What's to make of the NFT craze in retrospect?

abel1337

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Quote from: South Park on August 11, 2022, 03:13:03 PM

Quote from: mich on August 11, 2022, 03:47:50 AM

I think the NFT craze was an interesting phenomenon to witness from the sidelines. In retrospect, I think a lot of people made a ton of money at the forefront.

I suspect the massive amount of people stuck at home during the pandemic with too much time on their hands contributed to the overvaluation of tokens and created unnecessary hype in this space.

At the moment, I’m just keeping my eye out on some sites but not really too interested in getting into NFTs right now.

On the other hand, people investing in these kinds of digital assets is far from over and I don’t see it going away any time soon. The NFT market has taken a huge hit just like crypto but will probably pick up again hopefully this year or latest in 2023.

The only way to know if they will recover is to wait for the next bull run and see what the market does, it is true that some people made so much money with their NFTs that this attracted a great deal of people thinking they could do the same, but they were a minority, I am sure the majority of the people that participated in that craze are questioning themselves about what they were thinking at the time, since it is very likely their losses were massive and there is almost no hope they will ever recover all the money they lost.

By the time that NFT is very profitable, People flock over on NFT projects and made money on every project they can possibly milk on until the projects are getting rugged one at a time. People jumped out on NFT's because of trust loss or monetary loss since projects where abandoned and no hope for recovery. For now projects who is continuing their product development or following their roadmap has still some chance to recover especially when the next bull market arrives but I'm sure most of them will be gone before they experience the euphoria stage again. NFT projects who are abandoned where most likely can't recover their value and this means monetary loses from the NFT owners.

South Park

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Quote from: mich on August 11, 2022, 03:47:50 AM

I think the NFT craze was an interesting phenomenon to witness from the sidelines. In retrospect, I think a lot of people made a ton of money at the forefront.

I suspect the massive amount of people stuck at home during the pandemic with too much time on their hands contributed to the overvaluation of tokens and created unnecessary hype in this space.

At the moment, I’m just keeping my eye out on some sites but not really too interested in getting into NFTs right now.

On the other hand, people investing in these kinds of digital assets is far from over and I don’t see it going away any time soon. The NFT market has taken a huge hit just like crypto but will probably pick up again hopefully this year or latest in 2023.

The only way to know if they will recover is to wait for the next bull run and see what the market does, it is true that some people made so much money with their NFTs that this attracted a great deal of people thinking they could do the same, but they were a minority, I am sure the majority of the people that participated in that craze are questioning themselves about what they were thinking at the time, since it is very likely their losses were massive and there is almost no hope they will ever recover all the money they lost.

mich

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I think the NFT craze was an interesting phenomenon to witness from the sidelines. In retrospect, I think a lot of people made a ton of money at the forefront.

I suspect the massive amount of people stuck at home during the pandemic with too much time on their hands contributed to the overvaluation of tokens and created unnecessary hype in this space.

At the moment, I’m just keeping my eye out on some sites but not really too interested in getting into NFTs right now.

On the other hand, people investing in these kinds of digital assets is far from over and I don’t see it going away any time soon. The NFT market has taken a huge hit just like crypto but will probably pick up again hopefully this year or latest in 2023.

popeye95

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Quote from: ololajulo on August 04, 2022, 02:25:36 PM

Quote from: Tony116 on July 31, 2022, 04:01:31 AM

Quote from: inanilujimi on July 30, 2022, 03:06:34 AM

NFT got its momentum well when the crypto market was bullish that year, many people took advantage of it to make it look redundant, but now the light has dimmed with so many NFTs have lost so much value today, it's hard to even sell them at low prices now. I'm not sure that NFT can still get hype back even though the market will be bullish in the future.

NFT doesn't really have any useful utility besides hype. Like memecoins, many people say it will die after the bear market comes but look how the meme has survived from bear season to bear season, they don't go away and I think the NFT market doesn't either. As long as manipulation remains in the market, trends like memes, NFTs will not go away, there will still be projects hyped to attract new investors.

