Why all hate NFTs?

[SylverReZ]

NFT was designed to bring some revolutionary possibilities to the community but it end up being a scam another reason is an incredible decline in price. When an NFT once cost 1kk and after 1-2 years it got 1 (one) dollar it is abnormal!

I can hear the billionaires crying after spending 1k over a crusty JPEG.

 

[_Snow_]

When NFTs were first announced and I was more crypto-friendly at the time. I thought it was a neat idea. I thought game keys or special weapons like "God Extinguisher: The Sword That Can Kill God And Is Made Of A Mythril/Adamantium Alloy" could be NFTs. Then I started waking up to the Ponzi scheme that crypto really is. As well, I started seeing absolutely pointless NFT projects like the retarded ape NFTs and CryptoKitties (which really popularized the scheme).

It would be neat to have a digital item that cannot be copied and is one of a kind. Like rare physical objects. But I can't justify owning a picture of a diseased retarded ape drawing that requires computers somewhere in the world chugging away, burning extra coal.. simply to exist.

Like crypto, I have not seen any good implementation of the technology. Crypto itself was supposed to be a decentralized method of payment. Bitcoin has been around since 2009. While there are ways to pay with crypto, because of the complexity of the wallet system (where it is still insanely easy to lose your crypto if you lose your passwords or key), and the wildly fluctuating prices due to speculation, it has not become a mainstream standard. Governments and banks would never allow it to happen on the same level as actual currency. Because of the technicalities with all the blockchains, risk of hackers/ digital thieves, ability to permanently lose access to virtual currency, it would be an absolute nightmare if it was.

You want to make a lot of money? Then put actual effort into making that money, that is worth your personal time commitment and hard work. You will appreciate your money a lot more when you earn it honestly. Forget these pointless investments.

 

[SylverReZ]

You want to make a lot of money? Then put actual effort into making that money, that is worth your personal time commitment and hard work. You will appreciate your money a lot more when you earn it honestly. Forget these pointless investments.

I do eBay for a living so I can make a lot of money. Those people who believe that digital items is the key to investing, are wasting their time and is super lazy.

 

[_Snow_]

I do eBay for a living so I can make a lot of money. Those people who believe that digital items is the key to investing, are wasting their time and is super lazy.

That's a good way to make money. Not easy though. I tried selling on Ebay a few times and found their fees way out of bounds. Not to mention, living in Canada, to ship a simple book across the country cost my buyers $30 CAD just to have it priority shipped. I'm sure they have reduced seller fees for stores.

 

[AkikoKumagara]

Buying an NFT isn't even buying a license to use the thing it's attached to, it's essentially paying for metadata. It's a way to get gullible people to spend money and get essentially nothing in return.

The copyright still belongs to whomever created the art or data the NFT is attached to, you aren't given ownership of anything tangible in exchange for your money.

It's a scam, in other words, that goes after people who have more dollars than sense, and unfortunately they need to be protected from themselves.

It would be different if you were licensing this data or buying the copyright for it, but this is generally not the case, and there's no standard for that when it comes to NFT transactions. The copyright owner would still have a case if they decided they didn't want you using the thing that "you bought".

It's a sketchy practice and a sketchy market. That's even without getting into those who create and sell NFTs out of data that doesn't belong to them.