Study Says 95% Of NFTs Are Worthless
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- Опубликовано: 16 окт 2024
- All NFTs are properly worthless
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#nft #crypto #memes
This one goes out to all the NFT bros who a few years ago said "enjoy being poor" to people who rightfully called NFts scams, who are now facing the music.
@DontReadMyProfilePicture.185ok
Frfr
Yeah true
They 100% deserved it lol
well its not like they sell their kidney for it
It is easy to say that NFTs were a scam in hindsight.
It was also easy to say that before and during the bubble too 😂
Had me in the first half
yeah lol, i was 100% sure that after a couple months, they all will devolve into nothing, fading into obscurity and loosing any demand
Honestly, when someone comes up to you and tell you "This coin/picture only exists on the internet and is as valuable as the masses say it is", then red flags should rise faster than the speed of light.
The current quality of education in the west may be iffy but the internet sure lets people point out the scams.
yes I also saw this joke in that tweet
And nothing of value was lost.
Except a lot of money
Those people didnt deserve the money.
@@airplanes_aren.t_realif you were dumb enough to buy one of these your money was worthless anyway
Amen!
We warned them, they did not listen.
Remember when Ubisoft wanted to pay their employees with NFTs ?
This shit is scary, I hate the implication that 5% of NFTs have any value.
They said value. They didn't say how much value, maybe they could go to McDonalds and if they're lucky trade their monkey drawing for a Big Mac.
0.003$
Dirt has value, too. It just ain't much.
They might have value, but it's probably only 1% of the price paid for it.
Let's hope the suckers who bought them didn't bet their livelihoods on this garbage. But what can you do, fools and money always end up parting.
@@mattdamutt5681they are worthless dude. You own a hyperlink to a website.
You can’t market memes. That goes against the entire purpose and their nature. To be spread around and evolve with the times and those that share it.
*_Memes, DNA of the soul._*
Memes are very marketable. If you make marketing it ironic.
Remember
Meme is a marketing tool
Not the product
*Memesoon taught us that*
@@kokodayo5796grimace shake
Who'd have thought something with no utility, obstacles to production, scarcity, or even physical presence would be worthless?
Or even any market other than people hoping to get rich off of it
Anybody’s with a childs grasps of markets and capitalism, but a childs grasps of many things is becoming scarce these days.
¯\_(ツ)_/¯
@@Vangluss what?
@@acewmd.Basically anyone with a basic understanding of money and supply and demand would have seen this coming.
NFTs were a solution in search of a problem. After seeing artists raise issue with crypto bros minting _other peoples' artwork_ and selling it, along with all the low quality high production collections of uninspired trash, my view of NFTs becoming financially worthless is as simple this: *good, and good riddance.*
Now AI Bros are trying the same. Hope they go the way of NFT's as well.
@@scrollkeeper5272Ai Bros? That's a thing now? Isn't Ai Artificial intelligence, a robot?
Once I saw someone posting their hope on 'eneftee' to help smaller artists and the economy. I wonder what are they doing now after all that shitshow.
This blockchain thing is pretty neat, what do we use it for?
Beats me, what about apes?
Brilliant
It’s the same thing with metaverse trying to be the *groundbreaking* virtual world, when Second Life already exist.
I still can't believe we actually experienced a period of time where people spend millions of dollars for some .png of absolutely ugly monkeys and stuff, it sounds like the plot of a comedy sketch than something actually real.
Money laundering
Or how the Tulip Mania was presented in popular culture... without the physical tangibility of tulips and replaced with digitial pieces of code...
@@justanaverageenjoyer8494
* Monkey laundering
Ever Heard of the tulip speculation?
Yeah. Artists just looking for 20 bucks were overlooked by some microwaved copy-paste .png scam 😮💨
"Are NFTs actually that worthless?"
*"Always has been!"*
"Always has been, always will be"😂
welp this is funnier than Dong
Have*
Been an while since i last saw you
@DontReadMyProfilePicture.185 .
I'm shocked it has taken this long for NFTs to go bust. Especially since its not real art and its not tangible. Its like games on an online service. Once its gone, so are the games.
It's worse than that. The token is just that, a token. The blockchain doesn't use the image data in the slightest. It only governs a *LINK* to the image.
There's a pretty credible article by Wired saying that you don't even own the image depicted by the NFT.
