Is it just me thinking about this NFT craze this way?

[Zotak337]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

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[ryzaadit]

Some scenario and rumor: YES.

NFTs transaction is also being used for money laundering since the transaction on the third marketplace can be decentralized without need for verification so can be used for money laundry.

But some scenario, the whale can be bought the cheapest NFTs and pay promoted with several influencers as well to increase the floor price.

[o48o]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

Obviously good tech will always be used illegally. Because it's good tech. However people are missing the bigger picture, as NFTs aren't just collectables, they can represent anything and already have useful usecases that most people are not aware of.

[wheelz1200]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

Yeah there is no way that in a perfect legal world these nfts are going for this much.  This is the ponzi that everyone thought crypto was.  When the bottom falls out unfortunately crypto is gonna take the hit for it.  I'm steering as far away as I possibly can from nfts.

[jrrsparkles]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

The craze is real and its already reaching over limit already because 10 million for a jpeg or gif file? It really looks too much from my point of view as well and also if someone consider it as investment its not really same as bitcoin or altcoins because of no liquidity so it has to be marketed a lot to sell it for higher price everytime.

[Silberman]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

You are not the only one and in fact it is probably the view of most of the older members of the forum, art has always been subject to money laundering schemes as you can move a great deal of value with a single object, so I really think that a significant amount of the NFTs being sold for a high price are just hackers buying their own NFTs for a huge price and then they can justify the money they got form the sale to the authorities, and if anything questions whether the art they are selling is actually worth that much they can easily defend themselves saying that people can pay whatever they want for their art.

[Erdogan]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

To tell you the truth, I also don't understand the phenomenon behind the NFT. For me it is something like someone collects post stamps or comics. I understand that this may be someone's hobby, but I don't understand where the value of all these electronic pictures comes from. I'm not investing in something that I don't understand, so I'm just watching and wondering when the NFT hype will end.

[Alanaz]

I think today's NFT hype is so different from the usual.
at the start of the hype there was a lot of art in it and indeed it had artistic content which was very nice to look at.
but for now I see a lot of NFT which is just for fun and does display pictures that incidentally don't really care about the art where the important thing is that their pictures are for sale.
I guess to say manipulation is indeed very possible for now

[tippytoes]

I think today's NFT hype is so different from the usual.
at the start of the hype there was a lot of art in it and indeed it had artistic content which was very nice to look at.
but for now I see a lot of NFT which is just for fun and does display pictures that incidentally don't really care about the art where the important thing is that their pictures are for sale.
I guess to say manipulation is indeed very possible for now

We can't avoid this thing to happen as this new craze is now proliferated with scammers. So the likelihood that you will see crap NFT items that are up for sale will always be here.  It is up to the buyer how he will do his own due diligence to avoid being screwed. Or better yet, invest your funds to established alts or btc, rather than putting your money at this very high risk investment. I am certain a lot of these NFT collectibles will be worthless in the future.

[Fatunad]

I think today's NFT hype is so different from the usual.
at the start of the hype there was a lot of art in it and indeed it had artistic content which was very nice to look at.
but for now I see a lot of NFT which is just for fun and does display pictures that incidentally don't really care about the art where the important thing is that their pictures are for sale.
I guess to say manipulation is indeed very possible for now

We can't avoid this thing to happen as this new craze is now proliferated with scammers. So the likelihood that you will see crap NFT items that are up for sale will always be here.  It is up to the buyer how he will do his own due diligence to avoid being screwed. Or better yet, invest your funds to established alts or btc, rather than putting your money at this very high risk investment. I am certain a lot of these NFT collectibles will be worthless in the future.

Just like into those ICO days on which there are lots of scam or fraud projects floating around and even up to this day on which it hadnt changed up yet scammers would really be make
use of the current trends that we do have and thats why you should really be that aware and be wise on taking up things around.Dont make yourself get Fomoed and been hyped
into that certain extent on which it  would cause for you to lose money.

[bitkanu]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense,

For some NFTs and i will say yes if that's totally non sense.

crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later?

There are some possibilities to happen and this is it
- Possible money laundering
- Possible manipulation

TBH i don't even think millionaire wanna wasting their money just to buy a picture of monkey worth of millions dollars. PnD in NFT is even worst thancrypto. It's too difficult to store your money on NFT as NFT was not liquid. You need to find someone interested in your NFT to be able to sell it even it's millions USD of NFT

I smell perfect way of embezzling dirty money, illegal shit and so on

I think so, that's why it has become my big question that is not yet answered but some articles have been explaining of possible dirty money to be involved on it.

[yazher]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

As we are seeing it developing every day, it will turn to be a sensible investment in the future when gaming industries will get involved or those who are into collection items like NBA or baseball cards will make their own version of it. Right now, for the benefit of the first comer in the industry, like what we are witnessing today about the arts that have no sense but are too expensive, it's just because they have some history which is the important thing when it comes to NFTs.

