this post was submitted on 24 Sep 2023
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93
Dead NFTs: The Evolving Landscape of the NFT Market (dappgambl.com)
submitted 11 months ago by fer0n@lemm.ee to c/technology@beehaw.org
53 comments fedilink hide all child comments
 

TL;DR: The NFT market has drastically declined since its peak in 2021, with most NFT collections having no value. There's an oversupply of NFTs, leading to a buyer's market, and environmental concerns due to energy consumption. Top NFTs also struggle to maintain value, and the future of NFTs depends on utility and genuine value rather than speculation.

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[–] Landrin201@lemmy.ml 79 points 11 months ago (3 children)

I hate the crypto market so much, but ESPECIALLY nfts.

Nfts were blatantly a scam. It 2as a very in your face scam, it was giving money to someone else for literally nothing. It was obvious time from day 1 that it was just an avenue for rich people to launder money and have it look legit.

But the media fell for the new trend hook, line, and sinker. Instead of telling people it was a scam from day 1, which it *obviously was," the major news networks (at least here in the US) talked about nfts as if it was a legit new type of cool investment. They stopped short of telling people to buy them so that they couldn't get sued, but they hyped the fuck out of NFTs. CONSTANTLY. Any time I listened to any cable news for more than 30 minutes around mid 2021, I heard NFTs get mentioned at least once, and very rarely was that mention skeptical or a warning.

And now all the people who bought into the hype are left holding the bag, as always, a d the rich people who scammed them get to keep all the money, as always, and the media is facing no repercussions for their contribution to the scam, as always. It's so frustrating to watch

[–] Mr_Blott@feddit.uk 37 points 11 months ago (3 children)

I can assure you if you were watching a programme that was hyping nfts, you weren't watching "news"

WTF is up with your media over there?!?

[–] Pons_Aelius@kbin.social 33 points 11 months ago* (last edited 11 months ago) (2 children)

WTF is up with your media over there?!?

Once again, so many things currently wrong with the USA can be traced back to the Regan administration.

The fairness doctrine of the United States Federal Communications Commission (FCC), introduced in 1949, was a policy that required the holders of broadcast licenses both to present controversial issues of public importance and to do so in a manner that fairly reflected differing viewpoints.[1]

In 1987, the FCC abolished the fairness doctrine

The demise of this FCC rule has been cited as a contributing factor in the rising level of party polarization in the United States

After that news programs had no responsibility to be truthful in any real sense.

[–] gaael@beehaw.org 10 points 11 months ago (1 children)

Thanks for this educational post, TIL I learned something interesting (and sad/infuriating).

[–] Pons_Aelius@kbin.social 9 points 11 months ago (1 children)

Cheers.

I wasn't joking when I wrote this:

so many things currently wrong with the USA can be traced back to the Regan administration.

[–] Mr_Blott@feddit.uk 3 points 11 months ago (2 children)

What, like your education system is so bad you can't even spell the names of your presidents? 😂

[–] Pons_Aelius@kbin.social 3 points 11 months ago* (last edited 11 months ago) (1 children)

I am not american...

It is possible to know the history of another country but get something wrong occasionally.

Correcting spelling mistakes is the lowest rung of internet comments...

[–] Mr_Blott@feddit.uk 2 points 11 months ago

It's a joke on the mess that Reagan made of the education system, chill out

[–] tburkhol@beehaw.org 3 points 11 months ago (1 children)

Yeah. https://www.educationnext.org/remembering-nation-risk-reflections-politics-policy/

Abolish the Department of Education. School choice vouchers. Standardized testing. All these memes started with Reagan. Not Regan, his Secretary of Treasury, but a lot of people confused Ronald Reagan and Donald Regan, even at the time.

