Blockchain NFT Hate Thread
- Thread starter arrall
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Las Veghost grower
Bluelighter
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Go big, get the RC8, soooo sexy
Jabberwocky
Frumious Bandersnatch
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anyone going to shed a tear for the people who're losing out.....
www.theguardian.com
$69m dollars for a fucking NFT.
i'm sure this is just money laundering and some idiots mistook it for a 'thing.'
this is an encouraging sign for anyone who wants this madness to end: " troubles at crypto-related financial institutions such as the Celsius Network, a lender that has paused withdrawals."
NFT sales hit 12-month low after cryptocurrency crash
Sales of non-fungible tokens totalled just over $1bn in June, compared with peak of $12.6bn in January
$69m dollars for a fucking NFT.
i'm sure this is just money laundering and some idiots mistook it for a 'thing.'
this is an encouraging sign for anyone who wants this madness to end: " troubles at crypto-related financial institutions such as the Celsius Network, a lender that has paused withdrawals."
Vastness
Bluelight Crew
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I think that like cryptocurrency itself, NFTs are theoretically a kinda cool extension of the use cases that blockchains enable, but right now the entire space has been absolutely ruined by the proliferation of scamming cunts looking to make a profit off hype and people's ignorance. Even moreso than crypto itself I'd say - I own some crypto - I have never once seen an NFT worth buying.
I'll concede - there are A FEW where the artists seemed to put in some genuine effort, whether it's hype or not, but others are just straight up criminal. Prime example, Bored Ape Yacht Club running the biggest troll on the whole world right now, the entire dumb as fuck concept being birthed out of a select few annoyingly smart 4chan assholes running with the "everything is funny as long as it's an ironic troll" dumb as fuck vibe that gives you internet cred over there and profiting off a slew of utter worthless bullshit with cryptic Nazi symbolism mixed in for good measure. Everyone in mainstream media - "oh, that's a bit of a stretch, it's surely just a coincidence." Not saying the founders are actually Nazis - they are trolling asshole 4channers who think racist symbolism is funny and are happy to deceive rich and poor alike - but of course it's mainly the poor who suffer, the rich probably don't give a fuck.
Besides that... anyone ever check out Gary Vee's "VeeFriends" NFT collection? Bunch of fucking doodles that actually look like he drew them on toilet paper while taking a shit. Did like maybe 10 colour variations for every letter of the alphabet... that's probably 260 pieces of glorified toilet paper art that probably sold for a good few ETH each (I haven't actually checked - but he did reported make a lot, mainly again from misleading poor and impressionable young fans - like, millions). Shit is fucking criminal.
I'll concede - there are A FEW where the artists seemed to put in some genuine effort, whether it's hype or not, but others are just straight up criminal. Prime example, Bored Ape Yacht Club running the biggest troll on the whole world right now, the entire dumb as fuck concept being birthed out of a select few annoyingly smart 4chan assholes running with the "everything is funny as long as it's an ironic troll" dumb as fuck vibe that gives you internet cred over there and profiting off a slew of utter worthless bullshit with cryptic Nazi symbolism mixed in for good measure. Everyone in mainstream media - "oh, that's a bit of a stretch, it's surely just a coincidence." Not saying the founders are actually Nazis - they are trolling asshole 4channers who think racist symbolism is funny and are happy to deceive rich and poor alike - but of course it's mainly the poor who suffer, the rich probably don't give a fuck.
Besides that... anyone ever check out Gary Vee's "VeeFriends" NFT collection? Bunch of fucking doodles that actually look like he drew them on toilet paper while taking a shit. Did like maybe 10 colour variations for every letter of the alphabet... that's probably 260 pieces of glorified toilet paper art that probably sold for a good few ETH each (I haven't actually checked - but he did reported make a lot, mainly again from misleading poor and impressionable young fans - like, millions). Shit is fucking criminal.
Nid Styles
Bluelighter
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NFT’s for artwork is DUMB.
NFT’s do have a place, but not where most people think. Yes, that’s right. I have another idea for them, and this is actually good.
NFT’s do have a place, but not where most people think. Yes, that’s right. I have another idea for them, and this is actually good.
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125 ETH is actually 163K
1000 ETH is 1.3M
This shit is fucking ridiculous.
Let's hear it.
Electrum1
Bluelighter
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Lmao
markets.businessinsider.com
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles may now be worthless.
NFTs had a huge bull run two years ago, with billions of dollars a month in trading volume, but now most have crashed to zero, a study found.
markets.businessinsider.com
PriestTheyCalledHim
Bluelighter
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Didn't Seth Green the voice of Chris Griffin and the actor in Scream flip out on twitter because somone copied his NFT of an ape dressed like a pimp and he paid $300k to get it back?"The official Bored Ape Yacht Club Instagram account has been hacked and millions worth of NFTs have reportedly been stolen"
BAYC Instagram and Discord Hacked: Over $13 Million in NFTs Stolen
Few have fallen prey to an attack that appears to be a fake mint link sent out to Bored Ape Yacht Club (BAYC) followers.watcher.guru
This reminds me of bitcoin and all of the crypto currencies, despite what some people here claim they are a pyramid scheme and only the unknown people at the top or mystery inventors made lots of €$£ from it, almost everyone else lost what they put into it, or paid way too much to mine bitcoins.
PriestTheyCalledHim
Bluelighter
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Did anyone here make or sell NFTs? I remember when they tried to legitimize them briefly and had them show up in art buying sites and auctions.Lmao
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles may now be worthless.
NFTs had a huge bull run two years ago, with billions of dollars a month in trading volume, but now most have crashed to zero, a study found.
