TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There’s an oversupply of NFTs, leading to a buyer’s market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.
I hate the crypto market so much, but ESPECIALLY nfts.
Nfts were blatantly a scam. It 2as a very in your face scam, it was giving money to someone else for literally nothing. It was obvious time from day 1 that it was just an avenue for rich people to launder money and have it look legit.
But the media fell for the new trend hook, line, and sinker. Instead of telling people it was a scam from day 1, which it *obviously was," the major news networks (at least here in the US) talked about nfts as if it was a legit new type of cool investment. They stopped short of telling people to buy them so that they couldn’t get sued, but they hyped the fuck out of NFTs. CONSTANTLY. Any time I listened to any cable news for more than 30 minutes around mid 2021, I heard NFTs get mentioned at least once, and very rarely was that mention skeptical or a warning.
And now all the people who bought into the hype are left holding the bag, as always, a d the rich people who scammed them get to keep all the money, as always, and the media is facing no repercussions for their contribution to the scam, as always. It’s so frustrating to watch
NFT technology will not go away. It will be in a different form, not trading cards with shitty jpegs attached
NFT technology will not go away.
NFT’s are nothing more than digital receipts. They do not stop copying what ever the receipt points to and they are nothing special at all.
If the web address your NFT points to disappears due to the site shutting down. Your NFT is beyond worthless.
From the Economist.
Quote:
To “own” one means having your ownership recorded on a digital ledger—nothing more.
Digital receipts are easy to do without mining crypto. Just send an email. Use a postgres database. There’s literally nothing offered by nfts that can’t be done less stupidly another way.
I can assure you if you were watching a programme that was hyping nfts, you weren’t watching “news”
WTF is up with your media over there?!?
WTF is up with your media over there?!?
Once again, so many things currently wrong with the USA can be traced back to the Regan administration.
The fairness doctrine of the United States Federal Communications Commission (FCC), introduced in 1949, was a policy that required the holders of broadcast licenses both to present controversial issues of public importance and to do so in a manner that fairly reflected differing viewpoints.[1]
In 1987, the FCC abolished the fairness doctrine
The demise of this FCC rule has been cited as a contributing factor in the rising level of party polarization in the United States
After that news programs had no responsibility to be truthful in any real sense.
But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!
At least with other speculative crashes like say beanie babies you were left with a cute toy.
No kidding. Hey I’ve got a great idea for a new marketplace, BeaNFT. You can waste your money but get an upcycled Beanie Baby in the process.
It’s not evolution, it’s an extinction event.
It was tulips all along, but stupider.
Your day is coming soon, cryptocurrency.
The difference is that crypto is used to buy things. There’s plenty of stuff I can only buy via crypto.
Such as?
NFTs! 😅
Drugs and private services.
You can pay for those in cash and prepaid credit cards
