Are NFTs Actually Worthless?
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- Опубликовано: 1 июн 2024
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Are NFTs actually worthless? It seems as if they are, it's as if the only thing holding NFTs up in value is the hype surrounding them, the perceived value, which is fragile to say the least. What happens when the hype dies down?
Videos mentioned:
Why are NFTs so Ugly?: • Why are NFTs so Ugly?
What the hell are NFT's?: • What the hell are NFT's?
People also have the opinion that NFTs are stupid, or dumb and I feel the same way instinctively, but only time will tell if any of that is true. Large companies are now minting NFTs like Ubisoft Quarks, McDonalds with the McRib and many more. NFTs are plaguing the gaming industry and that's something that we will need to look into in more detail. 
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You guys want more videos about Crypto/NFT bs?
maybe i don't want to see them crypto guy but awsome video nonetheless
I don’t want to hear about Gary vee LMFAO OTHER THAN U POOPING ON HIS IDEAS but yes please keep exploring because we learn alongside you.
I'm a bit of a Crypto bro so some more vids like this would be awesome!
I would be interested to hear what you think of the various "coins" that have been created. "Save the kids coin" and the dumpster fire that is "cxcoin". I put these in quotes because i think they are all bullshit. Also im not getting notified of your recent uploads. And im grumpy about it lol. Another solid vid Wiz!
I can have a look at the timelines of coins like that because it’s always fun to see the whole story. Also because I’ve changed my content to more gaming and crypto Ls, this channel is gonna stutter a bit with the algorithm!
All this video did was solidified the fact that NFT’s are a scam.
Without a doubt, there's definately some done using effort albeit they're just far too rare to justify any real buying into.
They are. The previeved value is entirely fake for one primary reason.
Any concept of scarcity is entirely artificial. With a trading card there is at least the truth that only so many exist. Unless more are printed you can only have so many of this one card. The rare ones are still over valued but the limited existence does create a technically higher value.
To give another example take the Benie baby craze. Some of those sold for a lot of money because they were seen as rare. Certain ones stopped being produced and so the ones in existence were the only ones to exist. This drove up the price and as people wanted this limited item the price only continued to rise.
In comparison NFT's prices rise simply because some digital entity says they do. They can make the things to infinity and are in no way ending their fake existence. But because they say their value goes up apparently we're meant to just accept it.
If you want a nft just screen shot it
This is the equivalent to boomers back in the day saying the internet is evil and a scam. You people literally don't know how NFT'S work.
@@mlgmcdonaldsland7063 Not at all, you've no idea what you're doing do you? An NFT literally has no value, it's a string of code, they're completely worthless. It's not similar to "boomers and the internet" it's an entirely separate thing.
Given that after some NFTs were stolen, they suddenly became worth pennies after being stolen, this question has been answered, they were always a worthless scam that companies are trying to push way too hard.
Probably worth Canadian Pennies (Aka worthless)
Nothing was stolen ;) technically its just receipt that was moved to a new wallet in the blockchain
@@archingelus that's a scary thought, imagine a bill suddenly dropping in value just because someone else has it.
@@GamingPandaCat still better than imagining your money value can went up and down because someone said he will accept it to pay a car then backtracks
@@archingelus Money is backed by something and has value, whereas cryptocurrency and NFTs are about as useful as a chocolate teakettle.
One of the issues is that the vast majority of NFTs aren't actually worth something to someone else. They're purely interested in the profit they could make from it & nothing else. This alone creates a massive bubble, & as interest dwindles or potential "investors" move to other projects/avenues, the bubble pops.
It's B
The funny is, someone making NFT from his selfie. And there is someone who buy that. Crazy isnt? I really terrified with NFT community.
Best is you don't even own the picture you pay for
It’s a lot like the housing bubble. People speculating on items that don’t exist but could theoretically be worth an infinite amount, but theory =/= reality.
Hm
i love how NFT bros always go bonkers once you copy their NFT, even though they themselves claim that "you still don't own the image" once you do so.
NFT is like Venezuelan Bolivars. Both are unstable, worthless and are made out of thin air
I'm gonna copy as many as I can just to spite them. Remember, they steal art from other people and "mint it first" which somehow in their fucked up mind means they now own the artwork. And then they sell that other person's stolen art for thousands.
Pretty sure you can just download a pack of every NFT out there and it's like 20 TB big.
Remember, they are also the people who drone on about decentralization but constantly want the government to step in when they fuck up.
@@Jokoko2828simple fix download some, trick people into thinking I own them and then resell rinse and repeat
Fun fact: the NFT craze started around the same time EU pushed for regulating artwork auctions. And the world of art auctions makes it so easy to pretty much hide your money... yeah, it's pretty clear why NFTs became so popular among the rich.
yet it not even among the rich the rich still preferring to hide there asset in shell companies and tax haven the art scam is made be people who have a bit of money but are not that rich
Art is used to launder money because the value is arbitrary. So you buy some shitty art, then you sell it to yourself for a 90% increase through a proxy. The auction house and the proxy take a %. Then the rest is now 'clean' money with a paper trail and you were just a smart and wise art investor. You pay what ever taxes and you spend it and interpol or the FBI won't be asking too many questions. It's not used to store value but to convert ill gotten money from one source to another.
also the same time hunter biden had an art exhibition where he was selling awful paintings for hundreds of thousands to millions a piece to random buyers.
that was money laundering. the value of the 'art' was directly tied to how much money the anonymous buyer owed his family.
