Can someone explain the point of NFTs?

winb83

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How can you say they didn't want to when one of the biggest players in the game was literally pushing for it?

I've already explained how NFTs could be used to benefit the industry, @Fatboi1 posted an article where a physical house was sold as an NFT and explained how it was done. You keep thinking NFTs are just those stupid ass digital monkey pictures being sold.

Gamers should be telling publishers HOW they want NFTs implemented in games, instead everyone is clutching pearls acting like ubisoft is trying to sell them some ugly ass Master P art work.
And I showed how just looking at a simple NFT to delete it emptied Waka Flocka's digital wallet. Also how people's purchase history on a blockchain can be accessed to discriminate against certain individuals.

You have people minting NFTs for art they don't own and selling it. This whole field is a con artist playground and y'all talking about trying to put legitimate transaction tied to valuable real world ownership on it. What so granny can accidentally transfer the deed to her house to some online con artist or so someone can accidentally expose all their medical records online?

Who's gonna police and regulate this stuff? Once it gets police and locked down its lost the entire purpose of what it was supposed to be.
 

5n0man

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And I showed how just looking at a simple NFT to delete it emptied Waka Flocka's digital wallet. Also how people's purchase history on a blockchain can be accessed to discriminate against certain individuals.

You have people minting NFTs for art they don't own and selling it. This whole field is a con artist playground and y'all talking about trying to put legitimate transaction tied to valuable real world ownership on it. What so granny can accidentally transfer the deed to her house to some online con artist or so someone can accidentally expose all their medical records online?

Who's gonna police and regulate this stuff? Once it gets police and locked down its lost the entire purpose of what it was supposed to be.
That seems like a problem with how NFTs are currently implemented when it comes to selling digital art.

You asked for someone to explain the point of it. An NFT is just digital proof of ownership that can be traded or sold. It can be attached to either a physical or digital item. If you dont understand how that can be used to benefit the gaming industry then I dont know what to tell you.

I dont understand how people act like such a simple concept is the most complicated thing in the world.
 

Fatboi1

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Computer software is a scam. I'm going to indict the technology because who's going to regulate this for us? I don't want to know if Bloodborne.exe is safe. I need big daddy government to come and regulate everything for me to protect me.
 

winb83

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Computer software is a scam. I'm going to indict the technology because who's going to regulate this for us? I don't want to know if Bloodborne.exe is safe. I need big daddy government to come and regulate everything for me to protect me.
The very nature of the technology makes it a con artist playground so yeah. All these things I'm calling scams where people's money and wallets are being stolen according to the system they're all legit transactions and the people who lost their items have no recompense they simply involuntarily engaged in a legitimate transaction and lost something they didn't want to lose. NFTs, the blockchain, and digital wallets all at work properly as they should.
 

winb83

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That seems like a problem with how NFTs are currently implemented when it comes to selling digital art.

You asked for someone to explain the point of it. An NFT is just digital proof of ownership that can be traded or sold. It can be attached to either a physical or digital item. If you dont understand how that can be used to benefit the gaming industry then I dont know what to tell you.

I dont understand how people act like such a simple concept is the most complicated thing in the world.
In a vacuum it's easy to see the benefits of such a technology when all you have to do is suggest it's possible uses.

In reality a system has to be implemented to make it useful to real people in a safe controllable way. Once that happens in many ways it will defeat the purpose of what an NFT is supposed to be and why it was created.

Why aren't games being sold as NFTs right now? What's stopping the gaming companies from doing it right now? The tech already exist.

When you suggest how useful this tech would be to gamers you leave out the fact that if the powers that be can't control it and manipulate it to their own ends they won't ever allow that to happen.
 

5n0man

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Why aren't games being sold as NFTs right now? What's stopping the gaming companies from doing it right now? The tech already exist.
Microsoft tried in their own way and was forced to lean back.

The tech is still new, they're just now talking about releasing albums as NFTs, give it some time. It's not hard to imagine some indie developer trying to release a game as an NFT in the future.

