Is NFT and virtual real state project the biggest scam in past 3 years?

[kentrolla]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

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[Orpichukwu]

I agree with you on your argument, as I have also been taught about those two trends, which are the so-called metaverse, as some also call it, or argumentative reality—things we actually can't see. In the aspect of the NFT, which took the internet by storm, and those in the crypto space were also pumping in their investments in that direction; they were all short-term projects that couldn't last more than a given period due to their lack of use case, as you have already identified. Whoever can get the most marketing also has the highest bid in the market.
 
In fact, what I noticed in the aspect of the NFT was that most of the sales from the onset were even completely scams in the first place. What they did was mint an NFT, place it in the open market, and make it open for a bid. Now, the same people in charge of the project will use another wallet to make a bid for the NFT with a higher price, which they can agree to sell and transfer to the buyer. Now, the same person will place the NFT for sale in the open market, allowing them to gather another amount of money a bit higher than what it was exchanged for before to buy it again. This is just the same circle of people trying to manipulate the price and make the transaction visible in the blockchain. Now, they will have to make headline news promoting the same NFT to attract other investors who will fall victim to their trap.
 
Most art works that were bought for millions of dollars during the time when NFT was trending can't even be priced for $10,000 again by anyone who knows what they need in crypto. Most people don't know what they want; they just follow hype and trends to make profit, which usually ends them up in a scam trap.

[JeromeTash]

These scams always come up every bull run. We used to have ICO scams and then came ITOs, STOs etc. The previous round of bull market, we had DeFi, NFTs, Metaverse shitcoins, Meme tokens etc. Surely with another bull run coming up, the scammers are thinking of new creative ways to fool newbies

[abel1337]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

It is just like other trends before that got irrelevant and seen as scam if we talk about them now. NFT and NFT real estate had became a trend before and I think it is not different from other trend before like ICO, IDO, gamefi projects before that has little to zero value today. The survival rate of projects on crypto is very low and around 90% of the projects doesn't last a cycle before they got abandoned. I guess it's normal for me that NFT became useless, it's proven that majority of NFT doesn't really have a utility and only for display or clout. Sooner or later it would be normal for you to see it that way.

[wallet4bitcoin]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

I agree with you. The concept behind these innovative solutions may not entirely be wrong but the players found therein are the reverse of the solution those innovations presents.

Also, the tech did not find its way into mainstream properly, thereby making it premature in nature. Not that it does not have the ability but the abuse by fraudulent players made investors pull out of the space and that has left people with the notion that it is a total failure.

[nelson4lov]

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

Your opinion is totally valid and there is no right opinion because this isn't a zero-sum game. I'd admit that the major reason why you feel NFT are the way they are is because some founders and so called creatives of those NFT projects only made those NFT projects out of the sheer motivation of money and majority of them were outright garbage. What's interesting is that, the market doesn't care. As long as there's a possibility for the price to go up easily and they can rinse, repeat and move the liquidity to another shitty jpegs, everyone's good with it.

As someone who has dabbled with code and experienced (on a granular level) how NFTs work and how they can be created, I'd say it has much more better use cases than it was used for in the past which was obviously pump abd dump. Use cases like  soul-bound tokens, Gated experiences and more.

As for Real estate based project, I've seen plenty of those especially during the ICO days and I've come to the conclusion that not all real world assets can be tokenized. I know Real World assets (RWA) is a word easily thrown in crypto these days.

[JeffBrad12]

probably, thats just the thing with these kind of random investments people throwing money at quite literally everything, even right now people are throwing money at ftt thinking if ftx gets revived successfully it will be some best coins out there again but in reality its quite the opposite the ftt, is having big chance of being liquidated to pay debts and gets abandoned altogether.
same with NFT and digital real estate, people just throwing money without understanding what it actually is, even the land owner of many metaverse game right now find their land kinda useless.
its only good when the game was still incentivizing the land ownership right now financial condition many of these games getting worse the devs definitely can't outright incentivize easily like before.
therefore the decrease in value, even justin bieber was arguably scammed by NFT.

