Current Events > Study shows that 95% of NFTs are worthless now.

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ironman2009
09/21/23 10:28:31 AM
#51:


I have a bit of crypto but never understood the appeal behind NFTs

Still I see a few get sold on uniswap for 50 ETH and it's just a gif of a lightning bolt and wonder how it's anything other than laundering.

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Irony
09/21/23 10:30:00 AM
#52:


RchHomieQuanChi posted...
They were always worthless
^

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IfGodCouldDie
09/21/23 10:32:30 AM
#53:


spikethedevil posted...
Did CE have any big shills for them?
I remember at least one, SMAL I think was big on them.

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CADE_FOSTER
09/21/23 10:39:47 AM
#54:


RchHomieQuanChi posted...
They were always worthless

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UnsteadyOwl
09/21/23 10:40:48 AM
#55:


This is a little long but I want to give my view on why even though NFTs were such a bust we're going to see more of this kind of shit.

We're in a time now when a broad range of people perceive that the American dream is kinda dead. These are people who are often educated, who are working hard, but not seeing their lives get any better. In some ways they keep getting worse.

On top of that, even the dream that you could invest in the next Apple or Amazon when it's still small and end up getting rich, while unlikely before, is even less of a thing now. The last time there was a major shakeup in the market was the dot-com boom. That's settled now into a few big winners controlling the tech space. Even the disruptive potential of the smartphone revolution has been largely realized.

We've got an environment that's not really fertile ground for new startups. And the ones that do still get a foothold are largely started by or getting funding from the billionaire class with more money than they know what to do with. There's hardly any room for someone who's not already among the ultra rich to get in on the ground floor of anything.

So people invent ways to try to force another market shakeup out of whatever technology they can go out and hype. And it doesn't matter how nonsensical the idea is that something like a ledger of "ownership" of digital stuff is going to revolutionize the world. They can sell it to people because when someone is the only one offering you a way out of your kinda shitty life and you can't see any other path it's tempting to put your common sense aside and believe them.

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CalosiaTana
09/21/23 10:50:17 AM
#56:


Close but 100% of NFT's are worthless 100% of the time

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Torgo
09/21/23 11:29:55 AM
#57:


UnsteadyOwl posted...
This is a little long but I want to give my view on why even though NFTs were such a bust we're going to see more of this kind of shit.

We're in a time now when a broad range of people perceive that the American dream is kinda dead. These are people who are often educated, who are working hard, but not seeing their lives get any better. In some ways they keep getting worse.

On top of that, even the dream that you could invest in the next Apple or Amazon when it's still small and end up getting rich, while unlikely before, is even less of a thing now. The last time there was a major shakeup in the market was the dot-com boom. That's settled now into a few big winners controlling the tech space. Even the disruptive potential of the smartphone revolution has been largely realized.

We've got an environment that's not really fertile ground for new startups. And the ones that do still get a foothold are largely started by or getting funding from the billionaire class with more money than they know what to do with. There's hardly any room for someone who's not already among the ultra rich to get in on the ground floor of anything.

So people invent ways to try to force another market shakeup out of whatever technology they can go out and hype. And it doesn't matter how nonsensical the idea is that something like a ledger of "ownership" of digital stuff is going to revolutionize the world. They can sell it to people because when someone is the only one offering you a way out of your kinda shitty life and you can't see any other path it's tempting to put your common sense aside and believe them.

Yes, I would agree with this.

I would also add: The type of person to fall for NFTs specifically, is the kind of person a lot of the right wing messaging appeals too. A Joe Rogan listener that simultaneously believes that Capitalism still works and is essentially a true meritocracy, but has been corrupted by the woke libs to give undeserving people their fair share... and so rugged individuals like them... can bypass the perfect meritocracy that is also somehow unfair to them with these crypto and blockchain related investment scams.


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Solid_Snake07
09/21/23 11:34:11 AM
#58:


Wow, I for one am shocked. Who would have guessed that this new form of asset clearly filled to the gills with shameless cash grabs and scammers would end up being a shameless cash grab scam

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invertedlegdrop
09/21/23 11:39:09 AM
#59:


I taught econ when NFTs took off and my students asked if they should invest and I told them NO...


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Alucard188
09/21/23 11:40:06 AM
#60:


You mean a purely hyped and speculative bubble burst within 10 months? Who could have seen this coming? Hot dog man is still looking for the people who did this.

