This one goes out to all the NFT bros who a few years ago said "enjoy being poor" to people who rightfully called NFts scams, who are now facing the music.
A lot of these guys aren't the ones facing the music, but the people they suckered in. Most of the NFT bros knew it was a load of rubbish and were in it to make as much money before everyone else realised it too, and the whole thing collapsed. It's basically another speculator bubble, like many that have existed before, despite how many people have tried to convince us otherwise.
NFTs depended on the premise that one day in the near future, someone would be willing to pay millions of dollars for a receipt just because it was associated with a jpeg so unique that there's no other jpeg just like it. It's like people looked at comic books, learned that some nerds are willing to pay insane amounts of money for rare issues, but were completely ignorant of one important factor. That these comic books are almost always older than most people on the internet. And because they're so old, it makes sense that there's only one or three issues in the world from the original print with the first time appearance of a beloved character that is still in pristine condition because it was never subjected to the greasy fingers of a child who bought the comic because they actually wanted to read it. It makes sense that this is something that would have value, in the form of bragging rights, to a community that has existed for half a lifetime. Nobody is going to be interested in a receipt of a jpeg that is only unique because it's a combination of 20 different parts put together from a list of 100 different items picked out by a random number generator on a website in 2020.
One fundamental problem with NFTs always was that no one actually was interested in the product behind it, unlike with comic books. Another problem being that it has no legal meaning, so nothing actually worth owning was ever tied to NFTs
Also Comic book have history behind it. The creator, their imagination, how their life history and hardwork and idea shape the comic he/she created. the comic story, how the comic character/icon born, the beautifull/amazing pages, how their story be inspiring other people etc etc. Meanwhile NFT is just Random Generated Picture which anyone can do by typing something on some aplication. Nothing special.
I think NFTs could be very useful for like... A photographer for example. Once upon a time buying an original Ansel Adams could be an investment. Nfts could bring some of that back. But there has to be value in what's behind it.
I'm shocked it has taken this long for NFTs to go bust. Especially since its not real art and its not tangible. Its like games on an online service. Once its gone, so are the games
As a visual artist that received so many messages from people that asked me to make NFTs because "they wanted to support me as an artist" and saying no because there already was an easy way to support my work through buying prints, shirts, originals, whatever; the NFT market crashing makes me smile :)
@@MuscleCarLover Heavily disagree with the AI art market collapsing. It has only been improving by the day and you can generate most things flawlessly. Hand crafted art is still better at this point in time but AI will slowly encroach until it is undistinguishable.
The people I feel sorry for are the middle aged and elderly people who listened to their nephews about investing and took everything their family members said to heart. They were ignorant and scammed. Anyone younger should have known better.
I do a bit of digital art as a hobby, and one of my uncles told me I should have gotten into making NFTs. I’m glad I didn’t because I’d be pissed if my art was worthless. I’d rather do commissions and get my money upfront
I love how Muta is holding the camera like this, it feels like he has his hands clasped on our necks while ranting about NFTs. Being held hostage by a man driven insane by the ramblings of the masses about NFTs.
Good comment. But nfts weren't adopted by the masses. They were adopted by tons of nft bros, "get rich quick grifters" and a few companies, who all made a big fuss about them. But most people either didn't care about nfts or they hated them.
Remember when Jimmy Fallon and Paris Hilton promoted buying Bored Apes and got sued for not disclosing it was a paid ad? That is what I think of when I think of NFT's.
putting up an nft in a virtual mansion is the equivalent of me making my sims live their best lives while i’m depressed at home binge playing video games
it's like selling a cell on your Google sheet next to a link, bytedata, or text and claiming your name in cell means you own whatever is next to it like your random ass cell on random ass Google sheet means anything vs any other. they are selling hyperlinks to images pretending nobody else can link to same website or claiming you magically own whatever you link too. they are pushing limits of reality trying to prove they have a negative iq
Hearing this made my month. Literally had a friend who stopped hanging out with my group because she wanted to focus on NFT with her new NFT buddies and that she wanted to focus on the future with her investments while we we not productive enough for her.
When NFT's were first booming i recall thinking "this seems ridiculous, but maybe there will be some value assigned to these tokens that will give them some kind of legitimate value" which i quickly realized was false, but the dirt on the coffin for me was the constant need for those promoting NFT'S to reassure everyone that "it isnt a scam". Always the true sign of a scam.
>invent a useless asset >hype everyone to buy it so its short term value skyrockets >sell them and cash out >watch as the "investors" are left with a devalued asset literally how all these nfts and cryptos work. the only one that has some use is bitcoin because it's used for illegal shit and paranoid conspiracy types.
the thing is that even if you did assign value like a house or a car to them, the owner can uncouple that ownership. legally the nft doesn't mean anything just the deed(rather the deed registry itself) for the car/house does. plus a nft can be lost so any use like real estate or cars or whatever would need to have a mechanism to move it to a different one.
It is so refreshing seeing someone with a mature and realistic take on all this shit, especially in the GaMeR space where like so many others loudness and money go further than reason and logic. Great videos. Really enjoying the channel.
I always thought that a sort of "free" blockchain like that pi thing wouldve been great for copyrighting for indies. No investment, barely any environmental impact just a timestamp that's confirmed by multiple devices that proves you were the first to share it. I hoped that could be a way to wrestle copyright away from large companies and stop some of that legal bullying.
NFTs have already shown that "first to share it" is meaningless to ownership. Many art pieces got stolen from the original artists and made into an NFT. There's no actual ownership validation with Blockchain
Didnt those people realize that if they themselves can hang up their nft's or paint them over their walls, so can everybody else without buying the nft? 😂
Muta, there's another utility to NFTs that you failed to mention. In truth, they're very useful for identifying shady companies who glom onto them without a second thought. Sure, the value of NFTs is almost zero across the board, but that doesn't mean we shouldn't still point and laugh at Square Enix and Ubisoft.
It’s amazing that they thought “original” digital files were gonna be worth something in the first place. Do us artists a favor y’all, and buy a commission if you have the money (and don’t talk them down) Edit: also, damn, I haven’t heard of NFTs in a hot minute. You know they fell off when I’m actively in the art community and forgot about them
What always confused me was why so much money and popularity went into NFTs. When I was first told what an NFT was in response to hiking popularity, I was honestly so confused. I couldn't understand why so much money went into it and thought maybe there was some fundamental reasoning I couldn't comprehend because it had something to do with latest technology. I'm sort of glad to see the market normalize back to reality and to see that my initial reaction was accurate
Easy, the popularity was all about the speculation and being able to make money selling it. People looking at this expecting some sort of tech related reasoning missed the points. Imagine you saw a new toaster come out and you see hundreds of people just buying them of Walmart for $20 and turning around and selling it for $20,000 or more, you would go buy some and sell them. Everyone was just trying to get a piece of that cake since they all saw that people were making money. Problem is the reason that they were selling because people thought they would sell for more, and there only so much you could climb before it collapsed.
@@davidgzmn12345 Yes, but a toaster has inherent value. I failed to see any inherent value in NFTs, and I'm not sure what caused the initial jump in prices of it, but after the initial jump(s), it seemed like people were reacting to the price hikes and hoping to claim a piece of the pie. Like, it's within the realm of collectibles and expensive art pieces, where there are people willing to spend a certain amount for certain things. But, NFT's were different in the sense that there was no history, no brand recognition, no famous ties, etc. Speculation I get. But why they chose to speculate in NFTs (before the price hikes) I don't really get. I'm sure most of the initial people who got into NFTs did it for the latest fad and not the money.
I would feel sorry for these people losing their money onto this, but then I remember when they were calling us "idiots" for not getting NFTs as well. I remember the guy saying "have fun staying poor". Ubisoft saying NFTs are "the future of gaming". I remember people grabbing art made by someone else without permission and attempting to sell them as NFTs. I even remember a colleague bragging how he made five dollars in profits by selling one and how soon he won't need to work anymore as his NFT trading business will soon skyrocket and how smug he was about it. People were warning them this was a scam from the very beginning. These guys have spit on their faces and laughed instead.
When NFTs first came out, I actually thought I was being the stupid one for not understanding it. I just couldn't wrap my head around it, I never understood why people would spend their money on NFTs.
something similar will happen again. probably in the crypto market, but not necessarily. the world economy is fucked up with big nosed bankers printing money whenever they want
That's how the entire space is designed, not just NFTs. They're designed to baffle you and leave you wowed thinking "I don't understand it, but clearly there must be something there!". Issue is that if you have a computer science background and try looking into it from a practical angle you'll very quickly find that the tech not only doesn't live up to the manufactured hype and promises, but is actively detrimental. You throw out all the benefits of the traditional systems and you don't even get any benefits from it in return. Their biggest sin is removing the comp sci barrier of entry to understanding it and putting its uselessness up in front of the average joe's face in a way they can understand it.
