Topic: "NFTs are overrated, over valued and nothing but useless tech fetishism" (Read 363 times)

Regardless of what you say it's either overblown or overrated but the hype is proving to be enduring which makes this something worth following.
what's happening now is the fact that there are a lot of projects going on and there are still quite a lot of projects working on NFT which makes this even though it's hated but of course it can't be abandoned

NFTs is a great revolution, despite of its hype right now some projects are still worth to buy. Though with the art one, I think those who appreciate art can buy it and of course those who believe that those NFTs will rise can also buy. We’ve seen a lot of weird art to be sold at a huge value, if you are lucky enough to have one then that could be a great investment for you. NFTs will stay, the hype will surely keep them alive.

im not agree, if you buy p2e nft, you don't need to pay for game and mostly majority of games build on D2W (donate to win), but here you can make a profit from a game and not all nfts build that if you have better art, you have more stronger character or less, so I found it kinda interesting, at least its better than buy bored apes

Right now I think it's really hard to believe in NFT games. perhaps for the games they would be in the field of the metaverses and that with great care, but not everything is for the metaverses, on a platform here in casinos they are implementing everything that has to do with NFTs and they have been very successful, The good thing is that these NFTs do not have the risk of becoming scams or something similar for the simple fact that they are well supported by the company, something that gives players and investors a lot of confidence, I think that in that way everything can be taken advantage of whatever it has to do with NFTs.

the future value of the NFT depends on the NFT itself. we have no idea where NFT market will be few years down the line. but i think, if you have some NFT collections, don't always expect that those will fetch a good price in the future. some of them will be worthless. also, think that not all people are interested in nft, so when it comes time for you to sell, remember, it would take time for you to find a person that will be interested also with your item, if there's any.

I am in love in NFT and I am believing that NFT have a great future. I made a great profit from NFT, it is a good way to investment. I am involved in one interesting NFT project "reptile chronicles", they are have such a good arts and novels. Have you heard about this project? 

Indeed they do have a great future. I have a few of them that I am holding right now and I am believing that in the future these NFTs are going to be worth several more than what I have purchased them. NFT has been really useful in lots of ways and has benefited so many people around the world.

I have seen a lot of artists who has been able to sell their arts for a price that is well worth it through NFT, and most of them are people who wouldn’t have been able to achieve that if there was nothing like NFT. So we should appreciate that.

yeah, I agree, that's why im looking for p2e nfts, and find one which has potential for a long term investments, its named "reptile chronicles", their media coverage are good, novel what they did are cool, and game they are working on is based on the novel which they do, top-notch quality, and features as 10k for rare nft, 1% of market sales for legendary, etc.

I think that NFT have a great future. I have several NFTs. I am sure that some of them will turn into a good profit. The important thing here is that you must invest wisely because most of the people just follow the hype of NFT. Also I tnink the future is in NFT-based games. At present I am following the project "reptile chronicles". I'm interested in this project because it has its own deep lore and the game will be like Terraria. Therefore I'm really looking forward for the release of this game.

At least in my case my main complain about NFTs are not the NFTs themselves but everything that surrounds them, the NFT technology seems to have some usefulness and as time passes more uses could be discovered for this new technology, however the problem is that scammers have taken over the market and now a great deal of the NFTs that you can buy are completely worthless, so it is really difficult to find one that may hold value for the long term, and with this in mind I prefer to stay away from them as I am not confident enough in my skills to select the right NFT.

I think that NFT Gaming has a great future in nearly future. So we must invest in the NFT gaming industry. When you can play and earn some profit from it, it is to enjoy your fun twice. I am searching for good NFT-based games now. I recently have seen a post on Reddit about the project "Reptile Chronicles". Have you heard about this project? What do you think about that? I was most surpassed by the lore, everything was so detailed. I hope to hear your thoughts about this project.

You don't NEED to buy them. but technically it would be sweet when you can design your own skins for game items and sell those in nfts. However those skin sets would need to be branded, as anyone could make same skins in the game and sell those as replicas.

There’s a lot of good impact provided by NFTs in this market despite of its hype though I agree that some are useless because of no utility at all but still as long as someone is willing to buy and invest on NFTs, I believe it will continue its trend. Yes, there’s a lot of projects want to come into this market but it doesn’t mean that you will invest to all of those projects, just choose the best option and you can be good. I still see NFTs to rise as well when the market recovers, just wait for the new trend.

I don't think this has anything to do with the way newbies thinks, for me it is like an open secret that NFTs are mostly overrated and overvalued but I don't see it as just a useless tech fetishism.