The problem is people's reaction to NFTs is so off putting, they wont even allow the idea to be explored in the gaming industry, which is ridiculous because people dont even understand what an NFT is.
 

MeachTheMonster

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Microsoft tried in their own way and was forced to lean back.

The tech is still new, they're just now talking about releasing albums as NFTs, give it some time. It's not hard to imagine some indie developer trying to release a game as an NFT in the future.

The problem is people's reaction to NFTs is so off putting, they wont even allow the idea to be explored in the gaming industry, which is ridiculous because people dont even understand what an NFT is.
Yeah under Microsoft initial plan games themselves would have effectively been NFTs.

For whatever reason people are afraid of the idea.

Change is difficult
 

el_oh_el

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Computer software is a scam. I'm going to indict the technology because who's going to regulate this for us? I don't want to know if Bloodborne.exe is safe. I need big daddy government to come and regulate everything for me to protect me.
This is an idiotic take.
In this case, the cart is before the horse. Solved problems are being reopened via web3/crypto/nft hype.
Yeah under Microsoft initial plan games themselves would have effectively been NFTs.

For whatever reason people are afraid of the idea.

Change is difficult
Not really. The whole hype around NFTs is the decentralized databases.

With MS idea, MS would still be the source of accountability with sales between persons, aka centralized management. This is not saying that it’s a bad idea. As a matter of fact, I’d avoid comparing the two as NFTs currently are mostly used for bullshyt, whereas I can see good utility in being able to sell digital games.

Microsoft tried in their own way and was forced to lean back.

The tech is still new, they're just now talking about releasing albums as NFTs, give it some time. It's not hard to imagine some indie developer trying to release a game as an NFT in the future.

The problem is people's reaction to NFTs is so off putting, they wont even allow the idea to be explored in the gaming industry, which is ridiculous because people dont even understand what an NFT is.
Their reaction is pretty valid. No one has yet to show a good problem NFTs solve with regards to gaming.
The only idea I can see working is indie devs using NFTs for decentralized accounting, thereby reducing cloud database costs substantially. The weakness of this model is that 1) it uses more energy than a centralized database due to the computation to prove ownership/add data to blockchain being multiplied across multiple computers (a shared ledger, by design) and 2) will require over a certain amount of participants to ensure the particular blockchain stays viable
 

Fatboi1

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This is an idiotic take.
In this case, the cart is before the horse. Solved problems are being reopened via web3/crypto/nft hype.
How so? The guy is basically indicting an entire technology because of failed due diligence by some buyers into shoddy projects.

"There are NFT scam projects" is a more appropriate wording, not "NFTS" are a scam which is idiotic. By that metric, any product can be a scam.

scam
(skæm)

n., v. scammed, scam•ming. n.
1. a fraudulent scheme; swindle.
v.t.
2. to cheat; defraud.
v.i.
3. scam on, Slang.
a. to kiss and caress; make out with.
b. to have sexual intercourse with.
[1960–65; orig. carnival argot; of obscure orig.]

A scam would be if I bought an NFT that promised some sort of utility e.g. access to some real-world event/tangible item and then after said purchase, the creators delete their socials and run off with the money never to be heard from again.
 
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winb83

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How so? The guy is basically indicting an entire technology because of failed due diligence by some buyers into shoddy projects.

"There are NFT scam projects" is a more appropriate wording, not "NFTS" are a scam which is idiotic. By that metric, any product can be a scam.



A scam would be if I bought an NFT that promised some sort of utility e.g. access to some real-world event/tangible item and then after said purchase, the creators delete their socials and run off with the money never to be heard from again.
NFTs being used to provide virtually nothing of value to their purchasers in an attempt to separate them from their money isn't an uncommon occurrence. In fact NFTs by their very nature invite people to sell highly speculative and questionable "assets" that are frequently nothing of any real worth to others where the buyer hopes one day said "asset" will appreciate in value and be worth something. People look at the space and see that they can take their celebrity or brand and leverage it to produce some that cost them in most cases little to nothing to make and sell it to consumers and what does one think that would invite? Scams and frauds.

