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The actual content of the NFT, such as a piece of art, is rarely stored on the blockchain. The reason why the content (such as a JPG, MP3, or Gif) of the smart contract associated with the actual NFT is stored on the web and not the blockchain is because of the size and cost. So you don't really own a piece of art. You own a piece of metadata describing some art that is stored on a centralized server. Those servers will, inevitably, eventually go down, be hacked or bought out so the owners of an NFT will, in the long run, own nothing but some metadata pointing to a defunct site.

Maybe you are partially right. But how can an nft system be of trending if thats not gonna hold its current era right. Werent gonna stick on blockchain itself cause technology is evolving. These nft are created for a reason and not solely for scam I believe. We can say its a bigger problem if its a lot of issue happening than blockchain hindrances.

All of those shitcoins forms are scam and only hype, there's nothing difference between LUNA and NFT, they're just scam in different forms only. I believe you're mad because you're rekt in NFT while you can still made a profit on LUNA/UST, that's why you call NFT are more dangerous than LUNA/UST. It's nothing new someone blame the project which doesn't bring profit for him.

I also agree that NFTs are just hype and don't really have a utility and used case that will bring forth adoption of blockchain technology to the world. LUNA was the biggest crypto crashed in the history I known of, so I felt pity to those investors that lost their life-saving and even worst took their lives because of it.

The idea of NFT was derived back in the days when PEPE the frog token started. I'm not sure of the date but it sure was before 2017 bull market. And owning something by registering it on the blockchain was back in the Namecoin I think where someone just add his data on the blockchain like he own a domain.

The technology was there long time ago, its just today it was pretty much hype like the P2E which already existed back in 2017 game and then hyped in 2020. But marketing makes a difference and so making a living out of it becomes a trend.

The cost of NFT tokens depends on the popularity of the project. If the project is popular, then it will take care of the safety of its NFT tokens. Blockchain does not allow you to store a lot of information, so the data is stored on a centralized server.
But Rarible uses IPFS, Hashmasks, Avastars stores files in the blockchain. You can check it at https://checkmynft.com/

They really just a scam, why would you buy a million worth of NFT which image is just the same as others but with different layout of what it is wearing. I really don’t really see the value of holding it or investing on it. I would still consider investing to high cap coins like Bitcoin, Ethereum

Good to go for realism. That’s what they are doing and only few industries are there whose having real NFT. Such as gaming, coded data, digital signature and stuff. Something which is very small in size and can be captured with Blockchain and signed up. The whole artwork community is something like they want to earn money from then NFT and there is literally competition for whose art is getting sold at what price. Out of no where everyone is Picaso da Vinci, creating ideas, drawings, and all other skills. That’s funny.

Just look how NFTs are being vouched to gain attraction and investors' interest.
How to Make Money with NFTs in 2022 – Top 10 Methods (https://www.business2community.com/nft/make-money-with-nfts)

Honestly, many people have been paid to promote NFT projects in public making them get benefits. Of course, a person who is eager to earn money from investing will surely have to take this without knowing the credibility of the projects which in fact, it was very clear they don't have any market value in the long run.

Yes, I don't think a digital picture will value more in the future, I don't think so.

I am not sure from where you came up with this conclusion that NFT are not stored on the Blockchain but on the server. As per my understanding on Ethereum they are in the form of Erc-721 format and every single of them is uniques. If you have any proof that they are not on the Blockchain then please share some proof here.

I do agree that they are over hyped and I also believe that just like dotcom bubble burst this hype will also burst in the coming days. I beleive that NFT's has become a way to convert black fiat to white fiat and this process of conversion won't stay much longer.

That's how you market what you want to hype up.  :D
Bash the worse thing in the crypto space (in this instance NFTs) then pull out a word "than" then fill the last part with the altcoin you want to promote.
Well, I half agree with the case of NFTs but not because of where it is stored. It is the assurance of the capability of an NFT to be valuable in the long run. It's a risk that might be worst than just buying an altcoin directly.
But who knows, when we are young did we even know that baseball cards or basketball cards will be valuable someday? No. We just played it and traded with our friends.