Meme coin has a kind of tokenomics that get most coins back to the whales after the bull market, they dont have the same circulation like other coin and this makes it very easy to pump and manipulate. I expect those meme coins in the last bull not to thrive as expected except they built other used cases around it, because traders are getting awakening to the type of manipulation. This might give opportunities to a more dis-centralized tokenomics. Another advantage is the number of centralized exchanges trading it. NFTs is in the early days, they will blow

NFTs price manipulation has gone quiet as more investors saw through the bulk of it. All the same tricks to promote their NFT collection with once being pump by unverified, lack of transparency on the owner. Since the privacy nature of crypto, pumping thing up become more easily and the NTFs is the main leading right now for it.

Eridan_world

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I am sure that all this has great potential in the future. Now the sphere is still at the initial stage, it seems to me.

ololajulo

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Quote from: Tony116 on July 31, 2022, 04:01:31 AM

Quote from: inanilujimi on July 30, 2022, 03:06:34 AM

NFT got its momentum well when the crypto market was bullish that year, many people took advantage of it to make it look redundant, but now the light has dimmed with so many NFTs have lost so much value today, it's hard to even sell them at low prices now. I'm not sure that NFT can still get hype back even though the market will be bullish in the future.

NFT doesn't really have any useful utility besides hype. Like memecoins, many people say it will die after the bear market comes but look how the meme has survived from bear season to bear season, they don't go away and I think the NFT market doesn't either. As long as manipulation remains in the market, trends like memes, NFTs will not go away, there will still be projects hyped to attract new investors.

Meme coin has a kind of tokenomics that get most coins back to the whales after the bull market, they dont have the same circulation like other coin and this makes it very easy to pump and manipulate. I expect those meme coins in the last bull not to thrive as expected except they built other used cases around it, because traders are getting awakening to the type of manipulation. This might give opportunities to a more dis-centralized tokenomics. Another advantage is the number of centralized exchanges trading it. NFTs is in the early days, they will blow

South Park

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Quote from: Tony116 on July 31, 2022, 04:01:31 AM

Quote from: inanilujimi on July 30, 2022, 03:06:34 AM

NFT got its momentum well when the crypto market was bullish that year, many people took advantage of it to make it look redundant, but now the light has dimmed with so many NFTs have lost so much value today, it's hard to even sell them at low prices now. I'm not sure that NFT can still get hype back even though the market will be bullish in the future.

NFT doesn't really have any useful utility besides hype. Like memecoins, many people say it will die after the bear market comes but look how the meme has survived from bear season to bear season, they don't go away and I think the NFT market doesn't either. As long as manipulation remains in the market, trends like memes, NFTs will not go away, there will still be projects hyped to attract new investors.

This is the most likely scenario, meme coins despite their lack of usefulness still thrive in the market because people see them as a way to make money really fast, they understand very well what they are doing and they know that such coins hold no long term value, they are only interested on the pumps meme coins produce once in a while and they hope to be one of those which invest early and sell at the top, and most likely NFTs will follow the same path.

justdimin

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Quote from: Reid on July 30, 2022, 05:52:43 AM

I don't actually understand why they are buying it. Hype? Trend? Be popular? Especially that Dorsey tweet. I mean, why? Buy it for what purpose?
You really think it will be valuable in the next 10 - 20 years? Is he a hero for that to happen? He created a good social platform, okay but it ends there.
Maybe in the next decade or two he won't be remembered.
Same questions like. Who is the owner of Friendster, Myspace? What's the first shared thing in friendster? It is unknown and no one bothers to care anymore. Grin

Things shared in the internet are temporary it won't last long.
NFT will stay for a different purpose though. A better one.

Basically, the idea of "being smarter than the scammer" idea. I have talked about this a million times, it is not about if the project is good or not, it is not about if it will sustain for many years neither, it is all about the fact that you could mint it early on, and selling for a lot more right afterwards and if you are right then you could make a lot of money, if you are wrong then you will lose money.

Definitely NFT collections these days do not have that potential but at some point it was so crazy that you would be spending 500 bucks on minting that was stolen from a template asset, and you could still get it to flip for 10x more than that right afterwards.

Tony116

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Quote from: inanilujimi on July 30, 2022, 03:06:34 AM

NFT got its momentum well when the crypto market was bullish that year, many people took advantage of it to make it look redundant, but now the light has dimmed with so many NFTs have lost so much value today, it's hard to even sell them at low prices now. I'm not sure that NFT can still get hype back even though the market will be bullish in the future.