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LordMarshal
09/21/23 11:42:39 AM
#61:


I never understood them. I thought they were so stupid i didnt want to understand them. When jimmy fallon showed his stupid monkey and the audience was just like "???" I knew they were stupid.

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Lil_Bit83
09/21/23 11:47:49 AM
#62:


But they've always been worthless.

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AceMos
09/21/23 11:51:34 AM
#63:


we tried to warn ppl that crypto was a scam but they did not want to listen


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dancing_cactuar
09/21/23 11:57:43 AM
#64:


_____Cait posted...
Now?

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Verdekal
09/21/23 11:59:01 AM
#65:


Always have been.

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Lobinde
09/21/23 12:52:13 PM
#66:


lol, lmao even.

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name_unknown
09/21/23 12:56:26 PM
#67:


95% still to high 98-99 should be the correct answer.
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refmon
09/21/23 1:42:49 PM
#68:


I literally don't understand how they ever had value in the first place

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Tyranthraxus
09/21/23 1:49:00 PM
#69:


refmon posted...
I literally don't understand how they ever had value in the first place
Things only have value because other people value them. Outside of an ever shrinking market of Kool aid guzzlers, nobody has any value for nfts as a speculative investment.

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GrandConjuraton
09/21/23 2:37:28 PM
#70:


RchHomieQuanChi posted...
They were always worthless


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Avirosb
09/21/23 2:41:16 PM
#71:


I just like to say 'non-fungible'.

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Inohira
09/21/23 2:43:32 PM
#72:


Reminds me of the guy who bought one for millions and is struggling to sell it for a few thousand.

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ooger
09/21/23 2:44:49 PM
#73:


masterpug53 posted...
Plot Twist: the remaining 5% are all owned by SMaL.
LOL

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masterpug53
09/21/23 2:44:51 PM
#74:


Avirosb posted...
I just like to say 'non-fungible'.

Oh, I'm afraid the tokens will be quite fungible when your bills arrive!

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toreysback
09/21/23 2:49:58 PM
#75:


imma go funge a few tokens right now

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Kuuko
09/21/23 2:53:26 PM
#76:


refmon posted...
I literally don't understand how they ever had value in the first place
In the initial hype, prices were simply manipulated. Buying and selling to themselves at ridiculous prices. Then came floods of tweets and news articles like "this ugly monkey picture sold for $250,000!". After reading those things, very-easily-fooled people assumed that ugly monkey pictures were truly worth tons of money. So they bought them with the intention to get in now and sell them to other people who think they're even more valuable later. Unfortunately there are no later people. The only people stupid enough to buy in are the ones who initially bought in.

This also all makes slightly more sense in the context of crypto/blockchain hype still kind of being a thing. And so there was still some ideas in the air that blockchain is a magical technology that solves every problem. And hey, here's a thing that uses blockchain. I don't get it and no one else I know gets it. But apparently it's valuable because I read something saying it's valuable so I'll pretend I get it.

With that being said, one of the quirks of ponzi schemes is that you can make money on ponzi schemes if you get in early and leave before it collapses. So some people did make money still. Especially the people who knew it was all a scam. The easily-fooled people who thought they were investing in something real probably didn't get out in time.

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Twinklestar
09/21/23 3:03:39 PM
#77:


I wonder what will happen to that one restaurant that proudly use NFT as method of payment

Or anything that's to do with Netmarble, the one mobile game company famous for ruining their games with NFTs
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McMarbles
09/21/23 3:11:03 PM
#78:


https://youtu.be/3TUNSzbEypA?si=AW0nGnhHKRA6Elg4

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Iamdepressed
09/21/23 3:23:08 PM
#79:


St0rmFury posted...
Can't remember where I read it, someone beautifully described owning an NFT as anyone can fuck your wife, but only you have the marriage certificate.
Well that's the thing...one could screw your wife and then make a new marriage certificate, claiming that one to be the "upgraded" better certificate. You see how arbitrary marriage certificates are?
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Prestoff
09/21/23 4:02:54 PM
#80:


You don't need a study to confirm this, just common sense.

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Ricemills
09/21/23 7:50:01 PM
#81:


I wonder if would NFT gain traction Covid-19 never happened.

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Kradek
09/21/23 7:57:18 PM
#82:


Who could have seen this coming except for everybody who didn't have their head up their ass?

