The NFT Market Is Collapsing, Internet Celebrate, Gamers Mock Greedy Game Publishers
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- Опубліковано 3 тра 2022
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SOURCES
1: / 1521536968856801280
2: www.wsj.com/articles/nft-sale...
3: / 1501931043200266242
4: www.forbes.com/sites/paultass...
5: trends.google.com/trends/expl...
6: / 1521506094568333312
7: / 1503458126548422662
8: www.ft.com/content/46349496-7...
9: www.ft.com/content/e5298295-8...
10: www.hd.square-enix.com/eng/ne...
11: kotaku.com/nft-market-collaps...
12: / 1521897135783956483
13: www.vice.com/amp/en/article/v...
14: indianexpress.com/article/tec...
15: www.artnews.com/art-news/news...
16: www.protocol.com/fintech/bore...
17: www.theverge.com/2022/3/29/23...
TOP PATRONS
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[BIG BOSS]
- Coopster
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- Sarano
[BOSS]
- Charlie Galvin
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[LEGENDARY]
- BattleBladeWar
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Meanwhile at Square Enix...
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TOP PATRONS
[CIPHER]
- Joseph Lavoie
- Mick
[BIG BOSS]
- Coopster
- Devon B
- Jonathan Ball
- Sarano
[BOSS]
- Charlie Galvin
- Gerardo Andrade
- Michael Redmond
- Peter Vrba
- Time Dragonlord
[LEGENDARY]
- BattleBladeWar
- D Kurtti
- TacoBell Call911
- Theron Webb
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You know something is scummy when EA won't even go near it. They atleast knew this whole nonsense wasn't worth even attempting.
Square enix and ubisoft on the other hand...
Theres different between Smart Greedy company and Blind Greedy company
And Sega and Konami.
Ea is scummy but somewhat smart. They at least realize when something is not profitable
EA has a long history of scamming people, A scammer recognizes Scammers.
@@hayato1886 You have to give at least a little respect to the fattest flyable vulture. It's still gross to look at, but...
NFTs never began. We just had a bunch of rich assholes and scam artists trying (and failing) to force the shit on us.
Well you always going to shave this problem since we live in a capitalist system always watch out and do fall for their bullshit or bullshit that are made to distracted us
@@USSAnimeNCC- 'CaPiTaLIsM MaAaaaaaaAN' Meanwhile socialist countries are either starving or live in dispopian nightmares where greed has only been exacerbated, likely a combination of both as plenty in China live on rats and emaciated dogs. STFU commie and go live in a commune.
@@USSAnimeNCC- all modern societies rely on basic capitalism. What we should be doing is trying to separate business from state.
Like Gary Vee
@@xirochamber5863 Like those rich assholes and scamming artists wanna separate shits lol
These NFT-pushing millionaires and companies have been calling us all idiots from the start.
The truth is most of us aren’t idiots. They just want to guilt trip us into falling for the scam. Once you do, they’ll congratulate you and pat you on the back, for being the idiot they wanted to make out of you.
Don't underestimate how fucking important this is, not only for the gaming landscape but also for the GPU market! Most of these fucking NFTs run on Ethereum blockchain and are directly linked to the fucking mining. If most of the miners go fucking away, we will have a normal GPU market again!
And once again, a HUGE punch in the face of this trend has been delivered by Steam. Praise Lord GabeN my friends.
As a new member of the master race, Never been happier to be a part
Doesn't even matter if NFTs die crypto as a whole will continue to put stress on the computer market
@@MudkipPog But they won't have anything to buy. People will hopefully start to realize how worthless it really is.
Right! Bring back the GPU's!
@@suicune2001 exactly, NFTs were an attempt to make crypto appealing so that the first investors could earn millions inflating the market. Removing the NFTs and the “play to earn” games and the metaverse, and mining will start fading away.
NFTs in nutshell: _Evil cannot create, only corrupt._
That’s humans as wel
I physically cringe when I see that 'quote', it was being spammed on the lord of the rings trailers which is the height of irony because its not even in the books, the closest is;
“The Shadow that bred them can only mock, it cannot make: not real new things of its own. I don't think it gave life to the orcs, it only ruined and twisted them, and if they are to live at all, they have to live like other living creatures.”
@@jadeparrishh yeah because humans have never created anything huh
That's why I still have faith in Capcom, Disney, Warner bros, and Troy baker. They're still good people, they just got manipulated by these things
my favourite are the ones who bought the dmaina hurst nfts , they will nevr escape
Seeing NFTs collapse a slow and painful death really does put a smile on my face. Hope you're watching Square Enix, this will happen to you if you continue to embrace NFTs.
Lmao too late. They sold their ips already to Embracer. Now nfts are gonna die and all they can do is cry
@@KentzHodiono Already knew that. Hopefully Embracer can do something with the classic franchises than what Square did crap on them.
They already sold some of their best IPs for handful of quarters and some lint so I'd say they're already hating themselves right now
We need a revival of NFTs and crypto so that men can afford to buy a home before turning 30 years of age.
They're probabaly trying to salvage the situation right now. Hell, I wouldn't be surprised if SE is on its hands and knees in front of Embracer begging for those IPs back behind closed doors.
I hear it all the time that "we don't understand NFTs", oh believe me, I understand them. I just don't see the value in it. ESPECIALLY since people have incredibly high delusions when it comes to the tech.
I'll take your NFT JPEG for instance. What happens when the hosting site of your jpeg goes down? You own a link in a decentralized database to a website hosting your NFT, the Blockchain doesn't hold your image, it holds a link. That centralized website, hosted on some platform, may go down. And if it does... Your link becomes useless.
The Blockchain does not hold the data of what you purchased, just a receipt to the link of what you purchased. The problem with NFTs, is that it only works while the game/service is running. And if you think companies will allow NFTs to be transferred to the next game, you obviously haven't paid attention to sports games...
