NFTs are just beanie babies for millenials and gen z
Don’t forget Funko pops
A plague upon humanity.
I really hate these things and can’t believe I wasted money on some my kids wanted.
But you do buy something. It’s not imaginary
Millenials had beanie babied wut
At least beanie babies were a toy a child could play with.
Noooo! They’d lose value! (they’d go from 2 to 1.5 dollars)
Well, that’s why you get the tag protectors!
Beanie babies were beanie babies for millennials. I still have some.
Sure, but millennials weren’t the generation that brought us things like this. They thought they could horde them to fund their kids college. I know firsthand, my mom spent hundreds of thousands on them claiming they would only go up. Now she’s got nothing. God forbid she buy a fucking savings bond.
Uh oh, you’ve offended the people who are prone to falling for scams and grifts. Across multiple generations.
I think it’s also the younger users here don’t know/remember the time when all Boomers flipped their shit and thought Beanie Babies were THE ONE TRUE investment strategy. They didn’t watch their parents blow their entire retirement fund on a scam. Instead they were the ones that actually got to play with them, so naturally they look back on them fondly.
I could buy a beanie baby at an auction and then drive across town and sell the beanie baby at a different auction. I’d get around the same estimated price on the toy buying and selling, unless I found a particularly friendly/disappointing market.
By contrast, the NFT auction houses are all owned and operated by the same assholes trying to sell the digital merch. The prices are set arbitrarily, many of the sales are wash sales or straw purchases, with the same individual/cartel running multiple accounts to create the illusion of a market. Once you’ve bought your NFT, there’s no real way to off-load it onto anyone else. It’s purely a scam.
Tack on to the tail end, at the absolute worst you get a cute little stuffed animal out of Beanie Babies. With NFTs, you’re not even buying the artwork itself. You’re buying a link to artwork with no guarantee of continued costing. Quite a few NFTs are the victims of Link Rot, leading to the owner having gone out of pocket for some absurd fee in exchange for what amounts to a stall bit.ly URL.
i smoked a joint with an one of those ape drawings on the jar last night, that was a Nice Fuckin Toke
Hahaha
It’s remains sad that the name NFT is tainted by scams. In business, we start using NFTs more in various other contexts than “art”. NFT technology, without the scam marketplace, has many use cases that we only now start to see benefits from. It’s a very good way to digitize assets and use them in business processes.
Explain to me one such benefit please
Software licenses
Why would a vendor prefer that over centralized DRM that customers tolerate anyways?
For you as a user, this example can be interesting: event tickets.
Today, the market is dominated by companies like Ticketmasters and scalpers. Artists have very little control over their ticket price. Here in The Netherlands, some prominent artists started using GET to issue their event tickets on (these are technically NFTs). This gives them the assurance that the audience pays a fair price for the tickets and that scalpers cannot trade it for a higher price. Both the audience and the artist are better of using this technology, than issuing their tickets via Ticketmasters.
https://guts.tickets/ E.g. Dutch article with prominent artists starting sales via GUTS in 2018, and they still use that platform today: https://www.parool.nl/kunst-media/jochem-myjer-en-youp-van-t-hek-pakken-ticketfraude-aan~bc419f5c/?referrer=https%3A%2F%2Fwww.google.com%2F
And why do I need a Blockchain for that?
I could host my own ticket shop where tickets are only possible to check in if you have a passport and trading is impossible since it is bound to the person who bought it.
And trading can be made possible with the same platform that sells the tickets
Sure you can, but then we basically create the same situation as with Ticketmasters, all tickets will then eventually flow through your company and you can change policies again and we will end up with the same problems. With a blockchain solution (doesn’t have to be blockchain for NFT’s though) this platform can be decentralized and self managed, the rules are baked into the protocol, it can only be changed with the majority of voting rights. It basically enables the infrastructure for artists to control ticket sales (and reading at the gate) themselves, without having to use an agency. In your scenario, they would still need an agency.
I remember seeing the monkeys and thinking, “heck I can draw that maybe I can make NFTs to sell to people who are sucked in by this.”
You’ve heard of landlords, but have you heard of NFT-Land landlords? 🤭
“Kids, if you really want to piss off your parents, buy real estate in an imaginary place.”
For real cash ofc.
Gonna need a bank loan, naturally.