To think that the adoption of blockchain for it's primary function as a medium of transactions is still at a low level then one has to wonder how many people uses this new application to warrant such a huge valuation. Metaverse is currently experiencing some challenges due to difficulty in age verification and the whole NFTs and Metaverse is also at the mercy of hackers.

I think developers should focus more on delivering a ready product rather than cashing out on a work-in-progress that may fail.

I must be clear about this, in as much as I don't have any NFTS in my possession. I still believe that NFTs has some usefulness in Crypto-currency, I have seen videos, read articles and listened to stories of ordinary people whose lives were positively changed through NFTS. Although now, NFTS sector has been tampered with negatively by the influx of many projects wanting to launch their own NFTS, this has dropped a high standard that NFTS had created a long time ago.

I think that a great deal of the people that have been in this market for a long time can see that there is some potential when it comes to the NFTs, however we can also see that the demand such tokens are experiencing is simply not sustainable and that a great deal of those that are investing their money in different NFTs are going to lose all their money, this is why we are worried, because a great deal of newbies see NFTs as their ticket to untold riches when most likely it is their ticket to poverty.

NFT tokens are not for everyone. If we consider serious NFT ecosystems with good development prospects, then these are monkeys and clones. They have very famous developers and they have very serious partnerships. For example Clones - Nike-Takashi Murakami. There are already metaverses where you can walk with your clone, dress him in Nike sneakers and so on. But this is not for poor people. Clones or monkeys are very expensive.

It depends on what NFT we hold, but also depends on how much influence we have in spreading NFT ownership. However, I still don't have one NFT that I'm really holding onto until now. Not interested and not really going with the flow. Even though there is a lot on social media about people looking to make a profit on NFT, it doesn't mean that our fate is the same. It all comes back to the popularity of the work itself.

I am pretty sure that Spotify prevented it as much as it could possibly be prevented. I mean they are not making much money from it, if you are a no-name musician and listened by others about 1 million times, you make less than 1 dollars for getting heard that much, so it is not profitable at all.

However almost all musicians care about their concerts nowadays, the records and them getting sold is not really a big deal for any of them, sure they may make "some" money but they make that much within like 3-4 concerts at that stage, sometimes they do not make any money at all from the records and only make profit thanks to the concerts. NFT doesn't really sound like it would be viable for them.

You are not 100% wrong and you are not 100% right either, there are some NFTs that makes lot of sense, I am getting rid of artists NFTs because that's where NFTs are killing NFTs to me but the idea of using some NFTs as real in-game asset is cooler than anything NFTs have to offer.

I agree with the steam and they can just adjust it if they want, I mean after you bought the game you are free to play it and have some features inside the game where they create some seasonal items that might be sellable for the collectors. But still, everyone can play the game as much as they want and they can farm those limited-time items as much as they want until the said season is over. this method is healthy for both gamers and developers and they can also give their players some opportunity to earn if they want to.

Hi peeps, I'm new here and basically heard of this place as a superior forum where people are sharing their opinions on topics related to crypto and NFT, is there anyone I might ask about one particular project I found yesterday and hear their opinion (it's an NFT with some crazy numbers as bonuses for clarification) want it to be the private message so I don't shill or anything in public space 

I saw some post that when you buy an NFT like ape it could be a ticket to meet your idol rapper and celebrities' on a discord channel and talk to them like they are your friends. I don't know if it is true but these people are making money just because of that, and the artist are paying them. I can't really understand how NFT could revolutionize the arts industry.

I think that one above is the only useful usage for NFTs, as these items will work inside the game platform that is owned by a company, so piracy won't be possible, while in the case of audio and media's niches piracy will keep playing a big role, because there is no way to forbid people from copying the musics and videos, even though they are in NFT format, and re-posting it somewhere else and even commercializing it.

Art pieces aren't interesting as NFTs also, because it's just like searching for pictures of famous paintings on google and admiring it virtually. The pleasure of observing art is by doing this presentially.

Maybe only newbies think NFT is a bullshit mechanism.
We'd better see how far the development of NFT in the future and we'll see how many years NFT will last in the long term so that we can prove their doubts all this time.
Even though NFT technology is also as sophisticated as other blockchain technologies.

"Tech fetishism" - that's exactly how I would describe NFTs.

I don't think that they offer any more decentralisation than existing projects, in fact, they are probably less decentralised given how much focus the initial founding team has over the whitelist allocation process and the roadmap of the project.