NFT doesn't really have any useful utility besides hype. Like memecoins, many people say it will die after the bear market comes but look how the meme has survived from bear season to bear season, they don't go away and I think the NFT market doesn't either. As long as manipulation remains in the market, trends like memes, NFTs will not go away, there will still be projects hyped to attract new investors.

danherbias07

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Honestly, I became an NFT supporter but only when it comes to the gaming industry.
Music, Arts, Memorabilia, I am not a big fan of it.
IMO, it will bring a better gaming experience, especially in MMORPG. Before, the only way to sell a progressed account is to sell the account directly with an e-mail and password. It promotes scams so it's not advisable.
Now, you can make just 1 item into NFT and sell it using the market created by the game itself. It's safer for both parties while the developer can make profits out of the fees.

AbNewton

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Some NFTs have the play-to-earn model and can be a success. But some doesnt and solely exist for 'greater fool theory'. As long as they can dump their worthless NFT to the next one with a higher price then they will shill the f out of it. You need a keen eye and cool head to distinguish which NFT is worthy and worthless.

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Quote from: Wexnident on July 30, 2022, 06:30:09 AM

Quote from: Reid on July 30, 2022, 05:52:43 AM

There are a few of these. One of the most interesting developments as of late in this regard is CounterCord, a Counterparty "asset verification tool for Discord."

Is the link down or is my ISP just being bad? I tried opening the one in their Twitter post and I also couldn't open it.

Its working for me. Here is the content from it, because I think its definitely worth sharing. I've even used it for SHITCOIN and a few other tokens I made.

Quote

CounterCord is a Bitcoin and XCP Asset Verification tool for Discord!

Verify Once, Party Everywhere!

Are you tired of having to Captcha verify in every server you join?!

Ask your discord admin to add CounterCord!

Once BTC-Verified, any server a member joins,

that has CounterCord in it,

that member will automatically get BTC-Verified role!

CounterCord can also have XCP assets verified to add exclusive roles!

If you would like to invite CounterCord to your Discord
Click here: >Invite CounterCord<

If you would like to check out the code for CounterCord
Open Source! Click here: https://github.com/CounterCord/CounterCord

Want DOGE/XDP? Click here: (Dogecoin/DogeKord)

Wexnident

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Quote from: Reid on July 30, 2022, 05:52:43 AM

I don't actually understand why they are buying it. Hype? Trend? Be popular? Especially that Dorsey tweet. I mean, why? Buy it for what purpose?
You really think it will be valuable in the next 10 - 20 years? Is he a hero for that to happen? He created a good social platform, okay but it ends there.
Maybe in the next decade or two he won't be remembered.
Same questions like. Who is the owner of Friendster, Myspace? What's the first shared thing in friendster? It is unknown and no one bothers to care anymore. Grin

Things shared in the internet are temporary it won't last long.
NFT will stay for a different purpose though. A better one.

I don't think it's a matter of what its value for that long (10-20 years) but rather the value it can bring (brought about by mostly hype) in the short term. A lot of projects were brought up by hype imo and well due to the success of a few projects here and there, everyone initially assumed that other projects would do the same. The NFT craze did happen in the middle to end of the pandemic, a lot of people had extra time in their hands ranging from investors themselves to students wanting to invest in something which lead to an insane amount of people talking about it.

Quote from: nutildah on July 30, 2022, 03:24:21 AM

Quote from: exoncenter on July 28, 2022, 04:34:23 AM

Waiting for NFT 2.0 - tokens with functionality!

There are a few of these. One of the most interesting developments as of late in this regard is CounterCord, a Counterparty "asset verification tool for Discord."

Is the link down or is my ISP just being bad? I tried opening the one in their Twitter post and I also couldn't open it.