[o48o]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

Nfts have already been used for representing liquidity pools in uniswap. You are talking about that tech linked to some images. They can be linked to anything. Also, i am quite concerned that people are using same arguments about nfts as nocoiners are using about countless tokens and cryptos. That they are a scam and have no real value, except when people decide to give them value. Just like with most cryptos out there. Only difference being that they represent unique assets and are illiquid. But most cryptos out there are illiquid and dead.

[Publictalk792]

It is true that NFTs do not have the same tangible utility as altcoins like XRP ETH or other Altcoins which have specific use cases in real life.
It is important to note that the value of any asset is determined by the market and the demand for it. By the way it looks illogical to invest in a digital painting or virtual real estate.
Itt is true that the anonymity and decentralized nature of cryptocurrencies can be used for money laundering but remember one thing money laundering can occur in any financial system not just in NFTs or crypto projects.
But the thing is that decision to invest in NFTs or real estate projects virtual or physical is personal. But important this that do a proper research and due before making any investment decisions.

[bluebit25]

Ironically, the NFT sector that many people were previously hyping has now left little more than a dumping ground in the crypto space, although some things are still in place and seen as forms of work verification. In reality, I also find this redundant.
Before that, in the period when people viewed it as a trend, the exaggeration of features could be applied to life, but it never showed its true value. I remember in the last bull cycle, there was a lot of money flowing into this sector, and that's part of the reason we saw so much crap being traded. I can imagine NFTs as an inapplicable trend that will continue to fade into memory in the crypto development journey, similar to the ICO boom of 2017 and everyone not paying much attention to it after that.

[Wexnident]

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Scrap the real-life thing, NFTs weren't designed to affect real life in the first place for the most part imo. It was designed afaik to create a system where artists could sell their art online in a way that duplication wouldn't be possible (or even if was, legitimacy can easily be proven) and there was also a mechanic for resales iirc? The idea was nice really, execution well idrk how much better ir could've been but you can see what happened when it was executed, it went horribly bad.

And well, fools are a dime a dozen when it comes to places where there's the possibility of a get-rich-quick scheme, regardless of whether it has a use case or not. Most people don't even look at that and just look at how much profit they could gain instead.

[wxa7115]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

They are definitely scams and a way to get people to part with their money, but I am not sure virtual real state is a bigger form of scam than meme coins, since meme coins are also completely useless and yet they can attract hundreds of millions of dollars in investments too.

But whichever takes first place among the different scams we have on this market, people need to keep their eyes open as this is just the beginning, and a new wave of scams will come soon and a great deal of money will be lost once again by newbie investors.

[oktana]

I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.

[Adbitco]

It's not arguably and I can say for the past few years NFT's are mere of deceit because i can't see any real world usage concerning it apart from some piece of arts works that is being wrapped and presented as NFT, at this point the owner's get them listed in an Opensea or nft's collection center with an outrageous price and, I wonder after buying it how does investors benefits from it since I am not a fans of NFT's.

I could flashed back then there were some real estate projects that were doing adverts in this forum but after a while I couldn't get any tangle information about then and that was how they all folded without making progress. So anyone who is putting interest in these type of project are just wasting their resources as i believe to know that such project never became successful.

[wxa7115]

I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.

While the rich do this with art, wine, real estate, jewelry and many other luxury goods, I really doubt his is what we are seeing with NFTs, as there is no prestige to be gained by having a bunch of pics anyone can get online.

To me it is very clear that what we area seeing when it comes to the NFTs that were sold for a high price is simply investors being caught on the hype and money laundering, as someone that got their coins illegitimately could create a NFT, sell it to themselves for a huge amount of money and then claim they earned that money in a  legitimate way.

[oktana]

I used to also wonder what exactly was the point of NFTs and believed it was useless, but that ideology is wrong. While some people buy it as investment because they could sell it out later, some rich people buy it to show off. They just want people to see how financially buoyant they are (that’s why you see them buy NFTs worth millions of dollars). So, it’s not a scam. I’ve never bought one and will never buy one because for the images, one can always screenshot them, and other media types can also be downloaded.

