Why NFT's are bullshit

Great article. I liked it. I'm always in the mood for some Web 3 bashing.

"The people at the end of the line who are flipping NFTs do not fundamentally care about distributed trust models or payment mechanics, but they care about where the money is. So the money draws people into OpenSea, they improve the experience by building a platform that iterates on the underlying web3 protocols in web2 space, they eventually offer the ability to “mint” NFTs through OpenSea itself instead of through your own smart contract, and eventually this all opens the door for Coinbase to offer access to the validated NFT market with their own platform via your debit card. That opens the door to Coinbase managing the tokens themselves through dark pools that Coinbase holds, which helpfully eliminates the transaction fees and makes it possible to avoid having to interact with smart contracts at all. Eventually, all the web3 parts are gone, and you have a website for buying and selling JPEGS with your debit card. The project can’t start as a web2 platform because of the market dynamics, but the same market dynamics and the fundamental forces of centralization will likely drive it to end up there."
This isn't all NFTs and only refers to JPGs. There is so much more. Look at Beeple for example where you get a physical piece of art.
 
This summed up NFTs for me off Twitter:

View attachment 198343
Quoting this so it won't die. It's Perfect!
never ceases to amaze me how much people love that analogy, but conveniently forget the part where he bought his wife for 3000 usd and can sell her off for 70.000 USD. wild wifes collection has a floor of 73.000 USD so yes, he can almost surely sell it for 70.000, before anyone comes with the "hE cAN List It foR 70.000" argument.
 
^ Can a mod change this guys name to AngryPufferfish


bbd198a4d4c1ee435de74782e02b27c2.png



Feel free to screenshot this bad boy and save it to your desktop. Free of charge.
 
Great article. I liked it. I'm always in the mood for some Web 3 bashing.

"The people at the end of the line who are flipping NFTs do not fundamentally care about distributed trust models or payment mechanics, but they care about where the money is. So the money draws people into OpenSea, they improve the experience by building a platform that iterates on the underlying web3 protocols in web2 space, they eventually offer the ability to “mint” NFTs through OpenSea itself instead of through your own smart contract, and eventually this all opens the door for Coinbase to offer access to the validated NFT market with their own platform via your debit card. That opens the door to Coinbase managing the tokens themselves through dark pools that Coinbase holds, which helpfully eliminates the transaction fees and makes it possible to avoid having to interact with smart contracts at all. Eventually, all the web3 parts are gone, and you have a website for buying and selling JPEGS with your debit card. The project can’t start as a web2 platform because of the market dynamics, but the same market dynamics and the fundamental forces of centralization will likely drive it to end up there."

This is so true and you are absolutely correct

I wonder how will ppl react when they finally realize what nfts are and where they suppose to be used.
 
The idea behind NFTs is really interesting but people get tripped over the image thing.
Can't recall where I've read this but "It's like pointing towards something and people only look and criticize the finger".
But I get moxie's point of view. While the idea is something cool, the implementation of it is defeating the whole point.
 
^ Can a mod change this guys name to AngryPufferfish


bbd198a4d4c1ee435de74782e02b27c2.png



Feel free to screenshot this bad boy and save it to your desktop. Free of charge.
man, i used that as a profile pic on a different network long ago, how nostalgic. guess there arent that many good pufferfish pics floating around.
my NFT proposition: Pouty Pufferfishes
 
^ Can a mod change this guys name to AngryPufferfish


bbd198a4d4c1ee435de74782e02b27c2.png



Feel free to screenshot this bad boy and save it to your desktop. Free of charge.

I have to admit your comments are hilarious, but do you comment with any substance or no? I haven't seen you address a single point, just make jokes. Do you have any legitimate points? I browsed through some of your crypto posts, and I don't see any informative comments.

King of IG but Oscar the Grouch of crypto lol

 
If people only actually read the article. I find title misleading, he is not calling it bullshit or anything... but he calls it full of promises. All he said is very factual and web3 is indeed not leading where people expect it to lead which might lead to some disappointments and "crashes". It seems to me that blockchain brought new hopes but implementation went terribly wrong. ETH focused on too much that it faild to make even one thing good enough imo.
 
I have to admit your comments are hilarious, but do you comment with any substance or no? I haven't seen you address a single point, just make jokes. Do you have any legitimate points? I browsed through some of your crypto posts, and I don't see any informative comments.

King of IG but Oscar the Grouch of crypto lol


Yeah I’m not a crypto expert (nor do I pretend to be), and I’m always open with my bias on why I don’t like crypto - because it’s a full of fraud.