Aaaaand now I have that flute part stuck in my head again
made money and got out so cant rlly complain tbh
damn those 17 downvotes are so salty it’s making my monitor bezels corrode
Well its fine, I understand where it comes from. But like NFTs were obviously gambling and for anyone making money someone had to lose it. Since the whole concept was and is pretty degenerate tho pretty much everyone knew what they signed up for so its not like I made anyone grandmas lifesavings. U can call me an idiot for having done that but at most I took some bigger idiots money so the ur part of the problem talk is a stretch imo. I wasnt doing it on eth either which at the time was the most inefficient chain when it comes to using energy to run. Tbf tho. I wasnt part of any solution to any problem either, that much is clear. (obviously Im just talking about having bought and sold NFTs btw, never made one never sold one to a first buyer I was just trading them for a time)
It’s so funny looking back at it (though it was funny while it was happening too), these new-flavor cryptobros tried so hard to convince themselves that they were in the right, they made “cartoons,” games, I think they even planned like an island resort or something around their monkey pictures.
The national news media got behind it big, which I really don’t understand.
It never made any sense.
Explanation: Money.
Whenever you see a headline or article and don’t understand why they’re lying or pushing something. The answer is that it makes someone money. And a large chunk of modern media is owned by a handful of people who’s goal is to make money, not tell the truth.
Pump and dump deep state. It’s still happening. New sucker born every minute.
My coworker had a virtual NFT gallery full of Marvel NFTs, all laid out like a showroom. He literally spent thousands, now it’s worth close to nothing.
When my these first arrived my brother was all about them. Dude was stoked and thought he was the next billionaire. I then asked him what’s to stop someone from copying the image? He shrugged and idk man man but im going all in. It was on that day that I knew my brother was tarded
Tbh I get it from a certain point of view. We all made fun of bitcoin at first but now it’s pretty common for people to wish they could tell their younger self to get as much as they can afford.
I get the idea of not wanting to miss out on the next thing that did that.
Bitcoin is still fucking shit. That just amounts to “I wish I was there first in this this pyramid scheme”. It doesn’t change what it is.
Sure, never said otherwise, so you can see how someone could theoretically think maybe nft is the next bitcoin and want to get in early.
The “next Bitcoin” has just been Bitcoin every time. Right now is its umpteenth bubble.
Did we make fun of bitcoin? It was a cool currency for buying drugs on the black market at first.
I made fun of it immediately, despite also recognizing and using its ability to facilitate online purchases of contraband.
My one regret is that I will never be able to find all the really stubborn, dimwitted assholes on reddit who were screaming bloody death-threats at me for warning people that NFT’s were a scam, and be able to just verbally ream them out, fucking rub their faces in their own shit.
I bet some of them are out there, reading this maybe, maybe they even recognize me.
If so… hi. How you doin? 😊
My first wife was tarded. She’s a pilot now.
She pilots the Tardis.
Yep! Don’t worry, scrote. There are plenty of 'tards out there living really kick-ass lives!
Why come you don’t got a tatoo??
I actually would say it’s harder to say now.
It was easy at first because it was obvious.
But NFTs are still a thing… so even though it’s still a scam, it now makes you question humanity.
Pyramid schemes are still a thing too.
Amway and Herbalife should have been shut down decades ago. But the DeVos family made a lot of money on Amway.
The SEC should have intervened on crypto and NFTs, but again, it’s qui bono. Things that help rich people grift are always allowed.
Had Hillary won they might have. Was never going to happen with Trump 1.
Near the peak of the NFT craze I was gifted (as part of an initial mint) an NFT, which I turned around and immediately sold for $3k. Last I looked it was worth about $200. That’s the extent of my experience with NFTs.
Removed by mod
Still surprised it’s worth $200. I thought it’d be worth a few cents or maybe a few dollars at most
It’s worth what someone will actually pay for it. I suspect that $200 is the price at which it is listed…
I see what’s going on here! You’re confusing market value labor value and use value. Typical noob mistake. Clearly ypu dont understand the real value of an nft!
The amount of ignorance regarding crypto is too damn high. I agree that NFT’s are stupid, always felt that way, but when people just say a “all crypto is a scam” really don’t understand what they are saying. There’s a plenty of legit crypto products out there, but yes, the vast majority are just garbage. Invest in the blue chips, the REAL industry of crypto, not memes or things no ones ever heard of before. (Bitcoin, Solana, Ethereum, etc…)
It’s a solution in search of a problem. Currencies are government backed because the vast majority of people have faith in their governments’ enforcement of legislation regarding use of that currency. It’s good to be able to make class action lawsuits against scammers and most in the population will choose anything government backed if they have the option.