@@mettaursp309 Oh yeah, in cryptography you can't just accept a claim without mathematically prove it. Because for one, cryptography is brittle. Once you break one of the assumption, the entire protocol is broken. Let's say you mint an NFT, i could just mint another NFT with the exact same content. Unless you have another way of authenticating who is who, my NFT is just as valuable as yours. That simple flaw is so bafflingly simple, it's just never went into cryptobros skull. It's also why art theft is so easy with NFT. Another one, you can't 100% guarantee you can exchange coins between chains, because it's 2 different consensus (you can't merge consensus). To do that, you have to trust a third-party, which has to make sure the transaction is atomic (and take the loss if the value change interim, or if their valuation is wrong, etc).
This comment section hasn't made any money in crypto/nfts & it shows. BTW crypto/nfts is just starting, still in the baby stages. People shouldn't speak on things they don't comprehend. Most people today are so lost on who controls the world & how it is all connected to crypto. You all are getting left behind
It's really sad that people are more willing to trust a random person on the internet or an influencer than they are to trust an actual financial advisor.
Great monologue! I dont know if you have any prepared notes but its amazing how you roll off your monologue in such an engaging way and nearly flawlessly.
expecting skins from one game to fit into another is like expecting parts from your diesel truck to fit and work just fine in your gasoline racecar with zero tinkering
We've had cross-game items come up in the industry every now and then. They're rare only because of the effort needed to model the item between the two engines, balance their stats and mechanics between the two games, and hash out licensing/copyright between the two studios. The idea of "transferring" the "ownership" of the item was the only part of this NFTs "solved," and that was already the easiest part of the problem.
NFTs have always from the beginning been an oxymoronic concept to me. It's literally the same thing as commissioning art from an artist except you want to flaunt it online without any water marks to prevent reuse. It's beyond idiotic and it's crazy (yet unsurprising) that people actually thought for a second that buying an image online that is publically displayed WITHOUT a water is going to mean they own that picture and no one else can.
I was never able to wrap my head around NFTs. I don't understand where the prices come from or why anyone would want to pay the absurd prices for a picture or source code or whatever it is you're paying for. Most of the NFTs were trash drawings. Like the monkey ones. I don't understand how anyone would pay thousands for a reskinned picture of a monkey.
Commissioning art from an artist is way better. You can get art customized to you, possibly featuring a character you created. In many ways, you can be said to actually "own" an image you commissioned more than you can some premade NFT.
@@ENCHANTMEN_ Or can you get an artist to commission an NFT and watch the value increase? Maybe sell it for more than you paid for it? You people are such close-minded NPCs. "UA-camr I like says something is stupid, then I agree it's stupid".
Muda went complete Rambo on calling stupid people out 😂, being brutally honest is something most don't do nowadays. Thanks for being a genuine human being brother!
I loved how they constantly "what if"-ed until the bitter end but never delivered on anything, every project the creators vanished. Only game that had a product was The Sandbox and I worked with them previously, their entire project was a facade to appear high quality to investors but their product was held together by ducttape and bandaids
I remember playing The Sandbox before the whole NFT thing. Stopped for years because it kept crashing on my Tablet, and the Steam version never worked out for me. Imagine my surprise when, after all these years of not playing, I come back to see them shill NFTs.
NFT’s were only invented to shock the crypto market during its bull run. Governments and Hedge funds were behind it. It successfully deterred money from being invested in BTC, and instead retail bought NFT’s because their favorite Twitter celeb promoted it. Whole crypto market has been in shambles ever since. Successful psy op. So successful most people don’t even recognize it...
Eh, between you and the client you actually would have been the only one making the money tho, but morality wise I get feeling justified you didn't rip people off
i made them a few times , stopped in the middle then started again . money is money , whatever the client wants to do with their project afterwards is their headache . They normally pay more than the average client as well.
This was the most foreseeable conclusion. People only bought nfts to sell it at a higher price. Once it gets too high you can’t sell it for profit which will tank the price. Absolute SHOCKER.
I always found it bizarre how obsessed the mainstream was with NFTs all of a sudden in 2021….but most of these people ignored Bitcoin for over a decade.
Mainstream media is always obsessed with everything that creates clicks. But to be fair - it was funny reading about this all the time with a bunch of 🍿🍿🍿
As I remember it, Bitcoin became associated with sites like Silk Road and various dodgy activities fairly early on which tainted it's image, at least to some extent.
Bitcoin for the longest was just seen as a shady way to transfer money between people, so the media didn’t really want to talk about the online criminal world brewing.
Important note: most NFTs are not stored on the blockchain and the “receipt” you buy is just a link to where the picture is stored. It could be stored on a site like imgur and the landing page of the link can be changed when the actual storage owner feel like it. If the want to change your “bOrEd ApE” to an image of a turd, they very well could do just that
@@soundboardist That depends on the NFT. Take the trump collection. They dont point to an IPFS image, they point to trump's website. /1234.jpg right now is a picture of trump, but if that website goes down, then /1234.jpg points to... nothing. Not all nft images are backed using a link that can't mutate over time. TLDR: Just because a token isn't fungible, doesn't mean the underlying image isn't.
@@soundboardist if the link set in the contract is a redirect link, then the end page can be changed thus the picture changes as well. Otherwise if it is stored at your own local server, you can reroute the server to point to a different location on it. This could definitely be used for a scam/rugpull
The receipt is just a receipt. At the end of the day there is no physical or digital object you own via an NFT. You simply own a unique receipt. The person that owns the object or image can SAY the owner of the receipt owns the object or image but without a contract that is not legally binding.
Finally people are understanding what NFT's are actually worth.. I was in this exact same spot here 2-3 years ago, welcome.. glad you could make it! Sorry about your loss, but the world is better for it.
Only the idiots with enough money to lose it did. Hopefully there weren't actual people living paycheck to paycheck saving up to buy those horrible ideas.
The deed scenario is even worse than you've described here. It would be like keeping your deed in your mailbox, and simply opening a random letter someone dropped into your mailbox gives that person permission to reach in and grab the deed, and now it's legally theirs because that's how the system works.
I know you described them as “receipts”, but to be clear this is often literally the case. Block chains themselves are so bad at storing data that it is impractical to store the actual assets there, instead opting to point to traditional, accessible, and fallible servers
Love it when I see adoptable character designs with actual artistic value that are basically non blockchain nfts having more use and value than actual nfts
Not to mention the art is almost always infinitely better. I'd rather own cute art that I can commission more cute art of and help an artist pay their bills than a reject gross-out show monkey that no one wants to touch because it's so ugly.
those are cute and are created by someone who genuinely wants to share their artistic talent with others while still making a profit, nfts are monkeys with funny hats and letters and numbers
@@user-cu1uj6bl3r oh lucky you! I tried but was never able to make more than like 5 or 10 dollars off of one. I think my style is kinda eclectic lol. Do you have a toyhouse acct? And yeah i feel like some of my stuff is worth 20x a monkey png lol
During the NFT fever I made hundreds of images for projects, I got paid for the images and I could not care less about the selling profits because none sold, I charged commercial use, I upgraded my machine, I cleared all my debts, I bought cool stuff for me, and the guys I made the projects just got in debt because they paid so much for the arts and the marketing that they got in trouble when the ETH sank. Lots of artists who came before me did the same and made even more money because everyone had wallets full to invest on the arts. I miss NFTs just because of this, it was a free farm of money for artists.
I never scammed anyone, I offered my price, some accepted it, others not. It is how selling art works, specially for commercial use. @@jakefootball9402
@@tuwumuchwell, much like the value of a NFT is based entirely on the believe in the value of the NFT, the value of art is also entirely based on the believe in the value of the art. So, once artificially generated art will become more and more popular, digital art will probably loose most of its value fairly quickly. So any artist out here will soon experience what happened to NFTs first hand.
When NFTs were first explained to me, I was hopeful that it would lead to being able to resell digital games and music... it turns out that the publishers would rather just keep selling new "licenses" to let you temporarily play their games.
If you want an actually cool pfp that supports artists, commission an artist you like to draw a unique one for you on commission. It's a damn sight cheaper than any of this NFT BS, and you actually get something hand-crafted to your preferences. Better yet, you actually end up "owning" the image for real (most of these NFTs you don't even legally "own" the image, you just own the token!)
NFTs were the worst for artists since it made stealing worse and opportunist assholes either scammed artists into pouring dozens of hours of worm into NFTs to steal the money and commission or pay them garbage and pocket 90%
I agree. Not all indie artists do it, not all of them do it all the time, it depends on their schedule, and indie artists usually only do it for non-commercial use (like what you pictured) with prices listed, some (usually big-name artists) only do it for commercial use with no prices listed (instead more like 'contact us for pricing' that B2B companies often do), and I seem to recall that some do both non-commercial and commercial licencing for their commissions but I may be wrong. Edit: I had also remembered that I've been too busy to work on my own art, including model sheets for some characters I had been working on as well as drawing myself. I often see users (or teams at companies in the case of commercial commissions) handing in model sheets to artists they commission to help them with art direction. Some artists even include basic model sheet creation as part of their commissions.
