NFTs are a SCAM! (Part 2)
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- Опубліковано 23 лип 2024
- NFT Gaming Part 1: • The Future of NFTs in ...
NFTs games are basically a scam right now. They all look like some kind of terrible Roblox ripoff and aren't fun to play. All of the people playing them are horrible little crypto goblins that babble about revolutionizing gaming while trying to get you to pay into the NFT pyramid scheme. Also, NFTs will destroy the environment.
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There is literally nothing redeeming about NFTs. Highly recommend watching Folding Ideas video about them, it's an incredibly unsettling look into the NFT "community" and how it operates. Long story short, it is a pyramid scheme, straight up. That's it. I watched a good friend of mine get sucked into the Amway cult, and their pitch is pretty much the exact same. Everyone should stay far, far away from NFTs and everyone who buys them.
I get the thing about artists getting paid for their work, but they can also get paid without using NFTs & the thing of getting a percentage of each future sale may be able to be implemented non-digitally
They don’t even typically get paid, usually it’s just stolen.
It can’t be done without nfts. It is programmed with smart contracts
The % thing can't really be done with the current banking system
Non digitally traceable artwork is impossible without some sort of digital link to exist forever. Not saying nft’s are great is all ways but as far as artists goes, that is a good thing in a notoriously difficult business to be in.
That whole argument for NFTs is blatantly bs because artists were getting paid for their work far easier and faster before the No Female Tokens were brought into question.
Literally the only people buying and selling NFTs are just trading them with themselves or with the same people over and over again.
That's very true 😂
It's literally just a giant pump and dump
Speaking from experience, that is not the case
The environmental thing just makes me mad, and its really a reflection of how many jobs provide almost no value when you have people trading crypto and playing crypto games as possible career paths lol.
I read somewhere that really blew my mind about how we undervalue work such as fast food employees and retail cause we don't see it as "productive" when they in fact are because they're serving the community, even if it's small. Meanwhile crypto mining is just a bunch of people buying computer parts so they can make a fortune basically doing nothing. It doesn't help crypto mining has a pay wall to it, so people who can afford better parts can make more money. Yet people see them as "smart entrepreneurs" and "valuable members" of society.
@@korinoriz Its such a sad state of affairs
The world truly is backwards
Flow already uses less energy than an Instagram post.
We call these 'bullshit jobs'.
NFT helps well off people (or the rich) get richer and the poorer people buying them in the hope they get rich
yep, that’s why crypto ads and celebrity endorsements are going crazy now because rich people need more suckers to buy in.
If your response to the 2007/08 Financial Crisis was "There's too much regulation", then NFTs are probably for you
Thx my man 👍 Agree on the enviromental issue: NFTs (and the whole crypto scam business) simply hasnt got a place in the future, or even in the present. Politically it should be downright forbidden, starting with stopping electricity to the plants.
Besides that I get that Greed Is Good vibe, and charges handle.
Good grief, I had no Idea how much damage they did to the environment. Very troubling.
Almost as much damage as the videogame industry and printing cash!
Everything we don't like is bad for the environment. Convenient! Let's mine more lithium to build electric cars since we only measure and consider air-pollution. Follow the science and you'll know which stocks to invest in.
Once you've been trading enough you'll understand that literally EVERYTHING is a pyramid scheme at it's heart. Stonks, bonds, securities, dollars, and crypto. As for the environmental impact, I sympathize, but it isn't much different than using your computer to play video games, or using your phone, or charging a tesla haha
lol no they aren't. Stocks and bonds generate revenue. Dollars, have natural demand.
Nobody actually wants Crypto or NFTs. People only buy them hoping to dump them on someone else for a higher price.
@@nerdstrangler4804 lol demand comes from people wanting to buy/use something. For BTC to go from fractions of a cent up to 69k, a demand for it is clear just like with stocks/bonds which are indeed also ponzis; if that isn't clear with a recession hitting, I don't know what will convince you.
What makes crypto great is that it isn't reliant on centralized services to function, meaning a bank can't stop you from using it to trade with others; it does serve a purpose and I only see it continuing to get more acceptance as time goes on.
Only ones cashing in are the ones creating the NFTs and platforms. End of story.
I think there are many people who just traded smartly that would disagree with this. But yes majority of people who don’t know what they are doing will lose money on average.
@@greenwhale6191 a minority of people gaining money off of it sounds like scammers or people already rich.