You can literally take almost object clip it down to a few sentences and present it as something positive when the common use case for it is anything but. Nuclear weapons are a net positive to society. They ended World War II and are a deterrent to war and violence. Hell part of the reason Russia and the US right now won't enter all out war between each other can be contributed to nuclear weapons. It isn't the nuclear weapons fault if it's used to kill people. All it has to do is simply exist and not be used and it's existence is a safeguard for man as a whole. Anyone that says nuclear weapons are bad is saying idiotic.

Guns can also a positive when you just consider the fact that by simply existing can deter people from violence and save lives. A gun can't fire itself a person has to fire it and decide how to use it. Isn't the gun's fault it's commonly used in mass shootings or robberies and other random acts of violence.
 

Fatboi1

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NFTs being used to provide virtually nothing of value to their purchasers in an attempt to separate them from their money isn't an uncommon occurrence. In fact NFTs by their very nature invite people to sell highly speculative and questionable "assets" that are frequently nothing of any real worth to others where the buyer hopes one day said "asset" will appreciate in value and be worth something. People look at the space and see that they can take their celebrity or brand and leverage it to produce some that cost them in most cases little to nothing to make and sell it to consumers and what does one think that would invite? Scams and frauds.
This is merely your opinion.

You said all this and still miss the fact that the "scam" and "fraud" is when someone is cheated out of something in exchange for something promised. If I hypothetically created an NFT of a picture I took and simply posted it somewhere and someone bought it, whose fault is that? You're crying about scams yet it takes two to tango. If I sold you the NFT and said "You'll get special access to XYZ" and then you don't get that, that's a scam. What's funny is you're conflating your idea of value which is malleable and saying that everyone values the same.

You could swap your sentence out for stocks/crypto where someone buys an "asset" in the hopes that the "asset" will appreciate in value and be worth something. Same thing with holographic pokemon cards, or baseball cards.


What's so valuable about it?



Our entire monetary system is literally built off of confidence and has no real inherent value outside of everyone trusting in some printed paper.



You can literally take almost object clip it down to a few sentences and present it as something positive when the common use case for it is anything but. Nuclear weapons are a net positive to society. They ended World War II and are a deterrent to war and violence. Hell part of the reason Russia and the US right now won't enter all out war between each other can be contributed to nuclear weapons. It isn't the nuclear weapons fault if it's used to kill people. All it has to do is simply exist and not be used and it's existence is a safeguard for man as a whole. Anyone that says nuclear weapons are bad is saying idiotic.

Guns can also a positive when you just consider the fact that by simply existing can deter people from violence and save lives. A gun can't fire itself a person has to fire it and decide how to use it. Isn't the gun's fault it's commonly used in mass shootings or robberies and other random acts of violence.
:snoop:

What a silly analogy. Nuclear weapons are literally "weapons". Its name and use are literally for war. Why is there a war in the first place? It exists in response to something.

There is literally no other use for a nulcear weapon other than to destroy so wtf are you even comparing it to NFTS for? Typical woke/moral argument used here.



You can literally take almost anything and present it as something negative as well which is what you're doing here.

You're poorly informed on this and are merely parroting typical mainstream media talking points in regards to why NFTS are bad, why crypto is bad etc. Almost everything you're saying is easily refuted such as the "no use case" for NFTS. Earlier you mentioned something about just "snapping a picture of the NFT" and right there I realized you have a surface level understanding of them.

Coachella has NFTS, are those scams?
NGVQ8LV.png


You're throwing around words incorrectly(scam/ponzi scheme/pyramid scheme) and painting an entire thing as something because there are people that can exploit something to scam people. Once you brought up MLMs such as Primerica I knew you don't really know what you're talking about but merely are virtue signaling and making an emotional argument.

Honestly, at this point, you seem to be utterly convinced that NFTS are digital hell and is the synagogue of satan so there's really no point in engaging with you. You don't have to buy any NFTS breh. No need to respond, you're just wasting my time now with these silly talking points.
 
