NFT's are a bigger scam than LUNA/UST

[Blowon]

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.

[jrrsparkles]

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.

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.

[popeye95]

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.

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.

[tygeade]

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.

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.

[bayudndy]

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.

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?

[Abiky]

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.

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

[South Park]

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.

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.

[funteki]

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.

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

[fvb]

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

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.

[South Park]

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

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.

[5W-KILO]

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. 

[Morningstarr]

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.

[Cling18]

Not all NFTs are scams, 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 in their backyard the value will drop insanely, well most NFTs are Gold that everyone has in their backyard. 

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.