I was more “shocked” that people bought into this in the first place. The very first time I first heard about NFTs I said, “well that is stupid and a waste of money”
There were a few people at work that were looked at as crazy when we were questioning the use and purpose of nfts about three years ago. Those thst called us crazy have been really quiet for a while now
Whoever bought them are the dumbest people in the world. It was all just a scam from the start and people keep falling for it. Hopefully this NFT topic comes to an end, I was tired of it when it “blew up” and I’m tried of it now.
NFTs and crypto will probably stick around as a new medium for MLMs to operate IMO. But they will probably never blow up like they did in 2021 ever again. Crypto might have a chance but I kinda think it’s been tarnished by SBF/FTX for normal people to trust it.
Crypto is not worth shit. Never was, never will. It's not backed by anything. Its sole value is what a bunch of internet people who have your money claim it is, until too many people want their physical fiat currency back.
Even if you could buy something like a skin and move it from game to game, you don't need an NFT or blockchain to keep track of its ownership, and likely gaming companies wouldn't use that sort of technology to do such a thing, instead trusting a centralized authority (i.e. a bank, just one for skins) to handle the verification/authorization process.
I once sold 2 NFT's on Opensea for about 80 bucks. It was crazy how someone bought that from me since it took me all of 2 min to make both. I know it's not much but I knew it was worthless when I made them and I am so glad to see this toxic fad fall apart like it should have. A fool and their money are easily parted
NFTs are like having a tickets to a show but then you try and sell those tickets long after the concert is over, and it's available for anyone to see online at anytime anyway
As I pointed out; If you want nft's to have value, make some baised on characters you have copyright/ trademark to, sell them to someone who will use them in media, sue them, and LOSE the lawsuit. It only takes 4 casses, to make consistent case law in a state court, which, is really all most judges look at, if it exists. Do this in places like Florida or California, and, the ken penders sonic character / Disney nft's, will allow enough new, popular media to surface, to jump start the global economy, while making nft investors/ leasers, a pretty good passive income. : )
@@maddieb.4282a ton of people made a lot of profit on it. It was a legitimate crypto currency. Its like a fashion trend. If a certain kind of jeans is really popular, and you decide to buy like 10.000 of them, and then you sell them for a profit, but after that they loose popularity, some poor Schmuck now owns a worthless pair of pants, while you made a bunch of money. If NFTs would have stayed popular, which they maybe would have if the crypto currency market wouldn't be so ridiculously overinflated already, then they would continue to be a valid currency and value asset. The value of a currency is entirely based on if people believe in the value of that currency.
Hahaha as of yesterday Reddit was still selling them as custom snoos. Like I took the free ones just for the customized snoo, I didn't even acknowledge it being an NFT
I was actually stupid enough to buy some when it all started back in 2020/2021. I didn't spend a whole lot on them but the fact that I did spend anything at all is baffling to me now.
Well, you can get the value back, with the right mailing addresses and lawyers. I commented it a few seconds ago in full , but, it basically goes like this; Make some nft's of characters YOU own and copyright, sell them to someone who will use them in some form of media, sue them for there use, and lose the case on purpose. Congrats; you just created one of the first 4 case law examples needed, to prove an nft grants a non licensable right, to use or commission use of the character shown in the art. All judges care about is case law. Just rinse and repeat, and, pretty soon, you'll pretty much be able to restart the global economy solely based on the new media and merchandise, like you hit it with an adrenaline needle from pulp fiction. : )
@@jimcable9689i dont think that's how this works lmao, even if you were insane enough to do this this wouldn't magically grant nfts copyright status lol
I actually liked the idea of nfts, that you can buy something in one game and use it in another. I also like the idea Pokemon being able to catch a bear like creature and raise it and become friends but just like NFTs once reality hits it all comes crumbling down.
I could have told you that that would never happen. How would that even work? Every game has to reimplement all the items of every other game? Even if that would be feasible, why would a game developer do that? Give people an incentive to leave? Also why would you need an NFT for that? The billing is literally the easiest part in making items usable cross games.
@@blenderpanzi Ya it would need to be something like ready player one where for some reason every ip trusts a single game to handle it all. Then again it isn't too crazy looking at fortnite lol
@@yalhexander5641 You can bet that there is a lot of real money changing hands for all the fortnight stuff. The NFT game item ideas would have been that a player buys something once and then without more money changing hands can use it in other games. So it would be a lot of effort by the game companies for which they get no more money. Meanwhile in reality game companies want you to pay to be able to play the same old games on new consoles. Again and again. They want you to pay subscriptions every month, not buy something once and then use it in any game for the rest of time.
That supposed idea was nothing more than the vague BS that crypto bros fed you to trick you into wasting your money into useless junk that does nothing.
My only regret is that I didn't scam idiots out of money myself, I know one guy that made one in MS paint as a joke and someone unironically paid him 500$ for it
to be fair bottled air is actually worth something and is being used to be bought as a joke/present "for people that don't need anything"(as they market it as) though still costing money, at least for the plastic bottle itself
I've always explained this to my family and friends. It's like beanie babies, but at the end of it, you'll have a permanent internet record of you being a dumbass, instead of a pile of cute plush animals to give to your kids, grandkids, nieces, etc, and a funny story to tell about the halcyon days of decades ago.
When I was told about NFTs by a friend who was all hyped about it, my mind went immediately to the "If it's too good to be true, it probably isn't" mindset. Seems like I rolled a 20 on my Insight check.
I have always said NFTs weren't worth anything and people are wasting money on them... maybe now people will listen instead of assuming we are gaslighting them when we try to warn them about financial scams like this
Some people seriously didn't see this coming? YIKES. Literally my entire response to NFTs was "Right click -> Save image as..." This NFT stuff is completely unbelievable. If you wanna take your chances at an unreliable medium of gaining money, just stick to a $2 or $5 scratch ticket every once in a blue moon idk I'm too shocked to get all of my "omg WHYYYYY" into words.
Had a man round here in the summer selling magic mushrooms chocolates with the NFT monkey on it. Didn't pay a penny towards it. Another right click, save image as, solution.
Corridor Digital's video on Beeple and NFTs was the first time i had ever even heard of NFTs And just the way they were all talking about it and hyping it up as this new way for artist to sell something without actually giving anything to the client, and retaining the full rights to prevent the client from using that art how they want I knew this shit was useless And watching Beeple get all giddy and excited i knew there was a grift of some sort going on that he knew about and we didn't, especially with how proud he was of the millions he had made selling nothing to people
@@feIon That's not true at all. Most products are created to fill an identified need in the market. Some products are accidentally created, and then people realize it has properties that fill a market need or are otherwise useful. And then there's products like NFTs that are created because it sounds cool and seems like it might maybe somehow be useful. Very few successful products are created this way.
I mean I see a possible purpose in NFTs by using them as an alternative life time membership, so you have them bound to the blockchain instead of an account and have them transferable through that. Which while technically being possible using conventional methods can be a good way to make memberships more open and transferable. However their utility has to be guaranteed and it should be a company big enough to support it.
Or you could use them as an alternative ownership/share document, so instead of using regular stocks having an NFT function of one and giving shareholder benefits. Of course legal framework is necessary here as well.
it's actually worse than that: they don't even own the digital asset: they just own a link, a string of character thatpoint toward a picture. not the picture itself
When NFT first came out a couple of my buddies told me to help them invest in NFT and I refused. They laughed at me and said they will be rich in a few years time. 😅 Boy-oh-boy ... I might not live in a mansion and drive a Nissan Skyline, but I am sure I didn't lose any money in NFT like my homies did.
Not to shit at our crypto bros But buying Jpegs for huge amounts of money like they are freaking pokemon cards and then go Pikachu face when they tank their value is just too funny to not laugh at
I still remember that one group that essentially was using them as a bonus for going to an event, like it was those little drawings done at free comic book day events, but digitally, and it didn't cost extra or anything, that was honestly the only good usage I've heard of. They were just doodling monkeys as a bonus for going to the event, that's actually fair enough, they weren't meant to hold value except to the recipient.
My mom got an NFT as part of an art project, you went to a website and made a screenshot of a moving 3D object and it was made an NFT for you. Pretty cute.
The receipt analogy is actually really good. A lot of people still misunderstand and think you own the picture, but really you only own the reciept that corresponds to the picture, and when you think about shopping reciepts, you can wave around a reciept saying you bought a rolex but no one will care unless you actually have a rolex. So yeah, nfts were always stupid. Crypto has some benefits compared to gold based currency but nfts are nothing.