You're forgetting influencers lol
You know how many people bought okaybears and cashed out for thousands
You started at the end but the MLM and the environmental aspects are linked. The ideal answer to the energy usage is to put crypto on greener energy. Buuuut, running a mining farm on a green power grid is going to be more expensive just for the nature of where those grids are. You don't see people setting up servers in Iceland you see it in poor countries where the electricity is cheap and running on fossil fuels. Not only does that increase the emissions but it's also using massive power draws in nations whose grids can barely keep up with their own population's needs.
Scamming taking $ away frm stupid kids & ppl in general lol
2 minutes in and i already prefer this video to the last, not saying drift0r didnt work hard on the first one because he did. Its just more likely an NFT is a scam than not
What camera does drifter use? Looks great.
People forgot how MLM scams work that basically what's going on with crypto and nft.
Drift0r should make a video on nuclear power
I wonder if this is what they mean if/when robots take most over most jobs that people will "Be Creative" and "solve complex problems" seems to just make more problems lol. Maybe Skynet will spare us 😂
This may end up being a poorly aged take idk, but my guess is that within 5-10 years NFTs will slowly die off. I just can't see the masses of people online using stuff like that, let alone for the majority of their online presence. Some of these NFT guys are acting like it's going to be the new internet (web 3 as they call it). Sure it may gain traction with crypto people and like minded individuals, but to say NFTs are going to be the next "web" sounds so delusional to me. It's definitely an echo chamber of sorts seeing how hyped up these guys get about them while the majority of the world doesn't even think about them.
If possible, an interview with GaryVee would be a great Part 3.
It fucking kills me that Eric Andre is supporting/actively participating in NFTs, everything truly is a lie.
I totally agree with you 100%
Garry Vee will report this video
Completely agree. I despise NFT'S
I'm not versed on the details of NFT'S and how they've become such a money making process. I don't understand how, at 3:00, any NFT should be able to be copied and duplicated. That defeats the entire fundamental basis of an NFT, yet, every time I see them, my alarm goes off that it's happening. It all just screams scam, since day one, and I've seen nothing but confirmation of that. The use that I've seen in them would be the ability to trade, resell, and auction in-game items, but, of course, even that will be a nightmare. Instead, I see digital items bought, with some weak foundation, that have no true basis in reality. It defeats the entire point of cold cash, hard cash and physical worth. All awful. No interest whatsoever.
If someone can get them to legitimately work, with guarantee and with no scam "overhead", to trade in-game items and expansions, that would be great. The problem is that I don't think the studios even WANT that happening. They want everyone to pay on as many platforms as possible for every item. They don't want them tradeable.
Can someone who bought an NFT sue me for right clicking -> save as? He never owned the image in the first place.
No
No of course not. Now some nft’s do give you commercial rights to the image so if you start selling MERCH using that nft’s art then possibly you could be sued
When you buy an NFT you just own a code that says you paid for it. You don't actually own the image.
No and I'll elaborate that buying a NFT is not and has never been an equivalent to purchasing the rights to a work. That has to be a deal between you and the rights holder which could be the creator or some company. In terms of copyright it's more like buying a CD. You paid for it but it doesn't mean you "own" the music so to speak.
@@greenwhale6191 yeah but that would be just connected to basic copyright / trademark laws. And that would go for any copyrighted/trademark material regardless if it's an nft or not.
This shit sounds like the Crack epidemic of the 1980 and the Heroin epidemic that is still going on.
This video will be shadowbanned but you had some great points
I recommend watching "This Machine Greens" by Swan Bitcoin that addresses the environmental impact of Bitcoin mining.
What does the source talk about. Does it give a fair argument?
@@conceptsound5 It goes into the nuance of Bitcoin mining, why it needs to use as much energy as it does, and compares it to the traditional financial system that isn't as transparent with it's energy use.
NFTs are ruining everything
TRUE!
Crypto Copyright is a scam. Too bad the allure of easy money will only result in their proliferation.
I'm a crypto bro and i've been a serious critic of NFTs ever since they've been mainstreamed. They were originally decentralized, so they were traded off the website and no fees would be claimed by the company who owns the NFT project, although the exchange where the trading might charge a fee.
My first 3 NFTs were minted for free in 2019 and were just items in a videogame. They functioned only as items, but i could give them away to anybody with a crypto wallet. There was no intention or expectation of profit, just a simple game. The whole idea of NFTs was to give the players more power over their items and characters in games the idea was that giving players real ownership of their 'virtual assets' would make games look more attractive, but we all know what happened was the exact opposite. NFTs have been used to further monetize a player, and the fees have been completely centralized, and make a game look very unattractive to most customers. Imagine a game like pokemon being able to seamlessly trade and transfer characters instead of what we got, skins and lootboxes. The idea was good, the implementation bad.