The Dr. Who bit was what genuinely threw me for a loop, I was SURE you were about to tell us a story about, like, kids trying to trade their parent's gold jewelry for Exodia
Feel bad that it wasn’t as interesting as it could be. But the school yard was packed like the second coming of Christ. Im sure some kids stole things from their parents too but that kid bringing a PS2 will stick with me for the rest of my life
@@WickedWiz oh the story was made all the more interesting by the subject matter, I just never would've guessed the Dr. Who cards would've made people go so mad
Bro, I started a yugioh FAD at my primary school, not just for the cards, but for the game itself. I was in the later years of primary school and it all started when I got myself and my best friend a starter deck, and we started playing together. This led to a crowd, that led to the little ones getting their own cards, and me beating everyone still, no matter what they had because they were little kids. Before I had graduated, I had nurtured a handful of the younger students who knew the rough rules of the game. 5 years later, I went to visit my primary school and I was surprised to find that the legacy of yugioh was continuing and had even grown.
NFTs are already dying out, 99% of the 'investors' are the same people grabbing up what they think to be stock in an expanding market, but in reality I expect this fad to die out in another year tops. If NFTs stay around I will be genuinely so surprised, and even if they do they'll probably get regulated to shit like the actual stock market.
Google trends have already shown the general public decline in interest. It's just another get rich quick scheme from where I sit. People trying to milk as much cash from something that actually has no value.
So many fads lately.
The market is truly saturated if people need to come up with things like this to take people's money.
You were right
As someone who is an artist I find the concept of NFTs so.. redundant. Like, taking commissions out of the equation, you still have adoptables. Adoptables are unique characters that are sold and traded in the community. Of course, the price of an adoptable doesn't get nearly as high and people buy them not for the investment. They buy them cause they like them and they look cool. Not to mention they tend to be hand drawn (aside from people that buy or use free line art/ base packs but thats an entirely different discussion..)
Totally agree. If the average NFT had actual art attached, I could understand people buying into them. It could open a path for artists to make money off their skills, which could make commissioning artwork more lucrative. It sounds like the Adoptables are genuine pieces of art that are attached to a blockchain. But mass produced, AI generated jpegs aren’t appealing and don’t help artists
Yeah when I first heard about NFTs I was confused at how they were any different than adoptables.
I find that they're probably closer to just pushing "random" button on any avatar maker. The only difference is that you don't have to pay for making avatars on picrew or any other site.
@@Mooncubus except that when you buy an adoptable, you own the adoptable. NFT bros can't even say that much.
I'll believe that people who buy and mint NFT's actually believe that they have value when the richest NFT owner builds a pyramid and entombs his body surrounded by chambers full of blockchain servers, authenticating his tokens into the afterlife.
Reminds me of a video about Oprah by The Onion, where Oprah will be buried in a big pyramid in Vegas along with her fans & "her favorite things"
@@NopWorks ahaha an onion video
That's deep bro
“Are nfts worthless?”
Yes, but i want to hear your opinion
Imagine how cool nfts could be. For concert tickets and such. But alas. Its wasted on apes
@@Alan-me8bs I see your point but we have QR codes that let us do that now without NFTs. And since it’s not on blockchain people and businesses can’t just see my embarrassing taste in music or movies. Or at least not as easily as blockchain would make it
I just want a video to watch.
One that I can stand that is and this channel delivers.
@@Alan-me8bs Why though?
It's not like we doesn't use the internet for money for as long as people have computers at home.
All banks rely on the internet and they don't use NFTs.
I didn't need an NFT for my ticket to be accepted on an event and I can show my phone on theaters.
Scammers are just ruining NFTs for everyone artists, grafic designers and 3D modelers could sell these and make money but people are wasting them on stupid apes
Yes most of them are worthless. They are like virtual beanie babies, cabbabe patch kids or tulip mania. If it was good or unique art made by talented artists it may have value to collectors or museums, but 99 percent of these are cobbled together by algorithms and most of them look plain ugly. The Mona Lisa is valuable, because there is only one. If Da Vinci made dozens, hudreds or thousands of them with some tiny changes each one would be a lot less valuable.
Scarcity alone doesn't equate value. This is a myth perpetuated by (mostly) cryptobro's and people with a general lack of knowledge on economics. My stickmen drawing is unique, one of a kind but the paper it was drawn on was worth more when it was empty. The Mona Lisa isn't valuable because there is only one of it, rather it's due to both fame and history. Before it was stolen in the early 1900's it Da Vinci was considered a pretty generic Renaissance painter. But years of media hype surrounding the theft from the Louvre made it famous and by extension expensive. It a good quality renaissance painting with a interesting history made by a, now, famous and kinda weird painter. (than again loads of famous painters are weird)
NFT's are basically like any other crypto but with a picture attached and non-fractional. Their value isn't determined by scarcity (no matter how much cryptobros like to pretend it is), but rather the willingness of others to buy in and buy their snippet of code for more than they bought it for.
