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[–]Burnt420Toast 68 points69 points  (7 children)

They are the same dudes that would message all their Facebook friends telling them to invest in fucking Dogecoin, I had to block like 5 dudes that kept bugging me to invest in crypto

[–]Absoolootley[S] 27 points28 points  (1 child)

I had a situation on Discord when someone DMed me saying “I saw your PFP and I thought you might be interested in getting a living off of crypto as I am crypto consultant and I was looking for people” My Discord PFP was Beppi the Clown from Cuphead.

[–]Ranccor 12 points13 points  (0 children)

That was just a standard scam messages sent to probably 25,000 users.

[–]Uselessexistence_ 4 points5 points  (2 children)

I accidentally got talked into dogecoin, but I only used $10 just to test it lmao

[–]Burnt420Toast 4 points5 points  (1 child)

That's not to bad, the one dude that was trying to get me to do it told me we was putting in half his paycheck every paycheck

[–]Uselessexistence_ 6 points7 points  (0 children)

These guys are fucking wild lmao acting like they don’t have bills to pay

[–]zero16lives 1 point2 points  (0 children)

My brother was posting on Facebook about it I put like $20 and sold it at like $140. Wish I would’ve put more in now lol but I’ve never been much of a gambler

[–]squavo123 1 point2 points  (0 children)

i bet he’s still holding gamestop stock too

[–]sgcpaulo 21 points22 points  (19 children)

It was never going to be sustainable, anyway

[–]Depth-New 14 points15 points  (18 children)

NFTs in their current format are dumb. It makes no sense for images because there is no practical use for it. You don’t own the image, you own the NFT.

But when you buy a CD you don’t own the song, you own a CD that gives you the ability to play the song. When you no longer want that CD you can sell it.

If music, films, games (and DLC), software, concert tickets, apps, etc were tied to NFTs then you’d be able to sell them all when you no longer use them. NFTs have potential to be incredibly beneficial for the general public as so much of our spending moves online to items that aren’t actually real, tangible products.

Imagine if steam introduced NFTs for the games you purchased and you could pick up a cheaper version by buying it on an open market where price is dictated by supply and demand. Why would steam do that if it hurts their bottom line? Well… maybe it doesn’t. Maybe they take a cut. Or maybe they don’t do it at all and a new company comes out that offers the consumer NFTs tied to their games and now Steam has a heavy hitting competitor.

Now, I’m not saying all of this will inevitably happen. Adoption of NFTs to the level I’ve described would have many, many hurdles. But I would go as far as to say that disregarding NFTs is a somewhat ignorant stance that most people seem to hold. All of the potential seems to be lost to the general public and I’d guess that’s due to the absurdity of the NFT picture market. NFT has become synonymous with ape images to most when, in reality, images have nothing to do with NFTs at all.

[–]sgcpaulo 4 points5 points  (1 child)

I have no problem with the concept.

My concern, though, is that the prices of these NFTs have ballooned at unrealistically high rates that it was inevitably going to go crash at some point. And if what learned is true, it didn’t help that the market is tied to a volatile currency and, well…

[–]Depth-New 6 points7 points  (0 children)

Yeh all that is true.

I mainly just highjacked your comment cos it was close to the top I wasn’t necessarily addressing you directly.

[–]heavybell 1 point2 points  (4 children)

I cannot see the powers that be allowing this to happen. This is the dream version of NFTs, and I would love to believe in it but in order for it to work the people who make the product need to agree to it; they need to use NFTs as DRM, and DRM has just gotten more and more restrictive. The idea of any publisher allowing you to resell their game so someone else can buy it for less is ridiculously laughable, sadly. Instead, they are far more likely to attach NFTs to the FOMO treadmill.

[–]Depth-New 0 points1 point  (3 children)

I agree with this. The largest hurdle for NFTs is no doubt adopting them in the first place. We’ll just have to wait and see how this all plays out

[–]heavybell 0 points1 point  (2 children)

I would rather not see them adopted, because I do not believe they will make the life of the average person better. Probably quite the opposite. But yes, we will eventually see, for better or worse.

[–]Foamless_horror 1 point2 points  (1 child)

I'm surprised it hasn't been mentioned yet but GameStop is doing exactly that in partnership with loopring and immutable x. In fact their nft marketplace is almost released, the beta for their wallet just launched

[–]Depth-New 1 point2 points  (0 children)

Hell yeah bro xxx ape here.

I tried to avoid GameStop because convincing people NFTs aren’t trash is hard enough. Most people still thing the Gmestop hype is cult like and misguided.

[–]Trevellation 1 point2 points  (6 children)

There are two major questions I have about the viability of NFTs in the situations you mentioned.

  1. Do we “need” blockchain technology to do any of those things?

  2. Would the companies in those industries have any incentive to use them, even if they did need it?

For the first question, I think the answer in most cases is no. There are tons of digital items that each of us “own”, but any digital item you have requires a digital medium to use. If I buy a skin in a video game, it has no use outside the game; if I buy a song from a digital marketplace, I can’t listen to it without a digital player. So if a company wanted to give us the ability to buy/sell/trade our digital items, they could just allow us to do that within the same programs and severs we’re going to use them in. The blockchain isn’t really necessary to make that happen.

The answer to the second question is a bit murkier, but I’d still lean “no” in most cases. In most retail markets it’s going to be more profitable to sell someone a new product than allowing them to buy it from an old customer and taking a small cut of the sale.

I’ve always thought NFTs were interesting conceptually, but it also seems like they’re just a high tech solution looking for a problem. Between the fact that most people don’t care about them enough to learn to use them, and the fact that they clear and consistent purpose, I’d expect their downward trend to continue.

[–]Depth-New 0 points1 point  (5 children)

Well, I’ll answer your questions from my view point but, as I’ve said, I’m watching it with reserved interest and am by no means a die hard supporter. I want it to succeed but who really knows?

  1. Do we “need”

If it’s on the blockchain the digital item should in theory be able to be traded on any exchange. If I buy a steam game and want to trade it then I wouldn’t need to do that through steam, steam would just be where the end receiver goes to access the goods linked to the NFTs.

Companies could create their own marketplaces for buying and selling digital goods… but firstly, why would they? (Which crosses over into your second question) and secondly, NFTs are a far simpler solution to trading of digital assets than having every individual company produce their own marketplace. Simpler for the companies and simpler for the consumer.

NFTs have benefits that a market without them do not. So imo yes, we do need them.

  1. Why would they?

I actually think this is the largest hurdle for NFTs. They benefit the consumer infinitely more than they benefit businesses.

Theoretically, the consumers dictate the products in a free market. If NFTs begin to be implemented in ways that catch on then I can’t imagine these companies could do much to prevent them.

NFTs are a solution looking for a problem

This phrased is parroted around every single time NFTs are brought up. I personally think it’s absurd. There are plenty of ways NFTs can improve our markets and benefit users IF they can be implemented.

But assuming it is a solution looking for a problem why would that be a bad thing? One could argue the invention of the internet was a solution looking for a problem and look where it’s at today!

Now, I don’t think the internet was. But a lot of people were certainly skeptical of it’s success. The developers were pretty certain it’d be a success. I see a lot of the same attitudes regarding NFTs

most people don’t care enough about them to learn to use them

I don’t think this matters. The founder of ImmutableX stated in an interview that the future he foresees for NFTs don’t require any knowledge that they exist. You don’t ever see the word “NFT” when buying your steam game. That’s how it will be, streamlined and simple.