And it's not even a receipt showing that you have purchased a Rolex. It's a receipt identifying you as the purchaser of a sitting spot that is identifiable by the fact that there is a Rolex there. But the receipt comes with a picture of that Rolex, for easier identification, and so many people don't really read the actual fine print and just assume that now they own a Rolex (and they assume that they can probably flip that Rolex for a lot of money down the line). If someone else puts on the Rolex, you can't do shit about that, since you never had any ownership of the Rolex to begin with.
that could not be further from the truth. you actually have no clue what an NFT actually is. cuz its definitely not the picture lol. NFT's are just as valuable, if not more valuable than a regular crypto. actually, the fact that you think they are significantly different to one another shows your total lack of understanding. the picture is the least important aspect of an NFT.
lol uh obviously? you said that crypto has a use case, but NFT's are worthless. that proves you dont know what your talking about at all because they are one and the same. @@jblen
@@L7Fx they both use blockchain technology but they are not the same. Crypto is fungible, nfts are non fungible. All currency in one coin is worth the same, nfts are individual assets. Maybe read up on it yourself before you throw your money away
As someone with subtle knowledge in gamemaking and a lot of rigging/modelling knowledge I can easily tell that you cant simply drag and swap a model into another game. Different games EVEN ON THE SAME ENGINE might work completely differently unless they use the same unified rigging system for said engine. Various games, especially on the unity engine requires modification of models if you would like to move them over to a different game. You would have to rename bonestructures, redo animations probably. So yes. Blockchains wouldnt really make this completely doable. And then there are copyright problems. If these models where frequently shared around there would be even more ripped models floating around the internet than there is already. It would require the full co-operation of every game and for every studio to join up to have teams dedicated into porting models and assets over for the pure reason they are tied to an NFT someone would "like to use" in the different game.
If anything, blockchain would probably make this whole thing *even harder to do,* because on top of everything you've described one would also have to attach the whole blockchain system to actually manage the model/skin migrations based on NFT ownership. But (purely hypothetically) if we already had such a wonderful coordination between multiple companies and model/texture cross-compatibility infrastructure between several games and/or game engines, why do we even need blockchains at all in this equation to begin with?
Obviously you're not just going to move the NFT to another random game and expect it to work. a designer or programmer will still need to implement the NFT and create a representation of its metadata within their own game for it to actually be usable between different games. you might have an NFT of a banana in one game, but when you move it to another game, that NFT meta data could be represented as a machine gun in that game. someone will still need to do the work to create an item out of the actual NFT. but the beauty of the world of cryptocurrency that 99% of people are too stupid to realize the importance of, is the fact that it is permissionless. you dont need authorization from anyone to participate in the development of a project. you can utilize the assests how you see fit. no one will be able to tell you not to make something a certain way. once the infrastructure is actually built up and the first few games pop up with full crypto capability, people will actually begin to understand what permissionless and open source actually means. the NFT is NOT just some picture. the "picture" is just a URL that was saved in the metadata that represents it. It's literally the least I'important aspect of an NFT. what an NFT ACTUALLY is, is a token on a ledger that has every transaction and movement of it recorded. what that token is is totally limitless. it can be anything you want it to be as long as someone is able to code it to behave however they want in whatever environment they want. an NFT cannot exist outside of a blockchain.
@@L7Fx 1. What would that accomplish to be interesting to players? 2. What reason would a developer have to want to spend time implementing that? 3. What stops a developer or anyone involved in that chain of command from at any point deciding that what your NFT links to is now either worthless or removed from the game outright?
I was told a few years ago during the nft craze, "you just don't understand nft's, that's why think it's a scam". ... NO, I understood EXACTLY what they were and glad to be proven right.
Saw some dude coping about how "But this NFT is worth $20,000 USD" and some dude pulled up (literal) receipts and showed how that specific NFT entered the market at $140K USD Yeah it still has worth but any stock broker that experienced that kind of loss would be taking the wireless elevator to the ground floor.
This one goes out to all the NFT bros who a few years ago said "enjoy being poor" to people who rightfully called NFts scams, who are now facing the music.
Next should be those crypto bros.
And they still have to pay taxes on them and all other forms of crypto
Pointing and laughing at them
Was their utility
@@hoze1235and my way of staying sane. They deserve more and worse than being pointed at and ridiculed.
A lot of these guys aren't the ones facing the music, but the people they suckered in. Most of the NFT bros knew it was a load of rubbish and were in it to make as much money before everyone else realised it too, and the whole thing collapsed.
It's basically another speculator bubble, like many that have existed before, despite how many people have tried to convince us otherwise.
NFTs being worthless now? Imagine my shock 😂
Bro, I forgot about that shit until today
NFT, now that’s a name I haven’t heard in a long time
Now? They never were 😂
What is NFT?
Fry: “Well, not that shocked.”
NFTs depended on the premise that one day in the near future, someone would be willing to pay millions of dollars for a receipt just because it was associated with a jpeg so unique that there's no other jpeg just like it. It's like people looked at comic books, learned that some nerds are willing to pay insane amounts of money for rare issues, but were completely ignorant of one important factor. That these comic books are almost always older than most people on the internet.
And because they're so old, it makes sense that there's only one or three issues in the world from the original print with the first time appearance of a beloved character that is still in pristine condition because it was never subjected to the greasy fingers of a child who bought the comic because they actually wanted to read it. It makes sense that this is something that would have value, in the form of bragging rights, to a community that has existed for half a lifetime.
Nobody is going to be interested in a receipt of a jpeg that is only unique because it's a combination of 20 different parts put together from a list of 100 different items picked out by a random number generator on a website in 2020.
One fundamental problem with NFTs always was that no one actually was interested in the product behind it, unlike with comic books. Another problem being that it has no legal meaning, so nothing actually worth owning was ever tied to NFTs
Also Comic book have history behind it. The creator, their imagination, how their life history and hardwork and idea shape the comic he/she created. the comic story, how the comic character/icon born, the beautifull/amazing pages, how their story be inspiring other people etc etc.
Meanwhile NFT is just Random Generated Picture which anyone can do by typing something on some aplication. Nothing special.
Best part is that the jpeg doesn't have to be unique, you can have the same image in another chain 😅
Action Comics #1, the first Superman comic, is the most expensive comic book ever printed and is valued at over $3 million today.
I think NFTs could be very useful for like... A photographer for example. Once upon a time buying an original Ansel Adams could be an investment. Nfts could bring some of that back. But there has to be value in what's behind it.
“NFTs are worthless?!”
Always have been.
I'm shocked it has taken this long for NFTs to go bust. Especially since its not real art and its not tangible. Its like games on an online service. Once its gone, so are the games
Not real art? What do you mean?
@@webcap7653 ah yes **takes screenshot** the most exquisit pngs
@@webcap7653 bruhhh if you really think NFTs are art then I’m Mf Picasso 💀
Bruh, reality isn’t real.
It is still an actual drawing so it is still art. Might not be good art but art nontheless.
As a visual artist that received so many messages from people that asked me to make NFTs because "they wanted to support me as an artist" and saying no because there already was an easy way to support my work through buying prints, shirts, originals, whatever; the NFT market crashing makes me smile :)
Hopefully the same happens to AI art. We're already seeing the new wave of AI dissolving
@@MuscleCarLover Heavily disagree with the AI art market collapsing. It has only been improving by the day and you can generate most things flawlessly. Hand crafted art is still better at this point in time but AI will slowly encroach until it is undistinguishable.
Some people called me dumb for not selling NFTs of my artwork. Imagine tainting your reputation for unethical short term gains. Can't be me.
@@MuscleCarLover not really, people have kinda already seen what they wanted to see out of AI art so most people have moved on
@@MuscleCarLover AI art is speeding up and growing if anything
The people I feel sorry for are the middle aged and elderly people who listened to their nephews about investing and took everything their family members said to heart. They were ignorant and scammed. Anyone younger should have known better.
People are stupid, lazy and too trusting and vulnerable to gaslighting.
Got news for you. Most of us old farts looked at that nephew and wondered when he started smoking crack, and held onto our Berkshire Hathaway and SPY.
@@bfg1836 it doesnt take tech knowledge to catch a scam haha
I do a bit of digital art as a hobby, and one of my uncles told me I should have gotten into making NFTs.
I’m glad I didn’t because I’d be pissed if my art was worthless. I’d rather do commissions and get my money upfront
Tell him that you'd prefer to not scam people
I love how Muta is holding the camera like this, it feels like he has his hands clasped on our necks while ranting about NFTs. Being held hostage by a man driven insane by the ramblings of the masses about NFTs.
this is a beautiful comment my fellow gooner
this is a beautiful reply
Muta POV, now I’ve seen everything
the dream
Good comment.
But nfts weren't adopted by the masses. They were adopted by tons of nft bros, "get rich quick grifters" and a few companies, who all made a big fuss about them. But most people either didn't care about nfts or they hated them.
Square Enix must be proud of their NFT investments.
At least they can book it as intellectual property investments.
Still dumb tho lol
capcon too.
I still can't believe that they sold off Tomb Raider and Deus Ex extremely cheaply just so they could get some cash to invest in NFTs 😂😂
lmao
@@KryzysX more like lmfao ;)
Remember when Jimmy Fallon and Paris Hilton promoted buying Bored Apes and got sued for not disclosing it was a paid ad? That is what I think of when I think of NFT's.
putting up an nft in a virtual mansion is the equivalent of me making my sims live their best lives while i’m depressed at home binge playing video games
In sims you can at least choose what you do, an NFT is already premade
it's like selling a cell on your Google sheet next to a link, bytedata, or text and claiming your name in cell means you own whatever is next to it like your random ass cell on random ass Google sheet means anything vs any other. they are selling hyperlinks to images pretending nobody else can link to same website or claiming you magically own whatever you link too. they are pushing limits of reality trying to prove they have a negative iq
Hearing this made my month. Literally had a friend who stopped hanging out with my group because she wanted to focus on NFT with her new NFT buddies and that she wanted to focus on the future with her investments while we we not productive enough for her.
