NFTs- legitimate or a scam?

[Valentine Z]

You know what they say: One Man's not-so-worthwhile venture, is another man's treasure! I'm not here to judge what is worthless and what is worthful, that differs from person to person.

However, there is a concern of NFTs harming the environment, but this is a symptom of crypto-anything (heavy carbon footprints).

With that said, at least it wasn't a MLM, but that's not saying much.

-----

Edit: Plus there is such a thing called the Analog Hole. Basically, as long as we are not reaching cyberpunk-era with our bodies (we are 100% organic, still), that means any form of art, no matter how protected or how DRM'ed or NFT'ed, will still be reproducible, albeit illegal, of course.

You can copyright something or lock down a picture to view it once for $500, but that's not gonna stop a photographic memory guy from drawing it personally in his home. Or using an ancient piece of equipment to record a song to play over and over.

[Doniport]

Tbh, I just see them as yet another stupid as hell trend. Like, kids have always had some string of nonsense that scored them the big bucks. In the 70's, it was getting into movies. In the 90's, it was winning big at gaming tourneys. Now, it's selling pngs?

I... there's... something's funky.

[Nazi Flower Power]

NFP>NFT

NFTs are definitely a waste of money.

[Bear Stearns]

Not a scam but also overinflated. That said, I have as much faith in them as I do in the US dollar.

[Totalitarian Missouri]

Scam.

Thank you for Coming to My TED talk, have a good night.

[Qhevak]

Legimate artists making NFTs of their work and selling them is probably going to continue, like it or not - though it's certainly dumb and environmentally harmful property ownership was always a social construct anyway. I think there might even be benefits to energy consumption being valuable for it's own sake too - it could allow nuclear plants to profitably operate at peak power 24/7, and might even be a killer app for orbital solar.

Shitty ape edits being speculated to millions of dollars won't last more than a year.

[Doniport]

Legimate artists making NFTs of their work and selling them is probably going to continue, like it or not - though it's certainly dumb and environmentally harmful property ownership was always a social construct anyway. I think there might even be benefits to energy consumption being valuable for it's own sake too - it could allow nuclear plants to profitably operate at peak power 24/7, and might even be a killer app for orbital solar.

Shitty ape edits being speculated to millions of dollars won't last more than a year.

That ape has a monocle of 19 pixels though, that adds another $200,000 to its asking price, right? /s

[Weed]

It seems no more or less a scam than any "collectible." Pokémon cards provide no value, and the supply of cards in the market is constantly increasing. And yet there are enough people that want to show other people a binder full of cards they have spent time organizing and obtaining that the thing lives on. I think that sounds like NFTs but you can take the binder anywhere. To those of us who never interacted with Pokémon a collection of those items seems silly, much like stamp collecting or really any kind of collection.

Selling something like this for millions of dollars seems a bit much, but the new will wear off. And then again, wine should not sell for the crazy prices it sells for some times by any rational explanation, but people want to be snobs about it. Maybe fifteen years hipsters will be snobs about the non-mainstream NFTs they can show you on their Apple Toe Ring. That's not a scam, its just a better binder/wine cellar for their collection.

[Ifreann]

It seems no more or less a scam than any "collectible." Pokémon cards provide no value, and the supply of cards in the market is constantly increasing. And yet there are enough people that want to show other people a binder full of cards they have spent time organizing and obtaining that the thing lives on. I think that sounds like NFTs but you can take the binder anywhere. To those of us who never interacted with Pokémon a collection of those items seems silly, much like stamp collecting or really any kind of collection.

Selling something like this for millions of dollars seems a bit much, but the new will wear off. And then again, wine should not sell for the crazy prices it sells for some times by any rational explanation, but people want to be snobs about it. Maybe fifteen years hipsters will be snobs about the non-mainstream NFTs they can show you on their Apple Toe Ring. That's not a scam, its just a better binder/wine cellar for their collection.

But NFTs aren't collectibles, not like Pokémon cards are. There is the possibility of a complete collection of Pokémon cards, a potential for a collection containing at least one copy of every card ever printed. You can't do anything like that with NFTs. I couldn't compare my collection of NFTs with someone else they way I could with Pokémon cards, because what basis of comparison is there? A Pokémon card can be common or rare, but every NFT is unique. That's the point of them, it's in the name.

[Weed]

It seems no more or less a scam than any "collectible." Pokémon cards provide no value, and the supply of cards in the market is constantly increasing. And yet there are enough people that want to show other people a binder full of cards they have spent time organizing and obtaining that the thing lives on. I think that sounds like NFTs but you can take the binder anywhere. To those of us who never interacted with Pokémon a collection of those items seems silly, much like stamp collecting or really any kind of collection.

