Almost all NFTs are scam

[cryptoaddictchie]

As of now, I have seen no practical use for the NFT or real utility it offers, except for the hype surrounding it, which is all it has. Unfortunately, that's what newbies are looking for, they want to invest in something that can make them rich quick.
The bear market will be a test of whether the NFT is really worth investing in or if it's just the market's next dying trend.

Maybe you are right but there are use cases that worth looking out for nfts. I think the mover app with nft related is a nice application though. Its just that the first one who did that gmt didnt manage it well, or lets just say Im early to judge them on that issue on their legal stuff. But aside from that, those nft usage Ive saw, usually works as a perks or appreciation thing. Maybe company can use that to generate a way to give benefits to their people which can be converted inyo goods or cash money.

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[zasad@]

NFT is not a scam, but a very difficult market for beginners. Good site for analditics
https://www.cryptoslam.io/
The NFT will work great with the metaverses, but you need to understand what projects will remain on the market and will play an important role in the future. But it is better to invest in NFT and metaverse project tokens, because it is less risky.

[Munir575]

Whatever their original purpose, it is clear that NFTs are not about supporting art or artists. Exorbitant fees are charged by NFT minting sites, which frequently outweigh the returns on sale. There is no governing body to enforce resale commissions when an NFT changes hands. NFTs, on the other hand, are a stale pump and dump scheme cloaked in high-tech clothing.

[mu_enrico]

How is it a scam? NFT is just .jpg tied with blockchain. It is what it is.
The problem is bad people use it for wash trading, trading back and forth to pump the price.
NFT is just a highly overpriced .jpg but definitely not a scam except someone markets it as a get rich quick scheme.
That said, I'd still put some price on NFT art, probably most of them less than $1, the same price when you buy other .jpg on Shutterstock.

[BlackHatCoiner]

imagine if everyone on this earth has Gold in their backyard will Gold retain its value?

That's a flawed analogy. Gold's market value will definitely drop if the supply, alone, increases. NFTs aren't units of an asset, that's why they're called non-fungible. There's no supply of a chimp-monkey-9999. Each token is unique and can't be copied. (Although it can be copied across blockchains)

NFTs (the "artists" marketplace) aren't useless because of that. There is just no right transferred, officially. Copyright is far more complex than just verifying an image's hash, and that's the only thing you publicly state you gain.

[Marvell1]

As of now, I have seen no practical use for the NFT or real utility it offers, except for the hype surrounding it, which is all it has. Unfortunately, that's what newbies are looking for, they want to invest in something that can make them rich quick.
The bear market will be a test of whether the NFT is really worth investing in or if it's just the market's next dying trend.

Maybe you are right but there are use cases that worth looking out for nfts. I think the mover app with nft related is a nice application though. Its just that the first one who did that gmt didnt manage it well, or lets just say Im early to judge them on that issue on their legal stuff. But aside from that, those nft usage Ive saw, usually works as a perks or appreciation thing. Maybe company can use that to generate a way to give benefits to their people which can be converted inyo goods or cash money.

Formerly, I thought that NFT was just a temporary trend and would soon fade away but after spending time learning more, NFT is not really a scam but to apply and it really creates real benefits for users takes a lot of time. Large companies and corporations are also excited to participate in the two fields of NFT and Metaverses, so I think it has a big chance in the coming bull season if it can survive this bear season.

Recently, the company Meta announced that they will integrate NFT into the Facebook application.

[cryptoaddictchie]

Large companies and corporations are also excited to participate in the two fields of NFT and Metaverses, so I think it has a big chance in the coming bull season if it can survive this bear season.

If the metaverse and nft season continue and with the recent news of facebook meta integration. Its only a matter of time before other popular companies and huge corporation make their own system with the nft. For sure this will heavily criticize by some nft haters. But so be it. Its only a matter of choice anyway, when btc is becoming a trend some defend its potential. Now for those who are also into nft, they will defend the use case of this as well.

For those who are haters. Im pretty sure majority of them never use it but only hear the negative of it. Then talk a lot about it here about all the bad things on nft. Even though they arent touching or experiencing it.

[sunsilk]

I think of it as a cycle, like what we have first as ICOs, then here goes the IDOs and I think I've missed the other one and then the NFTs.

It's classified to many things like mostly the artworks and then the NFT games that are play to earn. The sad truth is what OP said that many of them are scams and the majority of it is no longer that interesting.

Unlike before, they're all interesting until the bear market hits. I guess there is this significance whenever the bear market comes.

[isaac_clarke22]

~

To be honest, I had the same thoughts. It was barely being mentioned here back then. I can still remember what I said before that this would just be seemingly be like another trend for a while like ICOs and IEOs then it really did.
I have not heard of that news about that NFT integration with Facebook though.

[Rufsilf]

Newbies, NFTs should be the first thing you fear the most in crypto space, look at bitcoin, its usefulness and scarcity makes it valuable, Look at real Gold it's very rare to see and this makes it valuable, imagine if everyone on this earth has Gold in their backyard will Gold retain its value? It will be plagued with devaluation right? This is exactly what NFTs are today, everyone can create theirs.

All the things you have said are true and realistic, and not just NFT, these metaverses projects as well. It was just too hard to think that despite the awareness we spread, and the scam issues we heard about from these projects many people still become a victim. I won't just mention newbies but also some old-timers got to fall into them. I may say that many aren't yet had to learn and scammers will stay alive.