I'll clear it up for you. The value in NFTs is that it's a very effective way to scam OTHER people out of their money. No matter what the cryptobros are saying, that's ultimately the goal: to get some OTHER sucker to take this worthless jpeg off their hands so they can flee with their money and never look back. They'll tell you as much in rare a moment of honesty or in the heat of the argument.
They act like they're regular joes making an honest profit, but that's not the truth. You're dealing with the kind of person who sincerely thinks that if they can TRICK someone into giving them money, that's a fair deal. That if someone is enough of an idiot to buy this crap, they deserve to lose that money, and the seller deserves to rob them.
It's in their best interests to specifically not tell the truth because that destroys the facade. It's confusing and opaque because they're trying to scam you, and if you knew the details you'd never fall for it.
It's like buying the proof of ownership of the original Mona Lisa, except you don't then get to take it out of the gallery it's housed in. And then the art gallery it's housed in burns down, and the painting is destroyed. And all the art galleries in this analogy are soaked in petrol and lit by candlelight.
@@tbotalpha8133 Even then, you're not buying ownership of the Mona Lisa, you're buying the display case it's in. The NFT URL may not be changed, but the host could remove the image originally on the NFT and place an identically named image into the same location and as long as the URL matches, that is now what your NFT points to. So you think you bought ownership of the Mona Lisa, but if someone were to swap out the painting with a copy of goatse, you now own a display or early-2000s internet shitposting.
What? NFT's are downloaded to a device that you own. You can hold NFT's on your own hardware. That's the entire point of them.
@@WardenOfTerra No, you download the JPEG, but without the Blockchain, you have no proof of ownership and scarcity. The N in NFT stands for Non, and if you can simply dublicate the NFT, it no longer becomes an NFT by very definition.
I was really into NFTs last year, until I realized how easy and quick it was to make them…(5mins maybe) when I started minting my own is when I knew they were doomed, because the market would always be flooded with more NFTs on a daily basis than could be purchased and that’s not even factoring in people reselling ones they had already bought.
Yeah, it's a waste of time among other things. Oversaturation and a lack of general interest + the fact they are destroying the environment = a failed concept
@@Hauntaku Not to mention that the NFT's are scam's. So yeah, they are scam's that finally led to it's collapse.
what a terrible piece of logic. I was really into photography, until i realized how easy it was to take a photo, i can do it myself.
ANYBODY in any financial position that ever recommended investing in NFTs should be fired instantly. If they're THAT stupid, they can't be trusted with any amount of money.
Sadly a lot of people with financial position care more about the profits of the company instead of the client. like when you let a bank invest your money it can take years and years to make decent profit or any at all.
Most of them are illusory guru "entrepreneurs" so there's nobody to fire them, they're their own bosses. And why do you think that is? Nobody in their right mind would ever employ Gary Vee, any employer having a 5-minute conversation with the man would instantly understand he's a smoke vendor, and those don't make good employees.
@@drawgam2946 Erm, yes, that would be because sensible investments take their time to pay dividends.
Thing is, for investment firms and super rich independent investors, crypto _does_ tend to be a good investment. They have the capital to get in and out with relatively low risk. In fact, they're more often than not the ones engineering the pump-and-dump.
It's a train of rich people making each other richer off the backs of fooling the less wealthy into thinking they can get rich too.
If you don't know what your talking about don't comment at all . I own nfts backed by physical assets held by brinks security that have increased in value 100x and still are appreciating in value . You don't think that's a good investment buddy , your clearly not an investor of any sort . You invest in big Macs I can tell .
I've never heard a gamer say "man, I wish NFTs were in this game." Not ever.
Sadly, I have
Similarly, I've never heard an artist say "I wish selling my work as an NFT was easier." All of the artists I know want nothing to do with NFTs, and the only people mentioning NFTs in relation to art are non-artist crypto-simps who want to use artists the way beef farmers use cows.
Nobody actually wants NFTs to use them. They just want NFTs to get big so they can sell the ones they bought for a profit and get out. They exist solely to be sold from suckers to other suckers: they provide no value as a product outside of being sold. It's like a parody of speculation driven investing: actual money for nothing.
@@WizardosBoz I'd say that person needs to hand in their Gamer Card (tm)
Back in the 90s I never heard a gamer say "ah man, I wish this game had 4k textures and a battle royale mode."
Toshiro Yamada But you heard them say "I wish this game had better graphics and/or had more modes." So get out of here with your false equivalences.
When it comes to most things, worth can actually be said: "It is worth something." That being emotional or money worth, that depends.
When it comes to NFT:s, "worth" really comes with quote marks.
When you ask what something is worth and the reply is "What is 'worth', really?" you should walk away immediately.
These news deserve a giant, humongous, massive
*"TOLD YOU SO"* To all cryptobros out there.
At last we have good news
What do cryptocurrencies have to do with it.
@@GarethOfByzantium crypto is also going down big time
@@GarethOfByzantium nft craze allowed some of the big holders of crypto to cash out, cause some people cashed in to buy ntf. Nft and crypto are intrinsically linked now, whether u like it or not
A classic case of endless supply, but no demand, leading to this massive depreciation.
They really should have seen this coming.
Ah yes that short-lived scam 😆
@@akatoshslayer7599 a single NFT might be unique, but considering the fact that they would keep making them for as long as possible means that the supply of monkey NFTs would be never-ending.
@@DanielFerreira-ez8qd oh no, you explained the joke. You don't explain the joke! You never do that!
@@akatoshslayer7599 And why would we want to pay exorbitant amounts of money for a jpg file?
@@stupendously_silly
I invoke Poe's Law.
WAS Akatosh making a joke...?
Watching out of touch billionaires lose money from their own greed and buffoonery never fails to make me smile
Love your username.
Aaauuuuuuuuuuuh
What about middle class who lost their college money?
@@caiooca5793
I doubt that any middle class bought jpegs for 2,2 Million $.
