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.