Reid

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I don't actually understand why they are buying it. Hype? Trend? Be popular? Especially that Dorsey tweet. I mean, why? Buy it for what purpose?
You really think it will be valuable in the next 10 - 20 years? Is he a hero for that to happen? He created a good social platform, okay but it ends there.
Maybe in the next decade or two he won't be remembered.
Same questions like. Who is the owner of Friendster, Myspace? What's the first shared thing in friendster? It is unknown and no one bothers to care anymore. Grin

Things shared in the internet are temporary it won't last long.
NFT will stay for a different purpose though. A better one.

nutildah

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Quote from: exoncenter on July 28, 2022, 04:34:23 AM

Waiting for NFT 2.0 - tokens with functionality!

There are a few of these. One of the most interesting developments as of late in this regard is CounterCord, a Counterparty "asset verification tool for Discord."

Basically it allows token-gated channel access on Discord, meaning you must hold a specific token in your wallet to see and participate in specific Discord channels.

Its pretty cool. Am going to try to build a "Choose Your Own Adventure" type game around it, with NFT prizes at the end, but it will take some time to do all the writing for it.

inanilujimi

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NFT got its momentum well when the crypto market was bullish that year, many people took advantage of it to make it look redundant, but now the light has dimmed with so many NFTs have lost so much value today, it's hard to even sell them at low prices now. I'm not sure that NFT can still get hype back even though the market will be bullish in the future.

exoncenter

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Waiting for NFT 2.0 - tokens with functionality!

nutildah

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Quote from: o48o on July 28, 2022, 02:52:52 AM

Cryptokitties were the very definition of current NFTs as they were Erc-721. Bored apes Yacht Club are ERC-721 as well so they are literally same tech.

Not only that CryptoKitties were _the_ first crypto collectible to use the term "NFT"; they popularized it.

Here's a simple timeline of NFT developments, which arguably go all the way back to Namecoin and 2012 (proto-NFTs, non-fungible assets & tokens):

They leave out Dogeparty but that's OK, I forgive them.

For a more detailed timeline, click here.

And this is kind of fun, a pricing infographic of historical NFTs (too big of an image to post here).

o48o

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Quote from: justdimin on July 26, 2022, 04:45:28 PM

It's never about not being publicly known enough or not, it is about if it is worth to take it to the market to a high value. For example, cryptokitties was a crypto collectible which is basically the same idea as an NFT and at that time they were very popular when they first get out.

This means that NFT world could have ballooned up during that time as well but it didn't, we didn't had tens of millions of dollars exchanging everyday based on a few images. Why wasn't it then, but then it happened last year? The main reason is that we perfected it, the blockchain behind the NFT we saw with cryptopunks or apes or whatever became much better than what kitties had and that is why it became more popular, nothing more to it.

I don't understand what you mean by "basically same". Cryptokitties were the very definition of current NFTs as they were Erc-721. Bored apes Yacht Club are ERC-721 as well so they are literally same tech. It just took some time to get NFTs sunk in, and right people to hoard cryptopunks and right conditions to launch Apes.

blockman

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Quote from: Kemarit on July 26, 2022, 11:23:12 PM

Quote from: blockman on July 26, 2022, 04:40:46 PM

Well, those premium NFTs have been made like an exclusive club and it's not really for everyone but only for those that can afford it. We don't know if they're still a thing after 5 years because everything that becomes a craze in the crypto market is just passing by. Yes, there's ownership of those jpegs, digital arts, and whatsoever but that's a thing that we don't know if it will be passed eventually. Just take a look at those ICOs, IEOs, and others? Well, NFTs might be part of that history in the next years, we don't know.

Yeah, perhaps the premium NFTs are for exclusive clubs only, those investors that have a lot of money in their pocket and willing to shell out millions for that kind of art work.

On the other hard, for us, ordinary investors, then it's not for us, and maybe we look for ways to make money out of the NFT craze. But as far as the what happen to ICO's, IEO, launchpad, P2E and other hypes, they eventually passed.

It's really for that purpose and that's why they get exclusive updates, benefits, and other things that are just made for them. The hype is there and there's that feeling that you need to belong. But speaking wisely for it, if you don't have that much for it, there's no need for you to buy those expensive NFTs, I'd rather have bitcoin and Ethereum on my stash than those NFTs that I can't avail. But, I also have nothing against those that can afford it, since they can afford it, they'll just have to enjoy owning it and they're also investors hoping to get a decent return on it upon sale.

Topic: What's to make of the NFT craze in retrospect? (Read 309 times)