So if the goal is to get away from government backing, who do you give control to? In the case of a blockchain, it’s the parties with the majority of the “proof of XYZ” creation hardware. Which are not normal people. Then there’s the possibility of developers of a blockchain choosing to rewrite the ledger, causing splits. So you didn’t invent some unmodifiable currency either, the control lies with people who you probably should trust even less than the parties managing EUR/USD.
Then, it’s incredibly energy inefficient. Especially proof of work is a ridiculous waste of computational resources, at least tie the problem to something NP-hard with actual value instead of whatever reverse hashing search is usually done. But wasting resources is the design of the system anyways.
Sounds to me like you never read the Bitcoin whitepaper.
People don’t care because crypto is literally a made up thing.
Sure, people make money off of it. But people make money off loads of things. That doesn’t change that it’s literally a made up currency that has tons of people scamming the shit out of people for a quick buck.
everything that we interact with in our lives for the most part is a made-up thing
🙄
Sure bud. Act like your digital picture is the same as a painting someone made.
it’s the parties with the majority of the “proof of XYZ” creation hardware. Which are not normal people.
Originally the idea was that it WOULD be normal people using their own CPU cycle time to secure the chain and mint new blocks. Even then, as long as no one party holds the majority of hash power, the incentive is to support the security of the coin rather than subvert it. The moment that changes is the moment that Bitcoin dies, because no one will be able to trust it any more - which also means there is an incentive to make sure there are enough competing BTC farms.
there’s the possibility of developers of a blockchain choosing to rewrite the ledger, causing splits.
The blockchain is upheld by the combination of the developers and the miners. If the developers aren’t acting in good faith and the miners don’t like it, they don’t move to the new chain. Sure, you get a split, but odds are one of them is going to die.
Solana and Ethereum are both centralized scams that have been going down vs Bitcoin for the last year, despite the bull market.
Scams with ETFs regulated by the government, audited by the government through MANY lawsuits, multiple bills being proposed to regulate the indusy… so scammy right? Legit products. Both of them. Centralization isn’t a make or break for any crypto really, they don’t have to be decentralized to be a valid product.
And price doesn’t matter at all, not sure why you even mention it. It bears nothing on the conversation at all.
lol yes absolutely they are. Yes the government is allowing legal scams. Yes scammers win lawsuits. Yes congress supports scams. A government stamp doesn’t make trusting some corporate CEO a good idea; it just means they paid the bribes.
“Blue chips” typically perform well, especially relative to their risk. You’ve got all the risks of Bitcoin, plus trust in a central party that needs government permission.
When they were first blowing up, I thought sure, I’ll turn a couple old unreleased tracks of mine into NFTs. I signed up to some site I forget the name of, uploaded the tracks, and then then found out I had to pay something like $500 a track to turn them into NFTs. It was a pretty duh moment for me. Of course the content doesn’t mean shit, it’s just the money. I never paid them a dime and deleted my stuff.
When I first heard of NFTs I thought the media was encoded within the blockchain - in that case sure, I wouldn’t necessarily buy one but I understand how that’d be interesting.
Ten minutes later when I was told they are just proof of purchase that points to a URL hosting your monkey image somewhere, I knew they were a total scam
Okay but how are nft’s different from the deed to a house? Checkmate, filthy commie.
Now that i have defeated you in single combat, you must tell me the seed phrase for your largest bitcoin wallet.
hunter2
I had too much money once. I bought some nft Reddit avatars for like 2k and it is still there somewhere but I am too lazy to even check on that
It’s somewhere there some kind of nft safe they have or something like that. It’s all very clunky.
I think I had to note down some access code at some point or something like that, it’s all too tiring to remember and unclear if there is anything you can do with it
what the fuck
I remember reading a proposal how music artists could somehow use nfts as digital record keeping so when digital tickets are resold they could get a percentage of the sale each time it was resold. Making more money for artists and disinsentivising resale but you know ticket places would never let it happen. I’m sure you could do it without nfts but it seemed like a really great idea.
Every ticket scheme for NFTs fails because of a simple reason: contract law. Venues don’t stick with TicketMaster because they like it. TicketMaster’s store front doesn’t have any magic technology; a room of overcaffinated fresh CS grads could recreate it in a weekend of binge coding.
Venues stick with TicketMaster because they are contractually obliged to do so. NFTs do not and cannot change that legal reality.
I’m sure you could do it without nfts
Yup! There were no technical problems that weren’t already solved, but NFT bros made grand claims unrelated to reality.
Techbros are still doing it. In this thread even, and people are still falling for it judging by their upvotes.