Basically NFT is not safe at all caused by this has no copyright. I do agree with what you have said but calling that if NFT was the biggest scam was a mistke. This is not the same like luna that makes your money will be gone in a night. NFT never scammed hundreds thousands of people in less than a week and so what you are saying was not true at all. Just try to see the fact. People at least can still sell their NFT even if that was illiquid

You say it absolutely the way it is. I wonder how we were convinced that art work is digitized and some are even making it a membership identity for their club. The biggest of these NFT is the currently trending Bored Apes.

This is the reason why you should scrutinize the NFT item before you finally buy the item.
If you will look at opensea marketplace, it seems everybody now wants to sell something.
Yes, you're right, everyone seems to be Picasso, Van Gogh or Da Vinci.
If you are not careful enough, you can easily get screwed as you may buy a worthless piece.
Just like LUNA, the decision of investing in NFT, is your personal decision. So whatever the outcome is, it is your own accountability.

I am not that deep into the technical stuff how NFT are working but so far i have always thought that the blockchain makes sure, that you really are the owner and also the only owner of that NFT that you are having in your wallet and that the blockchain makes sure that this will always be the case until you move or sell that NFT to someone other.
I don't really know, if it really matters if the piece of art itself (in this case the software file) or only the data that identifies you as the owner of that piece ort art is stored on the blockchain, as long as we can always be sure, that there will never be two owners of the same NFT at once.

The most interesting NFT token scam was when a scammer bought his NFT token several times for $100,000 and then sold it for $40,000. The newbie saw the trading history and bought the NFT token at a good discount.
Use this site to check
https://checkmynft.com/

This might be true but we can only tell this if its already happening since we can’t know what to expect in the future and we all know, there’s still a good hype for NFT even if they are different type of investments. What happened to LUNA can also happen to other projects and that is inevitable, what you can do is just to always take profit and don’t be greedy, if you can’t afford NFTs don’t buy it.

The hash or metadata of the token itself is indeed unique, and the ownership is owned by a specific private key. Nevertheless, the content itself does not represent within the metadata or is even unique. The content is only being pointed by the metadata, for example, only to centralized storage services which conclude OP opinion.

After all, some NFTs were indeed only pointing to a centralized service whereas the token or the content can be removed.

The NFT concept for art pieces is completely flawed. Anyone can open one of those art pieces on his device without even buying it and press the print-screen button on the keyboard, paste on photoshop or paint and voilà, he owns the same content the NFT buyer is going to own: a digital picture displayed on his screen. I think the only reason pirates aren't interested in copying this content to resell in large scale it's because the art pieces are worthless and nobody is really actually interested on them, but on the speculative hype or on the benefits it can generate for some wealthy people who are used to launder money through art pieces.

Good NFTs are the ones which bring features and real benefits to users.

I think the developer of LUNA still has the courage to live after he tried to make a lot of people suffer, I heard information that someone committed suicide because the price of LUNA collapsed and changed the name image to LUNC and created a new token called LUNA and the result is still the same, no investors are interested in all tokens from do kwon anymore.

Yep, lets put up some link to that.

Man Commits Suicide After His $2 Million Invested In Terra (LUNA) Crashed To $1,00 (https://timestabloid.com/man-commits-suicide-after-his-us2-million-invested-in-terra-luna-crashed-to-us1000/)
Taiwanese man commits suicide after losing nearly NT$60 million from Luna crypto crash (https://www.taiwannews.com.tw/en/news/4551502)

Its expect that LUNC would really face the same fate.You cant really blame out people and not all would be that dumb to commit the same mistake.

Maybe some of it is true, but we all know that all shitcoins are proven to be scams, the closest examples we can say are NFT and LUNA, they look different but the result is the same, namely Scam.

OP seems to misunderstand what really NFT is and how the blockchain works.
Another thing is, it's really far to compare it to LUNA or UST, NFT is a big difference.
Another thing is OP should not generalize the NFT, there are some NFT built difference, a lot of NFTs are using different platform or chain network, so for me, it's not all the same.