Selling something like this for millions of dollars seems a bit much, but the new will wear off. And then again, wine should not sell for the crazy prices it sells for some times by any rational explanation, but people want to be snobs about it. Maybe fifteen years hipsters will be snobs about the non-mainstream NFTs they can show you on their Apple Toe Ring. That's not a scam, its just a better binder/wine cellar for their collection.

But NFTs aren't collectibles, not like Pokémon cards are. There is the possibility of a complete collection of Pokémon cards, a potential for a collection containing at least one copy of every card ever printed. You can't do anything like that with NFTs. I couldn't compare my collection of NFTs with someone else they way I could with Pokémon cards, because what basis of comparison is there? A Pokémon card can be common or rare, but every NFT is unique. That's the point of them, it's in the name.

Basis of comparison for what? I don't think the point of collecting is to beat someone else's collection, maybe collecting them all is the basis for Pokemon collecting but people also collect rocks, which is clearly not about collecting them all, but rather collecting the ones that seem right to you. I'd think even though NFTs are unique you have an assortment of them, and they mean something to you. If anything the fact they are unique makes them slightly more collectable in this way because it comes with a story about why/how you have this thing. I think it will end up being a niche social thing, and to me the point is to have something meaningful to show off.

Also, more along with my point while each NFT is unique it isn't true that there likely aren't many NFTs that are essentially of the same art. I'm at a loss for if this is technically unethical or not but I don't see any technical limit to an artist creating lots of NFTs for the same art.

[Feyrisshire]

Its a mirage.

[Ifreann]

But NFTs aren't collectibles, not like Pokémon cards are. There is the possibility of a complete collection of Pokémon cards, a potential for a collection containing at least one copy of every card ever printed. You can't do anything like that with NFTs. I couldn't compare my collection of NFTs with someone else they way I could with Pokémon cards, because what basis of comparison is there? A Pokémon card can be common or rare, but every NFT is unique. That's the point of them, it's in the name.

Basis of comparison for what?

For each collection.

I don't think the point of collecting is to beat someone else's collection, maybe collecting them all is the basis for Pokemon collecting but people also collect rocks, which is clearly not about collecting them all, but rather collecting the ones that seem right to you.

Collectibles are things which are meant for building collections of. Pokémon cards are obviously collectibles. Rocks are not. A person might make a collection of rocks, but that's clearly not the same kind of thing as making a collection of Pokémon cards.

I'd think even though NFTs are unique you have an assortment of them, and they mean something to you. If anything the fact they are unique makes them slightly more collectable in this way because it comes with a story about why/how you have this thing. I think it will end up being a niche social thing, and to me the point is to have something meaningful to show off.

That's closer to how people collect wine or pieces of art. Those are collections that one curates rather than tries to complete. But the thing is, people curate collections of wine or paintings or rocks because they place some value in those things. Some people might do it cynically, but there are only cynical art collectors who are only in it for the clout because there are sincere art collectors. NFTs are purely cynical. People only want them as a speculative commodity, or because they're so deep into crypto that they want to prove that NFTs aren't a scam. No one sincerely wants 11,111 NFTs of slight variations on the same picture of a big titty anime girl. Anyone who did sincerely want digital art of a big titty anime girl was already commissioning artists to draw big titty anime girls, or just buying mangas.

Also, more along with my point while each NFT is unique it isn't true that there likely aren't many NFTs that are essentially of the same art. I'm at a loss for if this is technically unethical or not but I don't see any technical limit to an artist creating lots of NFTs for the same art.

There isn't any such limitation, so far as I'm aware, but each one would still be unique. Each token is non-fungible, that's kind of how it works.

[Marinesrett]

I think that such cryptocurrency as NFT is quite legal because many people use it and stay happy. And besides, many artists and people who sell their art prefer to sell their works in digital form and make money on it. I've seen a lot of works here https://nftotters.com/ and they are all very cool, I'm sure for some reason all those people have a good understanding of how NFT tokens work and understand that it can be trusted. If it was a scam then NFT wouldn't have been able to exist for so long.
Personally I think so about it.

[-Astoria-]

A scam, it is.

[Holy Marsh]

I don't understand it and I've had it explained to me, so I hate it and think it is a scam based on nothing but my petulant fear of a rapidly evolving world whose concepts will outpace and destroy me.

[Saiwania]

I don't understand it and I've had it explained to me, so I hate it and think it is a scam based on nothing but my petulant fear of a rapidly evolving world whose concepts will outpace and destroy me.

I know enough about it to get that it'll feel like a scam at worst if you buy into it expecting profit only for it to go down in value. And that it'll feel like a bubble at best if you buy in and it fabulously goes up in value and should perhaps cash out before it pops or is too late.

