Are NFTs just marketing gimmicks with no added value?

[headingnorth]

NFTs, meme coins, smart contracts, altcoins, etc. are nothing but scams.

These are the buzzwords that scammers use to lure people in and trick them out of their money. Bitcoin is the only one that is not a scam.
Many people enter the crypto market only to find this out the hard way after they lose their money.

If the government was doing their job ethereum and all the rest of the shitcoins would be shut down to prevent these scams from happening.
Of course that is why bitcoin exists because governments are totally clueless, incompetent and corrupt.

Why do you think ethereum is a shitcoin?

A lot of altcoins are useless and most of the time end up dying
even if the projects are legit.  there are still chances that
altcoins are scams however not all of them are and ethereum is
a very bad example of what you would call a scam.

Bitcoin is superior to ethereum and all of altcoins but some of them
aren’t scam and actually provide some really unique features that
could be implemented in bitcoin in order to improve it more

Anything that started with a premine or ICO is by definition a scam and unregistered security that was created to get around the disclosure laws.
Why do you think that is? What do they have to hide? Early investors, VCs and devs reward themselves with hundreds of millions of tokens which they proceed to dump on retail, which the ETH developers and insiders are still doing to this day.

Exactly what features does ethereum have that are actually useful in the real world with real value beyond being used as a platform to promote memecoins, NFTs and other assorted scams? Whenever I hear that some shitcoin has some great unique feature that is never seen before they are never able  to describe exactly what that feature is in plain English. They will just spout off a bunch  of techno babble nonsense that no normal person can understand. That is when you know it is a scam, not unlike the smooth-talking snake oil salesmen roaming around selling snake oil cures during the days of the wild west. These days you have modern-day snake oil salesmen most of which are in the crypto industry. Don't be fooled.

[ChiBitCTy]

For the most part yes.  Just like with ordinals.  I honestly don't understand why bitcoin devs even waisted their time on them.  Is/was that really necessary? How about spending time improving the blockchain or working on satoshis proposed escrow that doesn't involve a 3rd party.

Now some NFL teams used NFTs for game tickets.  Now that's legit utility.  I know there's stuff in the gaming and music world that can utilize them in some fashion that is legit, but I don't really understand how they work. 

[legiteum]

Anything that started with a premine or ICO is by definition a scam and unregistered security that was created to get around the disclosure laws.
Why do you think that is? What do they have to hide? Early investors, VCs and devs reward themselves with hundreds of millions of tokens which they proceed to dump on retail, which the ETH developers and insiders are still doing to this day.

That would all describe Bitcoin as well. Maybe it wasn't called an "ICO" at the time, but that's what it amounted to.

Now some NFL teams used NFTs for game tickets.  Now that's legit utility.  I know there's stuff in the gaming and music world that can utilize them in some fashion that is legit, but I don't really understand how they work. 

Once again they had absolutely no reason to use blockchain technology in their offering--they only did that as a gimmick. You (identified you) buy a thing from the NFL team (identified as well). What possible value add does blockchain have in that context?

So I guess if you call drawing attention to your collectable using a popular (but meaningless) buzzword, "legit utility", then you'd be right, but in that case I can't see this hype cycle lasting too much longer. There have been collectables in the past for things like this without blockchain, and I suspect they will simply revert to that soon enough.

And I haven't seen any actual concrete examples of how they would use them in gaming and music, but the above rule would probably still apply: you can create the same exact product without blockchain without any loss of end-user value.

[headingnorth]

Anything that started with a premine or ICO is by definition a scam and unregistered security that was created to get around the disclosure laws.
Why do you think that is? What do they have to hide? Early investors, VCs and devs reward themselves with hundreds of millions of tokens which they proceed to dump on retail, which the ETH developers and insiders are still doing to this day.

That would all describe Bitcoin as well. Maybe it wasn't called an "ICO" at the time, but that's what it amounted to.