[cabron]

We heard of that story. And influencer also explains this which the owner themselves are buying thier own NFT. But it makes sense for them to do it though because of the fear of what is coming. This doomsday rumor is just making the rich people think of a different way to save thier money. And celebrities are just helping them too to make this craze spread. Snoop Dogg is just buying lots of these NFT using his Medici account.

While they store thier wealth in NFTs, there are also individuals getting rich through these NFTs.

[livingfree]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

Tell that to those art collectors too in real life.

They're making the art industry a scam as it sounds with that doubt that they've been buying millions in value of art collections in galleries. That's not a new idea about nfts and arts.

It's just the same in other ways of laundering money.

[Flyingjack123]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

We need to understand that there are genuine and. Non genuine players in every market.
The jolts of banking crisis has bottomed big economies in history as well.
In medicine research there had been cases of severe compromises in history.
But  right regulations were made from the lessons of losses.

I see same will happen with NFTs as well sooner than later

[X-ray]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense,

Feeling contradicted is a common sense that owned by anyone. NFT has advantage and disadvantage, it's not only NFT but all of things in crypto have the same thing like that. If you're seeing it from the tech perspective and it's totally a sense thing but that will be different when you're seeing it from another perspective like economic. Valuing a picture worth multi million dollars totally a non sense thing and what will you choose? Being negative or positive? that's your choice. I just ignore any negative or positive comments about NFT as this make sense if sometime there's someone who like and dislike it.

crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

They have so many intentions by pumping that cartoon and i know how do you feel about that but the reason can't be known easily as they might have various reasons for that. Used NFT cartoon as store of value was totally a non sense thing when you have another option like bitcoin and stable coin. These will keep your value.

[terciduk123]

The NFT trend is indeed quite crazy, because there are people who buy NFT for millions of USD.
There are various kinds of NFT that are sold in the market, I personally divide them into 2 categories. Some are NFTs that are innovative and useful and others are NFTs that act in the name of art and are for collection only.
If it's useful NFTs like land, NFTs for mining, and Gaming NFTs, I still understand why people buy them at such high prices. But if it's an NFT for collection only, I still don't understand why people buy it at such a high price.

[bittraffic]

The NFT trend is indeed quite crazy, because there are people who buy NFT for millions of USD.
There are various kinds of NFT that are sold in the market, I personally divide them into 2 categories. Some are NFTs that are innovative and useful and others are NFTs that act in the name of art and are for collection only.
If it's useful NFTs like land, NFTs for mining, and Gaming NFTs, I still understand why people buy them at such high prices. But if it's an NFT for collection only, I still don't understand why people buy it at such a high price.

Some are also worthless same design but with just different color or they just change the hairstyle of the or add an eyeglass and its an NFTs already with higher value. Can't believe someone is actually buying those NFT like it's an art. It's clearly not.

I can create a better art design which I have posted on my deviant art account and can get more followers by just it. Changing just the background or something is considered a poor practice of art plagiarism but NFT lovers are buying it.

[HashingTower]

NFT will have a negative impact on crypto in future because this use case is really not needed, it has nothing to do with better money or making payments and now billions of money are been spent on them, the most confusing ones are art NFTs just for collection purpose only, why spend money on them

[danherbias07]

No, it's not just you. It's all nonsense to me too when it comes to expensive images that are just created using the paint application or whatever they used. They say someday it will gain value but I don't think it is that unique for another person to have the urgency to buy it again.
I understand more the NFT's that has usage when it comes to games. Like NFT's of gala games that are expensive but it can also make the game you will play way easier because of the item. Compared to F2P players you can gain the upper hand while having it.

[wajik-tempe]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

it's a very good invention at first to create the rights of digital assets but as usual, if anything good goes viral, then the roots are coming to make it bad. A lot of trash sold with higher price than an original great digital goods so it is no longer great.
The concept is really good and could be implemented in the future when metaverse is happening, but it still need more evaluation and improvements

[cryptoaddictchie]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

Probably they can do that by means of nft. But what can we do on such decentralized space like nft. Even Binance has their own nft marketplace. Im pretty sure some uses nft to widen their arts collection and some who uses it to embezzle some funds. I cant say ndt is bad at all but surely they can use that on some form of money laundering.

[bakasabo]

I think current NFTs has moved from what they were originally created for. Now people create and place NFT on a marketplace, with an idea to find a person or an idiot who would buy it for a highest price. People dont create art because they want to and like it (the process), but turned this all into a conveyor hoping to foist their minute spent picture to a newbie.

Recently I saw a guy who took pictures of himself for several year, turn them into NFT and sold at opensea. That is a good example of NFT craze. As not one, not two, but a lot of these NFT were bought.