It is undeniable that all of the projects out there right now are short term money-grabs and none of them have actual utility. The utility that stems from them are contrived at best like "being a part of an exclusive club" which you can do without any NFT involvement.

there is definitely bigger picture behind the NFT technology that some people just overlook, there is the underlying technology that’s revolutionary and many more.
it’s just some of these pessimistic people aren’t really fond of new technology and just consider new technology as some destructive, useless thing
after all some people just fears that they gonna get left by the technology and can’t catch up so spouting nonsense like trashing on new technology like NFT is kinda their coping mechanism for that.

If nft will be a thing, it won't happen within one year, anyone who is expecting to see huge success from nft for a short period of time is wasting time. This is a new niche in blockchain that requires a lot of time to develop. The interesting part of the nft space is it keeps attract more big names to join despite what some people think about it being a useless tech, i also don't think nft is useless, the space needs time to grow and then people will see the importance.

It will be very interesting to look at the result of the experiment "The Pyramid", which should find out whether the buyer will be able to distinguish the work of a real master from mediocre work, which is more on OpenSea. As part of this experiment, 13 well-known artists whose works are presented in the Guggenheim Galleries and in the Louvre will anonymously present their works to NFT. The experiment started at OpenSea on April 28 and its results will be available on https://pyramid.nftmasters.pro/

Well you have written it correctly. The market is opted with too much over rating. What was dreamt for artist is now become land of garbage with whatever that comes to existence is converted into NFT. I mean peeps are so much over excited towards NFT they are like find it interesting even if I’m posting picture of my inverted TV. (Just funny expression) but that’s the reality right now.

If you leave out few of the interesting arts out there, rest has become rush race of whose getting how much money for the garbage?

so far not many music NFTs are packaged by musicians. I think this NFT can save the music industry from piracy. there are currently no worthy achievements for musicians. In the past, a musician was said to be successful when they managed to sell their songs or albums on a large scale. but now piracy is everywhere. Of course, it's costing musicians their finances.
with NFT, wouldn't there be no piracy for a work? Buyers will get original works from musicians.
I believe the development of NFT will not only grow rapidly for art and games. it all depends on how the community directs fans to enter the market.

I really like the NFT's that are trying to make it a brand or somewhat a membership cards. I agree that it is filled with useless expensive nft but there are gems waiting to be discovered.



you fail to see the point where multiple games can use the items in their different games and the players has to do is to connect their metamask to prove ownership.

Well, it depends entirely on a person's perspective and specially on the needs. Of course, at the time it didn't existed we did not need it same as crypto. But now that we have seen it and its potential to solve several problems, some people will really need it. A great example are the content creators and musicians that are turning into NFTs now. NFTs grants them full ownership of their work and be able to get the most out of their efforts. That in my opinion is a life saving utility of NFTs for them. And while the other utilities have not been fully understood or utilized well enough yet to their fullest potential, I believe that as time goes on, more utilities will be discovered and the existing ones would become fully understood and be able to improve even further.

Hype in cryptomarket is very common, I've been here for years now and every time there's a new in the market you can see the hype but with NFTs, it looks like a different scenario because of its utility though of course many NFTs are still useless and that's why they are not going to succeed on this market. The only huge hype that I've seen in NFT is about the art, but the other things are good for me. You have the option to ignore the hype of NFTs but for me, its worth to try.

I agree with you about the huge potential of NFTs. At present I see so much interesting NFT projects, but I'm more involved into the crypto game industry. I'm a gamer myself, so I find p2e games more exciting. You can just play the game and make money, which is great. Have you heard about the Reptile Chronicles project yet? I saw a tweet about this project a few days ago and was pleasantly surprised by the visuals of this game.

Let's be honest, from all the aspects you are mentioning.

Do we really need NFTs or not? IMO, we don't need NFTs at all like the example of the case "Gaming" even Steam or some developer don't want their game using NFT. Like, we already bought the game and we must buy the item asset to play the game with potential risk of our asset.

To much things using NFTs, while the reality you don't need at all.

actually we're heading there at this point. just look at the crypto gaming industry growing very fast, you can see axie project successful with their gaming platform. and it was only a matter of time until art, music, and other utilities adopted nft. recently I also heard a news about the Algorand project in collaboration with FIFA as a sponsor of the world cup. they said algorand will be their official blockchain for the duration of the event. and in one of the details they say about the development of NFT. In the future, it could be that fifa sells tickets using nft, or sells their digital merchandise also in nft form. all possibilities lead to it. So it means that the future you think about will soon become a reality.

Yes, as it is nowadays one can really say that NFTs right now are as what the title says. I even mentioned in the post how those custom made apes and monkeys skyrocketing in terms of hype prices is way beyond me. However, the title just portrays a shortsighted opinion about the NFT space. And so with this thread, I attempted to highlight the big potential of this new market and the great opportunities that may come along with it in the long run. Of course with the hopes of seeing some other opinions as well since I may also be wrong with what I am thinking. xD

I cannot say that this would be 100% wrong. I mean you could say that it is a different reason, but at the end of the day there are some who will end up doing it just because it's a new tech stuff and no other reason. People keep arguing over how they feel and how they approach it and why this statement is wrong but that just shows how they approach it and not the general population.