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CrimsonTider

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This is one of the arguments I keep hearing but I haven’t seen anyone cite any evidence that this is happening or is going to happen.
I keep hearing about how this would only serve to create artificial scarcity as if artificial scarcity hasn’t existed for ages now.
You think Nintendo doesn’t create artificial scarcity when they put out Mario anniversary edition and tell you it’s a limited run so you better go out and buy it now before it disappears? You don’t think that Pokémon cards being printed aren’t a form of artificial scarcity? Is there a short of ink and paper?
NFTs are not a scam just because you don’t see the point in buying a pixelated Ape. That just means it’s not for you and in that case I agree with you. I personally have no interested in owning one but if they minted original digital graphics of metal gear solid artwork I would absolutely be interested in it. The point a lot of people make about NFTs being a scam is the same point that could be made of ALL art.
Ya’ll cant keep telling me the sky is falling without having solid evidence to support the outrage. I’ve said before, I’m open to being educated on the subject but I haven’t seen anyone make a valid point against this yet.
Gamers specifically have wished for a day they could resell their digital license. They have also complained that a digital license should not cost the same as a physical disc. NFT would absolutely help correct those specific issues.
NFTs are a scam and they can’t be compared to “all art”

NFTs are a digital receipt for something. It’s just coding that signifies that you have something unique

@Fatboi1

They’re a scam. A company selling NFTs doesn’t legitimize it
 

Kamikaze Revy

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NFTs are a scam and they can’t be compared to “all art”

NFTs are a digital receipt for something. It’s just coding that signifies that you have something unique

@Fatboi1

They’re a scam. A company selling NFTs doesn’t legitimize it
A digital certificate of authenticity for a digital good is a scam?
The applications are endless and gamers have been buying digital goods for decades.
What about recording contracts, employment contracts, court orders, so many other important life effecting documents?
I feel like at this point, the debate is even pointless. This isn't the future. This is the present. This is where we are and it's only going to grow from here.
People are going to have to adapt or get left behind clinging to their VHS tapes because all the debates aside, the global market has been heading this direction for years now and it's too late to complain it into go another direction.
 

winb83

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NFTs are a scam and they can’t be compared to “all art”

NFTs are a digital receipt for something. It’s just coding that signifies that you have something unique

@Fatboi1

They’re a scam. A company selling NFTs doesn’t legitimize it
NFTs exist mostly as an extension of crypto currency. They're joined at the hip. You buy in at a dollar and the more and more people buy in after you it increases the value of what you have. It's all this hodl and to the moon talk and selling others on buying what you bought to get them on board. It's the same level of indoctrination you see from MLMs.

For most of the people that exist in MLMs they're there to push the people higher up than them to greater heights. Millionaires are made but even that is a carrot on a stick to get the masses involved in something that benefits the people at the top.

Hearing the premise of NFTs and liking that while stripping away the origins of them, why they exist, and what they're typically used for is not a good thing.

This stuff exist to sell common people dreams on how they can get rich with little to no barriers of entry. It's kinda like the lottery. It makes millionaires as well and that probably won't be you.

People trying to strip the context of NFTs existence away from them and sell them as benign only help further all the scummy causes.
 

CrimsonTider

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A digital certificate of authenticity for a digital good is a scam?
The applications are endless and gamers have been buying digital goods for decades.
What about recording contracts, employment contracts, court orders, so many other important life effecting documents?
I feel like at this point, the debate is even pointless. This isn't the future. This is the present. This is where we are and it's only going to grow from here.
People are going to have to adapt or get left behind clinging to their VHS tapes because all the debates aside, the global market has been heading this direction for years now and it's too late to complain it into go another direction.
You got to be kidding me.

NFTs have 0 utility, why are you comparing them to other things

it’s just a a unique code that you purchased that says you have something unique.

the idea that the code will later appreciate in value is a fukking scam

All the news stories that NFTs have been bought for a certain dollar amount are straight up “pump and dump” schemes
 
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