Sometimes I even consider picturing some objects and selling them as NFT, totally random objects. With the only goal, get some easy money.

[Alanaz]

I think today's NFT hype is so different from the usual.
at the start of the hype there was a lot of art in it and indeed it had artistic content which was very nice to look at.
but for now I see a lot of NFT which is just for fun and does display pictures that incidentally don't really care about the art where the important thing is that their pictures are for sale.
I guess to say manipulation is indeed very possible for now

We can't avoid this thing to happen as this new craze is now proliferated with scammers. So the likelihood that you will see crap NFT items that are up for sale will always be here.  It is up to the buyer how he will do his own due diligence to avoid being screwed. Or better yet, invest your funds to established alts or btc, rather than putting your money at this very high risk investment. I am certain a lot of these NFT collectibles will be worthless in the future.

I don't know if this is manipulation or not but with the NFT that has gone viral in my country these past few days it has made a lot of people expect the same thing but on the other hand the NFT they trade is not as expected and even tends in a bad direction In terms of images, my country's telecommunications agency urges you to make and do NFT wisely.

[Silberman]

I think today's NFT hype is so different from the usual.
at the start of the hype there was a lot of art in it and indeed it had artistic content which was very nice to look at.
but for now I see a lot of NFT which is just for fun and does display pictures that incidentally don't really care about the art where the important thing is that their pictures are for sale.
I guess to say manipulation is indeed very possible for now

We can't avoid this thing to happen as this new craze is now proliferated with scammers. So the likelihood that you will see crap NFT items that are up for sale will always be here.  It is up to the buyer how he will do his own due diligence to avoid being screwed. Or better yet, invest your funds to established alts or btc, rather than putting your money at this very high risk investment. I am certain a lot of these NFT collectibles will be worthless in the future.

I don't know if this is manipulation or not but with the NFT that has gone viral in my country these past few days it has made a lot of people expect the same thing but on the other hand the NFT they trade is not as expected and even tends in a bad direction In terms of images, my country's telecommunications agency urges you to make and do NFT wisely.

You need to be careful, not only there are a lot of scams in the market of NFTs, a great deal of those that are selling NFTs for a lot of money are not really selling NFTs at all, what they are doing is to try to clean the money they got from other illegal sources and then buy their own NFT art and then try to make that money legal, this kind of thing happens all over the world with many assets, so I will not be surprised if something similar is happening in this market.

[Natalim]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

if you ride the hype and invest there earlier, you got a huge profit but if you were investing them during its peak, you'll be getting close to losses.

Just looking at their market performance, I feel bad about the future of these NFTs projects especially as these Metaverse projects had been taking their advantage. If we have these NFT's in our wallet, I'm not sure but selling is the best option than holding them for a long time.

[harizen]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

It's like how other tokens without even fundamentals are pumped, creating a FOMO since it was the current hype. Maybe it looks wrong but since people are getting hype, there's an opportunity to make money out of it.

Don't get those people wrong. It's about good timing and it's effective to others.

Unfortunately, there are people who blindly FOMO at those and they don't know how to ride the wave during the hype.

[SlimShadyMmp]

Depends on the NFTs you are going for People that bought bored apes are really going to be super reluctant to sale while most people with nfts like axie will jump the gun as soon as there is a dip in the market because hey axies get born everyday and some are kinda useless for various strategies

[TelolettOm]

I cannot say that all NFTs are nonsense because some of them are exactly valuable. But I also see that recently, there are many annoying NFTs that are created and sold on some platforms like OpenSea after some viral NFTs (like in my country). And, as usual, some scammers also create fake NFTs to deceive.
Well, actually the concept of NFT is very interesting and valuable enough. Bt as long as the platforms only focus on the income and earning,I think that the main purpose will be changed, and the quality of NFT may be also decreasing.

[letyouearn]

Tokenisation itself is a very interesting and promising technology, but you are right - the modern NFT market is full of different kinds of scam and crap. Most of these projects will die in the end of bull market.

[LUCKMCFLY]

There are many people who are crazy about NFT, collectors or makers of NFT, maybe this is because NFT is a unique technology that makes anyone interested in getting into NFT, just like games that make addiction, then NFT can also make addiction, if you are a photo collector then you will continue to want to buy, the best way to control is to do social activities such as helping victims of natural disasters.

You are right, in fact one of the biggest markets of the NFT has been the games, but they have not known how to exploit it well, most of them have been taken by many unethical devs scamming many people, which is not correct, without However if things with metaverses, NFT games in metaverses if they don't get better, then I think NFTs will be like those collectible items for people and won't take value until a few years from now, it's kind of like what happens with paintings and works of art, that is my particular perception.

