The Daily Show host Michael Kosta claiming that "NFTs are scams"

[NotATether]

The video link for reference (about 1 month old): https://youtu.be/lJaKtrecDI0

So he's basically explaining that you buy the rights to digital art but then proceeds to wave them down just because of the price tags going around.

The kicker is that the reason he says this is based on his own experience of selling his house (!) for some dog wearing pantyhose NFT and then its value tanked to nothing 

I guess someone forgot to remind him that expensive price tags doesn't always mean it's a scam (oh hey how much was that suit again? ) - And, uh, don't sell your house to buy an NFT.

But I kind of find it hard to believe this guy actually sold his house for a dumb NFT, he's probably just making it up or being sarcastic.

And yet nobody talks about the real scams that go on in the cryptoverse every single day, they prefer to bullshit about new crypto tech. Kinda reminds me of all those Bitcoin obituaries to be honest.

/rant

[_act_]

And yet nobody talks about the real scams that go on in the cryptoverse every single day, they prefer to bullshit about new crypto tech. Kinda reminds me of all those Bitcoin obituaries to be honest.

It is unbelievable DeFi was not mentioned. Over $10 billion DeFi scam in 2021 and $12 losses in total.

https://www.cnbc.com/2021/11/19/over-10-billion-lost-to-defi-scams-and-thefts-in-2021.html

Overall losses caused by DeFi exploits have totaled $12 billion so far in 2021, according to a report from Elliptic.
Fraud and theft accounted for $10.5 billion of that sum — a sevenfold increase from last year.

There are still more scam than DeFi but DeFi is the most that scammers used to scam people.

What about donation scam too, it was used by many scammers.

[masulum]

IMO, someone buys an NFT because he likes the art the seller provides and maybe have higher value when he have portfolio of this NFTs, even meme NFT are have an art for people who like memes, nothing wrong with that. Now, we can find many NFTs, as well as photographic NFTs that can be used as illustrations for publications and other commercial use. With this, it is very far from the point of view that buying NFT is just to give up money in a scam. However, they buy because they are needed based on their personal needs.

Well, we will hear this kind of FUD all the time, anything new to crypto for people who already don't like it will be considered as a scam. 

[_act_]

IMO, someone buys an NFT because he likes the art the seller provides and maybe have higher value when he have portfolio of this NFTs, even meme NFT are have an art for people who like memes, nothing wrong with that. Now, we can find many NFTs, as well as photographic NFTs that can be used as illustrations for publications and other commercial use. With this, it is very far from the point of view that buying NFT is just to give up money in a scam. However, they buy because they are needed based on their personal needs.

NFTs are not scam but very risky. Only what I can do it to create an NFT and look for buyer. I can not buy NFT because I know the hype can be cool on a way I will lose.

If pump and dump are regarded as scam, the losses it bring can be what NFT will bring to some people. Some people have earned a lot of money from NFT, this is the one I heard about recently

https://cointelegraph.com/news/22-year-old-indonesian-boy-makes-1m-by-selling-nft-selfies-on-opensea

But what makes the buyer think the NFTs of the Indonesia student picture will increase price, this can later be a loss for the buyer.

I am not saying NFT is a scam but it is risky and should be treated like that.