NFT's are a bigger scam than LUNA/UST

[Juwel580]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

[1715010218]

1715010218

[Anonylz]

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.

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

[milewilda]

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.

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Just like into those ICO days on where there are indeed projects which are really that legit but as expected that whatever trend that we are facing on then it would really be always be having that situation where scams becomes too rampant because there are people whom do really make out something just for them to make easy money by scamming out users on the same method.
This is why we should really be making ourselves to be that aware on what we are dealing off with and not would really be easily get along just because it was the main trend
because if you do make yourself having the behavior of not really like on missing out something then its likely you would really be facing some problems.

[zasad@]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

This is definitely not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

[Jody.Drummer]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

What you say is related but not entirely due to the Luna crash, there are still other factors that caused Bitcoin to plummet. All are interconnected with each other, both from the perspective of investors themselves, conditions that should rest and face winter, as well as US inflation which has swelled more than expected. Plus the increase in interest rates forcing investors to withdraw their funds into cash to cover the interest. All are like pieces of a Puzzle, but regardless of the current state, it was definitely expected a long time ago.

[fenican]

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.

I don't have an issue with that. The "Greater Fool" concept has driven the rare coin and art markets for centuries. My big problem is that you aren't actually buying the art when you buy an NFT but, rather, in most cases all you are getting is some metadata that describes a piece of art that is stored somewhere else. It is like buying the Mona Lisa but, instead of the painting, you get a piece of paper saying you have the rights to a bit of wall space at the Louvre. That's great until they move the painting. Then you own some drywall.

[zasad@]

The NFT art market is just starting to develop and therefore there are a lot of scammers in this market. NFT tokens are already quite well used in games, and this allows you to sell and buy various game things. Another direction is the metaverses. Although this is the same, only a larger ecosystem with more opportunities.

[Morningstarr]

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 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.

Many theories in the circle related to NFT like Nft money are used for money laundering, Weapons or drugs trading, and all other kinds of Black market businesses it's not 100% true but some activities like pic of the rock sold in millions of dollars so that's type of activities shocking everyone.

[Outhue]

NFTs will feel the hit the most in this bear market but at the same time it might open door to greater opportunities, imagine buying bored ape yacht as a affordable price after few months of bear market? This used to belong to the biggest boys in the world ( richy rich ) lol.

[eaLiTy]

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.

If the project that launched the NFT is closing down then it is possible that the servers will eventually go down or some other people will take over those servers. Since it is a new space there are more methods of storage coming up. If the artwork and the NFT are stored in the same blockchain then there is nothing to worry even if the project disappears. The rest of the storing methods have their downfalls, so check carefully before investing.

[mdgabrielzim]

I partially agree with the title. The market is still developing and probably in the near future we will have many serious proposals, for now what we have are doodles of dogs and cats being sold at exorbitant prices.

[Abiky]

Most innovations are scam to some people until it becomes part of reality, something people actually interact with. Some nft projects may be scams but not all of them, especially not all the big companies who are joining nft and creating something unique, so I don't completely agree with @op as well.
There is no need to over exaggerate, crypto I'm general is full of scam projects but that does not mean there are no good ones that are created to make a difference.

Exactly. We can't say all NFTs are bad, simply because scammers are rampant across the crypto space. There are a few good projects that actually deliver as promised. With renowned companies like Nike, Pringles, and even NBA in the game, I doubt NFTs will disappear anytime soon. The industry is just starting to blossom as venture capitalists pour money into smart contract platforms like Ethereum, BNB, and Cardano like crazy. We should give NFTs some time before they become a force to reckon with. Who knows if in the future the NFT space becomes fully legitimized due to ever-increasing regulatory efforts from mainstream governments? Just my thoughts

[larry_vw_1955]

The content was never meant to be stored on the Blockchain.

According to you or according to who?

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.

Which is why to do it right there need to be a blockchain specifically for nft use case and nothing else. Not for day to day payments but just to store the nfts, including their image. That's the only way it can have a real value.

[tbct_mt2]

Exactly. We can't say all NFTs are bad, simply because scammers are rampant across the crypto space. There are a few good projects that actually deliver as promised. With renowned companies like Nike, Pringles, and even NBA in the game, I doubt NFTs will disappear anytime soon. The industry is just starting to blossom as venture capitalists pour money into smart contract platforms like Ethereum, BNB, and Cardano like crazy. We should give NFTs some time before they become a force to reckon with. Who knows if in the future the NFT space becomes fully legitimized due to ever-increasing regulatory efforts from mainstream governments? Just my thoughts

Not all cryptocurrencies are bad. Not all stable coins are bad. Not all NFTs are bad.