I can't say NFT was even a big scam compared with the luna. Developers of luna was stealing alot of money from the investors and they were cashing out that to their personal wallet. This is a crime unlike the NFT that the risk will be owned by anyone who issued it and so if you are talking about the copy right and i do believe this is nothing compared with how luna was making bunch of people loosing their life, their familiy and their money. luna was the worst thing that ever exist in the crypto

I also think so because it is impossible for the file uploaded on the NFT to be stored on the blockchain. surely what is stored is only metadata including transactions. but at least for now we can still get value if we make art and upload it on NFT, but yesterday I tried to sell my work on NFT, the gas fee is no longer free (I use polygon).

NFTs are ICOs that were relevant in 2017, only 2021. NFTs have no value and the original idea of transferring art to blockchain has been drowned out in the floods of speculation, wasg trading and various manipulations. I have only occasionally seen real applications of NFT associated with real estate, it gave the right to acquire that very real estate, but those are isolated cases. The bulk of the acquisition of NFT has always been related only to one purpose, to more profitable resale to someone else.

we already know, people buy nft beacuse of trend and so many influencer make nft to make easy money, but is't that art irl work too? they famous for money laundrying avoid taxs and such.
i only hope nft tren over soon, with bored ape get hacked i don't thing people trush nft anymore

People buy NFT’s because they think they can sell it to somebody else from a higher price. That’s the only reason for their existence. In other words, NFT’s are nothing but ponzi schemes. Eventually people will run out of fools and NFT’s will go away but bitcoin will survive just like how it survived the previous bear markets.

Of course.  Do you think all of these great projects are about art or anything useful?  No.  It's merely to get the creators more bitcoin or eth, and then from there everyone buying is looking for someone more stupid to buy them from them.  It's a pyramid about to come crashing down.

Hehe 😆
I have also taught about this, from the onset I have never pay much attention to NFTs I don't why, maybe some others could see it as an investment or whatever but I don't. Its just a fake .
I don't really know if the price appreciates on depreciates, same art work every where some is more like spamming creating much of it selling to people unlike token once it created none can create same token again and if any does then it's a scam token or currencies easy to trace and track than NFTs, which I know it can not run for long time.

At least with NFTs or majority of them there is no deliberate stealing. People are not forced to buy those worthless tokens. They are completely free to buy or not. The problem is largely on the part of the buyers who are not doing enough research before spending a significant amount of money. But just the same I am doubtful of the future of NFT if this is only the kind of use-case it is offering.

If NFTs are scam or not this bear market is capable of revealing that, buckle up fellas many coins and tokens will meet their death in this bear market and followed by their NFTs so there isnt much to be worry about here, let bear market do the judgement, it was the same with last bear market, many altcoins died in a matter of weeks to months.

Despite the many problems and advantages of NFT, but this concept only lasted for a certain time, NFT is no longer trending now, they are starting to be forgotten and not talked about anymore, as you explain in this post, that NFT can only be stored on a centralized server, this shows there is no freedom in creating and storing the artwork and in the end we will see in the long term the server or site is hacked for various reasons, which in the end we will be harmed

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

We can't suddenly come up with the idea that NFT is the same as Luna because we are wrongly trying to compare an entire cryptocurrency blockchain to a single fallen or would I say a fud project like Luna. Some many coin projects has an NFTs just like Binance and we shouldn't just conclude that NFT is bad or a scam. NFT is more reliable than many scammy coin projects that had rugged and others that are still in the market trying to take way investors funds. We shouldn't discriminate NFT because more are yet to come.

You sure about that??
Coz I've heard some NFT's where being sold from the people who they stole the art from the original artist.
Just like this https://www.wired.co.uk/article/nft-fraud-qinni-art (https://www.wired.co.uk/article/nft-fraud-qinni-art)
I always believed this is not just the case. There might be another cases like this including those got stolen from a small time artist.
Not just stealing their artwork, worse case was they're stealing the artist's identity.

