Fool" concept has driven the rare coin and art markets for centuries. My big problem is that you aren't actually buying the art when you buy an NFT but, rather, in most cases all you are getting is some metadata that describes a piece of art that is stored somewhere else. It is like buying the Mona Lisa but, instead of the painting, you get a piece of paper saying you have the rights to a bit of wall space at the Louvre. That's great until they move the painting. Then you own some drywall.

Jody.Drummer

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Quote from: Juwel580 on June 15, 2022, 10:49:58 AM

The market for BTC has collapsed for this lunar. This is because the stock market and the crypto market have lost credibility since the Luna Crash. And those who used to hold and trade are reducing the trading and giving BTC Sell. Everyone is losing faith and the market is getting worse and worse. I think the crypto market would have been normal had it not been for Luna Crash

What you say is related but not entirely due to the Luna crash, there are still other factors that caused Bitcoin to plummet. All are interconnected with each other, both from the perspective of investors themselves, conditions that should rest and face winter, as well as US inflation which has swelled more than expected. Plus the increase in interest rates forcing investors to withdraw their funds into cash to cover the interest. All are like pieces of a Puzzle, but regardless of the current state, it was definitely expected a long time ago.

zasad@

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Quote from: Juwel580 on June 15, 2022, 10:49:58 AM

The market for BTC has collapsed for this lunar. This is because the stock market and the crypto market have lost credibility since the Luna Crash. And those who used to hold and trade are reducing the trading and giving BTC Sell. Everyone is losing faith and the market is getting worse and worse. I think the crypto market would have been normal had it not been for Luna Crash

This is definitely not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

milewilda

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Quote from: Anonylz on June 15, 2022, 12:01:34 PM

Quote from: cryptoaddictchie on June 12, 2022, 02:13:38 AM

Quote from: fenican on June 11, 2022, 11:41:38 PM

The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't really own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked or bought out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

Maybe you are partially right. But how can an nft system be of trending if thats not gonna hold its current era right. Werent gonna stick on blockchain itself cause technology is evolving. These nft are created for a reason and not solely for scam I believe. We can say its a bigger problem if its a lot of issue happening than blockchain hindrances.

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Just like into those ICO days on where there are indeed projects which are really that legit but as expected that whatever trend that we are facing on then it would really be always be having that situation where scams becomes too rampant because there are people whom do really make out something just for them to make easy money by scamming out users on the same method.
This is why we should really be making ourselves to be that aware on what we are dealing off with and not would really be easily get along just because it was the main trend
because if you do make yourself having the behavior of not really like on missing out something then its likely you would really be facing some problems.

Anonylz

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Quote from: cryptoaddictchie on June 12, 2022, 02:13:38 AM

Quote from: fenican on June 11, 2022, 11:41:38 PM

The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't really own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked or bought out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

Maybe you are partially right. But how can an nft system be of trending if thats not gonna hold its current era right. Werent gonna stick on blockchain itself cause technology is evolving. These nft are created for a reason and not solely for scam I believe. We can say its a bigger problem if its a lot of issue happening than blockchain hindrances.

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Juwel580

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The market for BTC has collapsed for this lunar. This is because the stock market and the crypto market have lost credibility since the Luna Crash. And those who used to hold and trade are reducing the trading and giving BTC Sell. Everyone is losing faith and the market is getting worse and worse. I think the crypto market would have been normal had it not been for Luna Crash

avikz

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Quote from: Ojengonggu on June 14, 2022, 09:13:07 PM

Quote from: MrDave on June 14, 2022, 02:04:41 AM

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

The development of NFT games at this time is because many of them still love a game so they also join in games that pay for NFT besides they get their hobby in playing games but they also get the results from games that are paid in the form of NFT.
But here I am still confused because I have also tried to play games that paid NFT but until now I am still confused about the withdrawal of the results we get.

