NFTs and gaming

McFly85 · 22-09-2023 8:06am

While NFTs have always been a grift, I always found some proposals around how it’s the future of gaming especially desparate.

The ideas floated around, that you could own an item and then use it in any game, and that to get them in the first place you either have to buy them with proprietary crypto or spend hours mining. Complete nonsense of the highest order, delighted to see these things fall flat.

While the underlying tech may have some actual uses in the future, while crypto and NFTs remain an unregulated cesspit it’s primary goal will always be to part a fool with his money.

Grumpypants · 22-09-2023 8:09am

Yeah but the headline is 95% are now worthless. Leaves credence to the idea that that 95% were all worth millions and have tanked. 95% of them were never worth anything.

A tiny sub set, the bored apes, that were never sold as anything other than a members club. And in most cases they were never sold but gifted to celebs. And people joined the club to try and meet snoop dog or something. No one was buying a picture of an ugly monkey thinking it was going to make them rich.

All that happened is 70,000 NFTs were minted at around €200 each and the guys that own the minting companies made a % of that.

It would have been far more interesting if they actually investigated that and who was behind all the endless articles about NFTs making millions when they never made millions it was all a shell game.

But why do some work and write something interesting when you can just write a headline and throw in the same environmental nonsense about using the same power as xyz.

ancapailldorcha · 22-09-2023 8:10am

https://www.boards.ie/discussion/comment/121141563#Comment_121141563

I've no idea what you're trying to say here. We all knew they were nonsense from day one. Anyone daft enough to put down money deserves what they get.

Grumpypants · 22-09-2023 8:16am

How is something that was worth nothing being now worth nothing, news??

Only 5% were ever worth anything. The "value" of that 5% has tanked. But that's not a good headline. Saying 95% are worthless is a sensational headline.

It's bad journalism. It's not interesting.

Your NFTs Are Actually — Finally — Totally Worthless

New report from industry researchers finds that 95 percent of the once-hyped crypto assets have hit rock-bottom valuatio

ancapailldorcha · 22-09-2023 8:19am

Still don't see a point. Sounds like you don't want people criticising the abject nonsense that is NFT's.

pixelburp · 22-09-2023 8:22am

https://www.boards.ie/discussion/comment/121141583#Comment_121141583

Not sure where you're going with this - seems you're more keen to interrogate the reporting that analysing the problem that NFTs have basically been a big marketing grift - and are being found out. "Always worthless items are worthless" isn't news for sure, but it's certainly reality catching up with this big obnoxious balloon.

Penn · 22-09-2023 8:35am

If the majority of them were always worthless to begin with, then their value is tied directly to their perceived value rather than being anything of worth.

If their value is based on perception alone, then the ones which sold for large amounts were done so in order to increase the perceived value of NFTs as a whole, whether by getting celebrities involved in promoting them and trading them, or even people trading among themselves to increase the perceived value, make a greater fool think the value of the NFT is rising, and buy it.

Which boils down to what everyone was saying about them all along; they're a scam. They're utterly worthless and the only value in them has been as a greater fool scam where people are convinced to buy utterly worthless items thinking the value of them are going to rise and they will profit off them. The only people to ever profit from NFTs have been the ones who don't have them.

Stuff like copyrights being tied to NFTs are already protected by existing copyright laws, not the fact "It's on the blockchain". Not to mention the numerous cases where NFTs have been stolen by hackers even though "It's on the blockchain".

Utterly, utterly, useless, nonsense, bullsh*t from the very start and anyone who got tied up in it needs to give their head a wobble.

Grumpypants · 22-09-2023 9:04am

https://www.boards.ie/discussion/comment/121141599#Comment_121141599

That's literally my point. Why not actually investigate the scams?

Who gave out all the free NFTs to celebs to artificially increase their "worth"?

Who Minted NFTs and sold them to themselves for millions to say it was "worth millions"?

Who wrote all the articles saying NFTs are selling/worth millions?

Why is there a "business" that seemingly lost billions but no one cares?

But why do something that takes effort when all you really need to do is appeal to the lowest common denominator?

listermint · 22-09-2023 9:10am

https://www.boards.ie/discussion/comment/121141715#Comment_121141715

You're writing like someone that has a bunch or NFTs and hopes they are in the 5 percent that aren't a scam .

When all nfts are objectively a scam.

And I'm afraid, there's no kingpin here. Just thousands of people that got on an easy and short lived scam train. Not much investigating to do really.

Many duped, many dupers. Like door to door sales men of old

pixelburp · 22-09-2023 9:17am

https://www.boards.ie/discussion/comment/121141715#Comment_121141715

The problem is that we're not going to meet in the middle 'cos fundamentally, the entire concept of NFT is a scam to me. A solution to a problem that never exited, a product serving a market that doesn't require it