@@caiooca5793 Make dumb choices, get dumb rewards.
I love how the news article puts decentralized finance in quotations, as it absolutely should be
"Interest in NFTs and Metaverse is falling fast" - Was anyone every interested in the metaverse??? NFTs sure but the metaverse garbage?
That said, I would give it say 2-4 years and NFTs will probably be a hot topic again
This is sooooo satisfying. Just yesterday one of my old classmates who is a "millionaire financial life coach" selling "classes" to people to teach them how they too can be "millionaires" posted how she's excited to learn more about NFTs as another "great high-growth investment." The timing is just precious.
Those people make me sick 🤢
The people buying those classes probably end up losing a lot of money while she's earning a lot of money by selling those classes. It wouldn't surprise me if she doesn't even own any NFT or at least not many or expensive ones and just earns money by selling those classes.
Not really though. They got to just watch from afar with us. I hope they pull through so we can make fun of them :>
Pshhh tell her nothing, also you could invest in her downfall you win something more while it happens
Thats basically opening mortgage just before housing crisis but much worthless
Makes me happy that steam buckled down and banned NFT games on their platform too, we don't want them. We want to play complete games for fuck sakes.
What the hell is an NFT game? I'm clueless as to how these companies were going to try making money with them.
@@JohnnyShagbot Non fungible tokens, basically a digital recipept for a digital item (ex. Photos) and the whole gimmick of it is that someone can own that image on a block chain, and despite other people who can screenshot the image "it's not the same image, because the digital reciept says so".
But people are using this "tech" mainly for scams and rug pulls.
@@JohnnyShagbot Some of them seemed to offer a creature collect/fight thing, using the NFT creatures, but others, im not sure...
@@MTNDEWGANG No I'm aware of what an NFT Is. I don't understand how one makes a fuckin video game out of that nonsense.
@@JohnnyShagbot Selling you ingame items and area Plots. Look AT your precious Real estate you can liv..... Look perfectly.
I couldn't imagine being the a head of a gaming company and decided to gamble the entire companies worth on jpegs. Honestly every person who greedily dove on this train deserved what they got. NFTs was just gambling with extra steps all of which were moronic.
you are referring to the game system built around the technology, i agree, that current implementation is manily cash grabs. However NFTs WILL make their way into mainstream gaming, just not as their current incarnation
The fact that this scam is named something that goes against its digital nature - in that it suggests "there can only be one owner" when the basics of it being digital means it can be copied literally infinite times and given to an infinite amount of people - makes me wonder if the inventors of the name had thought about the meaning at all or if they knew it's a complete lie.
how so?
@@theeldergeek7800 If I understand it correctly, the claim is that buying this "something" makes you the owner, but since it's digital, at least regarding pictures, people can just copy/paste it onto their computer for free and be just as much "owner" of it. The only difference is they didn't pay for it.
Non-fungible means you cannot return it to get your money back or negotiate a substitution if you don't want that specific image or digital good, and if the file gets corrupted, too bad, you gotta buy a new one as it won't be replaced as part of the price.
I realize most purchases function the way of the second paragraph unless special exceptions are made, so it's mostly the "pay-to-obtain vs. copy/paste-for-free" thing that I think is the bigger selling point that I reckon the inventors and sellers don't want you to think too hard about depending on what the product actually is.
As someone who has found some of his art in Open Sea once and took over two weeks for them to deal with my situation, you have no idea how much joy I have in seeing THIS market crash.
NFT's ?? I'll rather put my money in something profitable like Bitcoin.
Successful people don’t become successful overnight. What most people see at a glance-wealth, a great career purpose is the result of hard work and hustle overtime.I pray that anyone that reads this will be successful in life.
You’re right the importance of multiple streams of income, unfortunately have a job doesn’t mean financial freedom and security.
Investing in today is priceless because tomorrow isn't promised, trading Bitcoins,gold, silver and crypto secure a better Tomorrow.
Am investing in crypto now.. the dip is a clear sign for new investors to come in..This is absolutely the best time to buy and Invest.
Earlier today I read an article about some frenzy over the weekend of people buying Bored Ape virtual real estate, and paying $6000 in fees to do so. And all their virtual property is already worthless.
Its a beautiful day to be an NFT-hater.
I think you meant It's a beautiful day to be a sensible human being.
You're correct. over $245,000,000 in sales within 2hours. Some even paid the fees, but failed the transaction and got nothing. Earlier today it was announced those that failed the transaction had their fees refunded.
Its worth noting, ETH is known to be terrible with gas fees, but not all network chains have (mining) fees that high - some fees can be
I pray to Sky Daddy everyday that Bored Apes goes to bankruptcy, but I would hold your breath. Mark this: Like it or Not, Blockchain (and thus NFTs) and the Metaverse will be your new way of banking, Voting, Identification, Eduation and other basic society functions. Unless 5G manages to Fizzle out, There literally wouldn't have been another reason to Move legislative "Moutnains" to grant permission? The only thing that makes sense about Crypto even being something "everyone knows about" now Is the transition to the Digital Based economy. Where A.I, Robots, Algorithms and Drones replace Most of the working class, These bots will Pay each other.
All this by 2030 At the latest. I say the "Party" starts up again for the stocks and Crypto in 2024/5 to hit an inflection point by 2030.
I am convinced that the majority of the value moving back and forth is money laundering schemes. The rest is naive bandwagoners who thought they were gonna make it big.
@@royedwards2366 It's a beautiful day for not scamming
I liked one lawyer's description of them: "If there's no associated contract, then there's nothing to present in court. If there's nothing to present in court, then they're worthless."
NFTs in the form that they gained their notoriety for were never going to last. The tokens don't contain the actual artwork, just a link to it, and it conveys no rights to the artwork that it links to.