@@relo999 Hey there, you said : "Before it was stolen in the early 1900's it Da Vinci was considered a pretty generic Renaissance painter. But years of media hype surrounding the theft from the Louvre made it famous and by extension expensive"
Iam interested in some documentaries or such about that, can you recommend me some if you please ? Would be really appreciated
Thanks
@@-MinouLeChat- Don't know about any documentaries about it, but there probably is one. I just know it from being a bit of an art buff.
The theft itself wasn't anything particularly special especially by modern standard in 1911 Vincenzo Peruggia dressed like other Louvre workers, went into the service entrance toke the painting from the wall removed the frame and protective case and walked out as he wrapped the painting in his jacket (as the mona lisa is painted on wood, so can't be rolled up). Kept it for a few years and than tried to sell it to an Italian art dealer which reported it.
Vincenzo claimed he did it to return the "stolen" art (as Napoleon toke it from Italy), though him trying to sell it puts that reasoning a bit in question. So when he got caught he got a light sentence (1 year) by Italian authorities as they believed his claim and was hailed as a Italian patriot.
There is also a theory that the theft was masterminded by a conman that hired a forger to make copies of the Mona Lisa to sell as the stolen art.
@@relo999 Thanks a lot for your explicative reply ! I will dig into it
Thanks again
Well that and I can just right click save them >_>
The problems with NFT's and crypto is that neither have any intrinsic value. An NFT is a jpeg, crypto is worth only what people arbitrarily decide it is without anything to back it up.
NFTs are not the pictures. They are only a receipt, telling somebody that you own a certain picture at a certain web location.
@@unduloid water has no intrinsic value? Neither does a roof over your head?
@@kaushikpaddy7467 Arguably, it does. You need water to live and a house to stay warm and healthy
@@brutalnobody5240 i think he was replying to someone comparing nft, water and roof over your head has no intrinsic value. Too bad they deleted their comment
@not tellin fiat currencies have a government and their military to back it up. I don't think there's a military or government for crypto and NFT's
Watching this after the NFT market crashed hard, and while crypto writ large is undergoing a massive "correction", is a particularly rich bit of schadenfreude
Apparently they are down another 50% in the last days and there's like an 83% decline in google trends towards interest in these weird tokens of buying and selling, basically, ETH bonds with pics attached to them.
It's like futures, a bit. You basically buy 130 ETH with a stupid picture attached, hoping that in the future you can sell it for 180 ETH - or resell it for 135 ETH, but the ETH itself is now more expensive in "real money" and you've made a profit. Other than that... Wel, beanie babies if everyone is minting those BBs like crazy.
7 months and 80% drop later, those fucking crypto people deserved what they got. Let's hope interest rates and regulation prevent them from scamming again.
@@kingmanic lmao amen brother
Cryptocurrency has completely collapsed.
@@alexs5744 if only! Bitcoin seems to be holding onto its price floor of $16k for now, though I'm in agreement with the academics who believe it's being artificially held there through market manipulation
The biggest issue with NFTs is that any practical use they have has already been established by many other previous inventions. Inventions that are a lot less costly and damaging to the environment.
But who am I kidding. I'm eager to get into the ZUCCerverse and mint NFTs of my waifus.
If you care about the environment you should honestly give up RUclips and especially gaming because gaming uses about the same amount of power as NFTs. Personally I don’t care so I’m going to keep gaming.
@@marcar9marcar972 Fair critique. Power and electricity can do some damage to the environment, if the stories about PC hardware being used for minting and stuff is anything to be used as an example.
Compared to NFTs though I'd argue they at least possess use and purpose. RUclips and other similar websites included, regardless of their myriads of issues.
People are going to see more reason to preserve software and hardware versus a new technology that already resembles far too much to currently existing ones. The reputation being overwhelmed with news of constant scam doesn't help either.
if you watch Folding Ideas “Line Goes Up” video essay on NFTs and crypto, you’ll see that the whole shaky house is built on the value of power consumption. mining = power usage = money spent on power usage = the worth of the shitcoin being mined. whereas any other consumption we have today - internet, heat, lighting cities - can be transferred to renewables without completely tumbling a house of cards and rendering it irrelevant
@@marcar9marcar972 NFTs require the blockchain for upkeep. Bitcoin alone consumed MORE energy than the entire country of norway. It's climbing it's way into the top 10 consumers for electricity on a list with countries. That's just bitcoin.
@@marcar9marcar972 I rather get shot on my foot rather than my hand.