‘Huge mess of theft and fraud:’ artists sound alarm as NFT crime proliferates
The digital marketplace for NFTs grew to an estimated $22bn last year but companies face challenges monitoring stolen art
Last edited:
PriestTheyCalledHim
Bluelighter
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So did beeple.
AlsoTapered
Bluelighter
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NFTs like cryptocurrencies are a non-yielding asset. If you buy a business, a building or land, they all yield or have the potential to yield an income.
Gold is the original non-yielding asset and when, in 1941 the US entered WW2, many people bought gold as a 'safe' asset. Every $1 of gold bought in 1941 is now worth 3c (and that's adjusted for inflation).
ALL non-yielding assets PRESUME that their is someone prepared to pay more for said asset, they have no inherent value. As a medium of exchange, cryptocurrency has the benefit of being non-centralized so it's become the go-to medium for people seeking to avoid taxation or for transactions over illegal products and services.
I know someone who invested quite heavily in crypto early on and has done reasonably well - they were able to profit for a few years, but in the last 12 months they have gone VERY quiet, have begun to rent their spare room and are now looking for a job. So even successful investors aren't seeing it working as a form of passive income.
It's also fascinating that investors had to invent an acronym for anyone who casts doubt on the whole field of investment. Anyone who questions the financial basis of NFTs and crypto is accused of 'spreading FUD'.
I don't see ANYONE feeling the need to defend investment into, say, building and renting properties, shares in productive companies or even into new startups. Why? Because all of these represent a yielding asset.
Investment 'bubbles' into non productive assets has a long, long history. From Tulipmania in The Netherlands (1634-1638) onwards, people still don't seem to recognize that their is no such thing as free money. If one is in the lucky position of not materially losing even if an asset's value does undergo a 'correction' then it can be considered speculation and anyone in the business of speculation will widely spread the risk. But NFTs and crypto are seemingly not subject to the level of accountability placed by governments on other investments.
It's interesting to note that even the most successful speculators, people who spend months analysing a potential investment, only see an average of around 40% of their investments ever yielding them a profit. So people buying NFTs must be insane. That 'Bored Ape Yacht Club' has lost 88% of it's value in the last month. Now they attempted to sell their NFTs promising all manner of services but when you see how much those NFTs cost, what an owner was given 'free' represented about 1% of the price they paid - and the BAYC people were the MOST successful.
Anyone looking closely at the agreement would see that they don't own the image nor do they own the copyright, right to reproduce the image or right to in any way profit from owning the image. No, the BAYC still owns all of those. So when the price collapses, they can go on to produce limited edition merchandise having obtained hundreds of millions of pounds of free advertising.
In short, the only people who profit from NFTs are the people who produce them. I collect Lukács prints from the 1920s-1930s. They are a series of Dutch safety posters. So it's known how many were produced and how many different prints were produced. I enjoy owning them because I find his work fascinating - IF their value substantially increases then I MIGHT consider selling them... but if they are worth nothing, it doesn't affect my appreciation of his work.
So why buy an NFT? Buy a unique piece of art that you love and consider any potential profit as a bonus.
Gold is the original non-yielding asset and when, in 1941 the US entered WW2, many people bought gold as a 'safe' asset. Every $1 of gold bought in 1941 is now worth 3c (and that's adjusted for inflation).
ALL non-yielding assets PRESUME that their is someone prepared to pay more for said asset, they have no inherent value. As a medium of exchange, cryptocurrency has the benefit of being non-centralized so it's become the go-to medium for people seeking to avoid taxation or for transactions over illegal products and services.
I know someone who invested quite heavily in crypto early on and has done reasonably well - they were able to profit for a few years, but in the last 12 months they have gone VERY quiet, have begun to rent their spare room and are now looking for a job. So even successful investors aren't seeing it working as a form of passive income.
It's also fascinating that investors had to invent an acronym for anyone who casts doubt on the whole field of investment. Anyone who questions the financial basis of NFTs and crypto is accused of 'spreading FUD'.
I don't see ANYONE feeling the need to defend investment into, say, building and renting properties, shares in productive companies or even into new startups. Why? Because all of these represent a yielding asset.
Investment 'bubbles' into non productive assets has a long, long history. From Tulipmania in The Netherlands (1634-1638) onwards, people still don't seem to recognize that their is no such thing as free money. If one is in the lucky position of not materially losing even if an asset's value does undergo a 'correction' then it can be considered speculation and anyone in the business of speculation will widely spread the risk. But NFTs and crypto are seemingly not subject to the level of accountability placed by governments on other investments.
It's interesting to note that even the most successful speculators, people who spend months analysing a potential investment, only see an average of around 40% of their investments ever yielding them a profit. So people buying NFTs must be insane. That 'Bored Ape Yacht Club' has lost 88% of it's value in the last month. Now they attempted to sell their NFTs promising all manner of services but when you see how much those NFTs cost, what an owner was given 'free' represented about 1% of the price they paid - and the BAYC people were the MOST successful.
Anyone looking closely at the agreement would see that they don't own the image nor do they own the copyright, right to reproduce the image or right to in any way profit from owning the image. No, the BAYC still owns all of those. So when the price collapses, they can go on to produce limited edition merchandise having obtained hundreds of millions of pounds of free advertising.
In short, the only people who profit from NFTs are the people who produce them. I collect Lukács prints from the 1920s-1930s. They are a series of Dutch safety posters. So it's known how many were produced and how many different prints were produced. I enjoy owning them because I find his work fascinating - IF their value substantially increases then I MIGHT consider selling them... but if they are worth nothing, it doesn't affect my appreciation of his work.
So why buy an NFT? Buy a unique piece of art that you love and consider any potential profit as a bonus.