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NFTs- legitimate or a scam?

For discussion and debate about anything. (Not a roleplay related forum; out-of-character commentary only.)

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Where do you stand on the concept of NFTs (Non-Fungible Tokens)?

Pro
4
2%
Anti
136
76%
Neutral
31
17%
Unsure
9
5%
 
Total votes : 180

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The Alma Mater
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Postby The Alma Mater » Sat Nov 20, 2021 12:39 am

Albrenia wrote:I'm anti-NFTs, but then again I thought crypto-currency was a load of bull and I seem to have been quite wrong on that, so what do I know?


Well,you are not wrong actually. It is just that a lot of people like bull.
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Grenartia
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Postby Grenartia » Sat Nov 20, 2021 7:30 pm

Albrenia wrote:I'm anti-NFTs, but then again I thought crypto-currency was a load of bull and I seem to have been quite wrong on that, so what do I know?


No, its bullshit, too. It just hasn't come to fruition yet.
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Diaboland
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Postby Diaboland » Mon Dec 13, 2021 6:26 pm

Definitely a scam. Every single brand and fandom is releasing NFTs now. Did you guys here about the controversy over the Neopets one? It's worth checking out

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Comfed
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Postby Comfed » Mon Dec 13, 2021 6:32 pm

It’s a scam. So is cryptocurrency.
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Cannot think of a name
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Postby Cannot think of a name » Mon Dec 13, 2021 6:40 pm

I apparently have one (or I guess will have one) for getting my tickets super early to Spider-man No Way Home.

After I get the email explaining how I have the NFT I expect me to not think about it again except maybe to just realize randomly, "Oh yeah, I have imaginary ownership over an ephemeral thing..."

I definitely do not think that my one of 86,000 imaginary ownership over a digital nothingness will ever be of any real value.

But I said that about cryptocurrency. Google tells me that bitcoin came about in 2009, but I distinctly remember talking about what I thought was bitcoin when I still worked at the record store, which I left in 2003. So I don't know if my memory has bled over or there was some other thing that sounded like bitcoin back then or what.

Anyway, I'm from gold country, we grow up knowing that when people jump up and down shouting "GOLD GOLD GOLD" the gold is gone and the only money to be made is in selling shovels.

And it seems to me that cryptocurrency and NFTs and such suddenly have a whooooole lot of shovel salespeople.
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The Swaggerlands
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Postby The Swaggerlands » Mon Dec 13, 2021 6:50 pm

Comfed wrote:It’s a scam. So is cryptocurrency.

Basically my thoughts. Selling jpegs to people that anyone can attain for free is on par with those scams trying to sell you the rights to stars in the sky. Cryptocurrency in a similar vein, with the concept so wrapped up in the "the more fake it is the more economy it is" mindset, is a great way to scam people into paying for things they can't own or use, and is basically like how the stock market works but with an unstable, illegitimate currency and with a couple more layers of abstraction.

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Saiwania
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Postby Saiwania » Mon Dec 13, 2021 7:09 pm

The Swaggerlands wrote:Basically my thoughts. Selling jpegs to people that anyone can attain for free is on par with those scams trying to sell you the rights to stars in the sky. Cryptocurrency in a similar vein, with the concept so wrapped up in the "the more fake it is the more economy it is" mindset, is a great way to scam people into paying for things they can't own or use, and is basically like how the stock market works but with an unstable, illegitimate currency and with a couple more layers of abstraction.


People who don't understand the stock market or traditional investing keep missing the fact that stocks are supposed to represent partial ownership in a company. It entitles you to a share of any profits if that stock pays a dividend and is a valid way for corporations to raise money. Its a good deal to buy and hold onto stocks if the company is successful and it appreciates in value for the long term like say- Apple Inc. did.

It has utility or a fiat value if it can be sold and the company its attached to doesn't become worthless like Enron.

Stocks are bad when that specific company goes bankrupt or is a failing business in decline, but that is an expected risk. The idea is that you're supposed to try to buy when share price is low and sell when share price is high.

Cryptocurrencies in contrast, are far more volatile with regards to where the price will go at a given moment.
Last edited by Saiwania on Mon Dec 13, 2021 7:21 pm, edited 2 times in total.
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Just-An-Illusion
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Postby Just-An-Illusion » Mon Dec 13, 2021 8:11 pm

NFTs are definitely a scam.

Besides you don't have to spend money if you screenshot the NFT *taps forehead*
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Parish
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Postby Parish » Mon Dec 13, 2021 8:17 pm

Image
Hey guys, check out this limited-edition one-of-a-kind monkey image I definitely didn't just screenshot! Isn't it cool?!



But on a serious note, NFTs are garbage. They're worth literally nothing, but for some reason people thing they're worth everything.
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Northern Socialist Council Republics
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Postby Northern Socialist Council Republics » Mon Dec 13, 2021 8:50 pm

Parish wrote:But on a serious note, NFTs are garbage. They're worth literally nothing, but for some reason people thing they're worth everything.

