@AtheImposter's post on Artfol
Hey, this is kind of an odd question, but what's an NFT? Like I know there are some NFT scammers on Artfol
(Edit: BTW I'm not reading those passages
the first sentence is what I'm reading)May 19, 2024
(Edit: BTW I'm not reading those passages
the first sentence is what I'm reading)May 19, 2024#question
#odd
#random
#nft
Comments
I may be wrong but I don't care enough to be right; think of an NFT as a certificate of ownership for a digital "item". These certificates can be exchaged, bought and sold for money.
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An addition, with what other comments haven't said yet. I heard somebody describe NFTs as selling not the image, not the rights on the image, but the concept of property, as the ultimate capitalistic absurd invented non-existent object to sell.
And with owning this property over the image, you become the only one who has the right to use it publicly on the Internet. I think this was linked to the metaverse too: you are the only one who can use this image or digital 3D sculpture as an avatar, like a unique game skin.
The main problem is that, because the system of verification of the unicity and originality of the NFT is so complex, and it involves several motors databases at every transaction, it uses unsustainable amounts of energy.
Moreover, since the beginning NFT traders have been behaving like a pyramid scheme (I think it's called Ponzi scheme?), where the first one buys something (eg. a bunch of NFTs) and in order to make money they have to resell it to ten people, and they tell the new buyers that each of them can make a lot of money if they resell it to other ten people, etc. This way, the first ones to enter the business earn a lot of money, and more and more peoples are lured in while the business grows but the earning margin decreases, until it crumbles and the last people who have joined can't sell anything and the money they spent is lost forever.
Because NFTs quickly became a business, business men forgot they had to do with art, and both artists and random people started producing low-quality images in big quantities, often even automated by creating element variations and letting an algorithm produce all the possible combinations of those elements. Both the seller and they buyer would only care about the money around the NFT, not the image it actually contained, so ugly NFTs became very common.
And with owning this property over the image, you become the only one who has the right to use it publicly on the Internet. I think this was linked to the metaverse too: you are the only one who can use this image or digital 3D sculpture as an avatar, like a unique game skin.
The main problem is that, because the system of verification of the unicity and originality of the NFT is so complex, and it involves several motors databases at every transaction, it uses unsustainable amounts of energy.
Moreover, since the beginning NFT traders have been behaving like a pyramid scheme (I think it's called Ponzi scheme?), where the first one buys something (eg. a bunch of NFTs) and in order to make money they have to resell it to ten people, and they tell the new buyers that each of them can make a lot of money if they resell it to other ten people, etc. This way, the first ones to enter the business earn a lot of money, and more and more peoples are lured in while the business grows but the earning margin decreases, until it crumbles and the last people who have joined can't sell anything and the money they spent is lost forever.
Because NFTs quickly became a business, business men forgot they had to do with art, and both artists and random people started producing low-quality images in big quantities, often even automated by creating element variations and letting an algorithm produce all the possible combinations of those elements. Both the seller and they buyer would only care about the money around the NFT, not the image it actually contained, so ugly NFTs became very common.
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I think the biggest kicker to the scam is they are just jpeg's, like, that's it, you can simply right click and copy and viola, you now own (minus the certificate) someone's NFT - it was a thing for awhile on twitter where the NFT idiots were posting their NFT images and people were mocking them by saying "thanks for the free NFT idiot, copied and saved" The ENTIRE premise of NFT's is utterly stupid and was never anything more than a scam for the stupid
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NFT stands for “non-fungible token.” I think it was supposed to be a way for artists to verify that the work they’ve post is the OG by “minting” it on something called a “blockchain,” but now it’s just used for cryptocurrency.
They’re bad because they actively waste TONS of electricity & some waste gasoline. Some of the amounts wasted in a single transaction could’ve powered entire small countries for a month or even a full year.
You don’t actually own or have the rights to the images or videos you’ve supposedly purchased AT ALL. It’s just like those star registries that were a thing a few years back. You pay for a certificate that says you own a star/have a star named after you & here are the coordinates. Nothing is stopping that company from selling the exact same one to other people. Nothing is stopping people from looking at the star in the sky or taking pictures of it. The star can burn out & go dark at any point in time too. There aren’t really any legal regulations or laws that prevent them from scamming folks &/or anything that can legally protect you. And I don’t think any of those star registries are still around today, just a way for people to make a quick buck.
Many of the people who’d sell NFTs stole from each other. The amount of those “Bored Ape” NFTs I had seen have a filter on them or be traced & be sold by a completely different person/company is absolutely insane (& kinda funny). They’d steal the art from artists who want nothing to do with the environmentally damaging scam. DeviantArt literally had to add a feature where it checks to see if your art’s been stolen for NFT use; it was THAT BAD. OpenSea (big NFT distribution site) supposedly would send the personal information artists give them in their DMCA forms to the people who STOLE FROM OG ARTIST so the thieves can doxx & harass the OG artist.
In conclusion, it’s a MASSIVE scale, environmentally bad scam people would fall for left & right due to the purposeful confusing nature of NFTs.
They’re bad because they actively waste TONS of electricity & some waste gasoline. Some of the amounts wasted in a single transaction could’ve powered entire small countries for a month or even a full year.
You don’t actually own or have the rights to the images or videos you’ve supposedly purchased AT ALL. It’s just like those star registries that were a thing a few years back. You pay for a certificate that says you own a star/have a star named after you & here are the coordinates. Nothing is stopping that company from selling the exact same one to other people. Nothing is stopping people from looking at the star in the sky or taking pictures of it. The star can burn out & go dark at any point in time too. There aren’t really any legal regulations or laws that prevent them from scamming folks &/or anything that can legally protect you. And I don’t think any of those star registries are still around today, just a way for people to make a quick buck.
Many of the people who’d sell NFTs stole from each other. The amount of those “Bored Ape” NFTs I had seen have a filter on them or be traced & be sold by a completely different person/company is absolutely insane (& kinda funny). They’d steal the art from artists who want nothing to do with the environmentally damaging scam. DeviantArt literally had to add a feature where it checks to see if your art’s been stolen for NFT use; it was THAT BAD. OpenSea (big NFT distribution site) supposedly would send the personal information artists give them in their DMCA forms to the people who STOLE FROM OG ARTIST so the thieves can doxx & harass the OG artist.
In conclusion, it’s a MASSIVE scale, environmentally bad scam people would fall for left & right due to the purposeful confusing nature of NFTs.
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it’s some crypto shit, basically if you buy one you buy an image (not really bcs you don’t have the rights to actually use the image; you kinda own the code to the image and you can use that prove that bought it ig) and people went crazy over it because they used to be worth a lot in the past (some sold for millions) but that hype has died and now all of of them are worth nothing, maybe like a few dollars at most.
So basically NFT = Scam, it only got big because people thought they could get rich off of them and they probably lost all their money lmao
^ sorry if this is not completely correct, everything I know about is from some YouTube videos I’ve watched and tbh I don’t completely understand it myself
So basically NFT = Scam, it only got big because people thought they could get rich off of them and they probably lost all their money lmao
^ sorry if this is not completely correct, everything I know about is from some YouTube videos I’ve watched and tbh I don’t completely understand it myself
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•Basically it's a crypto currency thing, it's kinda difficult to explain because the existence of NFTs makes no sense tbh
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