Are there use cases for NFTs in gaming? Yes, but not in the forms that these companies have tried to promote. The uses where they'd make sense are going to be in things like security and transaction verifications - things that the customer isn't going to be interacting with and thus don't need to have promoted. The way companies have tried to advertise NFTs in games is pure greed, trying to get on a hype train that didn't even last long enough for them to get even the slightest bit of excitement.
THIS, so many times THIS. i wish more gamers would understand the underlying technology is brilliant. It's current implementation is horrible
Thank god, nothing like seeing the gaming industry eating crow for once.
Praise god. The people has spoke with there wallets.
eating crow is a new one for me. funny that these companies pushing for nft garbage are getting screwed
Add crypto bros and hopefully their favorite celebrity Elon too
Also I don't buy the Elon will make Twitter more free it just going to be the same shit or be worst dude has become a politician but one that run a company not a state
KFC- Kentucky Fried Crow. 🤤
Ah yes, the only avenue men had of being able to buy a home before turning 30 is dying, and you're happy about it?
This feels like a fad. Like it went as soon as it arrived. What an absolute lowpoint in gaming. Thank god it was short lived.
Eh not really. Fads are supposed to be extremely popular for a short time before dieing of. NFTs were never popular, except by scammers who wanted to make a quick buck with it. No average person ever gave a shit.
Finally back to lootboxes an horse armour
@@EskChan19 that's fair. I guess it was more like a cringe attempt at a fad and all they did was look like idiots.
@@EskChan19 Technically speaking, the fact that NFTs were so widely known somewhat counts as a form of popularity, even if it's mostly negative.
It was absolutely a fad
An NFT is nothing more than a receipt saying you've bought something. No idea why people thought these would be a big deal.
So good to hear this!!!!!!!!!!!
Ironic, isn't it, that Square Enix sold their Western Division so they could try and make a move into the NFT apace, oh how i do love when a curve ball like this happens and spits in their face, life is good :)
They gave up legacy of kain for this stupidity.
@@xandan1668 Hopefuly its in better hands now. With a publisher that will actually do something with it
@@xandan1668 Tell me about it but Square Enix never cared about it anyway so maybe it will be in better hands now
Shhhhhhh. Don't tell publishers that selling their IPs to studios who will make good games out of them is a bad idea. I would love more publishers to follow square enix's brain-dead decision.
To be fair that division hasn’t put out a good game in a few years now.
Japanese EA sure made the right choice selling off all those beloved IPs to Embracer.
Nah, that was Square Enix. They aren't great, but Konami is the japanese EA.
Square wasnt doing anything with Legacy of Kane or those games.
@@EskChan19 Konami is that bad? I guess you not wrong there considering what they did to Kojima and their IPs
@@EskChan19 Konami is in a league of its own. Square is absolutely Japanese EA. The way they classified successful games as failures due to unrealistic predicted sales is incredibly reminiscent of EA gutting Visceral Games after Dead Space 3 didn’t sell like it was a Call of Duty game. The only plus to Square is, when they almost killed IO Interactive, they had the decency to release them and let them retain the Hitman IP while Visceral Games died mid-Star Wars development.
And don’t get me started on the amount of mismanaged, rushed, unfinished games Square has released over the past decade.
@@ProjectGameVerse Dude, Kojima isn't even the tip of the iceberg for Konami. They're on record as demoting ranking members of design teams, like art directors, to janitorial duty as soon as the art of a game is "finished" and leaving new hires without even a computer to work on for weeks and then docking their pay for not getting any work done.
Konami is very likely the worst company in the game industry (that we know of).
I kept telling people that NFTs suck and that they were trending down in popularity but a lot of people choose not to listen to reason.
The asking price for most things NFT was also insanely, unreachably high. They didn't appeal to the common person (especially we just went through a plague and the economy took a hit) with the asking price whatsoever. What a joke.
Someone from somewhere described NFTs best: they're like receipts for groceries you recently purchased, but keep the receipts and leave the groceries behind
Josh Strife Hayes?
Someone compared that to owning a marriage certificate but everybody has a go at your spouse while all you can do is watch
@@toblerone1729 wow so buying NFTs is like being Jack Murphy
But you don’t understand
I paid over 100 thousand dollars for this receipt!
It’s not actually that far off. The fundamental reality is that NFTs are receipts and nothing more. They are proof you paid for something, and the something you paid for is the receipt - for the right to say you paid for something.
Square Enix right about now: We have made a poor financial decision.
Imagine having to be the poor bastard who has to tell the execs.
Considering how badly Stranger Of Paradise bombed in Japan, they might be in serious trouble as a company now...
Also we tried to invest in NFTs
@@KittyKatty999 they have 14 lol
Let them suffer
This is so awesome - Reason: as many videos and articles I’ve consumed regarding NFTs, I still have no clue what NFTs are in a tangible sense. They seem to me to be literally nothing…like an idea that you purchase.
Great reporting /great news-Thanks Yong
Historically SE has gotten into trends 3 years after they have already died.
Progress. Now they cam enjoy the agony before the end.
Reminds me when they tough they could be a movie company instead of a game one and blew over millions in two movies that bombed so hard it bankrupted them. They are still around because at the time Enix was a separate company and merged with them.
They better invest those 300 millions into FFXVI, NieR, Dragon Quest or any IP of them worth a damn, because if not is gonna be history repeating itself and there's no new Enix o save them.
The CEO: It's the fault of the western division
@Asvolies Harvem Ah yes $144M will be spent for most shitty game publishings like the same Outriders, Babylon's Fall, the Avengers, Guardians of the Galaxy, etc. Only you goddamn smartass Square Enix fanboy can think of that picture of "fantasies" lol
@Asvolies Harvem We all want Yoshi.P to be the one in charge
I got friends who are into NFTs constantly trying to tell me how much it can help me as an artist. I told them we artists have been doing just fine without it ever since our ancestors figured out how to paint on limestone ten thousand years ago, why do you have the audacity to think that we need the help of something that’s only been there for a few short years and is already dying?