I guess that useless tech fetishism is not really a bad term for what NFT is, considering all the insane amount of money spent on silly apes and cryptopunks and so forth, I would guess that tech fetishism doesn't really sound like a wrong term.

IMO, I believe it is! because for me NFTs are just like a collector's item or a form of digital art a collection of belongings, etc, and it has no utilization and further use cases that could be applied in the real-world application. that's why I don't get where the demand coming from.

Anyway, dont get me wrong, because not all NFTs are just like that, it depends on the NFT functions and purposes because some NFTs that are related to gaming like P2E and entertainment have an impact because the gaming industry is a big industry that's why we can presume that NFT's involve in gaming purposes has a huge potential to create a real-world demand.   

The benefits I can tell you now are:
- Being able to reach more people without having the trouble of traveling, like online exhibits for a specific group of people that have purchased rights to be on that event in the metaverse. (Of course, nothing beats seeing the actual pieces in person but as the metaverse gets more common these type of events will happen a lot. Specially at times like these when vaccination is required most of the time for travelling, non vaccinated people can still enjoy art.)

- Helping museums make ends meet at the times of pandemics such as Covid which is still affecting us to this day.

- Helping millennials become well aware of historical arts making way for historical knowledge and appreciation to be preserved and passed on easier compared to traditional ways of displaying and promoting historical arts.

There may actually be more benefits than what I have mentioned so apologies if those are the things that I can currently think of at the moment. And of course, there are also disadvantages but as this space matures, I believe that most of these disadvantages will get taken care of gradually.

Can you explain to me like I am five, the benefit in this example you mentioned if historical art pieces are produced as an NFT?

Is how people commonly take NFTs as.

And I'm like, really now?

Look, it is pretty obvious that as long as there is interest, there will be demand, and with demand, there will be traffic then money. This is what NFTs nowadays capitalize on. The hype of the "New Thing." Which are seen by close minded people as the title which is only the surface.
This is nothing too complicated but most still can't manage to see this.

What makes NFTs important and revolutionary is not just the art and the games that we see nowadays. There is so much more to NFTs than just that. While it is evident that crypto related games today are mostly ugly and are reliant on profits, it doesn't mean it'll stay like that forever. And the art? It won't be just the custom made apes and monkeys that aren't even that great to be appreciated as true art. How they skyrocket in prices is beyond me. But hey, each to his own, just as how anyone has their own fetishes. Just saying that if these type of arts are already being appreciated this much today, what more in the future?

The main point is that most people failed to take into consideration that the NFT industry is still in its infancy. Honestly, the way I see it, the huge potential of NFTs when it finally matures is unfathomable.

Things we should be excited about with the NFT industry in the coming years :

- Gaming : When games finally become truly fun and not only profitable. Which would rake in the multi billion dollar gaming industry outside the crypto space.

- Arts and multimedia :
* historical arts * - When historical arts like the starry night, Guernica etc., get approval from owners and museums to be produced as an NFT to reach many more people that appreciate its art and historical significance, it will be massive!

 * Music and other media * - Just like how television and radio were over taken by smartphones and computers, multimedia NFTs will overtake the likes of Spotify, iTunes and other paid streaming services. Just a few days ago, I came across an article about the experience of a composer/musician in the world of NFTs and he has earned more than he has using these streaming apps. What's best is that artists like him doesn't have to surrender the rights to their works anymore. The guy is now making 85% of his living off NFTs. And he's just one of the many that are in the MultiMedia side of NFTs today plus there are more that are considering this alternative as well. In fact, here in my country a couple of celebrities/musicians/influencers have just coordinated with a developer and started a project where they create a platform that caters to artists and content creators that want to venture in the NFT space. Just imagine what'll happen if more celebrities decide to jump into these platforms in the coming years!

- Other utilities : Being used as tickets to concerts and more which already happened a few times already. Souvenirs from specific shops, memorabilia from iconic stars and athletes and so much more!


#Moral : Do not be easily satisfied with what you know. Do not close your doors to possibilities and be ready to throw some knowledge in order to make space for new and better ones.

- P.s. I may have missed some info but I think you guys pretty much understand the value of NFTs.

- PP.s. If you were interested with this topic, then come check this one as well : SocialFi Discussion Thread. I would really love to see your thoughts and would really appreciate them.