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re: Are nfts a scam or do they present any value
Posted on 7/31/22 at 12:01 pm to lynxcat
Posted on 7/31/22 at 12:01 pm to lynxcat
Bitcoin is at least utility as you can buy things with it. NFTs are like digital trading cards. Bitcoin will retain value even at it's lowest point in the future, while most NFTs literally may have no value.
1
Posted on 7/31/22 at 2:04 pm to GhostofJackson
Like any art there will be NFTs that appreciate in value over time and the historical value of some early NFTs will probably help. Crypto punks and Bored Apes, at least some of them, and NFTs owned by established galleries and museums will continue to be hosted for the long term and there will likely be more secure ways to host NFTs in the future.
It'll be like anything else, as zoomers get older they will have a nostalgia for the NFTs of today like boomers have for classic cars but 99% of the NFTs out there today will be worthless.
It'll be like anything else, as zoomers get older they will have a nostalgia for the NFTs of today like boomers have for classic cars but 99% of the NFTs out there today will be worthless.
Posted on 7/31/22 at 2:39 pm to Lickitty Split
They have as much value as someone is willing to pay
That’s it
I think they can be equated to collectibles or art in digital form.
Too much room for corruption imo.
That’s it
I think they can be equated to collectibles or art in digital form.
Too much room for corruption imo.
Posted on 7/31/22 at 3:06 pm to tenderfoot tigah
quote:
There are some useful nfts. One example would be video game items. The items are nfts that are redeemable in game.
Or a platform where music albums/songs that are represented by an NFT and holders of that NFT get a % of revenue (dictated by the artist) generated by that album, incentivizing users to purchase music they like to fund music artists organically and flip the script on record labels
This post was edited on 7/31/22 at 3:16 pm
Posted on 7/31/22 at 4:33 pm to Lickitty Split
nfts are like shite coins. its unlikely any will survive the bear market except cryptopunks and bored ape yacht club. the longer term bet would be holding Eth.
quote:
they are a huge scam and whether the people who create and “audit” these things are just big scam artists.
Posted on 7/31/22 at 5:18 pm to down time
I would rather have my arse kicked than own a NFT
Posted on 8/1/22 at 8:12 am to CecilShortsHisPants
There will be probably be ubiquitous utility tied to NFT technology in the future. Unique file IDs hosted on a public ledger have a ton of potential. We just aren't there yet. As investors, we should keep a watchful eye and not rule anything out. We do not want to miss the next Amazon or Bitcoin.
Posted on 8/1/22 at 11:24 am to CecilShortsHisPants
If I can't understand why people value something, I avoid investing in it. How do you know how much it's worth, how much to get, etc? You're beginning at such a knowledge deficit.
This post was edited on 8/1/22 at 11:31 am
Posted on 8/1/22 at 12:15 pm to Goldrush25
I'm waiting on Rocket31 to tell me how I should feel about them.
Posted on 8/1/22 at 1:42 pm to Goldrush25
quote:
I can't understand why people value something, I avoid investing in it. How do you know how much it's worth, how much to get, etc? You're beginning at such a knowledge deficit.
Yep
It’s like the crypto currencies. There is no objective way to evaluate their value.
Posted on 8/1/22 at 3:09 pm to LordSaintly
quote:
Not all nfts are digital images
^^this.
NFTs as digital images are pretty much useless. The technology behind NFTs have potential. There are things that need to be "nonfungible" that we have used for years that will need to move to the digital space. Birth Certificates, deeds for houses, identifying documents, etc. could all benefit from being converted and authenticated digitally
Posted on 8/1/22 at 5:02 pm to SlidellCajun
quote:
It’s like the crypto currencies. There is no objective way to evaluate their value.
Sure there is. There is a direct relation to the number of people using the token or network to the price of the token.
BTC
Ethereum
Tracking the total wallets is another evaluation method I like to use. The wallets are listed on every block explorer on every chain.
Posted on 8/1/22 at 5:04 pm to Drunken Crawfish
quote:
NFTs as digital images are pretty much useless. The technology behind NFTs have potential. There are things that need to be "nonfungible" that we have used for years that will need to move to the digital space. Birth Certificates, deeds for houses, identifying documents, etc. could all benefit from being converted and authenticated digitally
Agreed. It would making fraud nearly impossible if implemented correctly.
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