Scammers will use blockchain, cryptocurrency, stable coin, NFT as their tool to scam investors. Technology, NFT in particular is not responsible for scam activities. It is naive people falls to scam projects and get scammed. They must learn more, control their greed better and they will be fine in the market.

NFT technology is a good thing and can be applied in many area. We will see its growth in future.

[DapanasFruit]

The industry we are in is now getting synonymous with hypes, half-truths/half-lies, scams, frauds and collapse. I am still excited with this industry but my view is getting dim everyday especially these days when there is an ongoing big deep DIP. As to NFTs, many are really like that...many projects in the world of NFTs are made just to get as many money as they can and I am sure that just like the ICO craze in 2017 many will end up with high-prized NFTs with no market value soon.

[Smack That Ace]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

This is definitely not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

The collapse of luna has severely affected the market, causing thousands of investors to feel scared and hesitant to continue putting money into the market. But that's not the main reason the market crashed.

We saw bitcoin showing signs of decline after hitting ATH in november 2021 and after outbreak of war disrupted global supply, followed by an increase in world inflation causing the whole economy to be seriously affected. Volatile and risky assets like bitcoin plummeting is inevitable, people will focus on holding stable assets like gold and dollars rather than volatile assets like bitcoin or stocks.

[Faisal2202]

After reading your facts i really appreciate it, because before reading your post, i was not aware of it, so i do little research, well NFTs are bigger scams than the LUNA, basically Luna wasn't a scam, but they do have made some big mistake which cost all of us a great fortune of money. To keep NFTs off-chain they use IPFS (InterPlanetary File System) or Arweave. But their are also some NFTs platform which store their NFTs On-Chain like Loot, Autoglyphs, Nouns, Avastars and Larva Labs. So before investing great amount of money do verify that, either it's On-Chain or off-Chain.

[bluebit25]

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 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.

[zasad@]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

This is definitely not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

The collapse of luna has severely affected the market, causing thousands of investors to feel scared and hesitant to continue putting money into the market. But that's not the main reason the market crashed.

We saw bitcoin showing signs of decline after hitting ATH in november 2021 and after outbreak of war disrupted global supply, followed by an increase in world inflation causing the whole economy to be seriously affected. Volatile and risky assets like bitcoin plummeting is inevitable, people will focus on holding stable assets like gold and dollars rather than volatile assets like bitcoin or stocks.

In Russia, the price of the dollar has fallen by 50% in a few months. The dollar is not the best asset due to inflation in the US. Bitcoin looks like a better investment. Gold is a good source of savings, but you have to pay taxes on buying and selling.

[Morningstarr]

The market for BTC has collapsed for this lunar.  This is because the stock market and the crypto market have lost credibility since the Luna Crash.  And those who used to hold and trade are reducing the trading and giving BTC Sell.  Everyone is losing faith and the market is getting worse and worse.  I think the crypto market would have been normal had it not been for Luna Crash

This is not the reason for the fall of the cryptocurrency market. The stock market is going down hard, and the riskier market will do the same, only faster. The reason for what happened to the LUNA coin is still unknown. According to one version, the development team is involved in this, according to another version, it is Alameda and its partners.

The collapse of luna has severely affected the market, causing thousands of investors to feel scared and hesitant to continue putting money into the market. But that's not the main reason the market crashed.

We saw bitcoin showing signs of decline after hitting ATH in November 2021 and after the outbreak of war disrupted global supply, followed by an increase in world inflation causing the whole economy to be seriously affected. Volatile and risky assets like bitcoin plummeting is inevitable, people will focus on holding stable assets like gold and dollars rather than volatile assets like bitcoin or stocks.

In Russia, the price of the dollar has fallen by 50% in a few months. The dollar is not the best asset due to inflation in the US. Bitcoin looks like a better investment. Gold is a good source of savings, but you have to pay taxes on buying and selling.

In Russia dollar collapsed because Europe pay gas fees to Russia in Ruble, not in dollars after the US-made sanctions on Russia Ukraine war.