The content was never meant to be stored on the Blockchain. If it did, most blockchain networks would be so bloated, the average person won't be able to use them for day-to-day payments. What's added to the blockchain is only the smart contract (in some NFTs) and its corresponding hash value to prove ownership. The ideal way to decentralize NFTs would be to store their content in a distributed file system (like IPFS or ETH's Swarm), but not many people aren't that tech-savvy enough to do this. I wouldn't say NFTs are a scam, especially when the trend is beginning to blossom. There are some NFTs that are being sold by legitimate companies (eg: Pringles, Nike).

The future consists of full digitalization of our lives, so NFTs make the perfect replacement of physical items/collectibles. It'll be up to developers and the community as a whole to come up with real use cases in order to spur adoption of NFTs worldwide. The case of LUNA/UST was simply an irresponsible move from the project's team. You can't compare it with NFTs since it's apples vs oranges. What the future holds for the NFT industry is a mystery to all of us. As long as there are legitimate use cases for it, nothing else matters. Just my thoughts ;D

I'm sure about that. If we are to ask those people who bought NFTs, are they victims of stealing? I don't think so. If they buy an NFT, from the name itself, they are buying a non-fungible token. It is not like buying a fungible shitcoin and then the developers or owner dump their share of the shitcoin causing the price to crash.

You are talking about a different kind of stealing. That's another story. And I think it is widespread. That is why I think these so called NFT art collectibles should be highly regulated and monitored because a lot of them are taken from actual artworks outside the digital space.

The development of NFT games at this time is because many of them still love a game so they also join in games that pay for NFT besides they get their hobby in playing games but they also get the results from games that are paid in the form of NFT.
But here I am still confused because I have also tried to play games that paid NFT but until now I am still confused about the withdrawal of the results we get.

These are even bigger scam! NFT is a piece of digital shit that has almost gone down to drain already. By 2023, NFT wouldn't exist anymore. It was riding on a hype and since the hype is gone, the NFT sales has declined too.

Usually for the most in-game NFTs, you can't withdraw them. Rather you can reuse that item within the game as a premium addon. Can you let me know which game you are referring to so that I can have a look at it?

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Just like into those ICO days on where there are indeed projects which are really that legit but as expected that whatever trend that we are facing on then it would really be always be having that situation where scams becomes too rampant because there are people whom do really make out something just for them to make easy money by scamming out users on the same method.
This is why we should really be making ourselves to be that aware on what we are dealing off with and not would really be easily get along just because it was the main trend
because if you do make yourself having the behavior of not really like on missing out something then its likely you would really be facing some problems.

This is definitely not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

What you say is related but not entirely due to the Luna crash, there are still other factors that caused Bitcoin to plummet. All are interconnected with each other, both from the perspective of investors themselves, conditions that should rest and face winter, as well as US inflation which has swelled more than expected. Plus the increase in interest rates forcing investors to withdraw their funds into cash to cover the interest. All are like pieces of a Puzzle, but regardless of the current state, it was definitely expected a long time ago.

I don't have an issue with that. The "Greater Fool" concept has driven the rare coin and art markets for centuries. My big problem is that you aren't actually buying the art when you buy an NFT but, rather, in most cases all you are getting is some metadata that describes a piece of art that is stored somewhere else. It is like buying the Mona Lisa but, instead of the painting, you get a piece of paper saying you have the rights to a bit of wall space at the Louvre. That's great until they move the painting. Then you own some drywall.

The NFT art market is just starting to develop and therefore there are a lot of scammers in this market. NFT tokens are already quite well used in games, and this allows you to sell and buy various game things. Another direction is the metaverses. Although this is the same, only a larger ecosystem with more opportunities.

Many theories in the circle related to NFT like Nft money are used for money laundering, Weapons or drugs trading, and all other kinds of Black market businesses it's not 100% true but some activities like pic of the rock sold in millions of dollars so that's type of activities shocking everyone.

NFTs will feel the hit the most in this bear market but at the same time it might open door to greater opportunities, imagine buying bored ape yacht as a affordable price after few months of bear market? This used to belong to the biggest boys in the world ( richy rich ) lol.