What is your art media, and how do you sell?
You got a link to a gallery or something? Would love to check it out
@@palynodie5 I’m on IG, same username as my UA-cam account
I wouldn't be able to have friends that are that stupid lol. You need higher standards.
Your friends are trying to tell you that there is/was? a market of greedy speculators and greedy noobs who buy .jpg files from speculators for $1000, $5000, or $10,000 a pop and try to resell them after a few days for $10 million.
It's no different from the old tulip bubble of the 1600s. You're only buying it because you want to sell it for more later... but there's no inherent value in there. WIthout the belief that you can sell it to someone else for more later, there is no reason to want an NFT. As soon as the bubble starts to pop, that reason to buy is gone, which removes the demand for and therefore the value of the NFTs.
All I can picture is the hotel scene from dumb and Dumber where the bad guy opens the briefcase to find IOUs instead of money.
"That's just as good as money sir. Those are NFTs.."
Square Enix selling highly regarded IP's on the cheap & throwing away 300 million into the collapsing NFT market... *I have to laugh!*
For the IP's, it's their loss, and Embracer's gain!
The deal was also to relieve Square Enix of their debt not just their IPs
They actually made not that much profit on those ip, despite the big names.
Square western studio actually sucked at budgeting and making a profit. Which is very important in the world of business.
They also got rid of a lot of debt due this deal.
You know who else will be laughing all the way to the bank? The Embracer Group.
@@bigskypioneer1898 They actually have to make profit and manage the studios so another avengers tier failure doesn't happen.
This "fall of the NFTs" is honestly hilarious, people really don't learn how to identify a ponzi scheme
microtransactions are the same thing buying a nft to use in a vidoe game dlc was what they use to call them
@@bsbs6646 Yeah, and bottom line is NFTs and microtransactions sucks, along with greedy game companies. They basically ruined their reputation, especially Square Enix's ones.
It's all fud bro, buy the new Tulip bulb nft.
Honestly I expect an unironic Tulip nft was already minted.
Just idiots being separated from their money. Tale as old as time. Or at least as old as physical currency.
@@bsbs6646 no they aren't lmao
What a great news to hear in the morning!
Dude running Square Enix be standing in his dimly lit office looking out the window with this news regretting selling all those IP’s.
"Explain NFTs in a sentence or less."
"It's a scam."
"Scam or be scammed."
I got another answer:
"Helping men move out of their parents' homes before turning 30"
Ponzi scheme for the modern era.
@@akiranatsume3501 Damn bro, you've been posting this in reply to several people now, have YOU moved out of your parent's house yet? Where's your millions of NFT-bucks bro? It's the same as buying lotto tickets, just because some random guy hit the jackpot and is set for life, doesn't mean you should dump all your money into buying lotto tickets like an idiot.
@@akiranatsume3501 Ah, I see. So you *DON'T* want to help Women move out of their houses. Nice to know NFT bros are sexist like that. :P
@@akiranatsume3501 I got a better answer:
"Helping greedy, exploitative scammers line their pockets by tricking gullible fools into thinking that nfts have value"
Square Enix really played themselves this time. I give them the medal of stupidity, the highest reward a company can get
Imagine selling good game studios, to get more money for the NFT scam. They did really play themselves this time.
@@aahzmandiaz2767 seems it's more a recovery from Avengers 200m loss from what we've Seen so far.
@@aahzmandiaz2767 they werent using then anyways
@@TheMaxCloud That is very true. Sadly.
I think the Darwin Award is a higher honor but the prerequisites are a bit different.
The Bubble had to have burst at some point. What better time than now.
It’s nice to hear some good news.
I just love how as soon as they sold the rights to tomb raider, legacy of Cain and deus ex is irony at its best
Now if only Square Enix can look at this and change their mind about NFT.
Or knowing our luck these past few years, they’ll abandon games altogether in favor of NFT’s out of sheer spite for all manner of consumer and common sense.
They either go bankrupt on this or even more worse than their nft's is going the konami route.
@manny022
If Enix goes under, is it legal for them to take their IP’s with them without selling them to ANYONE? Salt the earth around their grave so to speak?
They won't. They are to blinded by the dollar signs that will never come.
@@nexusprime2487 I guess that's why Square Enix is settings itself up to acquired by a gaming studio there's a good chance it could be Sony.
Yep got out of NFT(ecomi among other NFTs) last year because I saw no value into it. Now it's just sad seeing retail investors still hoping things will turn around(bag holders) and attacking anyone calling it scam, Oh well.
What do you bet that graph they have shown about NFT "doing well enough" was zoomed in?
NFTs were a great idea... for the opposite reason these companies were hoping for.
They have almost single-handedly helped us players discover which corporations actually care about their playerbase/IPs and those that would burn their entire reputation and goodwill for a quick buck. For once, we didn't have to get burned by a purchase to find this information, just let some moronic executives display their true colors in several PR statements.
I welcome the fall of both NFTs and every game-related company that invested into them.
I, for one, love what's happening. Between this and the recent string of high-profile live-service failures, it's looking like AAA gaming is inching closer and closer towards an industry-wide crash that, quite frankly, is long overdue. Let all of the greedy studios and publishers burn, and let the handful of decent AAA studios and the indie devs build snowmen with the ashes and lead us to a new gaming renaissance.
*EA getting sent to the caring table after calling NFTs stupid* "well..um..yeah..this is a first...."
Obsidian:"didn't you like, murdered people?"
EA: "ye-yeah..um.. I-I am just has confused has you."
Waiter: "sir would you like love and support with nice glass of thanks today."
EA: "u-um-ye-yes see I- um well- help!!!"
I think it's less which ones care about their customers, and more the quick buck part. As mentioned, EA hasn't jumped in because as horribly evil as they are, they're not morons. They know their IPs are more valuable in the long (and probably short) term than NFTs.