Sounds like a piece of work.
Out of curiosity l, what happened to that friend and their friends?
Cult behavior right there
U dodged a bullet.
She was never a friend in the first place then. She cut herself off of your life, that was actually really good for you.
When NFT's were first booming i recall thinking "this seems ridiculous, but maybe there will be some value assigned to these tokens that will give them some kind of legitimate value" which i quickly realized was false, but the dirt on the coffin for me was the constant need for those promoting NFT'S to reassure everyone that "it isnt a scam". Always the true sign of a scam.
>invent a useless asset
>hype everyone to buy it so its short term value skyrockets
>sell them and cash out
>watch as the "investors" are left with a devalued asset
literally how all these nfts and cryptos work. the only one that has some use is bitcoin because it's used for illegal shit and paranoid conspiracy types.
the thing is that even if you did assign value like a house or a car to them, the owner can uncouple that ownership. legally the nft doesn't mean anything just the deed(rather the deed registry itself) for the car/house does.
plus a nft can be lost so any use like real estate or cars or whatever would need to have a mechanism to move it to a different one.
Did you mean 'nail in the coffin'?
@ nah, the nails were already in. I mean the dirt that goes on top when you bury the coffin. Doesn't get as much play as "nail in the coffin"
@@destructivecriticism3734 Interesting. Might use that later
It is so refreshing seeing someone with a mature and realistic take on all this shit, especially in the GaMeR space where like so many others loudness and money go further than reason and logic. Great videos. Really enjoying the channel.
"Gamers"
Found your problem.
I always thought that a sort of "free" blockchain like that pi thing wouldve been great for copyrighting for indies.
No investment, barely any environmental impact just a timestamp that's confirmed by multiple devices that proves you were the first to share it.
I hoped that could be a way to wrestle copyright away from large companies and stop some of that legal bullying.
NFTs have already shown that "first to share it" is meaningless to ownership. Many art pieces got stolen from the original artists and made into an NFT. There's no actual ownership validation with Blockchain
I remember being in the NFT space and saw people painting their homes with images of their NFT’s. 100% they’re painted over and normal looking now
😂🤣😂
Didnt those people realize that if they themselves can hang up their nft's or paint them over their walls, so can everybody else without buying the nft? 😂
They the biggest clowns 🤡 🤣
In today's day and age I'm surprised they could do that since it seems like everywhere in USA has an HOA now unless you're out in the country
@@Born2GrindNot true at all.
There's TONS of towns and cities with entire neighborhoods that won't have any HOA.
Muta, there's another utility to NFTs that you failed to mention. In truth, they're very useful for identifying shady companies who glom onto them without a second thought.
Sure, the value of NFTs is almost zero across the board, but that doesn't mean we shouldn't still point and laugh at Square Enix and Ubisoft.
that's actually priceless
Go ahead and throw capcom in there, too.
@@DWN-020damn fr Capcom fell for that scam too that's hilarious 😂.
Im going to screenshot your NFT, keep it for myself and you cannot do nothing
put wildworks (the makers of animal jam) in there too
It’s amazing that they thought “original” digital files were gonna be worth something in the first place. Do us artists a favor y’all, and buy a commission if you have the money (and don’t talk them down)
Edit: also, damn, I haven’t heard of NFTs in a hot minute. You know they fell off when I’m actively in the art community and forgot about them
What always confused me was why so much money and popularity went into NFTs. When I was first told what an NFT was in response to hiking popularity, I was honestly so confused. I couldn't understand why so much money went into it and thought maybe there was some fundamental reasoning I couldn't comprehend because it had something to do with latest technology. I'm sort of glad to see the market normalize back to reality and to see that my initial reaction was accurate
Easy, the popularity was all about the speculation and being able to make money selling it. People looking at this expecting some sort of tech related reasoning missed the points. Imagine you saw a new toaster come out and you see hundreds of people just buying them of Walmart for $20 and turning around and selling it for $20,000 or more, you would go buy some and sell them. Everyone was just trying to get a piece of that cake since they all saw that people were making money.
Problem is the reason that they were selling because people thought they would sell for more, and there only so much you could climb before it collapsed.
@@davidgzmn12345 Yes, but a toaster has inherent value. I failed to see any inherent value in NFTs, and I'm not sure what caused the initial jump in prices of it, but after the initial jump(s), it seemed like people were reacting to the price hikes and hoping to claim a piece of the pie.
Like, it's within the realm of collectibles and expensive art pieces, where there are people willing to spend a certain amount for certain things. But, NFT's were different in the sense that there was no history, no brand recognition, no famous ties, etc.
Speculation I get. But why they chose to speculate in NFTs (before the price hikes) I don't really get. I'm sure most of the initial people who got into NFTs did it for the latest fad and not the money.
That particular gold rush was kicked off by a crypto whale buying a collage of digital art for $69 million dollars.
I would feel sorry for these people losing their money onto this, but then I remember when they were calling us "idiots" for not getting NFTs as well. I remember the guy saying "have fun staying poor". Ubisoft saying NFTs are "the future of gaming". I remember people grabbing art made by someone else without permission and attempting to sell them as NFTs. I even remember a colleague bragging how he made five dollars in profits by selling one and how soon he won't need to work anymore as his NFT trading business will soon skyrocket and how smug he was about it.
People were warning them this was a scam from the very beginning. These guys have spit on their faces and laughed instead.
bet ur still poor
@@feIonit’s you’re
@@BriarPatchNyralmao
i hope he bought a latte the day he quit so he could flaunt that newfound wealth to the boss on his way out
When NFTs first came out, I actually thought I was being the stupid one for not understanding it. I just couldn't wrap my head around it, I never understood why people would spend their money on NFTs.
something similar will happen again. probably in the crypto market, but not necessarily. the world economy is fucked up with big nosed bankers printing money whenever they want
That's how the entire space is designed, not just NFTs. They're designed to baffle you and leave you wowed thinking "I don't understand it, but clearly there must be something there!".
Issue is that if you have a computer science background and try looking into it from a practical angle you'll very quickly find that the tech not only doesn't live up to the manufactured hype and promises, but is actively detrimental. You throw out all the benefits of the traditional systems and you don't even get any benefits from it in return.
Their biggest sin is removing the comp sci barrier of entry to understanding it and putting its uselessness up in front of the average joe's face in a way they can understand it.
Same, never could grasp what was being purchased.
It was all just money laundering and ways to scam people. Nothing more.
@@mettaursp309 Oh yeah, in cryptography you can't just accept a claim without mathematically prove it. Because for one, cryptography is brittle. Once you break one of the assumption, the entire protocol is broken.
Let's say you mint an NFT, i could just mint another NFT with the exact same content. Unless you have another way of authenticating who is who, my NFT is just as valuable as yours. That simple flaw is so bafflingly simple, it's just never went into cryptobros skull. It's also why art theft is so easy with NFT.
Another one, you can't 100% guarantee you can exchange coins between chains, because it's 2 different consensus (you can't merge consensus). To do that, you have to trust a third-party, which has to make sure the transaction is atomic (and take the loss if the value change interim, or if their valuation is wrong, etc).
NFT is spending money and hoping it magically generates into more money.
The Moon: NFTs should arrive here shortly.
*The Earth: Ignore the moon, he rarely gets any visitors.*
NFTs are the embodiment of the expression, "a fool and his money are soon parted".
This was such a glorious trainwreck to watch.
What I wanna know is how the fool and his money actually got together in the first place.
@@whatevr99Daddy's inheritance
@@SelfProclaimedEmperor
Yeah, that sounds about right. 😁
A fool and his monkey
This comment section hasn't made any money in crypto/nfts & it shows. BTW crypto/nfts is just starting, still in the baby stages. People shouldn't speak on things they don't comprehend. Most people today are so lost on who controls the world & how it is all connected to crypto. You all are getting left behind
Nfts were great. I bought a picture of a doge with a pink backround for 4.50$ and resold it for about 400$. That was my entire nft career 😂
salute to you for making money off of the dumb
You beat the idiots game then quit. [Salute]
Based
Wtf??
"Oh, I like this guy." -GLaDOS
It's really sad that people are more willing to trust a random person on the internet or an influencer than they are to trust an actual financial advisor.
They can't afford a financial advisor
Great monologue! I dont know if you have any prepared notes but its amazing how you roll off your monologue in such an engaging way and nearly flawlessly.
expecting skins from one game to fit into another is like expecting parts from your diesel truck to fit and work just fine in your gasoline racecar with zero tinkering
More like using diesel parts for a battery operated snow blower.
It will happen
They want to turn every game into asset flips.
Because you know, mixing assets with no artistic consistency never results in a mess, right?
I don't think most people understand that analogy.
We've had cross-game items come up in the industry every now and then. They're rare only because of the effort needed to model the item between the two engines, balance their stats and mechanics between the two games, and hash out licensing/copyright between the two studios.