You don't know what you're talking about. Satoshi himself has never sold one bitcoin or sat.
To this day Satoshi's wallet(s) still contains a million bitcoin in it and has never moved.


That is why bitcoin is universally recognized as a commodity while ethereum and all the other scam coins are not.

[bbc.reporter]

For the most part yes.  Just like with ordinals.  I honestly don't understand why bitcoin devs even waisted their time on them.  Is/was that really necessary? How about spending time improving the blockchain or working on satoshis proposed escrow that doesn't involve a 3rd party.

Now some NFL teams used NFTs for game tickets.  Now that's legit utility.  I know there's stuff in the gaming and music world that can utilize them in some fashion that is legit, but I don't really understand how they work.  

However, very much similar to the art collecting community and the market behind this, the NFTspace appears to have become developed into something similar where money will be laundered in these markets and this will be liquidity that will be greeted and accepted happily.

Also, the development of new NFT standards like erc404 will create new types of usecases where big inflows will go and where new markets will be created.

[legiteum]

You don't know what you're talking about. Satoshi himself has never sold one bitcoin or sat.
To this day Satoshi's wallet(s) still contains a million bitcoin in it and has never moved.


That is why bitcoin is universally recognized as a commodity while ethereum and all the other scam coins are not.

So what. Everybody else around him did. And who is to say Satoshi won't sell someday? Or that he actually intended to sell but died before he could?

Ethereum is also universally recognized as a commodity, as are many other cryptocurrencies. ETH market cap is over $400 billion. Not as high as BTC, but far larger than most corporations in the world including GM and IBM, and around the same as Exxon Mobile. Bitcoin is the biggest brand in digital currencies right now, but it's certainly not the only one, and who knows what the future will bring.

What you are saying is akin to calling everything that isn't an Apple computer a "scam" because they are from companies that are less valuable than Apple.

And if you think something as volatile as high-tech is going to stay the same "forever", maybe talk to somebody who thought the same thing about IBM in the 80s or Microsoft in the 90s or AOL in the 2000s. Don't get too attached--all I'm saying...

[Smack That Ace]

For the most part yes.  Just like with ordinals.  I honestly don't understand why bitcoin devs even waisted their time on them.  Is/was that really necessary? How about spending time improving the blockchain or working on satoshis proposed escrow that doesn't involve a 3rd party.

Now some NFL teams used NFTs for game tickets.  Now that's legit utility.  I know there's stuff in the gaming and music world that can utilize them in some fashion that is legit, but I don't really understand how they work. 

At the end of the day, whether you're an engineer, developer, or investor, profits matter most, so as long as the game can make a profit, there's no reason for people to say no. In this market, besides bitcoin, the rest of the market are all money games, we don't need to care what effects they create or how they are applied. As long as we feel we can profit from it, we can participate. If you don't like those money games, stay with bitcoin you will be safe. Many people laugh at the NFT trend, metaverse, P2E... but it cannot be denied that it has also brought huge profits to many people and that is their purpose when participating in this game.

[davis196]

NFTs, meme coins, smart contracts, altcoins, etc. are nothing but scams.

These are the buzzwords that scammers use to lure people in and trick them out of their money. Bitcoin is the only one that is not a scam.
Many people enter the crypto market only to find this out the hard way after they lose their money.

If the government was doing their job ethereum and all the rest of the shitcoins would be shut down to prevent these scams from happening.
Of course that is why bitcoin exists because governments are totally clueless, incompetent and corrupt.

A Bitcoin maximalist had entered the chat.
1.Smart contracts aren't scams. They are a tool, which can be used for good projects or bad projects. It depends how you use it.
2.Meme coins shouldn't be taken seriously(however, some crypto traders are taking them seriously).
4.Some altcoins are legit, while others are pump and dump shitcoins(actually most altcoins are shitcoins). You can't put all altcoins in the "scam" category.
5.The idea behind NFTs has some valid points, but the execution is what makes NFTs a joke.
Please move this forum thread in the Altcoin Discussion forum, since we aren't talking about Bitcoin.