Because minting costs a lot of money per unit of digital information, most projects mint not the image, but a link that leads to an image file hosted in a server outside the blockchain.
Owning most NFTs means owning a string of characters that happens to be an internet URL that happens to lead to an image file.
Ew, furry.
At least you get entertainment from a game. It's like a place you like to go to. Will it last forever? Maybe, maybe not, so enjoy while it's there. At least that's how some games are nowadays (unfortunately). NFTs have nothing other than speculation going for them
Honestly, describing the premise of NFTs in the first place, makes you realize how absurd a concept it is. You're buying the link (not the rights) to a fully digital, rng jpeg with zero purpose and thought put into it. Sounds like something straight out of Idiocracy tbh...
Fun fact: 100% of NFTs are actually worthless
I am so fucking glad i didn't invest in any crypto or NFTs in 2020 💀
@@yaboye3791sameee
@@yaboye3791 Same bro after i watched this video i was exactly as glad as u but at some point i didnt think of NFTs much and back in 2020 when i was 11 years old i was too young to know that or like i said i didnt think of NFTs lol
Crypto was great investment, but in 2012 and not 8 years later in 2020.
Yup, plus 100% of nfts are ugly as fuck
"Study says 95% of NFTs are worthless"
"Every 60 seconds the world goes round, a minute passes"
"The floor is made out of floor"
"We need to breathe to live."
“If you suicide you die”
"Air is transparent except for when it isn't"
"you are cold when your cold"
5% of them aren't? News to me.
The 5% worth less than 1 thousand
@@skyking4557less than $1
Most of that 5% come from the "original memes" NFT.
yeah good luck paying 2 million for the select few that are unique and sought after
Remember that time Ilumination made joke nfts? Those are the 5%
Remember when Crypto-Bros were unironically comparing NFTs to the wheel? I bet they’re regretting that now.
Not if they still got their own money. Plenty of scammers profited, I'm sure.
Blockchain: The Zeppelin of the 21st century.
No, they're hopelessly coping in denial.
What comes around, goes around… except i doubt it’ll rise in price ever again
I'll never forget that crypto ad condemning useful inventions of the past and comparing them to NFTs and cryptocurrency; they really aired that with their full chest
(It was another ad, not the one starring Larry David)
The ONLY good thing NFTs ever did was give the original creators of classic memes a huge paycheck by selling them off as NFTs. Well, that, and became a hilarious laughing stock for the rest of us for a good year or so.
The creator of the meme wasn't necessarily the person who minted and sold the NFT though. Plenty of people had stuff stolen from them to be used to make NFT's.
I guess someone didnt hear that most nft's sold were stolen art, so no the original memesters did not get paid a bit- they werent the ones selling the nft's
Not really, in fact the Crazy Frog Nft was made against the creators wishes
It took a study to figure out jpegs aren't worth $1M, who woulda guessed
If there really was any value, all it took to destroy it was a screenshot anyway.
Note that the researchers did not investigate whether NFT bros are useless, and that's because they obviously are.
@@mattdamutt5681 A screenshot or a simple press of the right mouse button.
Which is why I'm so surprised so many people fell for it, and why I will never have any sympathy for anyone dumb enough to fall for it. Like, have they never saved a picture off the internet before? Is this their first day on the internet?
Killer, let’s boost that number up to 100%
NFTs should have never been as big as they were. A true lesson in financial literacy.
It the only value it had was hype. With the hype over there is no value. Congrats to the media for marketing nfts into existence, ya really helped the 1% who invented the scam.
It was a fascinating social demonstration.
A wonderful showcase of price not always being synonymous with value
@@Xiphactinus you hit the nail on the head! its so true!
@@XiphactinusIt hardly ever is.
@@pedinhuh16 Well yeah that's how markets are, if a seller makes a price equal to the cost, they make nothing.
@@pedinhuh16 oh yeah for sure, I was being a bit sarcastic.
NFTs were like FOMO made physically manifest. All these people who desperately wanted to be like the crypto millionaires, and couldn't fathom being wrong lol.
It was "I want that" overriding all other logic 😂
More like FOMO made hypothetically manifest there was nothing physical about it
Digitally manifesting*
What about all the people who actually got rich? It probably created the most amount of millionaires when it comes to putting in low effort.
There are even more people like me who traded just for fun and made $50k+.