[–] Pons_Aelius@kbin.social 2 points 11 months ago (1 children)

Nah, that was just a spelling mistake from a non-american, I have never heard of Donald Regan (and don't know if that is a joke or not)

[–] tburkhol@beehaw.org 3 points 11 months ago (1 children)

No sweat, friend. I was just using the opportunity to extend the "It's all Reagan's fault" train. And Donald Regan was a real guy appointed by Ronald Reagan. They didn't have the diversity of names we do now, so a lot of them repeated, rhymed, or required a middle initial to differentiate. Like all the George Bushes - GWB, GPB, GHWB...

[–] Pons_Aelius@kbin.social 1 points 11 months ago

Cheers for the info.

[–] orca@orcas.enjoying.yachts 6 points 11 months ago (1 children)

In the wise words of Killer Mike: “I’m glad Reagan dead”

[–] FlashMobOfOne@beehaw.org 2 points 11 months ago (1 children)

Same.

It's a shame his Alzheimers didn't hit in 1981.

[–] Pons_Aelius@kbin.social 2 points 11 months ago (4 children)

From some reports I have read about his time in the white house it had definitely started before he left office.

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[–] HarkMahlberg@kbin.social 11 points 11 months ago (1 children)

Can't speak for nfts, but mainstream morning news shows absolutely shilled for the metaverse. It was embarrassing. Cringe, even.

https://www.today.com/video/what-is-the-metaverse-get-a-look-at-the-internet-s-next-big-frontier-145223237790

[–] FlashMobOfOne@beehaw.org 4 points 11 months ago

They shilled for NFT's too.

I couldn't get over how silly it sounded to spend actual money for what amounted to a screenshot.

[–] nilloc@discuss.tchncs.de 6 points 11 months ago (1 children)

You mean the guy who owns of hundreds of local, national, and international publishing outlets around the world, including in the UK (The Sun and The Times), in Australia (The Daily Telegraph, Herald Sun, and The Australian), in the US (The Wall Street Journal and the New York Post), book publisher HarperCollins, and the television broadcasting channels Sky News Australia and Fox News (through the Fox Corporation). He was also the owner of Sky (until 2018), 21st Century Fox (until 2019), and the now-defunct News of the World?

We shouldn’t of let him in, but we didn’t create him.

[–] Mr_Blott@feddit.uk 4 points 11 months ago

We shouldn't have, never of

[–] AfricanExpansionist@lemmy.ml 8 points 11 months ago (2 children)

NFT technology will not go away. It will be in a different form, not trading cards with shitty jpegs attached

[–] Pons_Aelius@kbin.social 21 points 11 months ago* (last edited 11 months ago) (2 children)

NFT technology will not go away.

NFT's are nothing more than digital receipts. They do not stop copying what ever the receipt points to and they are nothing special at all.

If the web address your NFT points to disappears due to the site shutting down. Your NFT is beyond worthless.

From the Economist.

Quote:

To "own" one means having your ownership recorded on a digital ledger—nothing more.

[–] bionicjoey@lemmy.ca 19 points 11 months ago (1 children)

Digital receipts are easy to do without mining crypto. Just send an email. Use a postgres database. There's literally nothing offered by nfts that can't be done less stupidly another way.

[–] jarfil@beehaw.org 2 points 11 months ago

Use a postgres database.

Is that like the 4 days of comments Beehaw lost the other day, or like when Amazon decided that people who bought certain ebook, had no longer bought it?

There's literally nothing offered by nfts that can't be done less stupidly another way

As in, going through data recovery, or through courts? Is that really smarter than having a proof of ownership 24/7 in perpetuity, that you can even sell to others?

[–] jarfil@beehaw.org 1 points 11 months ago (2 children)

They do not stop copying what ever the receipt points to

They just stop the seller from claiming you no longer have the right to a copy.

[–] Pons_Aelius@kbin.social 5 points 11 months ago (1 children)

Has an NFT as proof of ownership ever actually been tested in a court of law?

Until it does, the claims the NFT shills make mean zero.