Your trading card story reminds me of how I got Pokemon banned in my school by accident. We all used to bring our decks to school to trade and one day mine got stolen, no idea by who, but I reported it to the headmistress who promptly banned the game citing my stolen cards. Thankfully she was smart enough not to name me as I'd have been outcast but yeah, whoever stole my cards by proxy ruined it for the rest of us. Anyway my mum felt bad for me and gave me money to buy a booster pack or two. I got a shiny Charizard from that. It's somewhere in my room to this day.
There's also the people who are making fake accounts under real artists and just selling them under their names
The insane part is people can’t do much to stop this either
That problem existed ever since the internet was a thing availible to the public
dude, in my mind, if all you want is something cool to own that's actually going to be unique and high quality...why not just commission an artist? costs way less and you get ownership of what you buy...AND YOU ACTUALLY SUPPORT THE ARTIST AND GIVE THEM WHAT THEY NEED TO LIVE
exactly.
Even over a year after nfts somewhat died out it still fills me with joy to see someone ss an nft and the "owner" getting pissed at them
I remember that one point in school where I traded a bag of chips for an Umbreon card. I was just reminded of that
That cirkle jerk purchase of NFT's by the same people to create value, is what has been happening within the physical art world for basically ever (people making others bid high bids on their paintings at auction, purchasing one painting for a huge amount of cash so that the rest of their collection goes up in value etc. etc.)
So NFT's are basically digital trading cards and there's a nearly unlimited identical supply of them.
Yes and No. As the name implies each NFT is unique. The picture people asign to it however aren't. An NFT is actualy just a small string of code on the blockchain which you own. Not that exciting
Nah, more like a paper receipt to say you bought this garbage for this much and nobody cares. Except that a paper receipt in real-life has more value, you could use it to wipe something.
It’s like going to a store and then buying something and then keep the receipt and get your items
But you’re in soviet russia or something and everything is already free and all you get is that receipt
@@kaidestinyz 100% accurate
Reddit currently uses NFTs as profile pics and the rare ones are in high demand.
NFTs are inflated by a lot. The sheer amount of NFTs mean only the person who makes the nft makes money.
the value of NFTs is purely speculative (in short, worthless), and other things have to be stapled onto it to give it the idea of value. you make it "scarce", you make a lot of noise to convince people they have to have it, you give it a sense of status just for having it.
the real insidious part is that to call them investments means that you intend to sell in order to make X profit. but why would you sell something that gives you status and makes you part of a community? instead, this whole schtick actively incentivizes you to purchase more NFTs, flaunt your status even more. they'll even have a term for people like you: diamondhands, people who hold and never sell. this is part of why you see diamond motifs so often in NFT marketing.
it's a con, top to bottom, but what's interesting is the community has made it into a self-sustaining con.
I actually made profit with Doge and Shiba. I aint touching NFT's in anyway. so thanks for making this video and invading my safe space with NFT knowledge :(
You can't hide Jack
if you'll excuse me, I'll be minting my CoD trickshots on the blockchain
1v1 me rust or your mom
The massive nft crash that just happened makes this video even funnier
Just a quick thing on economics:
*Nothing* has monetary value by itself.
We mistakenly counter argue to that by mentioning something's cost to make as a would be inherit value, but that's bollocks.
Money-wise : is anything worth anything if no one is willing to buy it?
NFT are worth anything someone pays for them. Then, they are worth what the next person pays for them and so on.
They are neither worth their price tag nor they are worth all the resources perpetually spent on making and maintain them.
They are volatile and that's one of the reasons why they are in a expeculative bubble.
I would even go beyond that and say that nothing have inherit value on itself.
Im so glad we are at the level of youtube where being a youtuber who is an unabashed fan of another youtuber can be put into your videos.
The only difference between Beanie Babies and NFTs, is that Beanie Babies technically exist.
I get it now.
*NFTs are just money cheat codes...*
It’s way too easy to make one and make some money from it
@@WickedWiz How to art?
@@SeanWMODonnell ask every artist except nft artists
@@grantic5413 Indeed, why bother studying the elements of art when you can jest poop on a trading card, snap a pic of it, call it 1/1 and sell it to your millionaire friend to pump your dump, and then profit?
XD
@@seanwarren9357 thats the sad thing, unless you are an nsfw artist, youre out of luck
Great analysis, best explanation so far. I love the story about the kids at school and their perceived status/values
The most I've learned of NFTs is from this video. Is that good or bad?
That pretty good from my side lol
“You can’t steal my NFT>:(“ meanwhile so many NFTs steal from properties and other artists and creators
Probably needs an update: how quickly NFTs crashed and burned.
Maybe someone will screenshot every select screens in fighting games then turn into a NFT lol
I originally hated NFTs cuz the art was (for the most part) shit, but thanks to this video I now hate them because the art is shit AND because I know its a stupid and risky "investment"
Nice NFT video, Wiz.
I'm gonna mint it and buy a life size sculpture of James Corden with the etherium from it.
Too fat to fit through a door tho
@@d1nesh._223 lawn decoration
You could actually do that....minting celebrity leaked nudes?