If the project that launched the NFT is closing down then it is possible that the servers will eventually go down or some other people will take over those servers. Since it is a new space there are more methods of storage coming up. If the artwork and the NFT are stored in the same blockchain then there is nothing to worry even if the project disappears. The rest of the storing methods have their downfalls, so check carefully before investing.

I partially agree with the title. The market is still developing and probably in the near future we will have many serious proposals, for now what we have are doodles of dogs and cats being sold at exorbitant prices.

Exactly. We can't say all NFTs are bad, simply because scammers are rampant across the crypto space. There are a few good projects that actually deliver as promised. With renowned companies like Nike, Pringles, and even NBA in the game, I doubt NFTs will disappear anytime soon. The industry is just starting to blossom as venture capitalists pour money into smart contract platforms like Ethereum, BNB, and Cardano like crazy. We should give NFTs some time before they become a force to reckon with. Who knows if in the future the NFT space becomes fully legitimized due to ever-increasing regulatory efforts from mainstream governments? Just my thoughts ;D

According to you or according to who?

Which is why to do it right there need to be a blockchain specifically for nft use case and nothing else. Not for day to day payments but just to store the nfts, including their image. That's the only way it can have a real value.

Not all cryptocurrencies are bad. Not all stable coins are bad. Not all NFTs are bad.

Scammers will use blockchain, cryptocurrency, stable coin, NFT as their tool to scam investors. Technology, NFT in particular is not responsible for scam activities. It is naive people falls to scam projects and get scammed. They must learn more, control their greed better and they will be fine in the market.

NFT technology is a good thing and can be applied in many area. We will see its growth in future.

The industry we are in is now getting synonymous with hypes, half-truths/half-lies, scams, frauds and collapse. I am still excited with this industry but my view is getting dim everyday especially these days when there is an ongoing big deep DIP. As to NFTs, many are really like that...many projects in the world of NFTs are made just to get as many money as they can and I am sure that just like the ICO craze in 2017 many will end up with high-prized NFTs with no market value soon.

The collapse of luna has severely affected the market, causing thousands of investors to feel scared and hesitant to continue putting money into the market. But that's not the main reason the market crashed.

We saw bitcoin showing signs of decline after hitting ATH in november 2021 and after outbreak of war disrupted global supply, followed by an increase in world inflation causing the whole economy to be seriously affected. Volatile and risky assets like bitcoin plummeting is inevitable, people will focus on holding stable assets like gold and dollars rather than volatile assets like bitcoin or stocks.

After reading your facts i really appreciate it, because before reading your post, i was not aware of it, so i do little research, well NFTs are bigger scams than the LUNA, basically Luna wasn't a scam, but they do have made some big mistake which cost all of us a great fortune of money. To keep NFTs off-chain they use IPFS (InterPlanetary File System) or Arweave. But their are also some NFTs platform which store their NFTs On-Chain like Loot, Autoglyphs, Nouns, Avastars and Larva Labs. So before investing great amount of money do verify that, either it's On-Chain or off-Chain.

As a point of view and with negative arguments, I am personally very skeptical of the hype the NFT is presenting, but having a product deliver value is not just in terms of profits and the way it is sold. What we use them for is not an intervention from the creator. Besides its undeniably real-life applications, I'm not talking about the products that are happening in the space right now because, for the most part, they're just trend-following hype and lack of reality. However, it is necessary to look at it from many directions rather than a one-way assessment.

In Russia, the price of the dollar has fallen by 50% in a few months. The dollar is not the best asset due to inflation in the US. Bitcoin looks like a better investment. Gold is a good source of savings, but you have to pay taxes on buying and selling.

In Russia dollar collapsed because Europe pay gas fees to Russia in Ruble, not in dollars after the US-made sanctions on Russia Ukraine war.

What you say may be true. Some well-known NFTs always get hacked cases even though we know blockchain has a high security system. But everyone doesn't seem to care about that, they just assume if it's not in the big media they won't care what you have to say. But I've always studied NFTs only they really can't last very long, maybe it has something to do with your theory.

NFT is huge hype but not entirely scam, the idea is good which give unique identity to each token and also there are some tokens were launched based on it but in mainstream media NFT is simply shown as digital asset which can't be faked but surprisingly the same content can be created with simple download and uploading again as new token so chances of counterfeit as there especially when it comes to collectibles.

