this post was submitted on 24 Sep 2023
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Technology

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86
Dead NFTs: The Evolving Landscape of the NFT Market (dappgambl.com)
submitted 1 year ago by fer0n@lemm.ee to c/technology@beehaw.org
31 comments fedilink hide all child comments
 

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.

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[–] Landrin201@lemmy.ml 75 points 1 year ago (2 children)

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

[–] AfricanExpansionist@lemmy.ml 7 points 1 year ago (2 children)

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

[–] Pons_Aelius@kbin.social 21 points 1 year ago* (last edited 1 year ago) (2 children)

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 18 points 1 year ago (1 children)

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.

[–] jarfil@beehaw.org 1 points 1 year ago

Use a postgres database.

Is that like the 4 days of comments Beehaw lost the other day, or like when Amazon decided that people who bought certain ebook, had no longer bought it?

There's literally nothing offered by nfts that can't be done less stupidly another way

As in, going through data recovery, or through courts? Is that really smarter than having a proof of ownership 24/7 in perpetuity, that you can even sell to others?

[–] jarfil@beehaw.org 1 points 1 year ago (2 children)

They do not stop copying what ever the receipt points to

They just stop the seller from claiming you no longer have the right to a copy.

[–] Pons_Aelius@kbin.social 4 points 1 year ago (1 children)

Has an NFT as proof of ownership ever actually been tested in a court of law?

Until it does, the claims the NFT shills make mean zero.

[–] jarfil@beehaw.org 1 points 1 year ago

I don't think you understand: a DRM-locked digital content doesn't need, or care about, "a court of law" to work or not with a given key.

Instead of listening to the shills of GIF NFTs, centralized app/media shops, or centralized governments, try to think about what the technology actually means.

[–] lloram239@feddit.de 1 points 1 year ago* (last edited 1 year ago)

Not even that. The NFT gives you ownership of the NFT itself and nothing more. It doesn't give you ownership or copyright over whatever the NFT is pointing to. Furthermore the links in the NFT are public and everybody can access them, the NFT does not work as access token to the content.

You could build a system where the NFT acts as access token and where every NFT comes with a license agree that say "Whoever owns this NFT has copyright over work XY", but nobody has done that yet or at least not at scale.

[–] magic_lobster_party@kbin.social 10 points 1 year ago* (last edited 1 year ago)

You’re right. It will evolve into a different even more stupid scam on the blockchain. And people will fall for it again.

[–] shortwavesurfer@monero.town 2 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 (3 children)

It was tulips all along, but stupider.

Your day is coming soon, cryptocurrency.

[–] Fizz@lemmy.nz 6 points 1 year ago (1 children)

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 (2 children)

Such as?

[–] Fizz@lemmy.nz 8 points 1 year ago (1 children)

Drugs and private services.

[–] yogo@lemm.ee 3 points 1 year ago (1 children)

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.

[–] Namstel@lemmy.one 1 points 1 year ago

NFTs! 😅

[–] jarfil@beehaw.org 1 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 32 points 1 year ago* (last edited 1 year ago) (1 children)

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 16 points 1 year ago (1 children)

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

[–] fer0n@lemm.ee 11 points 1 year ago (1 children)

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 6 points 1 year ago (1 children)

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.

[–] magic_lobster_party@kbin.social 8 points 1 year ago (1 children)

Tying NFTs to a physical object is quite pointless. It can make no guarantees that it’s the only NFT for that physical object, or if the physical object even exists.

[–] GunnarRunnar@beehaw.org 3 points 1 year ago

Well it's the same as with any document, digital or physical, that shows ownership. Obviously it being NFT wouldn't make it magically legit, same as with anything else.

But like I said I don't really see a point of that kind database being blockchain/NFT based anyway.

[–] paper_clip@kbin.social 15 points 1 year ago (1 children)

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

[–] fer0n@lemm.ee 4 points 1 year ago

Haha nice one!

[–] fer0n@lemm.ee 10 points 1 year ago

Shocking, I know.

[–] Pons_Aelius@kbin.social 7 points 1 year ago

I wonder what my pets.com and webvan shares are worth these days...