If anything this has been more of a measure of which companies have been secretly being run by unstable idiots all along.
@@TheGeekRex There are definitely more bad news than good at this point, but either way we are seeing the true intentions behind the fools who run these corporations laid bare.
The only thing I'm worried about is that I might not have enough popcorn to last this entire dumpster fire of a situation. 😂
this is what EA SE and BLizz want you thinking.....welcome back to the cash shop friend, and buy this XP boost while you're here.
Tbh I'm grateful to Square Enix that they sold off all of those studios and IPs. Their greed has managed to do an impressive amount of good for the preservation and restoration of quality in Gaming.
All by getting those IPs out of their hands.
My hope for the future is that it doesn't stop at NFT's. For this to continue until microtransactions and lootboxes are vivified too. I feel like that's a bit too much to hope for though...
Thanks Yong, you are still one of my fav news sources that is usually better then most paid sites out there.
NFTs themselves getting stolen? Sounds like they managed to completely miss the mark when they decided to call their Tokens "Non-Fungible"... Should have called them 'Fungible Tokens' instead!
At this point now, anybody who tries to continue with the NFT shit is just gonna make themselves into complete clowns. These game companies like Ubisoft and Square Enix hyped up that NFTs were the future and now it's all crumbling down because in the end it was just another crypto fad doomed to be lost to history.
Someone give Sega the memo
It’s not a fad they just using nfts for the wrong reasons
Sunk Cost fallacy is at play here. Square Enix will probably triple down because they have no choice - they've put too much into it already. Same with Ubisoft.
@@TheScarwulf What would the RIGHT reasons be for NFTs though?
And by that, I want you to give me something that doesn't already have a cheaper, faster or otherwise better system.
@@OzixiThrill I've asked that exact question to dozens of crypto-simps and have yet to revive a straight answer. Even other classic speculation bubbles were based in something that at least had a practical use: housing has a practical use because everyone needs a roof over their heads, tulip bulbs have a practical use because tulips themselves are a high demand flower and one of the main agricultural products of the Netherlands, even the original Ponzi scheme dreamt up by Charles Ponzi himself was based in a quirk of the postal service that was basically that era's equivalent of international Forever Stamps. NFTs seem to be a case of the guys pushing them saying "You need them because we say you need them, they're valuable because we say they're valuable, and they're useful because we say they're useful" and expecting us all to follow along and feed the bubble without them actually demonstrating value or showing us any use cases. Just like how really shit movies go straight-to-streaming NFTs skipped the part where they were a legit technology/consumer good and went straight-to-speculators. They tried to play us for fools, and thus they became the first people to lose money by underestimating the intelligence of the general public. NFTs are the answer to the question "What does it take for a product to be too dumb to succeed?"
I knew it, it's a similar scam like that made with coins 30 years ago and "retro games" occurring right now; both derived from the tulip bubble created in Holland some centuries ago. Karl Jobst made a good video about the "retro scam", it's unrelated (apparently), but the system is the same: early investors (generally rich people) make big transactions creating the impression of a profitable market, then common people jump in, the early investors sell their products at higher price and then the bubble explodes.
This sparks joy ✨
The whole NFT thing may have been a huge waste of time and money but at the very least it gave us Saberfart
Ha yeah.
Ah. A fellow man of culture i see.
Truly the biggest gift they have given us
Nioce.
is it available on youtube?
The fact this came right after Square Enix sold off so many of their Western IPs to invest further in NFTs and the blockchain just makes this even funnier to me 😂 Hope you're proud of yourselves as your empire turns to dust, SE
Actually, it lasted just long enough to free those IPs from the sad, stinking carcass of Square Enix.
@@TrueDiox I would agree with it. What NFT's did to Square Enix was surely ruined it's reputation. Not just Square Enix, but Konami and Atlus also went greedy.
Implying Konami had any reputation left
I've been a pretty loyal fan of Squaresoft, but I hate monopolies. I would rather see many independent gaming studios instead of a few companies buying up all the studios they can get their hands on. This has been a big problem with Square. I was happy to see them sell off some of their assets, but not because of NFTs. I want these other IPs to have a chance to thrive again outside of SE's shadow.
There's nothing funny about that. NFT's could end up becoming massive in Japan, as it fits their digital culture.
Oh how the turns have tabled
No way! I didn't know bubbles could burst!?
Square enix: can we get our ips back?
Embracer group: "laughs in money"
Thats the thing, you can only sell something if the market is willing to buy it. Its the market who ultimately decide if your product is a success or a failure.
Basically arguments i (B) experienced with NFT defender (A) :
A: "Well i have the original.. "
B: "So..? "
A: "Well i have the original, something that used to be owned by... [Insert random influencer name] Blockchain not lie...nothing likes it.. "
B: "Does It gonna improve your health? Does it feed you? Woman will aproach You because of it? You going to put it in your trash house?
A: "it's all about exclusivity, this NFT will let you go to a yach party with fellow owner"
B: "Will you go to a yach party that cost thousands of dollar just to go there? With what a pajama you use everyday? "
A: you.. You.. [Proceeds to slurs]
I’m a solo indie game developer and I freelance, outsource and do contracts for other companies every week. You would not believe how many offers I get related to NFTs, blockchain integration stuff and all this other crap. I really hope to see the work offers lean away from that soon because I’ve declined just about every offer that has to do with them if I have to touch anything related to the topics.
*Salute of respect*
How do you get outsourcing clients?
Holy shit. If I was a professional artist working in the industry, I might have gone through the same thing.
@@AquariusBruh I've also been sent obnoxious emails and messages. Some people have also followed me just to try to get me to follow them. Those followers had "NFT" in their bios so I blocked them all.