You guys can hate it all you want, but NFT's go nowhere. They go through a cycle the same as stocks & crypto do.
@froo5667 well the NFT bros were certainly physical lol
@Ki-dz4ro we call things that make an extreme select few at the top very wealthy and screw over those below them a "pyramid scheme" 🤣
History repeats itself. The Dutch tulip market crashed, and so has the NFT market.
Lmao I haven't thought about the the Dutch tulip market in years thank you for reminding me
At least people actually wanted tulips
@@battlesheep2552 Yea even if they were something insanely overpriced just a bubble of demand creating over valuing the commodity leading to a feed back loop til the crash
This sort of thing happened back in the early 90’s with comic books. When word got out the first Batman and Superman comics sold for over a million, many people started buying tons of random comic books thinking those books will be worth a fortune after some time, and of course the comics industry including Marvel and DC jumped on the bandwagon to make a lot of money out of the whole thing by making many new number 1 issues and introducing many gimmick covers of the same comic to be sold over and over again, starting the comic speculator boom.
This eventually backfired though since these people don't know how economics and supply and demand work, the reason the first Batman and Superman comics sold for that high was because there were so little of them left in good condition and are the first stories of world famous heroes. You’re not going to get much resell value on a random recent comic where millions of the same copy exist with everyone and there mother owning them. People eventually caught on they were basically wasting money on worthless comics and stopped buying them altogether, this unfortunately caused many comic companies to go under and lead to hundreds of comic shops being shut down, even Marvel had to declare bankruptcy during this time. Even today the comics industry has never truly recovered from the Comics crash.
@@brandonlyon730 reminds me of the Star Wars Ep. 1 merch. See people thought it was going to be real valuable because the original Star Wars toys were valuable, but they were valuable because Kenner didn't know how popular Star Wars was going to be, so they didn't produce nearly enough. When episode 1 came around, they knew exactly how popular the merch was going to be and produced so much it's basically worthless today.
I don't think we really needed a "study" to come to this conclusion, but hey, more people will acknowledge it, and that's good.
Me when i spend all my childs college fund on a funky monke nft (it is now worthless)
How much is 24 eth, asking for a friend
@@KamiKai 40Kish, but it's better to get a job rather than invest in crypto
@@morejxnm_ Is 40k worthless? Also asking for a friend.
@@addy22 Nice send me 40k, I'll take that bit of worthless money off your hands.
@@addy22 actually it isn't, you can buy a house with that.
I remember when NFTs came out and I thought: every principle I studied in Economics tells me this won't work. I'm actually astounded bitcoin and etherium still hold some value, but NFTs went exactly as predicted
NFT stands for
Nuts
Fruits
Tea
What a jolly delicacy
Non functional testicle
It stanfs for no fucking tonight
Non
Foodable
Teeth
No
Fucking
Thanks
No
F***ing
Thanks
EDIT: To NFTs. What you posted sounds lovely.
Y'know, usually there would be at least one manchild in the comments trying to deny it, but I am so happy that, for once, a RUclips comment section is fully united in agreeing that NFT's never had any worth to begin with. Even the comments suggesting other memes mention it. A 100% sweep, and not in the NFT's favour. I applaud you, fellow users.
im sure there is at least 1 dummy here who thinks nfts are good, you just need to look good enough. there are always exeptions.
@@SticKinGamma I choose to believe in the good of humanity. Hell, not even sorting by newest got me any dummies! I see this as a win.
Oh, there are. @TheRealCatof and @zereimu are crying in replies. Can't blame them, it must be sad to be so stupid to have fallen for such a dumb scam.
I will forever say this: when a group of artists come together to make indistinguishable phonies and NO ONE COMPLAINS, that should prove how little it changes the world.
who could have guessed! I mean really, *who could have POSSIBLY imagined this*
from what I remember, the only NFTs that actually had value were the few that were made by popular artists, and even then didn't need to be NFTs.
I have friends who are artists and seeing this puts a huge smile on all of our faces.
Several of my artworks were stolen and turned into NFTs without my knowledge & being sold for $9000 each. I'm happy seeing this news. Hope they keep crashing & burning same with AI art.
Fun is not something one considers when balancing the internet… but this does put a smile on my face.
The problem is that NFTs were acquired in hopes to get rid of them instead of something you want to keep, which is literally what makes anything valuable
They were basically just "Give me money and then maybe some fool will give you even more money."
