Topic: NFT's are a bigger scam than LUNA/UST - page 3. (Read 563 times)
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.
hero member
Activity: 1498
Merit: 802
Leading Crypto Sports Betting & Casino Platform
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.
Despite the many problems and advantages of NFT, but this concept only lasted for a certain time, NFT is no longer trending now, they are starting to be forgotten and not talked about anymore, as you explain in this post, that NFT can only be stored on a centralized server, this shows there is no freedom in creating and storing the artwork and in the end we will see in the long term the server or site is hacked for various reasons, which in the end we will be harmed
If NFTs are scam or not this bear market is capable of revealing that, buckle up fellas many coins and tokens will meet their death in this bear market and followed by their NFTs so there isnt much to be worry about here, let bear market do the judgement, it was the same with last bear market, many altcoins died in a matter of weeks to months.
At least with NFTs or majority of them there is no deliberate stealing. People are not forced to buy those worthless tokens. They are completely free to buy or not. The problem is largely on the part of the buyers who are not doing enough research before spending a significant amount of money. But just the same I am doubtful of the future of NFT if this is only the kind of use-case it is offering.
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.
Hehe 😆
I have also taught about this, from the onset I have never pay much attention to NFTs I don't why, maybe some others could see it as an investment or whatever but I don't. Its just a fake .
I don't really know if the price appreciates on depreciates, same art work every where some is more like spamming creating much of it selling to people unlike token once it created none can create same token again and if any does then it's a scam token or currencies easy to trace and track than NFTs, which I know it can not run for long time.
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.
Of course. Do you think all of these great projects are about art or anything useful? No. It's merely to get the creators more bitcoin or eth, and then from there everyone buying is looking for someone more stupid to buy them from them. It's a pyramid about to come crashing down.
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.
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.
we already know, people buy nft beacuse of trend and so many influencer make nft to make easy money, but is't that art irl work too? they famous for money laundrying avoid taxs and such. i only hope nft tren over soon, with bored ape get hacked i don't thing people trush nft anymore
NFTs are ICOs that were relevant in 2017, only 2021. NFTs have no value and the original idea of transferring art to blockchain has been drowned out in the floods of speculation, wasg trading and various manipulations. I have only occasionally seen real applications of NFT associated with real estate, it gave the right to acquire that very real estate, but those are isolated cases. The bulk of the acquisition of NFT has always been related only to one purpose, to more profitable resale to someone else.
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.
I also think so because it is impossible for the file uploaded on the NFT to be stored on the blockchain. surely what is stored is only metadata including transactions. but at least for now we can still get value if we make art and upload it on NFT, but yesterday I tried to sell my work on NFT, the gas fee is no longer free (I use polygon). 
I can't say NFT was even a big scam compared with the luna. Developers of luna was stealing alot of money from the investors and they were cashing out that to their personal wallet. This is a crime unlike the NFT that the risk will be owned by anyone who issued it and so if you are talking about the copy right and i do believe this is nothing compared with how luna was making bunch of people loosing their life, their familiy and their money. luna was the worst thing that ever exist in the crypto
OP seems to misunderstand what really NFT is and how the blockchain works.
Another thing is, it's really far to compare it to LUNA or UST, NFT is a big difference.
Another thing is OP should not generalize the NFT, there are some NFT built difference, a lot of NFTs are using different platform or chain network, so for me, it's not all the same.
Another thing is, it's really far to compare it to LUNA or UST, NFT is a big difference.
Another thing is OP should not generalize the NFT, there are some NFT built difference, a lot of NFTs are using different platform or chain network, so for me, it's not all the same.
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 some of it is true, but we all know that all shitcoins are proven to be scams, the closest examples we can say are NFT and LUNA, they look different but the result is the same, namely Scam. 
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.
I think the developer of LUNA still has the courage to live after he tried to make a lot of people suffer, I heard information that someone committed suicide because the price of LUNA collapsed and changed the name image to LUNC and created a new token called LUNA and the result is still the same, no investors are interested in all tokens from do kwon anymore.Man Commits Suicide After His $2 Million Invested In Terra (LUNA) Crashed To $1,00
Taiwanese man commits suicide after losing nearly NT$60 million from Luna crypto crash
Its expect that LUNC would really face the same fate.You cant really blame out people and not all would be that dumb to commit the same mistake.
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.
I think the developer of LUNA still has the courage to live after he tried to make a lot of people suffer, I heard information that someone committed suicide because the price of LUNA collapsed and changed the name image to LUNC and created a new token called LUNA and the result is still the same, no investors are interested in all tokens from do kwon anymore. 
The NFT concept for art pieces is completely flawed. Anyone can open one of those art pieces on his device without even buying it and press the print-screen button on the keyboard, paste on photoshop or paint and voilà, he owns the same content the NFT buyer is going to own: a digital picture displayed on his screen. I think the only reason pirates aren't interested in copying this content to resell in large scale it's because the art pieces are worthless and nobody is really actually interested on them, but on the speculative hype or on the benefits it can generate for some wealthy people who are used to launder money through art pieces.
Good NFTs are the ones which bring features and real benefits to users.
Good NFTs are the ones which bring features and real benefits to users.
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.
I am not sure from where you came up with this conclusion that NFT are not stored on the Blockchain but on the server. As per my understanding on Ethereum they are in the form of Erc-721 format and every single of them is uniques. If you have any proof that they are not on the Blockchain then please share some proof here. After all, some NFTs were indeed only pointing to a centralized service whereas the token or the content can be removed.
This might be true but we can only tell this if its already happening since we can’t know what to expect in the future and we all know, there’s still a good hype for NFT even if they are different type of investments. What happened to LUNA can also happen to other projects and that is inevitable, what you can do is just to always take profit and don’t be greedy, if you can’t afford NFTs don’t buy it.
The most interesting NFT token scam was when a scammer bought his NFT token several times for $100,000 and then sold it for $40,000. The newbie saw the trading history and bought the NFT token at a good discount.
Use this site to check
https://checkmynft.com/
Use this site to check
https://checkmynft.com/
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.
I am not that deep into the technical stuff how NFT are working but so far i have always thought that the blockchain makes sure, that you really are the owner and also the only owner of that NFT that you are having in your wallet and that the blockchain makes sure that this will always be the case until you move or sell that NFT to someone other.
I don't really know, if it really matters if the piece of art itself (in this case the software file) or only the data that identifies you as the owner of that piece ort art is stored on the blockchain, as long as we can always be sure, that there will never be two owners of the same NFT at once.
Jump to: