NFT's are a bigger scam than LUNA/UST

[fenican]

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.

[cryptoaddictchie]

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.

[Jawhead999]

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.

[raidarksword]

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.

[cabron]

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.

[zasad@]

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.

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/

[joeperry]

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

[so98nn]

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.

[Rufsilf]

Just look how NFTs are being vouched to gain attraction and investors' interest.
How to Make Money with NFTs in 2022 – Top 10 Methods

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.

[pakhitheboss]

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.

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.

[danherbias07]

That's how you market what you want to hype up.  
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.

[CuriousGeorge]

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

[Miaallen]

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.

[TimeTeller]

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.

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.

[Jackl87]

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.

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.

[zasad@]

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/

[crzy]

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.

[vv181]

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.

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.

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.

[uneng]

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.

[TopT3ns]

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.

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.