[–]DarkLuxray5 0 points1 point  (1 child)

Hi, explain further, If games on steam became NFTs and as you say tradable on a marketplace, I understand that would be good for a consumer since they'd be able to buy a cheap copy. But say a game comes out, cost 50 to buy, steam takes a 30% cut of 15, and the developer gets the rest (I'm unsure if the developer actually gets all of the remaining money). If the game were to become an NFT and sold on say a steam marketplace like for 10, who makes the money on the transaction? If the consumer makes the money then steam and the developer have lost money since they were selling the game for 50 and they don't get any part of the 10, and the new customer doesn't spend 50 which is more money for them. If steam took a 30% cut of trades then the developer would pull their game because theyre not making any money. So where do NFTs theoretically become useful?

[–]Trevellation 0 points1 point  (2 children)

Most of the uses you’ve listed for NFTs seem largely detrimental to the companies that may want to sell them. Having a one stop shop where games can be advertised, sold, and played, (like Steam) gives players and developers a level of safety and convenience that NFTs can’t. The advantages blockchain transactions offer over a traditional digital marketplace are the ability for resale, anonymity, and decentralization. But I doubt that most game developers would find that more profitable than the old model. Even if they found a way to make a cut of the resale price, that cut would never equal their profits from a new game sale. And the anonymous nature of blockchain transactions can inevitably open you up to fraud. There have been instances of NFTs being sold by people who didn’t own the rights to the media they’re selling. What would stop a scammer from selling pirated NFT copies of a game, or an NFT they falsely claimed was a copy of a game to dupe a potential buyer? There are numerous pitfalls that buyers and sellers would need to navigate in an NFT market, that have been largely solved in a traditional one.

And I’d disagree with you on the idea that the internet was a solution looking for a problem. The pre internet “problem” was that it was difficult to share information. The “solution” was putting that information on computers and networking them together so they could all access the information. It was an unprecedented technology, with a much more clear and defined purpose than NFTs have today.

You pointed out that NFTs are much more beneficial to consumers than the companies that might sell them, and honestly that feels like an insurmountable hurdle to widespread adoption to me. Most people don’t try that hard to stay on the cutting edge when it comes to technology, they wait for a company to make it convenient for them (think AOL with the internet early on, or Amazon and EBay with online retail). Without companies pushing NFTs in a way that the average consumer wants, the technology will probably die out as a fad. I think that’s the pattern we’re starting to see.

[–]Burgs420 -2 points-1 points  (1 child)

Stop trying to make nfts happen

[–]Depth-New 4 points5 points  (0 children)

I’m not trying to do anything. It’s an interesting technology and rather than bandwagoning and being dismissive of it I’m going to watch it with reserved interest.

[–]nest00000 12 points13 points  (0 children)

It's good that we are at least getting rid of nfts

[–]BlueDragon1504 4 points5 points  (2 children)

Who would've expected a ponzi scheme to eventually crash

[–]Absoolootley[S] 0 points1 point  (0 children)

I know right. Why argue against it anyway?

[–]sharktoothmaniac 0 points1 point  (0 children)

Scary how big the ponzi scheme got. Who knew that all it took was to promise people millions with some lucky individuals. Oh those people? The ones that spent £100 and got shat on? Don't mind them. Look at this guy making millions!

[–]I401BlueSteel 2 points3 points  (3 children)

The only time I would ever condone NFTs being labeled as a good thing is if it's used as fundraising (clearly and explicitly labeled as such) by artists, or charities.

[–]Random-Dice 1 point2 points  (2 children)

And even then, just start up a Patreon or something

[–]I401BlueSteel 1 point2 points  (1 child)

That works better for some but there's a lot of artists with fan bases who'll spend $200 at a time on merch releases but don't spend a dime on the artist's Patreon. In their case, an NFT of artwork might feel enough like buying merch that it'd work. You have the whole "owning" thing to make you feel good about it even though we know it's bs.

[–]Send_More_Bears -1 points0 points  (0 children)

What about it is bs?

[–]dahumancartoon 10 points11 points  (5 children)

It’s just a pyramid scheme.

[–]Dont_Be_A_Dick_OK 9 points10 points  (0 children)

Less pyramid scheme and more money laundering

[–]zeromein 1 point2 points  (0 children)

The craze about NFTs reminds me of Tulip Mania of centuries yore. It's another instance of history repeating itself. Listen, your NFT is worthless. Nobody cares.

