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NFT, what is your stance on it?
- Thread starter AndrewDean84
- Start date
- Status
Seems like something for people with more disposable income than I have to mess with, especially considering that I think I understand what it is but can not even begin to fathom why anyone would ever spend money on it.
We had a thread like this the other day
Just gonna copy paste my response:
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The idea of digital collectibles like what VeVe is doing is very sound and will be a mainstay in the coming years but NFTs as they stand with shit like BAYC are ponzis. Pure and simple.
I get where the environment concerns come from. It's a shame that the biggest collections are on Ethereum and I don't see that changing for a while. But there's progress being made in the space with NBA Top Shot (second-largest NFT marketplace) being built on top of Flow which is way better than Ethereum for the environment.
I can see a scenario where primary mints are done on Ethereum whereas supplementary drops are done on more eco-friendly chains (Solana, Polygon etc).
Just gonna copy paste my response:
--
The idea of digital collectibles like what VeVe is doing is very sound and will be a mainstay in the coming years but NFTs as they stand with shit like BAYC are ponzis. Pure and simple.
I get where the environment concerns come from. It's a shame that the biggest collections are on Ethereum and I don't see that changing for a while. But there's progress being made in the space with NBA Top Shot (second-largest NFT marketplace) being built on top of Flow which is way better than Ethereum for the environment.
I can see a scenario where primary mints are done on Ethereum whereas supplementary drops are done on more eco-friendly chains (Solana, Polygon etc).
Same. Just lock the thread.
No offense op these always end badly.
Literally just said this in the Disney thread but they're virtual Beanie Babies.
People are pumping money into them at the moment because they're speculating that they'll be super valuable in the future, partly because of scarcity and partly because they're art (apparently?). But just like Beanie Babies, eventually the market will realise that there's actually no demand, that there's more people who are buying than want to sell and the whole thing will collapse on itself.
People are pumping money into them at the moment because they're speculating that they'll be super valuable in the future, partly because of scarcity and partly because they're art (apparently?). But just like Beanie Babies, eventually the market will realise that there's actually no demand, that there's more people who are buying than want to sell and the whole thing will collapse on itself.
I think it's cool and has potential. The concept of digital ownership absent a central authority is neat. There's a ton of scammers and hustlers in it now though since BAYC and Beeple took off (not saying those two are scams, they're not, but the scammers saw $$$ with the popularity rise of those two recently). Hopefully the dust settles at some point and these folks move on to something else.
Beyond idiotic. You don't "own" anything beyond an entry in a pointless blockchain when you buy one. There's no grant of copyright or any form of copy protection for the digital "asset" your stupid ass just "bought".
I have zero respect for anyone who spends money on an NFT.
I have zero respect for anyone who spends money on an NFT.
NFTs do not provide the bolded, no matter how much people try to claim they do. You own a token, that is literally it. They do not confer any legal ownership of whatever the thing it points at is.
I don't have a investment in an nft but I am invested in the networks they operate on. I'm cool with them. They only have value because people determine that they have value. Simple as that for me.
Pretty much. Like anything else.
Pretty much. Like anything else.
Reintroducing property in a system whose one of the good sides was somehow the lack of property.
Big carbon impact.
Big speculative bubble.
Nah, that's capitalist shit.
Big carbon impact.
Big speculative bubble.
Nah, that's capitalist shit.
Good lord these threads.
In any case I understand what they are, but have no interest in it myself.
Will they continue to grow? Possibly. Peoples arguments about how they are a fad and will collapse are the same arguments they made about Bitcoin etc, and here we are 13 years later with Bitcoin ETFs on the market. So who knows, it will depend on how things shake out.
In any case I understand what they are, but have no interest in it myself.
Will they continue to grow? Possibly. Peoples arguments about how they are a fad and will collapse are the same arguments they made about Bitcoin etc, and here we are 13 years later with Bitcoin ETFs on the market. So who knows, it will depend on how things shake out.
It's more stupid than cryptocurrency. I think I understand the concept, I just can't comprehend why it exists.
As of right now: definitely not!
Time will tell, but I'm still holding the position that it can't be a sustainable, long-term solution to trade digital art.
Now it's new, and some people with a lot of disposable income are excited enough about it to dump large sums of money into the concept, but I can't see this last for long. From my perspective, the whole thing just doesn't work on a fundamental level. The intent is good, but the solution is wrong. You can't recreate the scarcity of the physical art world that way. It doesn't work.
That's my perspective anyway.
Time will tell, but I'm still holding the position that it can't be a sustainable, long-term solution to trade digital art.
Now it's new, and some people with a lot of disposable income are excited enough about it to dump large sums of money into the concept, but I can't see this last for long. From my perspective, the whole thing just doesn't work on a fundamental level. The intent is good, but the solution is wrong. You can't recreate the scarcity of the physical art world that way. It doesn't work.
That's my perspective anyway.
Hate them. Hate everyone that buys an NFT. Literally, if you buy an NFT you do not belong into my life.
Sadly it'll be very hard to boycott NFTs because big corporations are ALL gonna jump on it.. sigh..
Sadly it'll be very hard to boycott NFTs because big corporations are ALL gonna jump on it.. sigh..
It has been a shockingly effective way to turn what is essentially a database entry into a collectable. It's such a weird thing and I'm not surprised to see so many big companies hop onto it because it's an easy way to make a buck from gullible idiots with FOMO who just want to collect things even if the thing isn't something tangible. The whole "investing" in them and selling them for huge amounts of money is MLM shit and hopefully that bubble bursts sooner than later.
I don't think the idea is necessarily the worst thing in the world but right now it's a solution in search of a problem and the problem it has mostly found is "how can we scam money out of people?"
I don't think the idea is necessarily the worst thing in the world but right now it's a solution in search of a problem and the problem it has mostly found is "how can we scam money out of people?"
I never said anything about legal ownership. It's a concept of digital ownership, that's it. You hate it, we got it.
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