Topic: With the prosperity comes big price! NFT market faces consequences. (Read 131 times)

I use to have the same notion too until I became following an nft channel that gives updates about everything regarding nft and I must say judging from what I read on the channel, nft space is bigger than as we view it, "In January, NFT trading volume hit an all-time high of $6.13 billion according to a statistic presented in the channel",

And according to Josh Katz, the CEO of YellowHeart
"A new form of NFTs is attempting to radically change the way we buy tickets for live events.  YellowHeart is a blockchain live event ticketing platform based in New York City"  and there are several other big news regarding nft that probably know nothing about, nft is taking the crypto space by storm and soon everyone will recognize its impact.

Exactly. If the market would have been worthless then I think millions of dollars wouldn’t have been credited in the NFT just like that. I don’t expect that everyone should learn about NFT or understand the values of it but they should apply little bit logic that if it’s getting valued then there is someone who is liking it and paying for the same. We live in democratic world so i believe everyone has the right to say their thoughts but they should be logical too.
I have been following up NFT articles around the internet and it seems that NFT is flourishing in many corners of world.

Those people who think NFT is just a picture don't have sense about arts and its use maybe they just don't see for now its usage that's why they mostly see a boring expensive piece of picture. But if they could deep dive the potential of NFT's for sure they can gain something good with it. People still doubting about NFT's are missing something huge in their life so if I where them I will adopt and flip up since money is on NFT right now.

Some collections like the Bored Ape Yacht Club have grown so valuable that they are larger than companies like Harley Davidson...  Imagine still thinking that NFTs are worthless.  I get that to some people you can't grasp the innovation and think it's about pictures.  It isn't.  If you think it is, you have a lot of learning to do and should probably focus on education rather than spitting disinformation.  NFTs are the first mainstream use case for crypto I've seen and I don't think they're going away.  I actually think that toxic maximalism is going to lead a lot of people to miss out on massive opportunities, like the Bored Ape Yacht Club, thinking they're just pictures.  They aren't.

The irony of the whole NFT world is that it is pretty much worthless. It's basically like buying clipart from one of the sites that have been selling them for the last couple decades, most of the stuff could barely be called art and consists of some of the crudest images ever seen. To top it all off, if somebody happens to like the NFT that you "own" then all they have to do in order to make a copy is simply hit the print screen button on a keyword and paste it into Microsoft paint. It's laughable to see the sheep flocking to buy this, after the see their favorite streamer or C-list celebrity buying from a certain place - without the average viewer understanding that it is peanuts to them but can be a huge bank account drain to someone on a low salary.

I don't like the idea behind NFT 100% there is a part in me that think this is not going to end well on the long run, here are the two red flags I see

1. Anyone can create their own NFT and list them on opensea or other meaning many will be unnecessary created to scam people

2. They lack liquidity and volume, far from the idea of selling coins and tokens on exchanges, value appreciates but if no one is buying the value that goes up means nothing

I created a thread about one such case recently - https://bitcointalksearch.org/topic/m.58769387

Not really surprised that this happens on a massive scale, NFT is a failure at what it claims to be - digital item ownership, verified authenticity, etc. It is centralized and thus pointless, I can easily see this trend dying in a year or two, just like ICO became synonymous with "scam" today.

Since the first time I heard about the idea of NFTs, I thought the idea could eventually be made to work but there were a lot of potential problems and scammers would without a doubt have a field day with them, and it turns out that I was not wrong and that is exactly what is happening, people that are buying those NFTs do not realize how easy is to scam them, a person could sell a piece of art that does not belong to them and create fake transactions among themselves while increasing the price, this way it seems that the price of the NFT is going up, and then finally sell it to someone that thinks the NFT will reach new heights only to never be able to recover their money as there is no demand at all for the work of art.

Money launderers will indeed find the NFT industry as a very good option to "wash their money".
And we can't avoid this situation from happening, because it is already happening.
There is no central authority that is managing this industry, that makes this industry a haven for money laundering.
But if you will look at the good side, NFT market is a good one to showcase the works of even unknown artists or struggling artists.
This will help them compete with high-priced artists to at least earn a living on their own especially during this pandemic era.

Art works have generally been used for money laundering for a very long time now, but focus is usually on fields relating to blockchain and cryptocurrency and the scams are so poorly done that it becomes very obvious.

Are majority of NFTs scams? Yes. It is an easy market to exploit considering it is trending at this point in time, similar to DeFi, ICOs, etcetera.

Lol! The entire NFT market is scam and an absolute NFT winter is coming! Do you realize that NFT is a great tool for money laundering? Now even the laundered money can be declared as white money just by adding an NFT aspect to it. Scaps are being sold for millions of dollars every day in NFT market. That needs to stop!

So it's no wonder that scammers are super active in this space. Downloading other artists' work and selling them in a new name. Easy peasy japAnese!

NFT is a madness! Meme coins are poisonous! These two will kill the crypto market if these are not stopped.

Same with oHnK's question. How?
I bought NFT cards but those have their usage in the game like a mining tool card (sold by another user, looted in game) that increases the amount of mined coin that could be sold for real cash. It's safer rather than trading with another player which is the culprit of scams back then.
This ain't actually different with it. You bought what you think is an authenticated art but then you will know it was just plagiarized. But how? Is there like a system here where they have unique codes or hidden barcode that would verify the authenticity of it?
My NFT cards in game have a unique number, I don't have an idea when it comes to art which will be taken out from the system and be kept by the new owner.

The current condition of the NFT market which is loved by many millennial teenagers who have works and sells them is tainted by many things, such as scams and spam images.  I don't really have a high artistic spirit, so seeing works is normal in my view and it might be different if the collectors are just art activists.  I'm even quite confused as to how it is said that NFT is an original work of art and is difficult to plagiarize.  Does it really exist?

As we know that Non Fungible Token is leading the market currently and according to the sources last year NFT market alone made or reached to whopping $22 billion market cap. This achievement is very quick and profitable for any sort of project until now in the crypto space.

However, as the NFT market is growing its roots, the branches are getting chopped off for its fruits by throwing the stones & pebbles on it.

What I mean is, one of the article is claiming that NFT market is facing huge challenges in scam world where NFT are getting stole and are being sold as fraud ownership titles.

This has given world wide shock throughout the NFT world and according to the Guardian we are loosing almost 4 million NFT into fraud every week. That’s huge amount.


Even with open sea the same problem is becoming proactive. Most of the market in NFT is constituted by OpenSea platform. As they are the biggest market players and NFT listers most of the fraud and hacks is happening on this platform only.

As per the opensea they claim following stuff:


Let us just hope that this new blooming market will get rid off such frauds.

When there is prosperity there always gonna be money involved and with this scammers will get attracted as the bees attracting to flowers.

Read the full article here:  ‘Huge mess of theft and fraud:’ artists sound alarm as NFT crime proliferates