It’s time people just fully accept 90% of the NFT space is a rug/slow rug

[worle1bm]

Most of the projects in the NFT space are rug and what founders are doing is just coming up with shit art and fake promises with zero utility so what else do you expect from them? Will they be providing returns to you at all? The actual profits is to the founder of the project and not to return any money to the holders of the NFT so stay away from them but there are some legit projects as well which are slow growth and team behind them is building something but you need to check them up.

[1715636042]

1715636042

[Adbitco]

What the do we call NFTs to me its just a pictures of no values or can't even used it for decoration at home, i don't consider it to be a forms of reasonable investment right from the onset i do pay less attention to so called NFTs.

I believe this bear market or huge drop is just a way to clean the market, scams or not legit projects will vanish.

Smiles.
Is obviously, because i can hardly smells them after the bear market, the right time is just to hold a bit during bear one could buy, bull is just a means of luring people into buying whenever everywhere seems to be green.

[Guessti]

I use to think I am the only person in the Crypto space who do not have interest in NFTs. I really do not see the need of buying a piece of online art for an outrageous amount. It doesn't make any sense to me. I guess it is beginning to become clear that sooner or later NFTs will be done away with. The hype has gone down and will continue to do so.

The problem is promoting it as NFT-game-blah blah

People use websites just fine and don't know what HTML is.

NFTs will be the same way.

I still wish I could "own" items from games from my childhood.

Imagine WoW/Diablo/Runescape/League of Legends/Fortnite where you owned your items outside the game.

But you might never know they are NFTs yet you use them and understand you can own them outside the game, forever.

That being said, NFTs have value and are here to stay, as game makers and anything similar can "host files outside the centralized servers".

[sulendra12]

Those people who are making NFT projects but don't know what NFT is and even trying to promote this thing is what makes NFT to dead. You can actually see lot of artists and influencers out there who jumped into NFT but they don't know how to actually working with NFT in their life, this also makes people are less interested into this type of project because that's what stereotype people getting when hear NFT.

[Lorokan]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

NFTS Are good, infact its a mature space in crypto currency. One thing about nfts is that it relies on demand; The very most successful nfts in crypto currency today are nfts with higher demands compared to their supply. The moment the demand for an nft dies, or theres no more demand; the price becomes ridiculous.

So before investing in nfts, what kind of nft are you buying?

[Yatsan]

Depends on the project but yes, most of it are fraud especially those which popped up out of nowhere.It is for me a gamble to invest in NFT (well, in any investment, risk is present) which has higher risk than other crypto investments simply because it is solely controlled by demand while perhaps project tokens most of the time has utilities wherein an investor could use it. Also, it is harder to predict an NFTs direction. I have seen various NFT projects earning hype before the release and falling during the public sale. While there are those unexpected projects which 'explodes' after a month of being released.

Those people who are making NFT projects but don't know what NFT is and even trying to promote this thing is what makes NFT to dead. You can actually see lot of artists and influencers out there who jumped into NFT but they don't know how to actually working with NFT in their life, this also makes people are less interested into this type of project because that's what stereotype people getting when hear NFT.

Well, they are just doing their job. Promoting is one's way of helping their output to be recognized. Also we cannot blame those artists who engaged to NFTs simply because there is a higher chance for their artworks to be valued both monetary and visually. Therefore it is a higher ground to some artist which is why it is not surprising why their attentions are into NFT industry.

[suzanne5223]

As the topic point, the reason why we have 90% of all NFT projects to be rug pulled is because of the people that abuse the system. I have never bought or invested in any NFT but the idea was beautiful when it was first introduced until some shady people step in by creating some mirror site, no solid fundamental concept NFT project with no utility.
NFT will lose the enthusiasm it gets from collectors and enthusiasts until the genuine NFT project come up with an interesting strategy.

[Crypt0Gore]

The term "Slow Rug" is more acceptable than saying all NFTs are rugpull, there are few NFT projects that implement good use cases/demand for their NFT and it works, you just need to find them if NFT is your thing.

Do know that SEC is after NFTs, I read the news this morning that SEC is after boredape NFT and this boredape is one of the best NFT projects in the space, I don't know where this will lead but I do hope it's for the best.