The idea of "transferring" the "ownership" of the item was the only part of this NFTs "solved," and that was already the easiest part of the problem.
NFTs have always from the beginning been an oxymoronic concept to me. It's literally the same thing as commissioning art from an artist except you want to flaunt it online without any water marks to prevent reuse. It's beyond idiotic and it's crazy (yet unsurprising) that people actually thought for a second that buying an image online that is publically displayed WITHOUT a water is going to mean they own that picture and no one else can.
And the fact that toy company’s like Hasbro and Mattel tried to sell them will never stop being sad.
I was never able to wrap my head around NFTs. I don't understand where the prices come from or why anyone would want to pay the absurd prices for a picture or source code or whatever it is you're paying for. Most of the NFTs were trash drawings. Like the monkey ones. I don't understand how anyone would pay thousands for a reskinned picture of a monkey.
Digital Watermarking exists.
Commissioning art from an artist is way better. You can get art customized to you, possibly featuring a character you created. In many ways, you can be said to actually "own" an image you commissioned more than you can some premade NFT.
@@ENCHANTMEN_ Or can you get an artist to commission an NFT and watch the value increase? Maybe sell it for more than you paid for it? You people are such close-minded NPCs. "UA-camr I like says something is stupid, then I agree it's stupid".
Muda went complete Rambo on calling stupid people out 😂, being brutally honest is something most don't do nowadays. Thanks for being a genuine human being brother!
Mutahar, you are a great source of honest and rational news and in a world today where manipulated and dishonest news is the norm.
I loved how they constantly "what if"-ed until the bitter end but never delivered on anything, every project the creators vanished.
Only game that had a product was The Sandbox and I worked with them previously, their entire project was a facade to appear high quality to investors but their product was held together by ducttape and bandaids
I remember playing The Sandbox before the whole NFT thing.
Stopped for years because it kept crashing on my Tablet, and the Steam version never worked out for me.
Imagine my surprise when, after all these years of not playing, I come back to see them shill NFTs.
NFT’s were only invented to shock the crypto market during its bull run.
Governments and Hedge funds were behind it.
It successfully deterred money from being invested in BTC, and instead retail bought NFT’s because their favorite Twitter celeb promoted it.
Whole crypto market has been in shambles ever since.
Successful psy op. So successful most people don’t even recognize it...
Is that the pixel-based 2D game thing that had God as the mascot? Or is this a different The Sandbox?
@@JackFoxtrotEDM same company but they made a 3D voxel game instead
People have been selling NFT as a number goes up technology. There is no other value/Usages of NFT beside the hope of number going up.
As an artist I have never felt so vindicated about refusing to make NFTs despite everyone constantly begging me to. 😂
your loss. Couldve made money off losers
If it's any consolation, I think it's an insult to artists to call the visual content of most NFT's 'art', anyway.
Eh, between you and the client you actually would have been the only one making the money tho, but morality wise I get feeling justified you didn't rip people off
i made them a few times , stopped in the middle then started again . money is money , whatever the client wants to do with their project afterwards is their headache . They normally pay more than the average client as well.
We know you made at least some 😂😂😂😂
When the NFTs were cool, I was contacted by many companies to allow them to sponsor my videos. These were scams from the very start.
This was the most foreseeable conclusion. People only bought nfts to sell it at a higher price. Once it gets too high you can’t sell it for profit which will tank the price. Absolute SHOCKER.
For the NFT bros "Play stupid games, win stupid prizes."
I always found it bizarre how obsessed the mainstream was with NFTs all of a sudden in 2021….but most of these people ignored Bitcoin for over a decade.
Mainstream media is always obsessed with everything that creates clicks. But to be fair - it was funny reading about this all the time with a bunch of 🍿🍿🍿
As I remember it, Bitcoin became associated with sites like Silk Road and various dodgy activities fairly early on which tainted it's image, at least to some extent.
Bitcoin for the longest was just seen as a shady way to transfer money between people, so the media didn’t really want to talk about the online criminal world brewing.
Btc is a scam too tho....no matter how much you try to justify it as not being one. It makes 0 sense.
It’s called a “PSY OP”
this video will age like a fine wine
Well seeing so many channels support the sponsors for master works / art, I’m guessing NFTs are working well in that sense.
Important note: most NFTs are not stored on the blockchain and the “receipt” you buy is just a link to where the picture is stored. It could be stored on a site like imgur and the landing page of the link can be changed when the actual storage owner feel like it. If the want to change your “bOrEd ApE” to an image of a turd, they very well could do just that
@@soundboardist That depends on the NFT. Take the trump collection. They dont point to an IPFS image, they point to trump's website. /1234.jpg right now is a picture of trump, but if that website goes down, then /1234.jpg points to... nothing.
Not all nft images are backed using a link that can't mutate over time.
TLDR: Just because a token isn't fungible, doesn't mean the underlying image isn't.
@@soundboardist if the link set in the contract is a redirect link, then the end page can be changed thus the picture changes as well. Otherwise if it is stored at your own local server, you can reroute the server to point to a different location on it. This could definitely be used for a scam/rugpull
The receipt is just a receipt. At the end of the day there is no physical or digital object you own via an NFT. You simply own a unique receipt.
The person that owns the object or image can SAY the owner of the receipt owns the object or image but without a contract that is not legally binding.
@@soundboardist the picture isn't the NFT but the picture is why people bought the NFT, no one cares about the NFT itself
@@deidyomegaIPFS isn’t permanent either.
Finally people are understanding what NFT's are actually worth.. I was in this exact same spot here 2-3 years ago, welcome.. glad you could make it! Sorry about your loss, but the world is better for it.
I mean most people were there.
Only the idiots with enough money to lose it did. Hopefully there weren't actual people living paycheck to paycheck saving up to buy those horrible ideas.
took them almost 3 years
Yes, market correcting themselves
Imagine my shock.
wow, didn't expect that
I remember the outrage from them when it was obvious one could just screenshot a bored ape. What a weird time.
The deed scenario is even worse than you've described here. It would be like keeping your deed in your mailbox, and simply opening a random letter someone dropped into your mailbox gives that person permission to reach in and grab the deed, and now it's legally theirs because that's how the system works.
I know you described them as “receipts”, but to be clear this is often literally the case. Block chains themselves are so bad at storing data that it is impractical to store the actual assets there, instead opting to point to traditional, accessible, and fallible servers
The amount of effort NFTBros go to hide their blockchain history. Bless Coffeezilla, KiraTV & Callum Upton !
Love it when I see adoptable character designs with actual artistic value that are basically non blockchain nfts having more use and value than actual nfts
Not to mention the art is almost always infinitely better. I'd rather own cute art that I can commission more cute art of and help an artist pay their bills than a reject gross-out show monkey that no one wants to touch because it's so ugly.
oh man, i miss seeing adoptable batches on deviantart when i was little, they were always so cute but i wasnt allowed to buy them 😭😭
I literally make a living from adoptables. People make profile pages based on the characters, and their trade value goes up, rarely ever down.
those are cute and are created by someone who genuinely wants to share their artistic talent with others while still making a profit, nfts are monkeys with funny hats and letters and numbers
@@user-cu1uj6bl3r oh lucky you! I tried but was never able to make more than like 5 or 10 dollars off of one. I think my style is kinda eclectic lol. Do you have a toyhouse acct?
And yeah i feel like some of my stuff is worth 20x a monkey png lol
During the NFT fever I made hundreds of images for projects, I got paid for the images and I could not care less about the selling profits because none sold, I charged commercial use, I upgraded my machine, I cleared all my debts, I bought cool stuff for me, and the guys I made the projects just got in debt because they paid so much for the arts and the marketing that they got in trouble when the ETH sank. Lots of artists who came before me did the same and made even more money because everyone had wallets full to invest on the arts. I miss NFTs just because of this, it was a free farm of money for artists.
Honestly artists need more demand like this to be paid.
@@tuwumuch I gonna wait for the next dumb trend to farm a little more.
I never scammed anyone, I offered my price, some accepted it, others not. It is how selling art works, specially for commercial use. @@jakefootball9402
@@tuwumuchwell, much like the value of a NFT is based entirely on the believe in the value of the NFT, the value of art is also entirely based on the believe in the value of the art.
So, once artificially generated art will become more and more popular, digital art will probably loose most of its value fairly quickly.
So any artist out here will soon experience what happened to NFTs first hand.
@@carlpanzram7081 sad but true
I remember all of my friends going crazy about NFTs while i was saying it's biggest bs ever 😂😂😂
When NFTs were first explained to me, I was hopeful that it would lead to being able to resell digital games and music... it turns out that the publishers would rather just keep selling new "licenses" to let you temporarily play their games.
I remember when NFT's were first released, I thought about buying one. Then I remembered I'm not a fucking idiot 😂
Thanks for not using the skull emoji
You're a true gigachad for doing that
@@SMCwasTaken💀
@@SMCwasTaken 💀💀💀💀
@@thediddy6115🪑🪑🪑🪑
If you want an actually cool pfp that supports artists, commission an artist you like to draw a unique one for you on commission. It's a damn sight cheaper than any of this NFT BS, and you actually get something hand-crafted to your preferences. Better yet, you actually end up "owning" the image for real (most of these NFTs you don't even legally "own" the image, you just own the token!)