[–] jarfil@beehaw.org 1 points 11 months ago

I don't think you understand: a DRM-locked digital content doesn't need, or care about, "a court of law" to work or not with a given key.

Instead of listening to the shills of GIF NFTs, centralized app/media shops, or centralized governments, try to think about what the technology actually means.

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[–] magic_lobster_party@kbin.social 12 points 11 months ago* (last edited 11 months ago)

You’re right. It will evolve into a different even more stupid scam on the blockchain. And people will fall for it again.

[–] shortwavesurfer@monero.town 3 points 11 months ago

Some crypto has legit use, but a lot of it is scams for sure.

[–] storksforlegs@beehaw.org 37 points 11 months ago* (last edited 11 months ago) (1 children)

At least with other speculative crashes like say beanie babies you were left with a cute toy.

[–] edm00se@beehaw.org 3 points 11 months ago

No kidding. Hey I've got a great idea for a new marketplace, BeaNFT. You can waste your money but get an upcycled Beanie Baby in the process.

[–] Veraticus@lib.lgbt 37 points 11 months ago (3 children)

It was tulips all along, but stupider.

Your day is coming soon, cryptocurrency.

[–] Fizz@lemmy.nz 6 points 11 months ago (1 children)

The difference is that crypto is used to buy things. There's plenty of stuff I can only buy via crypto.

[–] yogo@lemm.ee 9 points 11 months ago (2 children)

Such as?

[–] Namstel@lemmy.one 23 points 11 months ago

NFTs! 😅

[–] Fizz@lemmy.nz 8 points 11 months ago (1 children)

Drugs and private services.

[–] yogo@lemm.ee 3 points 11 months ago (1 children)

You can pay for those in cash and prepaid credit cards

[–] Fizz@lemmy.nz 1 points 11 months ago

Prepaid cc have a know your customer policy most of the time and if I'm buying online they don't accept cash. Conceptually I like crypto and I'm happy to support it.

[–] jarfil@beehaw.org 2 points 11 months ago

Tulip mania speculated on the unknown future outcome of a tulip bulb.

How are NFTs anything like that? You can clearly see (and copy) the content of NFTs, it's literally the opposite of tulips.

[–] shortwavesurfer@monero.town 1 points 11 months ago

Some crypto is actually useful. Most is not.

[–] Hector_McG@programming.dev 18 points 11 months ago (1 children)

It’s not evolution, it’s an extinction event.

[–] fer0n@lemm.ee 11 points 11 months ago (1 children)

Haha one would hope so. I’m not buying any of their "this is the future of NFTs" aspects either. I feel like the only thing that could work are things like in game cosmetics, but that’s controlled by one company and in an controlled environment so why would you need to have an NFT for that.

[–] GunnarRunnar@beehaw.org 6 points 11 months ago (1 children)

Tying NFT token to a physical object like a painting and keeping a database of who owns what seems potentially interesting. But why would you need it to be NFT based either, I don't know.

[–] magic_lobster_party@kbin.social 8 points 11 months ago (1 children)

Tying NFTs to a physical object is quite pointless. It can make no guarantees that it’s the only NFT for that physical object, or if the physical object even exists.

[–] GunnarRunnar@beehaw.org 3 points 11 months ago

Well it's the same as with any document, digital or physical, that shows ownership. Obviously it being NFT wouldn't make it magically legit, same as with anything else.

But like I said I don't really see a point of that kind database being blockchain/NFT based anyway.

[–] paper_clip@kbin.social 17 points 11 months ago (1 children)

But someone recently said he revived the NFT market single-handedly, with people making a bigly 1000% return!

[–] fer0n@lemm.ee 4 points 11 months ago

Haha nice one!

[–] fer0n@lemm.ee 11 points 11 months ago

Shocking, I know.

[–] Pons_Aelius@kbin.social 7 points 11 months ago

I wonder what my pets.com and webvan shares are worth these days...

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