[lixer]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

I think those who haven't accepted that fact are either losing big before and are still hoping for a recovery or they have earned good amounts before and now wanting to earn more but for you op and to the rest, we are aware that nft's have existed long time ago but their hype were only disappeared and have returned few years later and now they are starting to diminish again. For us, that is enough and there is no big thing that can happen on the nft space other than a temporary hype.


I don't know if you mean it when you say that the utility of the nft's are just pictures or you are trying to say something? But there are nft's who have a real utility and they are the one's who can survive for quite some time.

[justdimin]

Most of the projects in the NFT space are rug and what founders are doing is just coming up with shit art and fake promises with zero utility so what else do you expect from them? Will they be providing returns to you at all? The actual profits is to the founder of the project and not to return any money to the holders of the NFT so stay away from them but there are some legit projects as well which are slow growth and team behind them is building something but you need to check them up.

Unfortunately, it is still a profitable thing to do that and that’s the problem. I mean if it wasn't profitable then it would have stopped already but people are buying NFT's even to this day.

Just the other day I have seen an NFT with absolutely no utility at all, and only did marketing with airdrops, got like 500+ NFT's sold from 50 bucks each, that’s a ton of money to be made by the founders and they spent absolutely no money on it neither, so it’s definitely not a smart idea to invest into these to make the founders richer, and yet people still do. If we do not stop putting our money in the horrible things that we have in the NFT world, they will keep on doing it.

[serjent05]

It has been proven that many NFT projects ends up in a rug pull.  So there is no argument for this statement.  The thing is investors never learned.  They always cling to a one-time experience when they got good profit and think that all other NFTs will have the same profit ending. 

Most of the projects in the NFT space are rug and what founders are doing is just coming up with shit art and fake promises with zero utility so what else do you expect from them? Will they be providing returns to you at all? The actual profits is to the founder of the project and not to return any money to the holders of the NFT so stay away from them but there are some legit projects as well which are slow growth and team behind them is building something but you need to check them up.

Unfortunately, it is still a profitable thing to do that and that’s the problem. I mean if it wasn't profitable then it would have stopped already but people are buying NFT's even to this day.

It is likely because these people had experienced or witnessed a huge profit from these kinds of projects (NFT) so they wanted to duplicate that profit by joining indiscriminately all NFT projects.

Just the other day I have seen an NFT with absolutely no utility at all, and only did marketing with airdrops, got like 500+ NFT's sold from 50 bucks each, that’s a ton of money to be made by the founders and they spent absolutely no money on it neither, so it’s definitely not a smart idea to invest into these to make the founders richer, and yet people still do. If we do not stop putting our money in the horrible things that we have in the NFT world, they will keep on doing it.

That is a sad thing most investors don't even look at the depth of the project market.   They are easily persuaded because of greed.  They always think about what happens during the NFT hype and think that it will happen again if they invest in another NFT project.  Sadly it all end up badly and in the expense of investors while developers are earning hundred of thousand to millions of dollars by selling their created out of thin air NFTs.

[Silberman]

Most of the projects in the NFT space are rug and what founders are doing is just coming up with shit art and fake promises with zero utility so what else do you expect from them? Will they be providing returns to you at all? The actual profits is to the founder of the project and not to return any money to the holders of the NFT so stay away from them but there are some legit projects as well which are slow growth and team behind them is building something but you need to check them up.

Unfortunately, it is still a profitable thing to do that and that’s the problem. I mean if it wasn't profitable then it would have stopped already but people are buying NFT's even to this day.

Just the other day I have seen an NFT with absolutely no utility at all, and only did marketing with airdrops, got like 500+ NFT's sold from 50 bucks each, that’s a ton of money to be made by the founders and they spent absolutely no money on it neither, so it’s definitely not a smart idea to invest into these to make the founders richer, and yet people still do. If we do not stop putting our money in the horrible things that we have in the NFT world, they will keep on doing it.

We know that scammers are never going to stop themselves, so we only have two realistic ways to stop them, one of them is for the police to get to them and put them in jail, however this is only possible in cases like Luna in which the scammers clearly deceived their investors, however when it comes to NFTs as long as the ones selling the NFTs are in fact the owners of the content being sold, even if we know that they hold no value it is up to each person to take care of their money, so this leaves us only with the second option, and that is to raise awareness about how the majority of those which invest in NFTs lose their money and never recover whatever they decided to invest in them.