I am 100%, utterly, and totally shocked at this news.
The only value in NFTs is how much you put into it, how much you are willing to pay for it. It has no standalone value like food, water, metals, textiles, etc.
Basically money and everything that is tied to it
The execs at Square Enix must collectively feel like total morons now after selling so many great licenses like Deus Ex and Lara Croft just to join the NFT gold rush.
Remember: The only people who got rich off of the Gold Rush were the ones selling the shovels. History really does repeat itself rofl
Maybe the early bird took most of the worms but more birds showed up? But the worms were actually gold and the birds were people.
There's no such thing as a "slump in interest" where 95% of the product is literally worthless.
Pretty sure nobody needed studies to see it was worthless. Except KSI ofc.
It was never about creators getting paid. It was just a grift for scammers
what did they expect selling pictures online anyway
Someone once told me that “NFTs had value because it’s just like a dollar bill”, except for the fact that modern day currency is tied to older coins, which is tied to gold, which is tied to old clay tablets used for trading, which is tied to the weight of barley. NFTs aren’t worth jackshit.
Ultimately currency is a promise that you will be able to exchange it for a good of certain practical value (bread, hammer, paying your taxes, etc). The value of a currency depends on how good the issuing government is at keeping that promise. NFT's do not have value because the people issuing them cannot keep the promise that in the future the NTF will be able to be exchanged for something of practical value.
Bear in mind there’s a 5% margin of error here
Nfts are a great way to tell who is shady and untrustworthy
Never understood why people have ever thought that small random pieces of art are worth millions, most of them were terrible. Some people really have money to waste..
Way to go, fellas, let's shoot for 100% :D
Bandai said in their Autumn Conference they were Adding NFTs to Gundam Metaverse and they announced it during the same moment the value became worthless is funny
Now we can go back to the TRUE digital art market: rare Pepes.
The only people who profited off NFTs were the ones fully aware it was a fad and sold as hard as they could before the bubble inevitably burst.
*"And nothing of value was lost."*
- Jay Sherman
I think the study is about 5% off
I can’t believe a total scam was worthless! Who’d a thunk it?!
Trying to get rich via a trend only to end up losing everything because of safety/sustainability issues is literally the plot of the Sponegbob s2 episode: Pretty Patties. This is just a Sponegbob meme.
Come on lads let’s bump that up 5%
As soon as I learned about NFTs I got this vibe of some of the rich kids from my high-school, they were always up to some idiotic dream of monetizing shit like their outfits (this was around 2012) and pretty much anything they could come up with that didn't involve any type of labour. Thank god we didn't have TikTok back then but yeah, NFTs are basically a scam put together by clout-hungry, uninspired, untallented people.
A reminder that if NFTs weren’t digital, they’d be valuable and respected despite looking goofy, but because they are digital, copy + paste kills their value.
Edit: sure, they are ugly as hell, but that doesn’t mean perfectly recreating some of them in real life wouldn’t take a lot of time, effort, and skill.
would they though? my 4 year old cousin draws better pictures with her crayons than any NFT ever
@@eugenekrabs141My stick figure drawings would probably be worth more than NFTs at this point
Congratulations, you just described a "Ponzi Scheme"
Maybe valuable in a "rich people will pay for it to launder money" kinda way. Respected however... I highly doubt that.
They still look like crap I wouldn't pay a penny to have an NFT framed on my wall even if it was the only one in existence.
Cope + ratio
...and nothing of value was lost.
Pretty sure they didn't need to do a study to figure that one out.
My study actually concluded it’s closer to 100%
I'm wondering what makes those 5% of NFTs special? Are they more like game pieces? Like, maybe the NFT represents a sword and the weapon gains experience points and therefore more value? Or are NFTs from big names like Beeple worth something? I think there's some usefulness in NFT technology, like, maybe as a digital certificate of authenticity or a legally binding contract. But it's not something that's get you rich.
Surprising to absolutely no one, thankfully
I remember when my Dad asked if I could start NFT’s because he was and still is a huge Crypto user, I’m grateful I never made an NFT now😭
Now I kinda want to see LIMC making documentaries. I really like your scientific presentation.
I never understood how you can "own" a meme. I have a gif of meow cat and it did not cost me $600,000. I think the idea was that once everything went digital and we all lived inside the internet, the use of these memes would become proprietary. But that never really happened. At least, NOT YET.