"NFTs died due to a miraculous new invention: The Screenshot." - Greedy Publisher Investor Actions 2022
screenshot another players weapon/skin in a game. Their account owns it, your account doesnt
@@quanchu81 Digital marketplaces for in-game skins existed long before NFTs idiot. Ever heard of a little indie hit called TEAM FORTRESS 2?! Thriving for over a decade with zero NFTs and no plans to implement them.
I swear to Gaben the people who argue the hardest for NFTs in games are always the ones who know the least about games and what has been happening within them. You're like a doTERRA lady trying to sell essential oils to actual medical professionals with access to actual medicine. We already have something far better than what you're offering, that actually gets better results than what you're offering, and that we've been using for years. Why would we throw that away in favor of your scam of choice that has no demonstrable benefits to anything whatsoever outside of your bank account?
@@quanchu81
skins in a game and NFT pics are not the same
@@xelldincht4251 the NFT is linked to the owners wallet address like a skin is liked to an account. Theres no proof the nft you screenshot belongs to you (listed on blockchain)
@@xelldincht4251 And before he compares it to taking a picture of the Mona Lisa and saying it's equivalent to owning the Mona Lisa: I haven't seen a single NFT-original "art" piece that was even close to the level of a Garfield comic strip, much less something like the Mona Lisa. NFTs aren't even good enough art to steal or forge: that's why NFT bros have to steal other people's art to use as their NFTs in order to keep people interested.
The nft circle jerk is crumbling. Who would have thought!? It's not like most nfts were just being traded between a few speculators creating a bubble. Right?
The nft bros seem to think that artificial scarcity means value, they are ignoring the demand side and ignoring the fact that demand isn't one veriable but at least four (perceived value, perceived necessity, available income, and income confidence). If people don't see the value in something than they will not pay that much for it regardless of how scarce it is. Add to that growing economic insecurity and rising costs and your nfts are worthless.
I hope you refer to the current use case which is mostly trading images is bad, but as a technology it is very good actually. The way a user can generate/trade/store an object in a very secure way (yes secure, I blame hacking on marketplaces not blockchain technology itself) is something that was not possible before. This object can be anything not necessarly an image, it can be a weapon in a video game, a rare collectable in certain online platform, it can be anything basically. The only issue here is that all blockchain related apps including wallets are not friendly enough to attract the regular users, which is bad. Until this is resolved, I think it will be difficult to evolve.
This just makes what Square Enix did sound even more dumb than it already was
Economics 101: price is determined by perceived value, available supply, and demand for the product. NFTs are fundamentally flawed in terms of this rule because NFTs are practically worthless in terms of physical value, are so numerous to the point of most being just copies of the same thing, and no regular person wants them. It is all like baseball cards: they have value to the people who personally value them (a.k.a. collectors), but are not worth anything elsewhere. At least baseball cards are respected as collector's items, but NFTs are not respected at all outside of their dollar value.
You can make a baseball card out of any material and have any famous person sign it with ink they touched. NFTs are always made from electrons/code and no one can touch it enough to leave a physical impact and even then could be replicated to the pixel.
Yea, and NFTs are also bad for the environment. Not only are they useless they're actively fucking us over.
I agree with your point. Its basically like a social status symbol among a circle of people who care. Like the Fortnite galaxy skin was a thing
But also, value can be created based on the utility the NFT can provide. Some projects could send a physical item to represent the NFT or be used as 'proof of membership' to give holders a VIP treatment. sorta like patreons
@@quanchu81 Why would we need a super-scammy and environmentally disastrous thing that can be "sort of like Patreon" when we, you know, ALREADY HAVE PATREON? People aren't going to go with the objectively worse way of doing things just because it would hurt the feelings of you and your fellow crypto-simps if they went with the better one. Accept that you bet on the wrong horse and move on. NOBODY WANTS TO BUY YOUR UGLY APE JPEGS.
It's like prices for art except it's even more subjective and more complicated and even easier to replicate.
Funny how some Formula 1 teams picked up NFT Sponsors for this year´s season and now it´s all going down the drain. You love to see it😂
It should be noted those sales was a lot of so-called dealers doing insider trading, just buying and selling back to each other to drive the price up.
"A fool and his money are soon parted." - Thomas Tusser
Never has this been shown quite as vividly as with NFTs. Gotta love them scrambling for scraps for their JPEGs!
Not even JPEGs. Just a line of code that says you own a JPEG
@@Hauntaku I find it hilarious that they say it's the NFT that has the value, but nobody would buy an NFT if it didn't link anywhere. So by extension, it IS the implied "content" of the NFT that is really of value.
And since the content is externally hosted, anything "valuable" about NFTs is, in fact, not decentralized.
Also the blockchain and its contents are freely visible. You know that NFT that's all of that artist's work in a collage? You can go download the full resolution version right now, straight from the NFT.
"We're going to the moooooon!"
*Explodes on the launch pad, dies burning and screaming*
*Crashes into the moon, ends up slowly suffocating due to lack of oxygen, no supplies, no hope*
@@KittyKatty999 *Misses the moon, gets gravity-slingshotted into deep space, slowly both starves to death and dies of radiation poisoning.*
Attaching value to something that really has no value? What could possibly go wrong?
Well, as long you sell the it quick before the cliff you're good. Problem is, you can't see the cliff and it whole system is unsustainable.
That sales graph is beautiful. Seems like the "market" crashed over the course of about one day. Absolutely fantastic.
I bet the gaming companies just got SO spoiled by telling customers "look over here... buy this it'll speed up gameplay... buy this you'll look cool in multiplayer... buy this you MIGHT get the character you want to complete your team" that they honestly thought they could do it just one more time. One thing about cons - you have to know when to cash out because if you push the mark too hard, they'll figure out the scam.
this is so backwards its scary
feels good man
Got an ad for a website that sells NFTs during the video hahahaha
Reminder: Square Enix sold a bunch of IP properties for this market.
That's like an NFT Bro selling his car to get a worthless monkey JPG, except instead of a loser living in his mom's basement, it's a supposedly professional multinational company.