They’re worth however much other people are willing to pay for them, which at the moment can be quite a bit.
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Republic Of Ludwigsburg
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Postby Republic Of Ludwigsburg » Mon Dec 13, 2021 8:58 pm

hey guys look at these 10 pixels i bought for 100,000,000,000,000,000$
Image
wow so cool and great art i love these 4 pixels
This is way to expensive for 4 colors in an extremely mediocre drawing which has no value.
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Cannot think of a name
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Postby Cannot think of a name » Mon Dec 13, 2021 9:11 pm

Republic Of Ludwigsburg wrote:hey guys look at these 10 pixels i bought for 100,000,000,000,000,000$
(Image)
wow so cool and great art i love these 4 pixels
This is way to expensive for 4 colors in an extremely mediocre drawing which has no value.

It's not the items themselves that bother me about NFTs, it's the non-ownership ownership. It's like selling a certificate that you own a star or some shit. You don't have control over the NFT's usage, you can't profit from the NFT other than selling it to someone else, you don't even get an original file or something if such a thing were even possible, you just get a pinky swear that it's 'yours' but that ownership doesn't actually mean anything.

I mean, essentially it's not that different than crypto currency with the exception that the digital bobble you own/don't own has to have some signifigance to someone, like a work from a noted artist or a meme that penetrated the culture like the Nan cat or some bullshit. Like, I could sell a drawing of my toe as an NFT, but no one would buy it. I could sell the NFT they gave out for buying a movie ticket, but I also doubt anyone will buy it for more than the cost of a combo meal.

So the nancat isn't just 'some pixels', but the 'ownership' of the nan cat is just hustle and bullshit.
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Cannot think of a name
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Postby Cannot think of a name » Mon Dec 13, 2021 9:16 pm

Oh fuck the world, the 60k NFTs marvel gave out in august are worth $4k? Fuuuuuuuck off.

I still don't think the AMC one will be worth shit. But if some dipshit wants to give me enough money for a new computer or engine for my Bus, who am I to argue.

Seriously though, no.

I also suspect that the process of 'obtaining' the NFT will be more hassle than I'm willing to put up with.
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Elejamie
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Postby Elejamie » Tue Dec 14, 2021 5:40 am

Cannot think of a name wrote:
Republic Of Ludwigsburg wrote:hey guys look at these 10 pixels i bought for 100,000,000,000,000,000$
(Image)
wow so cool and great art i love these 4 pixels
This is way to expensive for 4 colors in an extremely mediocre drawing which has no value.

It's not the items themselves that bother me about NFTs, it's the non-ownership ownership. It's like selling a certificate that you own a star or some shit. You don't have control over the NFT's usage, you can't profit from the NFT other than selling it to someone else, you don't even get an original file or something if such a thing were even possible, you just get a pinky swear that it's 'yours' but that ownership doesn't actually mean anything.

I mean, essentially it's not that different than crypto currency with the exception that the digital bobble you own/don't own has to have some signifigance to someone, like a work from a noted artist or a meme that penetrated the culture like the Nan cat or some bullshit. Like, I could sell a drawing of my toe as an NFT, but no one would buy it. I could sell the NFT they gave out for buying a movie ticket, but I also doubt anyone will buy it for more than the cost of a combo meal.

So the nancat isn't just 'some pixels', but the 'ownership' of the nan cat is just hustle and bullshit.


I'm sure you could find someone to buy your toe drawing NFT if you keep hyping it up until you find a buyer willing to drop an Ethereum or two on it. Because, if I remember correctly, it's not really about the artwork itself but rather just the fact that you own it so you can sell it on later. Sort of like trading cards but lacks what actually makes them collectible and valuable unless you look under the hood but, even then, just as long as the artwork's easily replicable in the same quality as the original work itself it doesn't really matter about any blockchain business.

In fact, when you think of it, it kind of seems like normal trading (or worse insider trading) but with extra steps.

Just-An-Illusion wrote:NFTs are definitely a scam.

Besides you don't have to spend money if you screenshot the NFT *taps forehead*


Not just that but there's theoretically nothing that says you can't mint it somewhere else. Besides, all this "screenshotting" and "right click save" business isn't about the money, it's about sending a message.

Republic Of Ludwigsburg wrote:hey guys look at these 10 pixels i bought for 100,000,000,000,000,000$
(Image)
wow so cool and great art i love these 4 pixels
This is way to expensive for 4 colors in an extremely mediocre drawing which has no value.