Yeah if nothing else this whole NFT fiasco has made me appreciate commission artists. They do good work
True, instead of buying overly priced shit you won't even own, why not just commission an artist for far cheaper? Support an artist.
NFTs were the worst for artists since it made stealing worse and opportunist assholes either scammed artists into pouring dozens of hours of worm into NFTs to steal the money and commission or pay them garbage and pocket 90%
I agree. Not all indie artists do it, not all of them do it all the time, it depends on their schedule, and indie artists usually only do it for non-commercial use (like what you pictured) with prices listed, some (usually big-name artists) only do it for commercial use with no prices listed (instead more like 'contact us for pricing' that B2B companies often do), and I seem to recall that some do both non-commercial and commercial licencing for their commissions but I may be wrong.
Edit: I had also remembered that I've been too busy to work on my own art, including model sheets for some characters I had been working on as well as drawing myself. I often see users (or teams at companies in the case of commercial commissions) handing in model sheets to artists they commission to help them with art direction. Some artists even include basic model sheet creation as part of their commissions.
Thats a really good recommendation.
I was more “shocked” that people bought into this in the first place. The very first time I first heard about NFTs I said, “well that is stupid and a waste of money”
There were a few people at work that were looked at as crazy when we were questioning the use and purpose of nfts about three years ago. Those thst called us crazy have been really quiet for a while now
Any artist that was sick of NFT bs these past few years can finally just embrace the joy of this.
Whoever bought them are the dumbest people in the world. It was all just a scam from the start and people keep falling for it.
Hopefully this NFT topic comes to an end, I was tired of it when it “blew up” and I’m tried of it now.
Scummy people love the prey on people's desperate need for money.
@@okami-chan9772while that is true, some people have more money than brains. Most people who bought them did it for clout or to flex.
NFTs and crypto will probably stick around as a new medium for MLMs to operate IMO. But they will probably never blow up like they did in 2021 ever again.
Crypto might have a chance but I kinda think it’s been tarnished by SBF/FTX for normal people to trust it.
@@okami-chan9772the desperate people themselves are often scum too.
Crypto is not worth shit. Never was, never will. It's not backed by anything. Its sole value is what a bunch of internet people who have your money claim it is, until too many people want their physical fiat currency back.
Even if you could buy something like a skin and move it from game to game, you don't need an NFT or blockchain to keep track of its ownership, and likely gaming companies wouldn't use that sort of technology to do such a thing, instead trusting a centralized authority (i.e. a bank, just one for skins) to handle the verification/authorization process.
*REMEMBER WHEN CRYPTO BRO's* were telling us WE were the ones that didnt get it...? We just didn't understand the block chaininess of the NFTism
I once sold 2 NFT's on Opensea for about 80 bucks. It was crazy how someone bought that from me since it took me all of 2 min to make both. I know it's not much but I knew it was worthless when I made them and I am so glad to see this toxic fad fall apart like it should have.
A fool and their money are easily parted
I would've kept going tbh if it was that easy
So, you made good money and someone else got what they wanted? Wow, thank goodness that's ending. =P
@@boneyardleyI don’t think he got what he wanted in the end lol
@@TriflingWhiteBoyif he intentionally bought an NFT he wanted nothing to begin with.
@@boneyardley Yeah, I think they wanted to flex that they sold something.
NFTs are like having a tickets to a show but then you try and sell those tickets long after the concert is over, and it's available for anyone to see online at anytime anyway
Its more like amiibos
At least amiibos look cool on a shelf.
As I pointed out;
If you want nft's to have value, make some baised on characters you have copyright/ trademark to, sell them to someone who will use them in media, sue them, and LOSE the lawsuit.
It only takes 4 casses, to make consistent case law in a state court, which, is really all most judges look at, if it exists.
Do this in places like Florida or California, and, the ken penders sonic character / Disney nft's, will allow enough new, popular media to surface, to jump start the global economy, while making nft investors/ leasers, a pretty good passive income. : )
Clearly and honestly put - well done sir!
I love this guy! This guy has said everything i have ever thought on NFTs
I ended up buying 800 dollars worth of reddit nfts when they first came out, sold them a couple months later for 6k. Dear god I feel lucky.
You may have been one of the only people to actually make a profit off of it haha
@@maddieb.4282a ton of people made a lot of profit on it.
It was a legitimate crypto currency.
Its like a fashion trend.
If a certain kind of jeans is really popular, and you decide to buy like 10.000 of them, and then you sell them for a profit, but after that they loose popularity, some poor Schmuck now owns a worthless pair of pants, while you made a bunch of money.
If NFTs would have stayed popular, which they maybe would have if the crypto currency market wouldn't be so ridiculously overinflated already, then they would continue to be a valid currency and value asset.
The value of a currency is entirely based on if people believe in the value of that currency.
nice play ~
Hahaha as of yesterday Reddit was still selling them as custom snoos. Like I took the free ones just for the customized snoo, I didn't even acknowledge it being an NFT
did you get a1099? cuz that shit is taxable
I was actually stupid enough to buy some when it all started back in 2020/2021. I didn't spend a whole lot on them but the fact that I did spend anything at all is baffling to me now.
Well, you can get the value back, with the right mailing addresses and lawyers.
I commented it a few seconds ago in full , but, it basically goes like this;
Make some nft's of characters YOU own and copyright, sell them to someone who will use them in some form of media, sue them for there use, and lose the case on purpose.
Congrats; you just created one of the first 4 case law examples needed, to prove an nft grants a non licensable right, to use or commission use of the character shown in the art.
All judges care about is case law.
Just rinse and repeat, and, pretty soon, you'll pretty much be able to restart the global economy solely based on the new media and merchandise, like you hit it with an adrenaline needle from pulp fiction. : )
@@jimcable9689 and then go bankrupt.
worth!
@@jimcable9689i dont think that's how this works lmao, even if you were insane enough to do this this wouldn't magically grant nfts copyright status lol
I hope you didn't spend a lot. We all do stupid things in our life and lessons learned
Were you young? I’ve done some cringy stuff in my youth I look back on and it keeps me up at night sometimes lol. But at least you’re wiser now.
The only NFTs worth having are Paper Hats in Old School Runescape
I actually liked the idea of nfts, that you can buy something in one game and use it in another. I also like the idea Pokemon being able to catch a bear like creature and raise it and become friends but just like NFTs once reality hits it all comes crumbling down.
I could have told you that that would never happen. How would that even work? Every game has to reimplement all the items of every other game? Even if that would be feasible, why would a game developer do that? Give people an incentive to leave? Also why would you need an NFT for that? The billing is literally the easiest part in making items usable cross games.
@@blenderpanzi Ya it would need to be something like ready player one where for some reason every ip trusts a single game to handle it all. Then again it isn't too crazy looking at fortnite lol
@@yalhexander5641 You can bet that there is a lot of real money changing hands for all the fortnight stuff. The NFT game item ideas would have been that a player buys something once and then without more money changing hands can use it in other games. So it would be a lot of effort by the game companies for which they get no more money. Meanwhile in reality game companies want you to pay to be able to play the same old games on new consoles. Again and again. They want you to pay subscriptions every month, not buy something once and then use it in any game for the rest of time.
That supposed idea was nothing more than the vague BS that crypto bros fed you to trick you into wasting your money into useless junk that does nothing.
My only regret is that I didn't scam idiots out of money myself, I know one guy that made one in MS paint as a joke and someone unironically paid him 500$ for it
I have actual respect to anyone who Sold an NFT. Made some serious cash off something cheaper then bottled air.
The power of hype
They still has to pay influencers a few grands to promote it on Twitter but still very very cheap
why respect con artists and charlatans
to be fair bottled air is actually worth something and is being used to be bought as a joke/present "for people that don't need anything"(as they market it as) though still costing money, at least for the plastic bottle itself
Sometimes I wish I had no moral qualms about scamming people. Seems so easy to make money these days.
Anyone who ever thought NFT'S were ever good for anything should never trust themselves to speak over anyone ever again.
Tulipmania is always fun to watch if you stand well clear.
I've always explained this to my family and friends. It's like beanie babies, but at the end of it, you'll have a permanent internet record of you being a dumbass, instead of a pile of cute plush animals to give to your kids, grandkids, nieces, etc, and a funny story to tell about the halcyon days of decades ago.
At least beany babies are cute and worth something
@@aeoligarlic4024and are tangible.
When I was told about NFTs by a friend who was all hyped about it, my mind went immediately to the "If it's too good to be true, it probably isn't" mindset.
Seems like I rolled a 20 on my Insight check.
Yeah I have always held to the mindset if something sounds to good to be true 99% it is so do research before you commit
if NFTs seemed "too good to be true" to you, you also rolled a 20 on your gullibility check...
@@AnimatedStoriesWorldwide? xD
@@AnimatedStoriesWorldwide how where they gullible when the its too good to be true mentality saved them form losing money
Genre savvy.