The true value of an nft is defined by gullibility of the individual that buys into it and its value is subjective to whatever price they paid, and since people with stupid amounts of money who can blow $50,000 as an investment on some bullshit that they can convince another person with the stupid amount of money into agreeing it has that same Play-Doh value, is exactly what gives it it's true value, is what makes it absolutely appalling to those without stupid amounts of money, and is pretty much what leads to the confusion about people believing that there are an infinite number of copies, which there are not because there was only the specific one that was invested into with stupid amounts of gullibility I mean money.
I mean if you had hundreds of millions of dollars to spend on stupid crap because nothing in life had any real value to you and it was all just some score in Pac-Man, you would probably be insane, desperate, and disillusioned enough to buy 200 different 50k, 100k, and $200,000 nfts, if only to give you something to do, flaunt and let's not forget, to talk to other Rich, out of touch people about.
In groups and out groups are a thing.
It just goes to show how out of touch money can make people.
Meanwhile there's still slavery in this world .. ¯\_(ツ)_/¯
Metaverse... That word... Brings such boiling rage...
Its not even in the early development phase and people are selling land on it for more than if you bought that land in real life
@@Vexxel256 Probably just idiots who think it'll be the future and not just some fad. The value of "land" in the metaverse will go down really fast once those idiots realize it's a bad idea.
I want to set Facebook headquarters on fire.
SatAM Robotnik rage?
A hunk of gypsum is essentially worthless, but you can still find an idiot who will buy it for $50. So it's arguing semantics. The gypsum itself is worthless (to me) but I can potentially find an idiot out there. NFTs are the same thing. No actual value, it's all just perceived, if even that. Anyone arguing otherwise is trying to sell you an NFT, encouraging the sales of other NFTs, or they happened to be someone who got lucky selling one and now they've fallen for the scam.
Idiots are everywhere. Some idiots have money.
Funny enough. If you were to copy an NFT draw a little bit over it, add your own personal touch. That actually would be more copyright valid than the NFT themselves, as the artwork is generated by an algorithm, and robots legally can’t make art. They cannot he defended via copyright. I’m not SAYING you should download every bored Ape NFT, Edit it slightly by hand, then Mint it as an NFT yourself. But I am saying they would lose a court case, trying to sue you
It would still be different, since the blockchain metadata is different.
@@HamguyBacon yes but they might try to sue you over the Art itself, which was created at random using a computer.
Well, while the completed work itself was auto-generated, the specific parts that make it up (each of those hats or ugly faces) were drawn by a human, so I wouldn't recommend doing that
Everything you talk about is really helpful and interesting yet still I just can't get over what's going on in the video :D
I hope your channel succeeds even more than it currently has.
How do you have so few views? This is fucking facts and quality content
The only use for NFTs I see, is using the technology as a way to verify the legitimacy of a purely digital item. I can't think of much reason to do so, as purely digital items already have systems for that so even for their only true use, I don't see the point.
Currently, it is just used to verify items and give them an air of rarity they don't have, while using way too much processing power and electricity on the process.
NFT's are worthless. It does not work as a currency, it's full of scams and people are being robbed of their hard work with nothing to show for it in exchange.
I absolutely despise the idea behind NFT's and mildly curse it's creator
That Doom mod made me think this is how Pokémon Snap can be weaponized.
As someone that has been paying attention to use of NFTs very closely in gaming, I don't think it's going to work out. The projects just aren't profitable and cause so much backlash and bad press.
if u want cool art just commission an artist and skip the blockchain bullshit completely. if ur in it for the gacha, guess what! many artists do random adoptable-style releases as well. or if you’d rather have something specific, they’ll work with you to make something personal that you’ll love
Lets not forget the nfts do not give you ownership of said artpiece having it commission will and usually allow you to do whatever you want with it
I just shake my head at these sort of people who spend this kind of money. I do remember back when I was a kid back in the early 60's trading hockey cards. Back then it meant nothing really. Now I only wish I kept them because I could have been a rich person right now but heck, back then we mostly used them to strap to the spoke of our bicycle wheel, and hear it click, and clack as you drove which drove the adults insane but sounded so freaking cool, and the gum wasn't bad either.
My professor told me that blockchain technology will revolutionise the way we buy and sell things. Well, he wasn't wrong.
A bit of a late reply, but I will give all of y'all a VERY simple litmus test for whether or not something is a scam. If you need to have someone explain in great detail why something is NOT a scam, then it is a scam. "Shiny rock is valuable" = not a scam, "I make video for website and website give me money" = not a scam, "You pay a shitload of money to sort of but not really own an image that is unique but not really, uglier than a bucket of decaying corpses, and is only allegedly valuable because a small number of people arbitrarily decided it is valuable" = scam.
I will never understand why Cryptobros think owning a URL to a picture is the future of money.
Edit: No way in hell the price at 7:15 is a real number.
They don't
They don't even own the URL. They just put their name on a stick note and attach that to the URL.
I mean, Fiatbros tried to convince everyone that printing ink on paper without any appropriate countervalue was the future of money, and no one questions this anymore.
