Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
You mean to tell me that purchasing what is essentially a URL hosted on someone else’s server is a poor investment?
Shocked Pikachu Face
Small correction: Even though some NFTs sold for millions, the NFTs have always been worthless.
They literally provide no value. I don’t see how people didn’t get that.
It’s a link, you bought a link. If the power goes out at the server hosting it, you can’t even access it anymore.
If I told you I had a magic box, and for a million dollars you could look inside whenever you wanted, you’d tell me to go fuck myself. But do it on the Internet and it’s beanie babies all over again. But at least THOSE were tangible.
Never work in tech, friend. It is an endless parade of buzzwords. Idiots will think it is a revolution, people who put even the smallest amount of effort into understanding it will know it isn’t. Sadly, the idiots tend to be the ones making the decisions. So you get to spin your wheels on a fool’s errand until their surprisingly lengthy attention span moves to the next buzzword. As the parade continues you just lose more and more faith in humanity.
I wish I had an answer for you other than some people are really fucking stupid.
I work in manufacturing, I came from an office setting for a national Internet provider. At first it was refreshing, all of the bullshit was gone, and it was just about getting shit done.
But then a tech bro got his teeth in to our CEO and the company has gone to shit. They’ve tried desperately to placate people but the attrition here is harder now than it was during COVID, when we literally begged people to go home. People are leaving for lower paying, non union jobs it’s gotten so bad. I think the only reason I’m still here is I know how much worse it could be.
So it was like we thought all along, cool.
Depends what they are. I have a bunch of NFTS and they have all mostly held their value or increased. The difference is they are all related to games, and the most I have ever paid for one was probably like $15, with the average being like 50 cents. This only seems to be looking mostly at art NFTs on ethereum networks. I don’t have a single NFT that uses ethereum, although I know that was the craze, especially for “investments”. Which anyone with half a brain should have been able to tell someone an NFT is not a good investment plan.
Frankly that says more about the gullibility of gamers than the legitimacy of NFT. Gamers will pay for the chance of getting access a fictional character in a game that will eventually close its servers and take everything down with it. They can’t seem to differentiate the value of something within the fictional ludic context and the value of something as a piece of media or an entertainment product, and gaming/tech businessmen these days take full advantage of that oversight.
What about the enjoyment they get before the game indeed does shut down? That’s gotta be worth at least something right?
Definitely less than it would be from having a game which they can keep playing, and getting that content permanently.
Is the enjoyment of getting a single instance of a single character, sometimes not even having full access of their abilities, worth as much as an entire other game? Maybe even a console or more, as the price surpasses hundreds of dollars? Not to mention any other practical things that they could use that money for.
However much one might argue that value is subjective, what isn’t subjective are the conditioning tactics being used. Habit-forming mission and reward structures, content being put in gambling formats to incentive compulsive spending. The fact that the game is bound to private servers is itself generally only done to enable monetization, and even more cynically, to force players to move to the next thing once that one ceases being sufficiently profitable.
I see enough people ultimately regretting how much they spent to question if they ever got that value out of it.
I don’t disagree, there is a lot of shady shit going on, but the state of gaming is what you’re describing. I’m having a lot of fun with BF2042, but it’s a live service game with servers provided by EA. It will get shut down, which is retarded, but I’m still enjoying it while I can.
There are of course exceptions, like Baldur’s Gate, but overall, not a good vibe unfortunately
For all my criticism, I do enjoy some live service games too, but I’m of the opinion that any live service game would have been better off without those conditioning tactics, without a balance marred by Pay2Win and power creep, and if it was hostable by any player. Not all them are fundamentally bad, but they are made worse by these elements.
But unfortunately, games keep being made that way because it’s more profitable.
It is worth something… a refund.
Have you ever ate something enjoyable? Absolutely worthless
Honestly these games are so crude that most regular gamers would never even think of them as games. There are a lot of failed projects, that really just did become click and play, but there are a couple good ones on WAX. MoM is a part of WAX and has turned into something interesting, albeit they had to add extra revenue models, although I think the Devs are mostly Ukrainian… so they are likely going through some shit.
