91
submitted 1 year ago by fer0n@lemm.ee to c/technology@beehaw.org

TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There's an oversupply of NFTs, leading to a buyer's market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.

top 24 comments
sorted by: hot top controversial new old
[-] Landrin201@lemmy.ml 79 points 1 year ago

I hate the crypto market so much, but ESPECIALLY nfts.

Nfts were blatantly a scam. It 2as a very in your face scam, it was giving money to someone else for literally nothing. It was obvious time from day 1 that it was just an avenue for rich people to launder money and have it look legit.

But the media fell for the new trend hook, line, and sinker. Instead of telling people it was a scam from day 1, which it *obviously was," the major news networks (at least here in the US) talked about nfts as if it was a legit new type of cool investment. They stopped short of telling people to buy them so that they couldn't get sued, but they hyped the fuck out of NFTs. CONSTANTLY. Any time I listened to any cable news for more than 30 minutes around mid 2021, I heard NFTs get mentioned at least once, and very rarely was that mention skeptical or a warning.

And now all the people who bought into the hype are left holding the bag, as always, a d the rich people who scammed them get to keep all the money, as always, and the media is facing no repercussions for their contribution to the scam, as always. It's so frustrating to watch

[-] Mr_Blott@feddit.uk 37 points 1 year ago

I can assure you if you were watching a programme that was hyping nfts, you weren't watching "news"

WTF is up with your media over there?!?

[-] nilloc@discuss.tchncs.de 6 points 1 year ago

You mean the guy who owns of hundreds of local, national, and international publishing outlets around the world, including in the UK (The Sun and The Times), in Australia (The Daily Telegraph, Herald Sun, and The Australian), in the US (The Wall Street Journal and the New York Post), book publisher HarperCollins, and the television broadcasting channels Sky News Australia and Fox News (through the Fox Corporation). He was also the owner of Sky (until 2018), 21st Century Fox (until 2019), and the now-defunct News of the World?

We shouldn’t of let him in, but we didn’t create him.

[-] Mr_Blott@feddit.uk 4 points 1 year ago

We shouldn't have, never of

[-] AfricanExpansionist@lemmy.ml 7 points 1 year ago

NFT technology will not go away. It will be in a different form, not trading cards with shitty jpegs attached

[-] Pons_Aelius@kbin.social 0 points 1 year ago

NFT technology will not go away.

NFT's are nothing more than digital receipts. They do not stop copying what ever the receipt points to and they are nothing special at all.

If the web address your NFT points to disappears due to the site shutting down. Your NFT is beyond worthless.

From the Economist.

Quote:

To "own" one means having your ownership recorded on a digital ledger—nothing more.

[-] bionicjoey@lemmy.ca 1 points 1 year ago

Digital receipts are easy to do without mining crypto. Just send an email. Use a postgres database. There's literally nothing offered by nfts that can't be done less stupidly another way.

[-] shortwavesurfer@monero.town 3 points 1 year ago

Some crypto has legit use, but a lot of it is scams for sure.

[-] Veraticus@lib.lgbt 36 points 1 year ago

It was tulips all along, but stupider.

Your day is coming soon, cryptocurrency.

[-] Fizz@lemmy.nz 6 points 1 year ago

The difference is that crypto is used to buy things. There's plenty of stuff I can only buy via crypto.

[-] yogo@lemm.ee 9 points 1 year ago
[-] Namstel@lemmy.one 24 points 1 year ago
[-] Fizz@lemmy.nz 8 points 1 year ago

Drugs and private services.

[-] yogo@lemm.ee 3 points 1 year ago

You can pay for those in cash and prepaid credit cards

[-] Fizz@lemmy.nz 1 points 1 year ago

Prepaid cc have a know your customer policy most of the time and if I'm buying online they don't accept cash. Conceptually I like crypto and I'm happy to support it.

[-] jarfil@beehaw.org 2 points 1 year ago

Tulip mania speculated on the unknown future outcome of a tulip bulb.

How are NFTs anything like that? You can clearly see (and copy) the content of NFTs, it's literally the opposite of tulips.

[-] shortwavesurfer@monero.town 1 points 1 year ago

Some crypto is actually useful. Most is not.

[-] storksforlegs@beehaw.org 36 points 1 year ago* (last edited 1 year ago)

At least with other speculative crashes like say beanie babies you were left with a cute toy.

[-] edm00se@beehaw.org 3 points 1 year ago

No kidding. Hey I've got a great idea for a new marketplace, BeaNFT. You can waste your money but get an upcycled Beanie Baby in the process.

[-] Hector_McG@programming.dev 17 points 1 year ago

It’s not evolution, it’s an extinction event.

[-] fer0n@lemm.ee 11 points 1 year ago

Haha one would hope so. I’m not buying any of their "this is the future of NFTs" aspects either. I feel like the only thing that could work are things like in game cosmetics, but that’s controlled by one company and in an controlled environment so why would you need to have an NFT for that.

[-] GunnarRunnar@beehaw.org 4 points 1 year ago

Tying NFT token to a physical object like a painting and keeping a database of who owns what seems potentially interesting. But why would you need it to be NFT based either, I don't know.

[-] fer0n@lemm.ee 12 points 1 year ago

Shocking, I know.

[-] paper_clip@kbin.social 1 points 1 year ago

But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!

this post was submitted on 24 Sep 2023
91 points (100.0% liked)

Technology

37702 readers
615 users here now

A nice place to discuss rumors, happenings, innovations, and challenges in the technology sphere. We also welcome discussions on the intersections of technology and society. If it’s technological news or discussion of technology, it probably belongs here.

Remember the overriding ethos on Beehaw: Be(e) Nice. Each user you encounter here is a person, and should be treated with kindness (even if they’re wrong, or use a Linux distro you don’t like). Personal attacks will not be tolerated.

Subcommunities on Beehaw:


This community's icon was made by Aaron Schneider, under the CC-BY-NC-SA 4.0 license.

founded 2 years ago
MODERATORS