It was because those NFT hacks were social engineering attacks or people in blockchain networks did it on purpose aka attack with the help of insiders. Not just NFT but any network that didn't decentralize enough will easily fall for those attacks. Tho, I think because NFT is young and full of people and doesn't much about crypto, about decentralizing so they're more susceptible to those attacks. Hence back to the main point of this thread: Yes, some NFTs out there exist solely for scamming people, or at least people more susceptible to their attacks.

It is "a bit" about the creator. If the creator creates NFT collection with some utility in place, then it would be used for something, if not then it won't. Like for example look at Axie Infinity, those monsters that you buy? All of them are NFT's and that means we are talking about a game that is attached to NFT.

It was horrible placed, because it allows people to have 10 billion Axie eventually, in theory at least, but that means the more you have it, the less it will be valued, and that is why it was always going go down. But the idea stands, if you can build a system where NFT has some utility that people would love to use, then it would be a great deal and people would still buy it even in this market, depends on the utility.

As part of the problems that you realize and want to make serious, I am not too knowledgeable about NFT but I really see their practical applications in life, so the role they have developed we have not been able to fully exploit them, so do not conclude in one direction. I see this in game products. If this technology can be integrated into operation, imagine a game with products that are perceived as separate and not everyone has them. How interesting would it be, for example, to visualize PES or FIFA with the players?

The creator needs to devise something "catchy" that would bring mainstream attention. Otherwise, his/her NFT won't have any success. While most NFTs are bad, there are some that are the exception. In-game items you earn when you play online makes NFTs extremely useful. The industry is just starting to blossom, so I'd say we should give it more time to see what happens.

As I've said before, renowned companies like Nike, Pringles, and NBA are joining the NFT bandwagon, so it should only be a matter of time before mainstream adoption explodes like crazy. As long as there are legitimate uses for NFTs, I don't see the trend going away anytime soon. Just my thoughts ;D

It depends, personally I  would like to see some raw numbers to see which one is the biggest of the two when it comes to scams, a fortune was lost when luna collapsed, how does that number compare the the amount of money that has been lost so far on the NFT market? Because the amount is not small either, and while the impact of luna is probably going to remain the same this cannot be said about the NFT market which will keep claiming more victims as time passes.

as I think, things like nft will stay for a long, its already pinned in people's minds and they hype it and develop that in all ways

I also do not quite understand what the value of NFT is. Basically, it's just a picture. You can put on an avatar and watch in virtual reality. And the prices of some just surprise me. Undoubtedly it is worth something, but not such high prices. Coins with their own blockchain are definitely more suitable for investment.

NFTs may become relevant in the future but I agree the way they are being used now is dubious at best, so without a doubt the huge sales of NFTs we saw some time ago were the product of hype and nothing more, and we know this is the truth as many of those that bought NFTs at high prices have tried to resell them and in many cases they do not get even 1% of the money they invested, which means those people lost their money investing in something that never had any chance to grow in value to begin with.

Not all NFTs are scam, I hate the fact that NFTs can be created by anyone and some idiots don't mind buying from anyone either, what makes a Gold so valuable? It's because it's useful and very rare to find, if everyone has Golds at their backyard the value will drop insanely, well most NFTs are Gold that everyone has in their backyard. 

I do not agree that NFT is a scam, especially when it comes to competition with Luna UST. Since NFT, we have seen a new trend in the crypto market. There is a lot of content on Google and YouTube in this regard in which the sale and purchase of NFT are linked to money laundering or the black market, with which many people agree, But despite all this, I would not call the NFT is a scam. It is our first step towards digitalizing In which there will be transparency and protection of the rights of the artist. This is a revolution for the artist.

There are still lots of NFTs that aren't scams but mismanagement is usually the problem. The developers failed in handling the game which has a huge impact on their coin. Also, we can't deny the fact that many scammers have used NFTs to fool and scam people. Maybe that's the reason why many investors are accusing NFTs of scams.