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#83
Post #83 was unavailable or deleted.
itcheyness
09/22/23 8:36:48 AM
#84:


https://gamefaqs.gamespot.com/a/user_image/8/8/5/AAN_ZGAAE3QF.jpg

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Kloe_Rinz
09/22/23 8:39:59 AM
#85:


5% margin of error?
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brestugo
09/22/23 8:51:16 AM
#86:


uwnim posted...
Crypto had legit uses in some countries where the local currency is beyond fucked.

NFTs would be useful for like a digital trading card game, but definitely not the link to some jpg thing that like 99% of them were.

There is a conceivable NFT use case as a validator. Something that could (almost) immediately confirm the user and whether they are "authorized" to engage in whatever activity/transaction they are attempting to do.

That takes a lot of data and someone (who?) would have to give or make NFTs easily available to each individual desiring to engage in whatever the activity is.

Not as much scam potential there, so only a few people are exploring that angle.

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ooger
09/22/23 9:16:49 AM
#87:


brestugo posted...
There is a conceivable NFT use case as a validator. Something that could (almost) immediately confirm the user and whether they are "authorized" to engage in whatever activity/transaction they are attempting to do.

That takes a lot of data and someone (who?) would have to give or make NFTs easily available to each individual desiring to engage in whatever the activity is.

Not as much scam potential there, so only a few people are exploring that angle.
More like "but there are already good ways of doing the above that are cheaper and less computationally expensive".


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Torgo
09/22/23 9:20:50 AM
#88:


Ricemills posted...
I wonder if would NFT gain traction Covid-19 never happened.

Sure, probably.

It was an extension of the crypto craze, and it appeals to a certain type of investor chasing the next get-rich quick craze while also promising a sort of "rebel outsider" status free of conventional fiat currency.

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brestugo
09/22/23 9:21:36 AM
#89:


brestugo posted...
There is a conceivable NFT use case as a validator. Something that could (almost) immediately confirm the user and whether they are "authorized" to engage in whatever activity/transaction they are attempting to do.

That takes a lot of data and someone (who?) would have to give or make NFTs easily available to each individual desiring to engage in whatever the activity is.

Not as much scam potential there, so only a few people are exploring that angle.
FWIW, I forgot to add it's unhackable.

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Trelve
09/22/23 9:28:29 AM
#90:


You think this is funny? My monkey pictures are worthless and you're laughing?
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Karovorak
09/22/23 9:31:48 AM
#91:


Trelve posted...
You think this is funny? My monkey pictures are worthless and you're laughing?

Yes

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ooger
09/22/23 9:34:22 AM
#92:


brestugo posted...
FWIW, I forgot to add it's unhackable.
nope.

https://youtu.be/P7Y_jpsn7kQ?si=C54DcvZAU2_Qr4M1

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Solar_Crimson
09/22/23 9:37:14 AM
#93:


Trelve posted...
You think this is funny? My monkey pictures are worthless and you're laughing?
https://gamefaqs.gamespot.com/a/user_image/9/2/1/AANZVmAAE3Qp.jpg

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masterpug53
09/22/23 9:54:48 AM
#94:


Trelve posted...
You think this is funny? My monkey pictures are worthless and you're laughing?

Y'know, we all joke and kid about these types of things, but posts like this can really bring you back down to Earth and remind you that real human people are being hurt by this kind of short-sighted societal greed, and we should all take a moment to reflect upon nah I'm just joshing you it's pretty fuckin' funny.

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Kloe_Rinz
09/22/23 9:57:06 AM
#95:


Trelve posted...
You think this is funny? My monkey pictures are worthless and you're laughing?
Yeah its pretty funny
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Sad_Face
09/22/23 10:00:16 AM
#96:


ooger posted...
nope.


User negligence is a separate exploit from whether or not the system itself is flawed and exploitable.

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ooger
09/22/23 10:14:59 AM
#97:


Sad_Face posted...
User negligence is a separate exploit from whether or not the system itself is flawed and exploitable.
Nope.

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IShall_Run_Amok
09/22/23 10:21:46 AM
#98:


https://www.youtube.com/watch?v=Nl619cfiHeQ

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Jagr_68
09/22/23 10:22:21 AM
#99:


itcheyness posted...
https://gamefaqs.gamespot.com/a/user_image/8/8/5/AAN_ZGAAE3QF.jpg

lol

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Shotgunnova
09/22/23 1:06:58 PM
#100:


itcheyness posted...
https://gamefaqs.gamespot.com/a/user_image/8/8/5/AAN_ZGAAE3QF.jpg
- Mitch Hedberg

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