These are even bigger scam! NFT is a piece of digital shit that has almost gone down to drain already. By 2023, NFT wouldn't exist anymore. It was riding on a hype and since the hype is gone, the NFT sales has declined too.

Usually for the most in-game NFTs, you can't withdraw them. Rather you can reuse that item within the game as a premium addon. Can you let me know which game you are referring to so that I can have a look at it?

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Quote from: MrDave on June 14, 2022, 02:04:41 AM

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

The development of NFT games at this time is because many of them still love a game so they also join in games that pay for NFT besides they get their hobby in playing games but they also get the results from games that are paid in the form of NFT.
But here I am still confused because I have also tried to play games that paid NFT but until now I am still confused about the withdrawal of the results we get.

Fundamentals Of

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Quote from: Oasisman on June 14, 2022, 06:01:04 AM

Quote from: Fundamentals Of on June 14, 2022, 12:14:17 AM

At least with NFTs or majority of them there is no deliberate stealing.

You sure about that??
Coz I've heard some NFT's where being sold from the people who they stole the art from the original artist.
Just like this https://www.wired.co.uk/article/nft-fraud-qinni-art
I always believed this is not just the case. There might be another cases like this including those got stolen from a small time artist.
Not just stealing their artwork, worse case was they're stealing the artist's identity.

I'm sure about that. If we are to ask those people who bought NFTs, are they victims of stealing? I don't think so. If they buy an NFT, from the name itself, they are buying a non-fungible token. It is not like buying a fungible shitcoin and then the developers or owner dump their share of the shitcoin causing the price to crash.

You are talking about a different kind of stealing. That's another story. And I think it is widespread. That is why I think these so called NFT art collectibles should be highly regulated and monitored because a lot of them are taken from actual artworks outside the digital space.

Abiky

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Quote from: fenican on June 11, 2022, 11:41:38 PM

The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't really own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked or bought out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

The content was never meant to be stored on the Blockchain. If it did, most blockchain networks would be so bloated, the average person won't be able to use them for day-to-day payments. What's added to the blockchain is only the smart contract (in some NFTs) and its corresponding hash value to prove ownership. The ideal way to decentralize NFTs would be to store their content in a distributed file system (like IPFS or ETH's Swarm), but not many people aren't that tech-savvy enough to do this. I wouldn't say NFTs are a scam, especially when the trend is beginning to blossom. There are some NFTs that are being sold by legitimate companies (eg: Pringles, Nike).

The future consists of full digitalization of our lives, so NFTs make the perfect replacement of physical items/collectibles. It'll be up to developers and the community as a whole to come up with real use cases in order to spur adoption of NFTs worldwide. The case of LUNA/UST was simply an irresponsible move from the project's team. You can't compare it with NFTs since it's apples vs oranges. What the future holds for the NFT industry is a mystery to all of us. As long as there are legitimate use cases for it, nothing else matters. Just my thoughts Grin

Oasisman

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Quote from: Fundamentals Of on June 14, 2022, 12:14:17 AM

At least with NFTs or majority of them there is no deliberate stealing.

You sure about that??
Coz I've heard some NFT's where being sold from the people who they stole the art from the original artist.
Just like this https://www.wired.co.uk/article/nft-fraud-qinni-art
I always believed this is not just the case. There might be another cases like this including those got stolen from a small time artist.
Not just stealing their artwork, worse case was they're stealing the artist's identity.

Bushdark

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We can't suddenly come up with the idea that NFT is the same as Luna because we are wrongly trying to compare an entire cryptocurrency blockchain to a single fallen or would I say a fud project like Luna. Some many coin projects has an NFTs just like Binance and we shouldn't just conclude that NFT is bad or a scam. NFT is more reliable than many scammy coin projects that had rugged and others that are still in the market trying to take way investors funds. We shouldn't discriminate NFT because more are yet to come.

Topic: NFT's are a bigger scam than LUNA/UST - page 2. (Read 563 times)