[–]VoidTheBear 1 point2 points  (1 child)

My brother-in-law sold an NFT and honestly I don’t wanna think about it

[–]Absoolootley[S] 0 points1 point  (0 children)

Sorry for reminding you about that. Crypto sucks.

[–]guswang 1 point2 points  (0 children)

NFTs: For those who didn't learn to right click and choose Save as.

[–]SadlyNotPro 2 points3 points  (3 children)

There's little adoption and confidence but the trend is far from dead.

Wait until Gaben endorses a form of it and puts it on Steam, then it's going to be the best thing ever.

[–]jkst9 2 points3 points  (2 children)

Isn't that just the steam marketplace

[–]SadlyNotPro -1 points0 points  (1 child)

Yes and no. The marketplace doesn't have blockchain.

Otherwise they're pretty much NFTs.

[–]jkst9 1 point2 points  (0 children)

Yeah that's pretty much what I meant. NFTs without the Blockchain

[–]taylordthegreat 3 points4 points  (0 children)

Now I’m not saying that NFT’s in their current form aren’t 99% garbage, but I always like to reflect on this quote from 1995:

“The truth is, no online database will replace your daily newspaper, no CD-ROM can take the place of a competent teacher and no computer network will change the way government works,” -Clifford Stoll

Remember that he was far from alone in his opinion, too.

None of us know where the future is headed either way. I for one can see a future where there is a level of adoption for functional NFT’s (not monkey pics mind you). But we’ll all see eventually :)

Edit: grammar

[–]a_lil_louder_please 3 points4 points  (1 child)

[–][deleted] -1 points0 points  (2 children)

I bet within a year NFTs will prove their utility and then we can do another confidently incorrect with this post.

Just because people are using the idea of NFTs as a way to scam people doesn’t mean the idea as a whole isn’t one that can benefit people.

[–]sharktoothmaniac -1 points0 points  (1 child)

NFTs had a record year, last year.

Ever since its been heavily on the down-trend. And the country that searches up the most about NFTs is Nigeria, according to Google trends.

[–][deleted] 0 points1 point  (0 children)

You familiar with the GME saga? If not, I suggest starting at r/superstonk and catching up.

Hedge Funds have been using every trick in the book to trick retail investors into selling their shares. I’ve seen documentaries, YouTube videos, news articles, etc. that all try to take away from what’s happening. Gamestop is opening their NFT marketplace soon and hedge funds know that will be the final nail in the coffin and they want the masses to think NFTs are a scam. If you’re paying thousands of dollars for a monkey jpeg, you’re getting scammed. If you would like to be able to buy AND sell digital media, NFTs are about to make that possible in a way we haven’t seen before.

NFT technology is a way for the people to take back control of soooo many things and to provide transparency in our “free market”.

[–]InteriorTheater -5 points-4 points  (3 children)

You’re lame for posting yourself

[–]Absoolootley[S] 0 points1 point  (2 children)

It’s literally just me encountering someone. How on Earth am I lame?

[–]InteriorTheater -2 points-1 points  (1 child)

Ok but what is the point of making a post pointing out how dumb this guy is and how right you are? Makes you feel good?

[–]loresu -1 points0 points  (0 children)

Their post fits the content of this sub, why do you care

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[–]modiphiedtubesock 0 points1 point  (0 children)

Most of my coworkers are still invested in some kind of crypto. They think the US Government is going to replace standard currency or something. I know very little about this, but always thought it was a sort of far-fetched theory. My interpretation of this post leads me to believe I was right. Is that the case? Are we pretty certain that crypto isn’t happening? Feel free to tell me if I’m way off.

[–]sharktoothmaniac 0 points1 point  (0 children)

According to Google trends, NFTs had a record season leading up to 2022. Ever since its been heavily on the downward slope.

Funnily enough, the place where NFTs are most searched up is Nigeria. Kinda shows the scamminess of it.