While the rich do this with art, wine, real estate, jewelry and many other luxury goods, I really doubt his is what we are seeing with NFTs, as there is no prestige to be gained by having a bunch of pics anyone can get online.

To me it is very clear that what we area seeing when it comes to the NFTs that were sold for a high price is simply investors being caught on the hype and money laundering, as someone that got their coins illegitimately could create a NFT, sell it to themselves for a huge amount of money and then claim they earned that money in a  legitimate way.

If you think that’s the only case; money laundering, then tell me. What of those NFTs that were sold for a lower (yet a lot of money) amount? Starting from $1,000 to $5,000, $10,000 you also think it’s all money laundering? In as much as I do not really buy the concept of NFTs and have never and will likely never purchase an NFT, I believe that there are people who see value in it. I do not let my own thoughts overshadow the truth. Some people may be using it for money laundering but there are others who actually are invested in this; I am talking about those people who really buy and sell NFTs

[huu78]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason why I have come to this conclusion:

What's the use of NFT token in real life? for example altcoins have something to help with in real life and for example XRP has payment system, ETH has smart contracts which enables DApps but what is NFT it's just a digital representation and people wouldn't have invested into it, had it not been endorsed by celebrities and the Hype created. This would be a possible money laundering technique as we have seen some big shots had already bought literally a digital painting which is nothing more than a graphical illusion for millions of dollars which has zero use it's neither a product nor a technology or services.

What concerns me the most is the fact that people are fooled so easily to believe on everything they end up investing in these NFT projects and real estate projects just to life in the virtual world but in real world these has no uses.

If you feel my statements are incorrect then please share your response with a justification.

I agree that it is only paintings worth hundreds of thousands to millions of dollars.
It's different if you own an item or asset, and it's made in digital form but has a real part in real life.
like justin bieber who bought nft for 1 million$ and now the price is less than 50k$.
So for NFT I agree with you.
real estate, I've heard of a project called Prophy, if I'm not mistaken, and until now I haven't heard anything about the project, maybe you can see it on Coingecko or CMC to make sure the project is still there or not, because I think, if I'm not mistaken, Propy was released in 2018.

[avikz]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason

Absolutely yes! NFTs are the biggest scam in the cryptocurrency world. Thankfully majority of the users have now understood this fact and moved out of NFT market. Facebook also thankfully came out of their virtual world project which failed to attract users.

These digital goods do not have any utility and they do not add any value to your life. God bless those who had invested millions in buying a digital real estate or a piece of crap image thinking they will become a billionaire one day.

[DeathAngel]

Dunno about the biggest scam because there are always plenty of them in crypto. We had FTX, BlockFi plus many more over the last 3 years but yes for sure, NFT’s & virtual real estate are huge scams, total waste of money with no future.

[ultrloa]

NFT tokens and Crypto based real estate project the biggest scam to take place in last 3 years and I have listed the reason

Absolutely yes! NFTs are the biggest scam in the cryptocurrency world. Thankfully majority of the users have now understood this fact and moved out of NFT market. Facebook also thankfully came out of their virtual world project which failed to attract users.

These digital goods do not have any utility and they do not add any value to your life. God bless those who had invested millions in buying a digital real estate or a piece of crap image thinking they will become a billionaire one day.

Not actually the biggest since there are more larger than that, but for sure one of greatest scam created by those persons involve in that scam business so maybe we should forget about investing on those things since there's no proper usage of those NFT's and they are just presenting us something that still in their control. Before where NFT is new maybe for other they can say its profitable but at current condition then maybe not since there are just small number of groups just hyping it and maybe they still want to earn from those NFT's or simply they want to recover the money they lost then they want to use the newbie so that they would buy their NFT holdings or rather believe that NFT still alive and it just experiencing a down trend just like other potential alts so they need to worry about that. But in reality nothing will happen to new investor because they are just giving their money to those people who want to scam them.