Hahahahahahahahahahahahahahahaha!!
Really quite valuable and beloved IPs at that.
I will also celebrate by taking a houghmungus Dab. NFT's are another tool to siphon even more money from the poor to the rich. Do well to remember all the celebs and musicians that shilled out this garbage to their fans.
Can we please get a list going? I know the guy who played the male protagonist of High School Musical was involved in some kind of "Create AI Voices that can replace Human actors" project, which he seemed proud of. Does that count?
@@AlexanderJoneshttps Serj Tankian suprised me but made me realize rich people will never understand.
@@KittyKatty999 Troy Baker backtracked after the backlash though
Never forget
You're actually happy that men can no longer move out of their parents homes before turning 30 anymore?
At first I thought the graphic was the logo of the Anacrusis
Music to my ears.
The company formerly known as THQ Nordic got some very powerful IPs at a bargain price. And they love doing re-releases and remasters of IPs they own-- like Darksiders and Amalur. If we see a Legacy of Kain remaster I'll be happy!
ikr, the thought of an updated release of LoK is exciting. I love Darksiders, as well, so when I heard the IP was in the general vicinity of it, I was happy. I was always disgusted that Squeenix had their nasty grip on LoK and the only things they did with it were shoving out a dead MMO and a thankfully-canceled piece of trash called Dead Sun.
To me Square Enix selling off primarily their western IPs is nothing but a positive.
They'll try NFTs, get burned because the market is already just a festering corpse, not have the sway and money to buy out a bunch of smaller studios and IPs, thus they have to focus on the things that built their empire initially while all of the IPs that were shelved because they lack the market appeal of Tomb Raider, Deus Ex and Final Fantasy finally have a chance to get some breathing room.
Game publishers are like the Mafia. They want to force you to buy what they decide, not what the customer wants. Would they be capable of violent force, they probably would.
Theyre definitely capable of violent force, they just haven't come up with a marketing spin to make it sound like a benefit to the "consumer" experience...yet
I just saw a guy with a license plate that read: NTF GUY
I wanted to thank the guy for posting a warning to humanity easily visible to others.
I recently wrote a journal article called "When the NFT Hype Settles, What Is Left beyond Profile Pictures? A Critical Review on the Impact of Blockchain Technologies in the Art Market"
I would pay to see Square Enix's reactions to this.
And they would happily charge you
@@HOTD108_ Exactly, lol
"Oh DARKNESS WITHIN DARKNESS!! We are in deep DARKNESS now!"
-Square Enix, probably
SE: THIS IS FINE.jpg
SE: "OK now fulfill your contract!"
The thing I love about games is that so many people can share the same experience, and work together to earn rewards and find Easter eggs. By making everything "non-fungible" in your game, I know the rare gold hammer is not going to drop from the end boss, because someone has already bought it for $100,000.
Yeah, nothing would make me not want to play a game more than that kind of bullshit
If this thing takes place in the gaming industry for real, I'll quit gaming for sure.
@@basthe90sman97 Support Indies that avoid NFTs
thats not how it works, you are equating poor game design with non fungibility. the ability to create non fungible tokens for gaming is great step forward. I fully agree it has been implement poorly across the board and it will be prob take years to get it right before they become the norm
@@theeldergeek7800 And here we see an NFT bro in the wild, attempting to lure preys to consume...
I liked the idea at start where NFT was more about selling artwork by Beeple for example, but as time went on NFT is just simply a weird place that is not making the "artist" behind the work a better reputation. To me as an VFX artist working on feature films feel its a sad place to see all hard working artist behind all great work not able to compete with all these "utilities with crap work" as a part of the investment.
Nfts were the bank account equivalent of natural selection. Now all my friends who invested in nfts wanna see my house. Likely surfing couches rn.
I loving how Square Enix is regretting their decision to sell their Western studios 😆
We all knew this was coming. It was only a matter of time before this trend was going to implode.
As a word to all those NFT collectors. Great job Trash Collectors, I hope you are proud of the thousands of dollars that you burned. There were many warning signs before that you pretended were cases of stupid terms like FOMO & FUD that make you look so childish. When you are all done playing make-believe, feel free to join the rest of us in the real world.
Honestly you cpuld probably play the market knowing it would collapse. Alot of people become rich quick in the start of all of these bubbles usually grifters
@@mandela7147 Too bad you can't short NFTs eh? But you're probably right. I also see a lot of shitcoins that explode in the first few hours to few days which probably creates a few intensely profitable individuals and a whole host of bagholders. Don't trust myself to get involved in any of those rackets though, and I have far too much self-respect to humour the prospect of shilling something solely for the sake of creating a Ponzi scheme.
@@mandela7147 That's very true. And a grifters "best friend" is someone who blindly follows any copy and paste Trash Collection scheme. Just look at all the dumpster fires like Earth 2 and its brethren. Projects that have no originality just cannibalize their rivals user base, and die when the "market" collapses.
I agree with FUD, but I thought FOMO was mostly used by NFT skeptics talking about what motivates people to get into the market.
@@KnakuanaRka That is true in the beginning but nowadays it's pretty much a "selling point" that scammers love using on Trash Collectors. Do I even need to mention dumpster fires like the laughably bad Pixelmon that no one knew what they would look like before they "hatched".
my friend got me into blockchain games and we experienced a rug pull we lost all of our investment, but still we didn't stop there we still tried investing to other blockchain games but no luck. I'm glad the money I invested on those shit arent big, definitely wont try doing it again...
I get a ad on NFT few months ago say owning your own animated NFT sounds like gif.
"BUT THIS TIME IT'S DIFFERENT"
Said everyone who invested in a bubble at any point in history.
NFTs, the tulip of the 2020s...
@@Seraphus87 But my Tulip has value real value unlike your stupid roses, you don't know what you're talking about bro, tulips are the future.