Man... I'm happy that I grew in a scool where no one cared about your cards or that bullshit. We where like a big familly. And you might call saying growing up in a scool for "Intelektovo naddané deti" is a flex but it's kinda normal scool. It's not full of nerds as some people would thing. Only difference is that you don't have 20 classmates but 12. My Grandma was allways talking how kids have a good status by only wearing a good clothes. I could not believe but it's true. That kinda lowered my faith in humanity.
the thing with companies getting involved with NFTs is that they're also afraid of missing the hype train, be it to advertise or particularly if there's profit to be made, and the concept of NFTs is pretty convincing so most companies just see dollar signs.
there were these cards called match attacks and they were Pokémon cards but football, everyone wanted them back in school
We already have NFTs in games, we've had them for years, skins in CS:GO, skins in Fortnite, skins in Valorant
They arent on a blockchain so they are not nfts. But this shows that we dont even need them in games to begin with.
@@tjgdddfcn Yeah but it's very similar in concept
@@tjgdddfcn yes we do need them, since you can't take your csgo skins outside of csgo.
@@HamguyBacon wdym ? Like what you want to download the 3d model of it or what.
@@HamguyBacon You cant do that with NFTs either. At least not the connected assets. If you buy a skin as NFT you can still use this skin only in CS-GO and no other game. I could even sell you the NFT and continue using the Skin thats connected to that NFT for myself. I cant do that by selling Skins in the game itself.
Why do NFT bros say “You’ll be hearing from my lawyers” when since you’re not selling it it’s not illegal
Influencers definitely got together and asked ''how can we milk our audiences for every cent they've ever made and still get them to love us?''
Using that Doom NFT satire for your footage was unfortunate, the flashing lights of the camera became unbearable. Great upload though.
If nft's would give you the rights to the art itself, it would be useful to people who want to purchase art for projects... What a wasted opportunity
The thing is, the listed prices on NFT Platform are just numbers, which the owner wants to fucking have. It does not show or prove the value of the NTF.... until some morron actually buys it at that listed price.
Dude ,i See you blowing Up in the near Future , great Content
These AI generated ugly images are absolutely, without question, worthless. You can’t do anything with them, there is nothing backing them up to hold any value either.
For NFTs in games, while I admit I’m rather ignorant on that subject but it sounds similar to the hats in TF2, a cosmetic item you could trade, buy, and sell. And these hats were stupid expensive at times (not to the same level we’re seeing now) some going for hundreds of dollars.
The idea with NFTs in games is that some people (wrongly) think that if TF2 hats were NFTs, you'd be able to wear them in CS:GO. These people are wrong, and cross-compatibility has nothing to do with NFTs. NFTs don't guarantee that items are cross-compatible, or transferrable, or permanent, or anything else. But you won't hear that from any of the crypto types because they've got a vested financial interest in hype.
Said right from the get go that nfts are/were a scam(also overhyped). From what I'm seeing I was right, who would have thought?
thats so crazy how the person that owns an nft doesn’t actually own the rights to the image or the look or the “art” or anything, just a receipt made up of digital 0s and 1s. really shows how worthless it is
edit-spelling
Watched the video. Still dont understand what the fuck does the person even own then? A receipt is proof of purchase. They own a receipt for purchasing absolutely nothing? And other people will spend money for this proof of purchasing nothing? This is some next level small hat tribe type of scam a tell you hwat
Still controversial, prone to scams, theft and drama, but then again what isn’t, maybe if I’m ever famous and feel like I don’t care enough about my audience to straight up con them all I’ll mint some garbage and skip the country but until that situation presents itself to me, I’m good staying as far away as possible from being a cog in the wheel of lining someone else’s pockets
Now I want to see Lynn NFTs in the discord
@@WickedWiz it’ll just be your hat
I think NFTs is a representation of how desperate we as people have become for money.
But not only that, desperate to waste it on think we imagine as important.
inb4 the Wiz releases his own line of NFTs
Problem is, NFTs would be great in video games and collectable things. The problem? Companies WILL expect you to cash out for them. They will be exploited for money and they will be a currency thing instead of what they should be, a collectable marking or land mark. Something like a very rare item you can get for limited time like a WoW mount or item. Etc. The problem is video game companies instead will offer you the chance to buy it instead of earn it.
Nah, the problem is that all of that can be done more cheaply and consistently without blockchain tech. Steam already lets you sell stuff. NFTs are still locked into networks and thus you can't truly use them outside what the centralised authority designing them allows. It's a solution looking for a problem.
Personally don't have any NFTs but I do feel the current utility of them is flawed.
One way I could see NFTs being interesting is bringing back the sense of a "physical" ownership of digital media. Since the biggest issue with digital media is that you have no ability to sell it if you no longer want it.
So say you get X game digitally off the PS5, and you don't want to play it, you can't sell it, you own it for the rest of your life.
However, with an NFT, in theory, you could sell the digital receipt attached to that game and change ownership to the other person.
Now the way that this would help game developers is if the NFT itself was seen as being "created" by the developer so if you sold it to Y person for 30 dollars, then the devs get 5 dollars and you get the other 25.
