Can someone explain the point of NFTs?

[Kamikaze Revy]

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

So a digital certificate of authenticity.
Going by your concern then getting a trading card or comic book officially graded is a scam as well.

 

[CrimsonTider]

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.

Facts

these posters are talking about the mechanics of NFTs instead of how they’re being pushed to public

 

[CrimsonTider]

So a digital certificate of authenticity.
Going by your concern then getting a trading card or comic book officially graded is a scam as well.

How is that the same thing? Those things have intrinsic value. NFTs do not

 

[Kamikaze Revy]

Facts

these posters are talking about the mechanics of NFTs instead of how they’re being pushed to public

The mechanics is what matters most.
How people may or may not be abusing/misusing them will be sorted out by the public/market as it becomes more widely adopted.

 

[Kamikaze Revy]

How is that the same thing? Those things have intrinsic value. NFTs do not

Are you really implying that digital goods and services have zero value?

 

[CrimsonTider]

The mechanics is what matters most.
How people may or may not be abusing/misusing them will be sorted out by the public/market as it becomes more widely adopted.

Widely adopted

 

[CrimsonTider]

Are you really implying that digital goods and services have zero value?

I’m implying that a digital receipt has 0 value

 

[Kamikaze Revy]

Widely adopted

 

[Kamikaze Revy]

I’m implying that a digital receipt has 0 value

If a digital good has value, then you want a paper receipt for it then breh?
You're talkin in circles now.

 

[winb83]

Yeah under Microsoft initial plan games themselves would have effectively been NFTs.

For whatever reason people are afraid of the idea.

Change is difficult

Microsoft would allow you to effectively trade your digital games into certain retailers and publishers could enable that or block it.
Microsoft details Xbox One 24-hour online check, used game policies, and Kinect privacy
An NFT is not conditional rights to what you purchased inside a company's closed ecosystem. If wanted to sell 3 of my copies of Halo 5 online to some people for an agreed upon price of $5 I couldn't do that in Microsoft's system. I could trade a copy of game back in with a participating retailer or I could give it to someone who'd been in my friend list over a month.

 

[el_oh_el]

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.

If a tools primary utility is a method for enriching whales, then of course it will be seen in a negative light. Again, nobody has provided a legitimate use for NFTs that solve a useful problem, which is the reason there are still so many skeptics of the technology.

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.

Again, this is a SOLVED PROBLEM. Digital certificates of authenticity already exist in a more efficient format. The only thing NFTs bring to this conversation is the removal of a central authority, and increased energy usage.

 

[MeachTheMonster]

Microsoft would allow you to effectively trade your digital games into certain retailers and publishers could enable that or block it.
Microsoft details Xbox One 24-hour online check, used game policies, and Kinect privacy
An NFT is not conditional rights to what you purchased inside a company's closed ecosystem. If wanted to sell 3 of my copies of Halo 5 online to some people for an agreed upon price of $5 I couldn't do that in Microsoft's system. I could trade a copy of game back in with a participating retailer or I could give it to someone who'd been in my friend list over a month.

No that was only part of it. They were also working on a digital marketplace where you could sell/buy games directly from user to user

 

[winb83]

No that was only part of it. They were also working on a digital marketplace where you could sell/buy games directly from user to user

I never had an issue with their always online policy and reselling of digital games. I thought people were foolish to get up in arms about it and I wish it succeeded because it's better than what we have now.

Anytime I use my console it's online. Even if my home internet went out I could use my phone as a hot spot to check in.

 

[MeachTheMonster]

I never had an issue with their always online policy and reselling of digital games. I thought people were foolish to get up in arms about it and I wish it succeeded because it's better than what we have now.

Anytime I use my console it's online. Even if my home internet went out I could use my phone as a hot spot to check in.

Yeah I think it was a combination of console wars and people not being able to see the forest for the trees.

We are always online. There are some great benefits to a connected world and digital ownership. People are starting to come around to those ideas now.

 

[winb83]

The concept of provable legally enforceable digital ownership of something beyond closed ecosystems is a good one. NFTs ain't it. We got chicks selling fart jar NFTs. No you don't get an actual jar she farted in you get a cartoon picture of a jar. She actually was selling her farts in a jar but why do that when you can just sell a doodle of it?
Fart Jars NFTs - Imagine the smell!
In the NFT space this is as legitimate a business as any other business and provides just as much value as anything else. You never know. This could be worth millions one day. Better get in on the ground floor now before it takes off and goes to the moon.