Image
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FNU
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Postby FNU » Tue Dec 14, 2021 5:45 am

The only reason I think it's a scam (outside of the absurdity of it in general) is because of the existence of screenshot features on most devices, alongside inspect elements for finding .png's on a site.
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The Blaatschapen
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Postby The Blaatschapen » Tue Dec 14, 2021 6:06 am

The Alma Mater wrote:
Albrenia wrote:I'm anti-NFTs, but then again I thought crypto-currency was a load of bull and I seem to have been quite wrong on that, so what do I know?


Well,you are not wrong actually. It is just that a lot of people like bull.


:(
People should like ram more.

I could use the money.
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Postby Ifreann » Tue Dec 14, 2021 6:11 am

The Blaatschapen wrote:
The Alma Mater wrote:
Well,you are not wrong actually. It is just that a lot of people like bull.


:(
People should like ram more.

I could use the money.

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Cannot think of a name
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Postby Cannot think of a name » Tue Dec 14, 2021 7:07 am

FNU wrote:The only reason I think it's a scam (outside of the absurdity of it in general) is because of the existence of screenshot features on most devices, alongside inspect elements for finding .png's on a site.

Well, that's the thing. You don't have to go to nepharious lengths to use someone else's NFT or have a copy on your hard drive or make and sell t-shirts of it, because you 'own it' in name only, you don't have any control over it, you can't restrict it or license it, just someone set up some code that says you 'own' it and you can pass that 'ownership' on to someone else. Like, what does it really mean to 'own' nan cat? That was one of the first big NFT stories, but people being able to use Nan Cat hasn't changed, just now somewhere someone with money to burn can go, "I 'own' that."
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-Astoria-
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Postby -Astoria- » Tue Dec 14, 2021 7:19 am

Ifreann wrote:
The Blaatschapen wrote:
:(
People should like ram more.

I could use the money.

Blaatcoin, the hot new sheep-themed cryptocoin.

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Postby GENSOC » Tue Dec 14, 2021 7:41 am

Northern Socialist Council Republics wrote:
Parish wrote:But on a serious note, NFTs are garbage. They're worth literally nothing, but for some reason people thing they're worth everything.

They’re worth however much other people are willing to pay for them, which at the moment can be quite a bit.

Thing is, the overwhelming majority of these extremely high value transactions are wash trading.
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Saiwania
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Postby Saiwania » Tue Dec 14, 2021 7:49 am

Cannot think of a name wrote:Like, what does it really mean to 'own' nan cat? That was one of the first big NFT stories, but people being able to use Nan Cat hasn't changed, just now somewhere someone with money to burn can go, "I 'own' that."


The "proof of ownership" is supposedly tied to a specific given cryptocurrency's blockchain. People who didn't buy an NFT won't be listed in the history on a blockchain ledger. When an NFT is minted, there is supposed to be a fixed supply so that it retains some value via scarcity if it happens to be in demand. Problem is, its fully possible for people to create an NFT of something and sell it to other people, even if they have no actual copyright rights/authority to be doing that if its not their own original work/project.

If the cryptocurrency it is tied to loses all value, that is perhaps also a problem NFTs can run into. BitCoin is valuable because it was the first, but only so many other "coins" in the genre are considered valuable enough to be considered a big deal. There is also Ethereum and Solana. Not too sure about Ripple. Most of the other crypto-coins people don't seem to currently care about asides from Shiba Inu having growth potential.
Last edited by Saiwania on Tue Dec 14, 2021 7:57 am, edited 5 times in total.
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Ethel mermania
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Postby Ethel mermania » Tue Dec 14, 2021 7:51 am

Cannot think of a name wrote:
FNU wrote:The only reason I think it's a scam (outside of the absurdity of it in general) is because of the existence of screenshot features on most devices, alongside inspect elements for finding .png's on a site.

Well, that's the thing. You don't have to go to nepharious lengths to use someone else's NFT or have a copy on your hard drive or make and sell t-shirts of it, because you 'own it' in name only, you don't have any control over it, you can't restrict it or license it, just someone set up some code that says you 'own' it and you can pass that 'ownership' on to someone else. Like, what does it really mean to 'own' nan cat? That was one of the first big NFT stories, but people being able to use Nan Cat hasn't changed, just now somewhere someone with money to burn can go, "I 'own' that."


I get the point of crypto, at its most basic its a non government affiliated clearing house for transactions.

I just dont get the point of NFT's. Unless as a fundraiser for the artist. As you say there is no tangible benefit to ownership
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Grenartia
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Postby Grenartia » Tue Dec 14, 2021 7:54 am

Cannot think of a name wrote:Anyway, I'm from gold country, we grow up knowing that when people jump up and down shouting "GOLD GOLD GOLD" the gold is gone and the only money to be made is in selling shovels.


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Postby Polomon Islands » Tue Dec 14, 2021 7:56 am

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Terruana
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Postby Terruana » Tue Dec 14, 2021 7:56 am

I'm excited to see the day when they start selling "original screenshots" of NFTs as new NFTs and people actually pay money for them :lol2:
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