NFT - Non Fungible Tokens. Complete scam or the future of ownership

Seems like people preying on people who like to seek attention on social media. Some of the stuff people are falling for is frightening, there is a very good channel on youtube called Coffezilla. He looks into this kind of stuff, I fear for the future.

I see them as good for gaming, but other than that they're just digital beanie babies.

What part is good for gaming? Say you play something like WoW as an example. There's a NFT of a weapon, like Thors hammer or something. You buy that. You own that now, and no one else in WoW has that weapon. Then you can sell it. That's the only way NFTs make sense for me.

Yeah, but there's nothing integral to NFTs that guarantee that the weapon is unique. You have to trust the creator that they won't make others. You also have to trust the developer that the weapon will be still supported in the next update, and that your "asset" won't suddenly become worthless. And that's fine if they don't cost too much, and the item itself isn't that important - it makes it easy to sell and trade digital bits and bobs to other players, which is a bit of fun. But as items you purchase as an investment, the whole concept makes no sense.

I don’t think it’s any less of a scam than the Art market in general. The Freakonomics podcast recently did a short series on the Art market: it’s worse than you know.

The 2020s version of tulips.

I learned that maybe 1% of art in the market is ever sold at all, there just isn't sufficient interest in owning art. When it comes to the 1% that does sell, it's not really about art for art's sake, but as an investment, and fashion has a huge part to play. Since art is so subjective, there can be no objective judgement about what is good art. I still think Basquiat was a hack, totally over-hyped because of his "fashionable" ethnic background and his history as a drug addict and "outsider". His work sold for $millions while someone like Alice Neel languished in obscurity, only getting a critical reappraisal years after dying ... and her work now sells for $millions too.

Now if I look at NFTs in the light of the art market in general ... there's no art there at all, only money. Like BitCoin, NFTs were invented with the basic understanding that value comes from scarcity, so these are attempts to create real value from artificial scarcity. But there's another basic point to remember about value: an object in a market is only worth as much as someone is willing to pay for it. So if you want to sell something, you need buyers with money: where do you get these buyers with money? In the world of BitCoin and NFTs, you have to create them from scratch, so you use all the tools from Marketing 101: create a buzz, tell people "you have to get in, you don't want to miss out!"

Then when people point out the history of market manias, they'll try and tell you that "prices can only go up" and "this time it's different". Some people have made good money from BitCoin, just as some people made money on the US Stock Market in 1929, and some people made money selling tulip bulbs in 1637. Those who got in early need an influx of new money just so that a market will exist at all. (If that sounds like a Ponzi scheme, that's not a coincidence.) Without someone willing and able to pay for things, there's no market for those things and you don't know their value ... so what do you actually have, then?

I just cannot get my head around Bitcoin, almost hurts to think about how such an intangible thing can skyrocket in value.

Perhaps NFTs are the 'Bulgarian apartment' of this particular boom-bust cycle

Digital ownership is beyond a doubt the future since we live in the digital age. Will they be in the form of NFTs? Yes probably but saying NFTs are a scam is not true at all because making an NFT is using technology. If bad people use NFT technology to scam others that doesn't mean its the technology at fault. Everything bad in the world needs a humans evil mind to accompany it. NFTs are programmed by a person so obviously a scammer will program scam tokens.

NFT is technology that's like saying because scams exist online that the internet is a scam. You can for example own an NFT for property. NFT for a fart? Well the NFTs you talk about are total trash anti crypto and for guillible idiots. You think that's what NFTs are about? Your examples of ponzi and scams are you hat you honest think an NFT is?

Very easy to prove ownership. It's in my wallet which is under my control.

An NFT of an in-game item is not a scam and can't be one. You can trade it as you wish and it's part of the game. Brining some funds to gamers not just to devs. But please scream how they scams based on your tiny little examples. I don't even think you understand how crypto works yet here you are making post after post. We heard you the first time you hate NFT and think it's a scam. Good for you. NFt is here to stay and I hope that irritates the hell out of you. It clearly does sense with your free time you argue about it online . If you don't like crypto don't post. Easy huh?

Musicians earn money on streaming apps or selling tickets people still buy CDs ,nfts are mostly useless apart from maybe artists could sell digital art

People buy dlc and character skins emotes in games

I have not heard of any console game that uses nfts

Meta spent billions on the metaverse and no one uses it

I think nfts are a tech scam eg buy this item and its value will increase in the future

TV company's already have ways to buy the right to show programs or film clips

I think bitcoin makes sense cos there's a limited amount of coins that can be made so its value will probably not fall in the future