I was really starting to get worried that I invested in gold instead. What a relief.
I have always said NFTs weren't worth anything and people are wasting money on them... maybe now people will listen instead of assuming we are gaslighting them when we try to warn them about financial scams like this
Some people seriously didn't see this coming? YIKES. Literally my entire response to NFTs was "Right click -> Save image as..." This NFT stuff is completely unbelievable. If you wanna take your chances at an unreliable medium of gaining money, just stick to a $2 or $5 scratch ticket every once in a blue moon idk I'm too shocked to get all of my "omg WHYYYYY" into words.
Can't argue with logic against these brainlets.
Had a man round here in the summer selling magic mushrooms chocolates with the NFT monkey on it. Didn't pay a penny towards it. Another right click, save image as, solution.
NFTs was the digital equivalent of the beanie baby bust in the 2000s.
I completely forgot beanie babies was a thing
Corridor Digital's video on Beeple and NFTs was the first time i had ever even heard of NFTs
And just the way they were all talking about it and hyping it up as this new way for artist to sell something without actually giving anything to the client, and retaining the full rights to prevent the client from using that art how they want
I knew this shit was useless
And watching Beeple get all giddy and excited i knew there was a grift of some sort going on that he knew about and we didn't, especially with how proud he was of the millions he had made selling nothing to people
There was never a time when I said to myself "I totally understand the logical existence of NFTs and Bitcoin and therefore I will invest in it".
NFTs always struck me as a tool in search of utility, a solution in search of a problem. In the end, there was no reason at all for them to exist
this is basically how most products are originally created lmao
@@feIon That's not true at all. Most products are created to fill an identified need in the market. Some products are accidentally created, and then people realize it has properties that fill a market need or are otherwise useful. And then there's products like NFTs that are created because it sounds cool and seems like it might maybe somehow be useful. Very few successful products are created this way.
I mean I see a possible purpose in NFTs by using them as an alternative life time membership, so you have them bound to the blockchain instead of an account and have them transferable through that. Which while technically being possible using conventional methods can be a good way to make memberships more open and transferable. However their utility has to be guaranteed and it should be a company big enough to support it.
Or you could use them as an alternative ownership/share document, so instead of using regular stocks having an NFT function of one and giving shareholder benefits. Of course legal framework is necessary here as well.
@@ogge8375isn't that just the concept of the block chain as a Distributed ledger?
it's actually worse than that: they don't even own the digital asset: they just own a link, a string of character thatpoint toward a picture. not the picture itself
That's not how the blockchain works
it is 💀@@Gormezzz
@@GormezzzIs it a simplified explanation? Kind of. Does it capture the gist of the thing? Yes.
@@galacsinhajto true. It would be cool if everyone understood the blockchain though.
this isn't always the case, it's just what most people believe to be true
The only NFT that work is Valve's Steam Market like CSGO. And they even win like 2-5 year before NFT even there lol
When NFT first came out a couple of my buddies told me to help them invest in NFT and I refused. They laughed at me and said they will be rich in a few years time. 😅 Boy-oh-boy ... I might not live in a mansion and drive a Nissan Skyline, but I am sure I didn't lose any money in NFT like my homies did.
We need a wall of shame for every celebrity that advertised NFTs not too long ago.
Not to shit at our crypto bros
But buying Jpegs for huge amounts of money like they are freaking pokemon cards and then go Pikachu face when they tank their value is just too funny to not laugh at
Nice I wish it was possible to short them (aside from rugpulling) because I saw this coming from the start lmfao.
The only current viable utility for NFTS is the sale and transfer of event tickets. It is a receipt that can’t be forged or copied.
I still remember that one group that essentially was using them as a bonus for going to an event, like it was those little drawings done at free comic book day events, but digitally, and it didn't cost extra or anything, that was honestly the only good usage I've heard of. They were just doodling monkeys as a bonus for going to the event, that's actually fair enough, they weren't meant to hold value except to the recipient.
My mom got an NFT as part of an art project, you went to a website and made a screenshot of a moving 3D object and it was made an NFT for you. Pretty cute.
Muta implying that NFT’s were worth something in the first place.
as an amature 3D artist this brings joy because there will be no digital mona lisa worth as much as the real deal
simple and informative thank you
The receipt analogy is actually really good. A lot of people still misunderstand and think you own the picture, but really you only own the reciept that corresponds to the picture, and when you think about shopping reciepts, you can wave around a reciept saying you bought a rolex but no one will care unless you actually have a rolex. So yeah, nfts were always stupid. Crypto has some benefits compared to gold based currency but nfts are nothing.
And it's not even a receipt showing that you have purchased a Rolex. It's a receipt identifying you as the purchaser of a sitting spot that is identifiable by the fact that there is a Rolex there. But the receipt comes with a picture of that Rolex, for easier identification, and so many people don't really read the actual fine print and just assume that now they own a Rolex (and they assume that they can probably flip that Rolex for a lot of money down the line). If someone else puts on the Rolex, you can't do shit about that, since you never had any ownership of the Rolex to begin with.
that could not be further from the truth. you actually have no clue what an NFT actually is. cuz its definitely not the picture lol. NFT's are just as valuable, if not more valuable than a regular crypto. actually, the fact that you think they are significantly different to one another shows your total lack of understanding. the picture is the least important aspect of an NFT.
@@L7Fx my brother in Christ did you even read the comment
lol uh obviously? you said that crypto has a use case, but NFT's are worthless. that proves you dont know what your talking about at all because they are one and the same. @@jblen
@@L7Fx they both use blockchain technology but they are not the same. Crypto is fungible, nfts are non fungible. All currency in one coin is worth the same, nfts are individual assets. Maybe read up on it yourself before you throw your money away
I don’t often enjoy other people’s misery but oh boy I love this.
I love that everything you say and how you say it is the way I think!
great rant bro. love it
Imagine yugioh but every single character is the dark magician with different hats, colors, and expressions.
Holy shit, take my ether!
As someone with subtle knowledge in gamemaking and a lot of rigging/modelling knowledge I can easily tell that you cant simply drag and swap a model into another game. Different games EVEN ON THE SAME ENGINE might work completely differently unless they use the same unified rigging system for said engine. Various games, especially on the unity engine requires modification of models if you would like to move them over to a different game. You would have to rename bonestructures, redo animations probably. So yes. Blockchains wouldnt really make this completely doable. And then there are copyright problems. If these models where frequently shared around there would be even more ripped models floating around the internet than there is already. It would require the full co-operation of every game and for every studio to join up to have teams dedicated into porting models and assets over for the pure reason they are tied to an NFT someone would "like to use" in the different game.
If anything, blockchain would probably make this whole thing *even harder to do,* because on top of everything you've described one would also have to attach the whole blockchain system to actually manage the model/skin migrations based on NFT ownership. But (purely hypothetically) if we already had such a wonderful coordination between multiple companies and model/texture cross-compatibility infrastructure between several games and/or game engines, why do we even need blockchains at all in this equation to begin with?
And as a game developer I can confirm that you'd have to make each item from the ground up.
Obviously you're not just going to move the NFT to another random game and expect it to work. a designer or programmer will still need to implement the NFT and create a representation of its metadata within their own game for it to actually be usable between different games. you might have an NFT of a banana in one game, but when you move it to another game, that NFT meta data could be represented as a machine gun in that game. someone will still need to do the work to create an item out of the actual NFT.
but the beauty of the world of cryptocurrency that 99% of people are too stupid to realize the importance of, is the fact that it is permissionless. you dont need authorization from anyone to participate in the development of a project. you can utilize the assests how you see fit. no one will be able to tell you not to make something a certain way. once the infrastructure is actually built up and the first few games pop up with full crypto capability, people will actually begin to understand what permissionless and open source actually means.
the NFT is NOT just some picture. the "picture" is just a URL that was saved in the metadata that represents it. It's literally the least I'important aspect of an NFT. what an NFT ACTUALLY is, is a token on a ledger that has every transaction and movement of it recorded. what that token is is totally limitless. it can be anything you want it to be as long as someone is able to code it to behave however they want in whatever environment they want.
an NFT cannot exist outside of a blockchain.
@@L7Fxfound the incel
@@L7Fx 1. What would that accomplish to be interesting to players?
2. What reason would a developer have to want to spend time implementing that?
3. What stops a developer or anyone involved in that chain of command from at any point deciding that what your NFT links to is now either worthless or removed from the game outright?
the title brings my black heart such joy ❤️
I was told a few years ago during the nft craze, "you just don't understand nft's, that's why think it's a scam". ... NO, I understood EXACTLY what they were and glad to be proven right.
Saw some dude coping about how "But this NFT is worth $20,000 USD" and some dude pulled up (literal) receipts and showed how that specific NFT entered the market at $140K USD
Yeah it still has worth but any stock broker that experienced that kind of loss would be taking the wireless elevator to the ground floor.
you can always buy some Steam inventory items, especially ones you can't use like the Glitched Circuit, if you want a cheaper NFT experience
The metaverse is nothing more then playing the sims but with a 500.00 head set
Long time fan since the the dark side of the net. Big ups bro.