So while sure you wouldn't be making a lot of money out of it it would at least give you that opportunity to exchange your digital ownership over if you no longer had interest in a product.
In terms of game utility, if NFTs were done properly, then as mentioned with the creator of the NFT getting a percentage of the sale, in theory if a game dev did have ownership for creating said NFT, then whenever the current buyer of the NFT decides to sell, it would give the developer some additional income.
In the MMO industry it could be interesting if say NFTs allowed players to sell the rights of their character to another person say 1k for maxed out character all stats, best gear etc and then the developers would get 100 dollars and you get the 900.
But it's all up in the air honestly, I do think there is an interesting utility for NFTs to be a form of secure ownership of a product you own with a means of exchanging with others but time will tell.
I guess another interesting utility could be digital card games as well, a means to sell them, and maybe even an interesting gimmick where they have a finite amount of cards that can exist so the overall meta turns into either wanting to collect all the cards, or trying to horde the finite cards to sell. Of course they could still have a card crafting system but crafting said card would make a dull standard version of it, while the cards that come from packs would look fancy. So a player who may desire a fancy looking card to show off, even if digital would be enticed to pay money to gain ownership of the card.
All of that can be done more easily, cheaply and consistently with a centralised database.
Devs don't let you resell your digital game because they get more money by selling a new one, since digital goods aren't scarce. Introducing artificial scarcity with NFTs wouldn't benefit devs and would add needless steps for buyers.
Same goes for MMOs. A lot of them already have a "black market" of sorts where a minority of people can make real money off their in-game items. No NFTs needed. To top it off, blockchain games are crap because they can only sell their tech by the merits of potential profits. If they made a good game first, they would realise there's nothing to be gained from using blockchain tech as opposed to a centralised database or other non-blockchain forms of security/validation.
That's why people now call it a solution in search for a problem. They claimed to solve so many things over the years because every time they claimed to have some use, it wasn't better than current alternatives so they moved on to the next potential use-case.
i'd 100% buy those bananas, just look at those moves
He’s got the groove
This video was months ahead of it's time, either that or it caused NFTs crash over 99% in value.
The thing is with nfts, you’re not even buying the picture, you’re buying a link to the picture. You don’t own the actual thing itself you just own a link to say hey look at this digital art. Nfts are honestly the biggest scam to date bc people don’t understand for something to have value someone would have a want to buy it. Hanging onto them is useless
The only interesting use of the technology driving NFTs was a game (an MMO of some sort) proposing to use that method to track Legendary items, of which there would be a specific, locked number of per server, and if traded between players, it would ensure it was not duplicated or anything of the sort. The value would be within the game, as the benefit of the equipment would assist the player who owns it, and would be limited in quantity, while the player base could increase over time.
It wouldn't be able to be copied, and would still maintain its value so long as the game had an active player base.
Not really the crypto-focused style, as it would all be within the game, but a cool concept for a feature within an actual game.
That Doom mod is the best lmfao
Did you notice the bit where freaked out? 15:40
NFTs were not "great for artists" because their art was being stolen left and right and being minted and sold without their permission. this happened whether or not they existed in NFT bro spaces because it's all a real literal scam to try and rob fools of their hard-earned money.
Simply because anybody can mint an NFT. Doesn't matter if you made the artwork. Hell, you could reupload the entire BAYC collection and the blockchain doesn't care
the problem with those communities is since they were formed based on ownership of something many of them had serious elitism like somehow buying that nft from that generated collection somehow made them better and that is probably why they got so much hate, obviously not all but enough to make the "nft bro" stereotype
The only legitimate 'use case' that I've heard of for NFTs is for digital ticket sales, like concert tickets... where unique "receipts" that you can verify in the blockchain can combat scalping. Otherwise, NFTs are just ridiculously overpriced tickets to an art exhibition where anyone can walk in, take any of the pictures off the wall & leave... you don't own the art, you just own the small piece of wall it was displayed on.
13:17 what's that super 8 poster in the background...?
Nfts were made to bring scarcity to digital products. But it's an artificial scarcity and the fact that you don't actually own that image just a receipt to me makes it worthless. When I create an original artwork and I sell it at an auction along with that artwork comes a certificate of authenticity. This certificate allows the person to say yes this is an original handmade product by this artist. However if something were to actually happen to that artwork, let's say it gets destroyed in a fire, that certificate of authenticity no longer has value, other than to say hey this used to exist. I think one thing that people don't consider that since these are digital assets stored on a server, if that server goes down, then there receipt is basically worthless. People having their minds that digital is forever when that is just not the case.
People who discuss growing plants are a community. People who discuss reloading are a community. People who talk about tech are a community.
People discussing receipts for a crappy image? Well, they can call themselves what they want, but..
The idea behind NFTs as using them to facilitate ownership could be used for digital goods IF and only IF they would be used for things that need something like this. like a licence. Thats why it does not work for Pictures. It could work for things like Game Keys.
But you can't turn that into a get-rich-quick scheme
@@williamdrum9899 thats exactly why it is a good (ethicly good) usage for nfts instead of the crap that is currently Happening.