[Quidat]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

For sure you would really be changing up these words if ever NFT did really make out some huge pump and extreme hype in the market which you would be saying that its existence
is indeed relevant which is really a very common behavior of someone who do really lose up some investment that they had put on NFT's.Its true that nothing could be assured of
because any trend could pass and wither away but if the demand and its relevance would retain or sustain on a bear market then it would really be that
depending on you on how you would react into that.

[Pterosaur]

I don't blame anyone for saying that NFTs are scam but I do blame the con artists developers that look at NFT as a money-making opportunity.

NFT projects should be very limited but today almost all crypto projects want to have their own NFTs too, the question is why?

Few projects even change their name and go into metaverse and NFT just because it's presently trending, I wonder what they will change into when the hype is not there anymore.

Some projects that have something to do with ART and BRAND are the ones that deserves NFTs not Layer 1 projects or DeFi projects, there is nothing we can do to change this, if you don't like NFTs do not invest your money on them.

[Gayong88]

Interesting. I think the best advice is to only look at projects that you believe will work, and don't waste money on bad projects. Remember that 80% of new tokens fail, don't invest more than 10% of your portfolio in one project. If you do this, you will most likely be able to avoid the above problems and enjoy success in the NFT space.

[inthelongrun]

You are right. But people here won't listen to a newbie's advice though. And most people in this forum knew that NFTs and altcoins are very risky investments. If Bitcoin itself is so volatile then imagine the altcoins and NFTs, especially the new ones. With Bitcoin's value already high and expected to rich a trillion dollars in market cap in the next halving, people are looking for the next coins that can provide them with x30 or even more. I am also looking for projects that have the potential to grow big in the next few years to come and there is nothing wrong with it as long as we know the risks.

For the gem hunters out there. DYOR is the motto. Probably a good project that has a real possibility of getting used. A known reliable team. Its partners and early investors also matter as they are also too influential for the growth of the project. Binance Labs, Kucoin Labs, and Sequoya Capital are one of the most popular and influential investors we might consider.

[Dave1]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

I think that's what you call hype in this market, lest we forget, we have ICO in the beginning in 2017, then IEO and everything in between that and now we are in NFT. So maybe when there is a next hype in the market, all of this will be replace and perhaps do some rug pulls as well.

Metaverse for one is one hype as well, but as we can see, even Facebook or Meta can't developed a working project even though they already spend billions and billions resulting to lay off of their employees just to cut cost and everything.

[Jackl87]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.
Most of the time the utility is party pictures from an exotic island. Cocktails and all.

First of all i have to say that i agree with you. That being said i don't really think that this only applies to NFTs or that percentage wise NFT projects are shadier than other crypto projects. It is always the same with those hype cycles in the crypto space. First a project appears that does something new. May it be Defi, play2earn, privacy, metaverse or NFT. Then that project is extremely successful and makes it's team member but also it's early investors rich. Because of that a lot of people want to copy those success by starting a project that is similar. This goes on for a few months and at the end of the hype-cycle we see a lot of shit-projects appearing that were just created to make a quick buck without any work.

[avikz]

If you haven't accepted this and either exited the space or are working on finding the next big project; there is nothing I can do to help you.

Most of the time the utility is party pictures from an exotic island. Cocktails and all.

Not 90%! I can safely say it is 99.99%! It's a meaningless thing which has zero utility to be honest. Some people will argue that when someone buys NFT, they will be getting the ownership verified through blockchain. That's fine! But then what someone will do with a digital image even after the ownership is verified. What good it will do to that person?

NFT markets are now controlled by money launderers because that's the easiest way to launder money!

[Silberman]

Interesting. I think the best advice is to only look at projects that you believe will work, and don't waste money on bad projects. Remember that 80% of new tokens fail, don't invest more than 10% of your portfolio in one project. If you do this, you will most likely be able to avoid the above problems and enjoy success in the NFT space.

This is probably not going to work, since I think it is a given that every single trader that at some point put their money into a project did so because they believed the project was going to work, I think a more sensible advice would be to invest the majority of our capital in the best coins we have on the market and only use a very small part of our capital to speculate, and if at some point we lose that small capital then we need to keep ourselves out of investing in those risky coins as we have shown that we do not have the skill to deal with them.