(The easiest way to describe MoM, is as a trading and crafting game. It’s definitely not for most, but I enjoy playing around in the real life economical ecosystem thay has developed. There are arguably other points to it, but I think those arguments are weak…)
Are we talking about CS:GO skins? Because I never got a knife.
Why did you even buy them though? Surely you could have just downloaded them for free?
Because they are tied into the game. The NFTs contain information about the game asset. And a lot of the NFTs weren’t bought, they were generated from aspects of the game. I don’t know how else to explain it, without detailing the entire game or subset of games this falls into.
I will say, that I am lucky, picked a good project and didn’t spend too much.
The whole point was to get dollars into crypto so the holders could cash out. The value was never meant to stay.
Does anyone else think that NFTs are an allegory/miniature version of how art is easily commodified by capitalism? IIRC, NFTs were there to help finance artists who work on a purely digital medium, but then grifters coopted the NFT space and try to sell sets of same-looking artwork. Complete with “fandoms” and drama, as well.
NFTs are simply a straightforward con, without the financial hullabaloo of cryptocurrency. The con is simple: convince someone that something is valuable when it’s not. Selling a brass ring as gold to a mark too naïve to check, has been around as long as there have been gold rings.
IIRC, NFTs were there to help finance artists who work on a purely digital medium
That’s not true at all. They were a con from their inception. The “helping artists” bit was something they made up to further that con. Just like when they claim cryptocurrency is an actual viable currency alternative to fiat.
Yeah it was huge in the art world, all the art magazines had articles about how it was the next big thing and how to mint your own nfts - which of course all turned out to be ‘pay my buddy $200 and we’ll turn your jpg into an nft!’ which was a scam within a scam.
Artists generally aren’t tech minded and honestly often pretty surface level in their understanding of things because that’s where their focus is, they’re looking at the visual not the mechanical. There’s nothing wrong in that because life needs a wide range of people.
I find it fascinating that NFTs were supposed to be a proof-of-ownership technology, but because people are stupid & greedy made pictures to sell with it
but because people are stupid & greedy made pictures to sell with it
Can you blame them? If I gave someone a photo and then they offered to give me $1,000 if I also would write down a unique number, then I would without hesitation write down a random number and get my grand.
It is all worthless?
Always has been
Not my Donald Trump trading cards! Nooo!
Weren’t those not even nfts? I believe I remember reading that they were basically just jpegs or something to that effect. Makes sense though, better return of investment on that scam.
well that surprised no one
All those rappers and celebrities with cartoon donkey and monkey profile pics showed how much for sale they are. They will promote poison to you for money
Or they’ll promote just silly pictures for people with lots of money. They don’t owe you an education in investing. If they paid lots for a NFT that’s not an issue, you don’t have to.
It’s no different in someone buying Gucci on minimum wage because a Kardashian wears it.
Except, much like crypto, they were heavily marketed to be just like stocks and other legitimate securities (but the future, because internet stocks!), instead of just speculative gambling on completely unregulated assets. Sure, you could do a modicum of research and see that they did include in the fine print they were explicitly NOT regulated securities, but your Average Joe has no clue what that means and just sees someone he trusts (don’t ask me why, but people absolutely do), telling him he’ll be super rich if he buys some C-list celebrity’s monkey JPEG.
Do I still think people like Average Joe are idiots for buying them? 100%. But that doesn’t make it okay that people are taking advantage of their financial naiveté either.
Whomever named them NFTs instead of grift cards missed an opportunity.
The biggest operation of money laundering in the history of the world.
Started laughing when nfts were introduced, still chuckle today.
It’s great. Love it.
Grab the tulips! Grab them!
Ponzi schemes have an oversaturation problem like every other one.
They started out worthless. That never changed.
