After watching this video im fully convinced that NFTs are a SCAM

[Mindfield333]

Time for me to make some NFTs

 

[KillerB88]

Negro please.

You the type to continually get finessed off get rich schemes well into your 50's talmbout "Im bout to hit this lick!"

You’re calling emerging blockchain technology a get rich quick scheme? Also, I’m one of the few posters in this forum who has posted proof that I’m actually well off.

 

[Kuwka_Atcha_Ratcha]

So it’s hype? That’s fine, it’s the same with regular art, but now the question is what benefit do I have as the NFT owner of I don’t own the image?

The ability to have the physical art. And also the art appreciating in value.

 

[KillerB88]

The funny think is the pictures are not even on the blockchain. It’s just a receipt that points to a url lmao. If the site was to ever go down you would just have a receipt to a dead link on the blockchain

Which is why they have IPFS to solve that very problem.

 

[Kuwka_Atcha_Ratcha]

But if I tried.. if I put it in a t-shirt and started selling it, what rights does the NFT owner have to stop me?

None, but if you have an ape nft worth half a million... You'd tend not to care that some guy on coli is selling ape t-shirts. Also those t-shirts would be pretty hard to sell but with every sector you have counterfeits

 

[Kuwka_Atcha_Ratcha]

The funny think is the pictures are not even on the blockchain. It’s just a receipt that points to a url lmao. If the site was to ever go down you would just have a receipt to a dead link on the blockchain

This actually isn't true

 

[DaddyFresh]

This actually isn't true

What’s not true?

 

[Kuwka_Atcha_Ratcha]

What’s not true?

Sites have gone down before but the NFTs remain in the wallet.

Also ipfs

 

[desjardins]

Selling NFTs >>>>>>>>>>>>>>>>>>>>>>>>> Buying NFTs
That shyt seems completely worthless and people are literally selling NFTs of anything they can think of.
If you somehow finesse your way to selling one for millions , then kudos to you, but I have no idea why anyone would want to "invest" in them shyts unless it's a way to clean dirty money or something
Has there been any documented cases of people actually flipping a NFT for more than they bought it for? When that begins to happen REGULARLY then I'll have way more confidence in the medium

 

[Standing on business]

What make NFT’s valuable? I realize not all of them are valuable but the question is what determined the value of the ones that are valued at large amounts. How is it determined?
For example.. this one
9. Beeple’s Ocean Front — $6m

why is this worth 6ms?

This question can be asked about all art

Damien Hirst has to be the biggest finesser in modern times

 

[Kuwka_Atcha_Ratcha]

Selling NFTs >>>>>>>>>>>>>>>>>>>>>>>>> Buying NFTs
That shyt seems completely worthless and people are literally selling NFTs of anything they can think of.
If you somehow finesse your way to selling one for millions , then kudos to you, but I have no idea why anyone would want to "invest" in them shyts unless it's a way to clean dirty money or something
Has there been any documented cases of people actually flipping a NFT for more than they bought it for? When that begins to happen REGULARLY then I'll have way more confidence in the medium

Same reason people invest into traditional art. And yeah people flip for more than they bought alllll the time. Even on open timed editions.

 

[Thingsfallapart]

This question can be asked about all art

Damien Hirst has to be the biggest finesser in modern times

That’s true. But if I buy an original artwork, atleast I have the physical artwork. What do I have with a NFT?

 

[Kuwka_Atcha_Ratcha]

That’s true. But if I buy an original artwork, atleast I have the physical artwork. What do I have with a NFT?

Alot of the time you get the physical also.

You also get airdrops.

You get an nft that will probably increase in value.


You get art that you can hang

 

[Thingsfallapart]

None, but if you have an ape nft worth half a million... You'd tend not to care that some guy on coli is selling ape t-shirts. Also those t-shirts would be pretty hard to sell but with every sector you have counterfeits

So.. is the whole point hoping you can convince some dummy to buy your NFT for a lot of money?

 

[Thingsfallapart]

Alot of the time you get the physical also.

You also get airdrops.

You get an nft that will probably increase in value.


You get art that you can hang

So I get a print of a Digital art, no ownership or copyrights and airdrops (which from my very shallow knowledge sounds like just an added component of nothingness)??

What makes it likely to increase in value though?