I think we have to consider these things
 * liquidity
 * Development of the project
 * people behind

[2stout]

Unfortunately when something get hot and a lot of crypto becomes involved, it also presents itself as an opportunity to scammers and NFTs are no exceptions.  Same can be said for the following when they got really hot and you saw the space get rife with scams- masternodes, defi, nfts, metaverse, etc.

[Marvell1]

I have not heard of that news about that NFT integration with Facebook though.

Not only has Facebook announced the integration of NFT into their app, but you can also find recent binance information, they have teamed up with football legend CR7 and announced the upcoming release of a special NFT collection for football fans, which is expected to launch later this year. If you dig into NFT, you'll find that unlike the previous ICO trend, it's actually very exciting and potential, I was hooked when I researched them.
https://www.indiatimes.com/worth/investment/brands-that-have-entered-nft-world-560907.html
https://cryptonews.com/news/big-tech-joins-hands-to-foster-the-creation-of-metaverse-standards.htm

[Victorik]

Personally, I don't think I have ever minted any NFTs. I am really not a big fan of it. That is because I see a lot of scam around it. You mint an NFT for instance, list it and yet, you don't get a buyer. Meanwhile you have spent money minting it.

This is not to discredit NFTs, but, when I start seeing the usefui, maybe I can start investing in it. For now, I avoid it.

[ice18]

You can find NFTs everywhere now even popular athletes and actors are creating their own NFT, yeah I believe its not scam as others said but not worth to invest its really easy to create NFTs especially if you are popular and market it , some NFts minted are totally nonsense but sold very high price in value, I dont know why they are buying it or another manipulation by whales making hypes to have huge profits.   

[MCUKing]

Newbies, NFTs should be the first thing you fear the most in crypto space, look at bitcoin, its usefulness and scarcity makes it valuable, Look at real Gold it's very rare to see and this makes it valuable, imagine if everyone on this earth has Gold in their backyard will Gold retain its value? It will be plagued with devaluation right? This is exactly what NFTs are today, everyone can create theirs.

That is not the proper truth because using NFT we can decent amount of money remember that here i am considering the free NFT we can obtain airdrops because as much i know i am new on the forum but still i have experience a decent time with NFTs.
NFTs are beneficial for the fans and artist but trader should avoided.

[Porfirii]

There are some NFTs that belong to official football teams, for example, that have some value not just out of thin air, but backed by the fans, like it has always been with usual "cards".

In the latest Fifa videogame there are packs of cards you can buy in order to play with the players from these cards. NFTs for that purpose soon?

Anyway, a few NFTs, in general, may be worthy in the mid-long term, but as most of you stated, most of them will fail.

[bitbollo]

the real problem is that anyone can create NFTs without any limits.
It is as if they invented paper and writing and all of them were artists.

Does it make sense to buy NFTs of complete "strangers" hoping for a continuous price reassessment? Obviously it is something impossible to happen and many NFTs will worth little or nothing.

Now there is a hype (like ICO in 2017) where even people who don't understand anything about this industry have heard of NFT. Personally I avoid them like the plague

I have bought some crypto kittens in the past, and received some NFT as a gift, but I consider them no more and not even without any real market value.
Maybe some of these will have a value in the future (like memorabilia) but it's something that will happens in 50-100 years

[qwertyup23]

Newbies, NFTs should be the first thing you fear the most in crypto space, look at bitcoin, its usefulness and scarcity makes it valuable, Look at real Gold it's very rare to see and this makes it valuable, imagine if everyone on this earth has Gold in their backyard will Gold retain its value? It will be plagued with devaluation right? This is exactly what NFTs are today, everyone can create theirs.

I will be completely honest- I never really understood on how NFTs were. I read countless of articles and watched YouTube videos explaining the basics of it but I just never fully grasped and understood its relevance.

One thing that they explained is that, it is like Mona Lisa- but you acquire something that has a digital marker which is unique and permanent. I mean, let us say you already have such piece, then what do you do with it? Unlike paintings where you can store them, a person can just screenshot from his own pc the picture or replicate it using some photoshop editing skills.

Like most have mentioned, NFTs will continue to exist as long as people pay money for it. Consider it as an extremely risky investment that may either make or break your resources.

[AakZaki]

How is it a scam? NFT is just .jpg tied with blockchain. It is what it is.
The problem is bad people use it for wash trading, trading back and forth to pump the price.
NFT is just a highly overpriced .jpg but definitely not a scam except someone markets it as a get rich quick scheme.
That said, I'd still put some price on NFT art, probably most of them less than $1, the same price when you buy other .jpg on Shutterstock.

That's  makes me uninterested. I think NFT is just a temporary HYPE. I've heard Sina Estavi bought NFT for 2.9 million dollars and he wants to sell on opensea only the most expensive offer is around 300 dollars. NFT is quite difficult, the value is different from each person's perspective. Therefore I am not interested, because it would be difficult to sell it again. In my country many artists started to make NFT, but until now it is not sustainable.

[BIT-BENDER]

Right now we should not see NFT as we see buying a coin in Crypto-currency, NFT is more of Artistry that meets with technology, we see photographers now making so much from NFT, it’s like a market place to sell your Art work that has been minted to someone who values and actually like it, but in terms of buying a particular projects NFT and holding for it to rise I think this may not be the case as not many might be interested in holding such NFTs.