[Henrobakkara]

NFT will have a negative impact on crypto in future because this use case is really not needed, it has nothing to do with better money or making payments and now billions of money are been spent on them, the most confusing ones are art NFTs just for collection purpose only, why spend money on them

You are right. After I even saw the way you can easily make some of these NFTs from some pictures with some applications making them look like paintings, it all became even more not serious to me cos someone can just tune some picture into whatever and be sold for hundreds of cash. I have not really had much interest in NFTs even though I hear people making money but after what I saw, not interested.

[TheGreatPython]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

What you have to understand is that whatever we have called money or a means of exchange is because we have agreed to call it money and it serves as a medium of exchange for all of us. And that the way we have come together to believe that the picture of a monkey is not just your regular picture with the ethereum block chain. But, the question of being illegal shit or not is a question for another day.

[AmoreJaz]

Tokenisation itself is a very interesting and promising technology, but you are right - the modern NFT market is full of different kinds of scam and crap. Most of these projects will die in the end of bull market.

True, there have been some opportunities that made these types of people kind of help them through NFT. And that's why it doesn't stop the rest of us from thinking that this sort of process is going through with that red money on it. But, I'd like to acknowledge those legitimate people that have made a huge profit on it selling their actual arts, that's the wealth transfer that has happened and those folks deserve it as those whales have purchased their works with sums of money.

just like any other hype, NFT is no exception when it comes to proliferation of scammers and fraudsters. if you are NFT holder, make sure you are buying a legit item. and has real value in the market. basically, everyone can create their own NFT these days.
some are indeed overwhelming in terms of price, you will think that's unreasonable. but some are buying. we don't know if they know what they are doing or just because they are riding the hype without much info about it

[goinmerry]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

That not-sense is giving good money to most people already. Can we call it still non-sense?

It's ok to have that kind of view towards something but rather than cry, why not take advantage of the opportunity?

Do you think we can solve that dirty money or illegal shit by not taking part in the NFT craze? That's something we can't stop.

[Cryptock]

Tokenisation itself is a very interesting and promising technology, but you are right - the modern NFT market is full of different kinds of scam and crap. Most of these projects will die in the end of bull market.

Each bear market cleans the cryptocurrency market of scams and weak projects. After large drops in prices, bad projects no longer rise. Those that will be worth investing in the future always go for new ATH. Sure, many NFT projects will just collapse, but I think a lot will remain, and there will still be many investors who make money from it.

[Jaered]

Mate, I have thought of that way, but then that's art. Some people think of art as pure rubbish. But NFT has provided a vehicle where art and technology meets(in this case the blockchain). So live the moment while it lasts til it implodes or evolves

[agustina2]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

The fact that the NFT market is pumped to billions, then we can say it's a worthy market and not just non-sense or shit. Many investors come here making it a wealthy and active market. Seeing the volume in OpenSea and AtomicHub, the daily volume is insane.

We can apply here the idea the same with hype altcoins. Let's take part in the opportunity to earn here. There's money here with the right strategy.

[GreatArkansas]

Even if you will say NFT is just a normal picture file that can be copied and pasted, or only JPEG. The way how it is implemented, how it was minted on blockchain with only limited supply, that's how it become unique for me.
But the way you think how much expensive they are, I am also thinking about it. But that is an art, artists should be rewarded. So it's normal for me.

[jeungo]

I agree, I do not see anything fundamentally important in these assets. I understand that even in games there are unique things that can be very expensive. But in the case of NFT, the price is unjustified and the uniqueness is due to the fact that everyone can make their own items. This goes beyond simply understanding the pricing of these coins.

[Silberman]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

The fact that the NFT market is pumped to billions, then we can say it's a worthy market and not just non-sense or shit. Many investors come here making it a wealthy and active market. Seeing the volume in OpenSea and AtomicHub, the daily volume is insane.

We can apply here the idea the same with hype altcoins. Let's take part in the opportunity to earn here. There's money here with the right strategy.

The size argument is not really compelling, we have seen many coins get to a huge size and then collapse out of nowhere as people finally realized they were investing in a scam, we have seen this in other markets as well, so just because NFTs have a lot of money changing hands this does not necessarily mean the market is strong or anything like that, just look at what happened with icos, they were incredibly strong as well until they were not, and something similar could happen to NFTs as well.

[mobilestrike]

As good as NFT sounds to me there is another part of me that just feel like NFT is nonsense, crypto investors are pumping billions into a cartoonish looking monkey for what? To store that money or hope to get bigger money later? I smell perfect way of embezzling dirty money, illegal shit and so on

After seeing its demand of sale I also started to learn from a few weeks and in searching about that I also searched that what is the use of NFT when someone buy it. I found on some articles that many people buy it just to show themselves as rich. They often buy those NFT which had a hype on internet in any time so with buy this they show themselves as big personality. It is the same as a person can buy a watch at $20 for checking time on hand but many people buy high cost branded watches at more than $200 to show to the public about his wealth.