Ownership as a concept in general only exists because we all agree to it. Coca-Cola "owns" the trademark on their products, despite there being billions of copies of it.
NFT bros bet big on the fact they could invent a new kind of scarcity and ownership. It could have worked but instead society said No Fucking Thanks.
It's a general lack of understanding of how power works in society. Typical techbro thinking you can code around a social problem. Power structures aren't going to agree to just dismantle themselves because the blockchain crowned somebody else king.
The worst part is all the upstanding people that got too into NFTs and lost everything
Studies show what 95% of people already knew.
They _ARE_ worthless and always _WERE_ worthless! This NFT _"Ponzi Scheme"_ has set back the fledgling digital art market... Now with all these rips, there's no authenticity, thus making all digital art worthless - outside of private commissions!
You're telling me something pointless, is now worthless? Whaaat?
My favorite is when he knows that you're sleeping and knows when you're awake, so i'm always good for goodness sake!
Not to be that guy but I did forget that NFT's existed a year ago lmao
I don't need a study to realize this for sure
"Now might be a good time to get worthless"
"That's my secret cap, I'm always worthless."
They are not the same as Pokémon Cards or video game hard copies since those are tangible. NFTs are like DLCs, once purchased they instantly lose their value.
95%? I think it should be 100%!
While many talk about NFTs, technically they’re talking about links to pictures. Literally, a digital NFT is a text link to an image.
I love seein NFT bros in tweeter/X still with their cool art bro actitude full knowing their NFTs are worthless
RIP to the people that bought big money on NFT.
Like that guy that sold his fucking kidney to buy one
@@Tony-The-Motherfucking-Tiger WAIT WHAT REALLY !!!????
@@momolol3724 I wish I was kidding
@@Tony-The-Motherfucking-Tiger I looked it up and you're right.
@@Tony-The-Motherfucking-TigerI'm just stupefied and baffled why anyone would do that. Upon looking it up, there was also a related story about a Chinese man who sold a kidney on the black market to get an iPhone and iPad. The remaining kidney became infected thanks to poor hygiene during surgery and now he's bedridden and on dialysis. There are no words to truly define this idiocy.
well boys, we did it. NFTs are officially no more.
Thank you for continuing to share multiple sides of a topic and being as unbiased as possible.
As of right now this video was uploaded 2hrs ago. I thought there was a 2hr-long Earthquake outside but it was just everyone on the planet laughing in unison at the NFT bros and their stupidity since the post of this delicious video
Did we really need a study to know this?
No, but there are weird people who always demand official sources, the same ones that probably demand you prove what color the sky is.
This just shows how stupid it is to buy a digital painting for a ridicoules price.
All the NFT sellers: *praying to the gods above and below for the next great plague, so that the crypto gold rush would return*
Im shocked! Who could have seen this coming!
Now that the NFT money grift is over, I'm excited to see what people can actually do with the technology, it sounded like it had some practical uses, especially for things like security
Imagine even having a conversation with someone who paid money for an NFT.
Wait, you’re telling me there’s a 5% of NFT content that actually holds any sort of value?
This i cant believe this
ONLY 95%?! Not 100%?!
I love how this channel explains media culture better than most media
Meanwhile Square Enix and Ubisoft still want to push NFT.
I am super glad that Beeple got to profit off NFT. He is practically the only person who actually deserved the money from NFT for his hard work
Name and shame every person who was selling nfts.
The NFTs are not worthless, They are priceless.
No they are in fact worthless. They provide no use and are purely scams
Chat is this real? Press 1 if you disagree
Remember when a group of Crypto Bros spent 3 million dollars on a Dune book, thinking that they were buying the copyright instead?
There's a big difference between owning something and owning an image of something. NFT's are trying to say that taking a picture of the mona lisa counts as stealing it. I can understand a system of digital property, but it would be through files instead of pictures would make more sense. (Or any sense at all for that matter)
Bruh, how could people not see this coming from a miles away
Finally, now lets bully the people who bought NFTs even more
Wow didn't need a study to tell you that
95% more like 100% but it's crazy to know how NFTs were like in 2020, man what a crazy year.
NFTs were so worthless I didn't even save a single image for free.
Im pretty sure even those in the NFT space knew that 95% of them were worthless
At least they helped reveal some artists’ “true” faces.