@@vetulamortemthis is dum
NFT's are like all art. It only worth as much as the person who's willing to pay the most. It's whatever it's worth to the next person who wants to buy it.
I think NFTs are missing a way to check if theyre actually genuine. The biggest problem in my mind is that any people can just mint and nft on anything. i dont think that its possible to restrict that. But i think a good idea could be including digital signatures from the actualy copyright holders. That can be confirmed with the copyright holder. (For example with the public key on an official site. Or given on request)
In my opinion this would be a step in the right direction. Which would connect the NFT better to the Artist/Copyright holder.
I dont see a way to actually Prevent Fraudulent NFTs but at least with this solution you can always point at the signature and say that this is not a genuine NFT.
As it currently stands the Copy/paste issue of Digigal Data is not resolved by NFTs. If im not mistaken i could literally mint my own NFTs using the ape pictures. Can i?
So much this. Anyone can reupload the entire BAYC collection and the blockchain doesn't care. Because the NFT isn't the link really, it's a blockchain token, which just happens to have a URL in its metadata
Thank you for making NFT easy to understand.
With trading cards...theres at least some value in the rarity of physical artwork on a peice of cardboard, and they can't simply be reproduced by most anyone, and there's also the power associated with a card in relation to the game it's meant for.
NFTs, the value of the serial code is made up, the artwork is terrible, theres no use for the artwork like with cards in a card games.
They should have done something like a card game. Start it out small and cheap and when/if the game gets more popular start creating new rare and expensive NFT playing cards, but that would actually take time and work.
i always see anyone who has an NFT as a joke, who was scammed into buying one.
So you're telling me that NFTs are a very complicated version of a trading card game, and people would do anything to get their hands on something rare and shiny. It do be like that.
I love that "they say NFT is a scam, but I got an apartment" post.
Well yeah... that's how a scam works. A lot of people get scammed and some get the apartment with a view lmao
People are so greedy, it lets them think "if X works for me, then X works".
But that's not the whole picture now, is it?
Ive still got some questions: how does the nba feel (or any other company for that manner) about random artists using their copyrighted content for nft's? Is it under fair use or do they get a cut of the profits? I get you buy some nft's as an investment but its not like they hold constant value like a rolex or a old car, why then do these people insist its a good way to spend your money? Has anyone actually kept a nft for longer than when a good offer comes around?
#1: Probably the same way that Warner Bros. doesn't like people uploading their movies on RUclips or some weird pirate site
It is worthless. It basically serves as two main things. (except your mentrion of course and stupid or naive people who thinks it has a real value or posers who need their ego boosted by flexing) A.) Money laundering - you have dirty money you need to legalize. So basically you xan create a NFT, buy it for your own, your friends or your clients dirty money and here we go - clean legal money. B.) Tax relief - if you make a really lot of money you have to pay your cut. In some countries you can lower this by donating to charity for example (we call it tax write-off in my country- roughly translated) If you buy something rare, expensive and considered as "art" and give it to the museum, galery etc you can write these money of your taxes. This is kinda rare with NFT because they have no demonstrable value but it is more common in general art. You buy cheap painting, you bribe some price appraiser to evaluate the painting way more than it worth and you give it to charity with new massivelly boosted price tag so you can write off of your taxes way more than the painting actually cost and because it is donation for a charity nobody will verify the real value. But NFT still have a real value for people who are capable to pay for them. Whole value stands on the faith there will be people who will want to pay for it in the future. Literally not for anybody else. It is basically the "gamer girl bath water" - 99.9% of people who ever lived and ever will live - does not give a fuck about it and would not pay even a cent for it. But there is few dozens of individuals who are able to pay really a lot of money for it. So it has some real value but only for tiny amount of people.
Did no one on the internet during this time learn about the tulip bubble in school because that is exactly what this was just another repeat of the tulip bubble. Im genuinely curious if most people didn’t learn about these concept’s because i never thought about if maybe most people didn’t learn this in school
Oh god this video was not good for my eyes but the content made it up for it and even more. Today I subscribed to your channel mister.
Nothing about the asset has to be non-fungible, only the receipt. I recently looked over Gary's NFT site and found two identical images that point to the exact same url and drawing video.
NFT's are pointless.
couldn’t you technically screenshot someone’s NFT, draw one tiny minuscule little dot on it, and hold copyright and mint it and not get in any legal issues with the owner of the original since computer generated artworks have no copyright holder legally
Yep.
We live in an age where creativity is at an all-time low, as most things are just hackneyed and recycled. No-one from this time will ever create a Mona Lisa or an Interchange, so they knock up quick, crappy images, tag a high value to them, and then sell them as people sell works of art. It's creatively bankrupt collectables, for a creatively bankrupt time.
No, they are not "worthless". They are also harmful, pitiful, wasteful and straight up annoying.
Couple weeks back Square Enix sold couple of their franchises... to invest in this crap. We'll see how many companies will go bancrupt because of FOMO.
But SquEnix still has the money from the companies they sold and can easily spend it on other things.