My main objection is, where is all the money coming from? Is it not reliant on some dumbass spending $1 million+ on something purely digital rather than something more real and permanent like real estate or commodities? It doesn't seem connected to intrinsic worth/value. The Mona Lisa is valuable because there is only 1 such painting in 1 location in the world, and can't be recreated, and people like the quality of the piece.

Its a huge flaw in my mind that anyone can mint NFTs for anything, without the permission of the original artist.

[Tinhampton]

NFTs were grossly overrated for about two-and-a-half weeks in something like May 2021. Now they're just... there.

[Great Confederacy of Commonwealth States]

I think that such cryptocurrency as NFT is quite legal because many people use it and stay happy. And besides, many artists and people who sell their art prefer to sell their works in digital form and make money on it. I've seen a lot of works here https://nftotters.com/ and they are all very cool, I'm sure for some reason all those people have a good understanding of how NFT tokens work and understand that it can be trusted. If it was a scam then NFT wouldn't have been able to exist for so long.
Personally I think so about it.

Pyramid schemes have also existed for a long time.

I don't understand it and I've had it explained to me, so I hate it and think it is a scam based on nothing but my petulant fear of a rapidly evolving world whose concepts will outpace and destroy me.

And yet, your only defence of it is attacking detractors as ‘petulant’, without providing any reason why NFTs can be trusted. People in this thread have given very valid criticisms of crypto and NFTs, and if you choose to put your fingers in your ears and pretend no good arguments exist, then that’s your problem.

[Porde]

Absolutely scam. I do not support cryptocurrencies in any way.

[Holy Marsh]

I think that such cryptocurrency as NFT is quite legal because many people use it and stay happy. And besides, many artists and people who sell their art prefer to sell their works in digital form and make money on it. I've seen a lot of works here https://nftotters.com/ and they are all very cool, I'm sure for some reason all those people have a good understanding of how NFT tokens work and understand that it can be trusted. If it was a scam then NFT wouldn't have been able to exist for so long.
Personally I think so about it.

Pyramid schemes have also existed for a long time.

I don't understand it and I've had it explained to me, so I hate it and think it is a scam based on nothing but my petulant fear of a rapidly evolving world whose concepts will outpace and destroy me.

And yet, your only defence of it is attacking detractors as ‘petulant’, without providing any reason why NFTs can be trusted. People in this thread have given very valid criticisms of crypto and NFTs, and if you choose to put your fingers in your ears and pretend no good arguments exist, then that’s your problem.

I was making fun of myself for not understanding a new concept- whether it is good or bad, I've had it explained to me and I don't understand it still. I wasn't making fun of anyone else. Maybe you need to stop looking for fights where there isn't one.

[Alcala-Cordel]

NFTs and cryptocurrencies shouldn't exist. NFTs are a pathetic scam and cryptocurrency mining should be illegal.

They are also extremely boring.

[Kannap]

NFTs, like all the crypto currency type shit, is not only a massive scam but the energy consumption it takes is horrifically harmful to the environment.

But NFTs, specifically, are the biggest scam of the lot.

[Hukhalia]

They are also extremely boring.

if i get one more lecture from a lolbert about how their crypto investment is doing i will fucking riot

[-Astoria-]

They are also extremely boring.

if i get one more lecture from a lolbert about how their crypto investment is doing i will fucking riot

But don't YOU want to easily get rich in these trying times?

[Narland]

Within the world of cryptocurrencies like BitCoin or Etherium, there is a relatively new financial instrument/product out there which has emerged in prominence recently- which is the NFT or Non-Fungible Token. ...
But I want to hear other people's views on the subject, do you believe an NFT is more of a potentially legitimate part of finance or more inherently a scam/fraud of some sort?

Which side do you fall on and why? Have you or do you intend to spend money on or participate in emerging NFT markets?

If you have, how has it went in terms of outcomes, is it a space you'd want to delve into or avoid? What are the merits or disadvantages of NFTs you'd consider?
Thoughts.

URLs: tldr

Color me skeptical. I checked unsure, because i am not optimistic that the current level of opulence and technological development enjoyed and required by free and open trade, free and open markets, and free and open societies can be maintained worldwide beyond two or three more generations before we self-destruct and blow ourselves back to an iron age if not the stone age whence people will speak of a golden age wherein people once had godlike powers.

The big flaws:
1. dependency on free and open access to affordable (dirt cheap), continuous, and reliable electricity for enough people.
2. dependency on free and open access to affordable levels of special manufacturing techniques using unheard of (before the 20th century) technological development by enough people opulent enough to keep NFTs possible.
3. Governments willing to entertain the use of such technology for such purposes.
4. Enough people within a safe enough border with the willingness to maintain the ethical standards required to maintain the diversity of skill and labor that to allow EFTs (and its high-tech means) to be commonplace let alone be treated as personal assets (should they so be willing).