I had to thumbs down the video even though we both agree that NFTs are bad because you don't seem to really know what your talking about.
A lot of what was said is just incorrect. Don't believe everything you hear on TV.
You can't compare the environmental impact of btc to NFTs. All my crypto mining is completely green, although i cannot speak for people who own large factories. There are foreign governments and large corporations who build huge power plants solely to power their BTC mining farms next door and then the man on tv looks at the total power consumption of cryptos and looks down on some random crypto bro with disdain. When in reality using my computer to mine ETH where most of the NFTs exist uses less energy than playing fortnite.
I wonder how many people with thousands of hours playing fortnite look down on crypto bros who mine eth? Crypto sphere has changed a lot too. Used to be about the little guys getting together and mining a bit on their computers, not huge factories. People also don't realize that bitcoin's algorithm takes the most energy, and every crypto that came after it has been greener and greener. As much as my fellow bros won't admit, it's old and experimental technology, of course it has flaws.
What can blockchain do that can’t already be done with simpler methods?
Last time I saw your channel was your doing COD hun reviews lol
Why is vanguard so bad dude?
When I first heard about NTF’s I knew that I didn’t wanna be on this planet anymore.
They are the future of finance…
@@phazon100 not while I’m here
@@phazon100 okay gary vee
@@pm.meowth4850 that’s his backup account lol
If you like getting money thru scamming people then yes it's a 'good' idea.
Honestly, I always thought NFTs had good potential, because the whole point was to have something unique. But of course, people ruined it, made it corporate, made scams, now it's nothing but negative.
Lol Drift0r is a Greg. Shout out to the Moon Gang
Nfts and money are the same shit it’s a scam that everyone agrees on because ad ad populum
The only methods of valid investment are either just sticking to the indexes or, if you understand what you're doing, value investing in good companies, ideally optimized by selling cash secured puts and maybe covered calls. Anything else is pure speculation that will eventually come to a bad end as inevitably as playing slot machines.
Correction you only invest in products or technology you understand
And for a while we thought it couldn't get worse than microtransactions
This electricity used issue confuses me. Especially when I look at stories I remember hearing about some countries with failing currencies using crypto to trade instead of their national currency. If their economy is failing and this is their solution then does that electricity usage matter in that scenario? Does electricity usage matter in the big picture anyway? We do after all as humans innovate constantly. I don’t see the issue of electricity usage an real issue at all because we are certain to find better sources. Nuclear energy is something we all know will inevitably be our source of power and we are even making progress on nuclear fusion generators. (Current nuclear power is produced using nuclear fission and nuclear fusion would be much more powerful.)
I respect you very much and most problems you mention are legit problems. The thing about NFTs is, you can't understand them if you are buying or holding them, interacting with people in the communities, talking to the founders of NFT projects. Yes, there are many scams and bad actors draging the whole space down, but there are plenty of good actors as well. NFTs are just a tool, how we use them is the important part. Would love to chat with you as I am working in the crypto and NFT industrie. Maybe I can convince you that it is worth fighting for the benefits NFT technology can bring to many people and industies and that the current issues are (hopefully) transitory. As always, I enjoyed watching your video. Cheers!
tHeY’Re nOt a sCaM! iT’S ThE FuTuRe! DoN’T MiSs oUt oN ThE NeXt bIg tHiNg!
only a sith deals in absolutes
If the environmental problems are the most concern to you, you're vegan right?
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First!
If people move from Proof of Work to Proof of Stake blockchains for NFTs then your example of people making giant polluting rigs is irrelevant. Giant power hungry rigs provide no benefit to proof of stake blockchains as they do not generate any more crypto than a normal PC would from staking. Of course, this only helps the environment if people are conscientious of the pollution caused by the blockchains they use. The majority of people wouldnhavr to switch to Proof of Stake blockchains for NFT production essentially.
6:55
*So Wokeism?*
To a lesser extent.
NFT's will be used everywhere in everyday life in the very near future, expect us
Like what
Do you believe in God?
Us gamers playing games and literally any business in the entertainment industrie also creates pollution for no meaningful cause like curing cancer or exploring space. Literally anything that requires energy and is not contributing to a noble cause creates pollution for human convenience. Picking on NFTs and crypto in that regard is a little hypocritical. Nonetheless, I think blockchains should strive to consume less energy and be more environmentally friendly. It's just unfair to bash them and not bash all the other industries.
Are we ironically forgetting the carbon footprint of UA-cam over here or? I agree with you but this is somewhat hypocritical
Exactly, crypto should be criticised for having a big carbon footprint, but people just don't care about the carbon foot print of the physical art market/financial matkets/gold mining. It is really disingenuous to only pretend like crypto has this problem.
There are actually blockchain that's carbon NEGATIVE it's called elrond it also had nft .
Pos uses way less energy than pow like eth does because it doesn't need the computational power as pow needed to solve the complex mathematical problems that sucks up a lot of energy to do so but eth is leading the market of nft and eth 2.0 is a million years away
Nft can be presented aside from digital art , you can nft anything, a contract , an agreement and stored on the blockchain .
Though I will say that 90% of the nfts are cash grab and even scams to be completely honest rug pulls are everywhere, especially presented in a p2e or gamefi project it'll leave the buyer/user with no value left.
I will also not say it's the next big thing cus nft are also highly volatile and more than ever your nft might go down to zero in value, so to nft or not nft it's completely up to personal choice but don't say all nfts are scams n useless there are good players out there.
Sorry for the long comment
Agreed on all points. People just so fast to hate what they don’t understand.
@@greenwhale6191 I mean I'm in nft for trading and some of them I really like it not just for the sake of trading I can always listen to both sides of the stories.
His point are all valid on eth cus Eth is still pow now Eth 2.0 is so far away and opensea ,metamask are custodial wallet which can be hacked like hot wallets.
But in the example I give for elrond it's carbon negative, non custodial wallet which u can truly own your nft unless you lose your secret phrase 😂
Not every ppl in nft are cults or acting like a part of the mlm to get the other to buy off his purchase
some community are actually quite chill n laid back I think drifter it's only trying to prove to the like minded ppl on his audience without presenting the whole truth
I really wanna see what happens when NFTs truly get put into gaming.
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this is a troll comment right?
you're having a baby and this is the main thing you're excited about?
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@@hensen5309 how *DARE* you assume the clump of cells’ gender?!!
Crazy to see how much hate is out there for nft’s. I’ve personally bought and sold tons of nft’s and made lots of money. Not saying it’s a safe investment but there is absolutely an opportunity for smart traders to make money. But the majority of people will lose most of their investment. But I think it’s a bit closed minded of the people who call all nfts a scam.
You just admitted that the majority of people will lose their money. That is by defnition a scam.
Hmmmmm kinda sounds like the stock market….???!!!! 😂😂😂 maybe Driftor should do a video on how the stock market is a scam too smfh
@@Sturmgewehr14 The thing of all types of investments that if you don't understand what you not investing You're always going to lose money.
@@doku367 according to your definition investing is also a scam, even buying anything is a scam...
I kind of think the same thing to a degree but mostly think most of these people are just hypocrites because they'll say all these bad things about nfts but still defend cryptocurrency as if it isn't part of the problem or directly connected with nfts. Sometimes they act like nfts aren't literally powered by crypto block chains.
I say a lot of people's concerns on nfts are valid. But I don't understand how people have all these criticisms for nfts and don't see that the same criticisms go for cryptocurrency as well.
This channel is dead asf😂😂
The computation is required for securing the network.
Very uneducated approach. Not gonna lie.
And he won't respond to u 🤫 I had a long comment above and I don't think he will reply to me either
All the issue basically apply to Eth only but sadly Eth is the market leader and he chose to use eth to represent all nft marketplace out there which sucks honestly
@@APEXPASSION674 he's forget to mention that ETH is literally going to a proof of stake model in roughly 12 weeks which would solve the "environmental issues"
@@conceptsound5 that's why it's a bit bias
NFTs are digital property…anything of value can be represented as an nft…
Shut up before I funge your tokens
No they are not. NFTs are a sign saying you own that digital property.... Without actually owning that property.
There are no environmental issues. Proof of work uses excess natural gas that would otherwise be emitted to the atmosphere. Not to mention, it also uses renewable sources of energy.
Dude you don’t have to post like 5 comments, you can make your points in one post.
False information 🤮
Remember when I said the community was cult like and people defend NFTs/crypto no matter what? This is that in action. You can love this tech, and think it is worth the environmental cost, but pretending like there aren't environmental issues with crypto is just denying reality.
@@Drift0r i also find it ironic how left wing celebrities are promoting NFTs that destroy the environment.
@@Drift0r because they bought in a lot so now they feel like they have to convince themselves it was a good investment with no flaws or downside