NFT's are a bigger scam than LUNA/UST

[carlfebz2]

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.

Yep, lets put up some link to that.

Man Commits Suicide After His $2 Million Invested In Terra (LUNA) Crashed To $1,00
Taiwanese man commits suicide after losing nearly NT$60 million from Luna crypto crash

Its expect that LUNC would really face the same fate.You cant really blame out people and not all would be that dumb to commit the same mistake.

[Coin BTC]

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 some of it is true, but we all know that all shitcoins are proven to be scams, the closest examples we can say are NFT and LUNA, they look different but the result is the same, namely Scam.

[GreatArkansas]

OP seems to misunderstand what really NFT is and how the blockchain works.
Another thing is, it's really far to compare it to LUNA or UST, NFT is a big difference.
Another thing is OP should not generalize the NFT, there are some NFT built difference, a lot of NFTs are using different platform or chain network, so for me, it's not all the same.

[WalkerIVIV]

I can't say NFT was even a big scam compared with the luna. Developers of luna was stealing alot of money from the investors and they were cashing out that to their personal wallet. This is a crime unlike the NFT that the risk will be owned by anyone who issued it and so if you are talking about the copy right and i do believe this is nothing compared with how luna was making bunch of people loosing their life, their familiy and their money. luna was the worst thing that ever exist in the crypto

[fuer44]

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 also think so because it is impossible for the file uploaded on the NFT to be stored on the blockchain. surely what is stored is only metadata including transactions. but at least for now we can still get value if we make art and upload it on NFT, but yesterday I tried to sell my work on NFT, the gas fee is no longer free (I use polygon).

[Xal0lex]

NFTs are ICOs that were relevant in 2017, only 2021. NFTs have no value and the original idea of transferring art to blockchain has been drowned out in the floods of speculation, wasg trading and various manipulations. I have only occasionally seen real applications of NFT associated with real estate, it gave the right to acquire that very real estate, but those are isolated cases. The bulk of the acquisition of NFT has always been related only to one purpose, to more profitable resale to someone else.

[SEEEP ZEEBOLOGI]

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.

we already know, people buy nft beacuse of trend and so many influencer make nft to make easy money, but is't that art irl work too? they famous for money laundrying avoid taxs and such.
i only hope nft tren over soon, with bored ape get hacked i don't thing people trush nft anymore

[mindrust]

People buy NFT’s because they think they can sell it to somebody else from a higher price. That’s the only reason for their existence. In other words, NFT’s are nothing but ponzi schemes. Eventually people will run out of fools and NFT’s will go away but bitcoin will survive just like how it survived the previous bear markets.

[wheelz1200]

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.

Of course.  Do you think all of these great projects are about art or anything useful?  No.  It's merely to get the creators more bitcoin or eth, and then from there everyone buying is looking for someone more stupid to buy them from them.  It's a pyramid about to come crashing down.

[Adbitco]

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.

Hehe 😆
I have also taught about this, from the onset I have never pay much attention to NFTs I don't why, maybe some others could see it as an investment or whatever but I don't. Its just a fake .
I don't really know if the price appreciates on depreciates, same art work every where some is more like spamming creating much of it selling to people unlike token once it created none can create same token again and if any does then it's a scam token or currencies easy to trace and track than NFTs, which I know it can not run for long time.

[Fundamentals Of]

At least with NFTs or majority of them there is no deliberate stealing. People are not forced to buy those worthless tokens. They are completely free to buy or not. The problem is largely on the part of the buyers who are not doing enough research before spending a significant amount of money. But just the same I am doubtful of the future of NFT if this is only the kind of use-case it is offering.

[S3300]

If NFTs are scam or not this bear market is capable of revealing that, buckle up fellas many coins and tokens will meet their death in this bear market and followed by their NFTs so there isnt much to be worry about here, let bear market do the judgement, it was the same with last bear market, many altcoins died in a matter of weeks to months.

[MarjorieZimmermanGinger]

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.

Despite the many problems and advantages of NFT, but this concept only lasted for a certain time, NFT is no longer trending now, they are starting to be forgotten and not talked about anymore, as you explain in this post, that NFT can only be stored on a centralized server, this shows there is no freedom in creating and storing the artwork and in the end we will see in the long term the server or site is hacked for various reasons, which in the end we will be harmed

[MrDave]

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

[Bushdark]

We can't suddenly come up with the idea that NFT is the same as Luna because we are wrongly trying to compare an entire cryptocurrency blockchain to a single fallen or would I say a fud project like Luna. Some many coin projects has an NFTs just like Binance and we shouldn't just conclude that NFT is bad or a scam. NFT is more reliable than many scammy coin projects that had rugged and others that are still in the market trying to take way investors funds. We shouldn't discriminate NFT because more are yet to come.

[Oasisman]

At least with NFTs or majority of them there is no deliberate stealing.

You sure about that??
Coz I've heard some NFT's where being sold from the people who they stole the art from the original artist.
Just like this https://www.wired.co.uk/article/nft-fraud-qinni-art
I always believed this is not just the case. There might be another cases like this including those got stolen from a small time artist.
Not just stealing their artwork, worse case was they're stealing the artist's identity.

[Abiky]

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 content was never meant to be stored on the Blockchain. If it did, most blockchain networks would be so bloated, the average person won't be able to use them for day-to-day payments. What's added to the blockchain is only the smart contract (in some NFTs) and its corresponding hash value to prove ownership. The ideal way to decentralize NFTs would be to store their content in a distributed file system (like IPFS or ETH's Swarm), but not many people aren't that tech-savvy enough to do this. I wouldn't say NFTs are a scam, especially when the trend is beginning to blossom. There are some NFTs that are being sold by legitimate companies (eg: Pringles, Nike).

The future consists of full digitalization of our lives, so NFTs make the perfect replacement of physical items/collectibles. It'll be up to developers and the community as a whole to come up with real use cases in order to spur adoption of NFTs worldwide. The case of LUNA/UST was simply an irresponsible move from the project's team. You can't compare it with NFTs since it's apples vs oranges. What the future holds for the NFT industry is a mystery to all of us. As long as there are legitimate use cases for it, nothing else matters. Just my thoughts

[Fundamentals Of]

At least with NFTs or majority of them there is no deliberate stealing.

You sure about that??
Coz I've heard some NFT's where being sold from the people who they stole the art from the original artist.
Just like this https://www.wired.co.uk/article/nft-fraud-qinni-art
I always believed this is not just the case. There might be another cases like this including those got stolen from a small time artist.
Not just stealing their artwork, worse case was they're stealing the artist's identity.

I'm sure about that. If we are to ask those people who bought NFTs, are they victims of stealing? I don't think so. If they buy an NFT, from the name itself, they are buying a non-fungible token. It is not like buying a fungible shitcoin and then the developers or owner dump their share of the shitcoin causing the price to crash.

You are talking about a different kind of stealing. That's another story. And I think it is widespread. That is why I think these so called NFT art collectibles should be highly regulated and monitored because a lot of them are taken from actual artworks outside the digital space.

[Ojengonggu]

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

The development of NFT games at this time is because many of them still love a game so they also join in games that pay for NFT besides they get their hobby in playing games but they also get the results from games that are paid in the form of NFT.
But here I am still confused because I have also tried to play games that paid NFT but until now I am still confused about the withdrawal of the results we get.

[avikz]

Yeah, I also agree but gaming NFTs are growing well these days in my opinion. These play-to-earn games have those digital assets as in NFTs. i don't find others exciting that much.

The development of NFT games at this time is because many of them still love a game so they also join in games that pay for NFT besides they get their hobby in playing games but they also get the results from games that are paid in the form of NFT.
But here I am still confused because I have also tried to play games that paid NFT but until now I am still confused about the withdrawal of the results we get.

These are even bigger scam! NFT is a piece of digital shit that has almost gone down to drain already. By 2023, NFT wouldn't exist anymore. It was riding on a hype and since the hype is gone, the NFT sales has declined too.

Usually for the most in-game NFTs, you can't withdraw them. Rather you can reuse that item within the game as a premium addon. Can you let me know which game you are referring to so that I can have a look at it?