My issue with Web 3 (aside from the grifters) was exemplified by the quote in the article that I highlighted earlier in this thread. Crypto and web 3 is full of people who just want to make a quick buck (I firmly believe this is 99% of people in the space, nobody cares about the technology at the end of the day - they just want money), so they’re killing any hope of building any legitimate web 3 applications by monetizing it on Web 2 and misleading people into thinking the success that’s happening on web 2 is because of web 3, when in reality it’s just a web 2 rebrand and not a legitimate step forward in any new technology. If there does become new technology in the web 3 space, it gets very quickly ruined on web 2.

People are manufacturing hype everywhere in this space. So much of this isn’t real. As someone who does viral social media marketing, it’s pretty obvious to see the artificial campaigns to promote the latest NFT, crypto pump and dump, virtual real estate, etc. There is very, very little organic, non-biased information in this space. And most of the reactions I see from real people are also critical of the scammy-nature of it all.

I’ve received dozens of requests in the past 3 months from various grifters who created NFT projects or launched a currency within a few hours and now are trying to mislead people intentially into thinking the technology they’re trying to promote is revolutionary or groundbreaking. They had no issue with buying fake followers, fake views, fake engagement, paying thousands for influencers to shill, etc.

For example, I just stumbled onto a tik tok page yesterday promoting a high-fashion clothing brand that sold their authenticity transactions on some kind of blockchain so people knew the clothing was “legit”, and their hoodies were “sold out” being priced at $1,000+. People are just using web 3 buzzwords to make money. They’re telling people “buy this hoodie when it drops, because you’ll be able to resell it for so much more money”. But this tik tok page was pouring money into influencers, claiming that celebrities wore their items (not true), claiming that they “sold out” their last launch, etc. It’s all fake, their Shopify store wasn’t even set up properly, but I’m sure people are dumb enough to buy it, and I’m sure people on this forum are dumb enough to support this kind of unethical business scam “aS lOnG aS iT’s NoT iLlEgAL”.

So personally, I see the massive amount of fraud first hand. People ask me constantly to help them generate the fake hype so they can commit the fraud. I refuse. It bothers me. I personally don’t see this space as a whole as a good investment. From tether being backed by nothing, to pictures of apes that celebrities got sent, to rug pulls, to apps that generate thousands of NFTs in a click, to people on BHW starting fake NFT journey threads in order to lure people to scam them…

Are there use cases for web 3 tech? Yes. Are there probably good investments in this space? Yes.

Do I trust black hat world to tell me where the applicable use cases for this tech are? Absolutely not.


Do I trust the people who say BTC will be at $100k by the end of the year? No, they’ve been saying that since 2017.

Do I trust Gary Vee will lead us into the future with NFTs? No, remember, he started 2021 by telling us clubhouse was going to be the next big social media app lol. The dude just promotes whatever is “hot” at the time to generate interest and clicks

Do I trust social media to be an accurate representation of the space? Absolutely not.

So those are my thoughts. Again, I’m biased. I tend to be a cynic when is comes to this stuff, but all my views are from firsthand experiences. I’m being fair to every side of the argument, I just think it’s a bad investment and full of scams. I could be wrong, though. Again, it’s not my main focus nor do I spend much time with this stuff. I do like occasionally trolling these threads when I see them, though.
 
It doesn't matter how much you people hate on NFTs, like it or not, this technology is the future.
 
And to follow up on my response, the guy above me is another reason why I need to be cynical.

“like it or not, it’s going to happen” is literally the battle cry of every grifter you’ll ever run into.

The blockchain has been around for literally 10 years at this point, and we’ve had very, very, very little actual, meaningful uses for it compared to the hype it gets. People acting like this technology is brand new and the “future” have literally ignored it for nearly 10 years already, and the future really doesn’t look as promising as the hype suggests.

And to people saying “oh the internet took some time to find adaption, and people were all saying the radio could do everything the internet did were so dumb and they didn’t see the bigger picture, etc etc “

My response to that: Ya’ll cherry pick the internet as your prime example for this kind of technology being revolutionary, and you ignore literally every failed invention and failed marketing gimmick that’s occurred in the past 30 years.
 
Our lives were already ruined when web 2.0 came into existence, why mad about NFTS now? Enjoy the ride.
 
And to follow up on my response, the guy above me is another reason why I need to be cynical.

“like it or not, it’s going to happen” is literally the battle cry of every grifter you’ll ever run into.

The blockchain has been around for literally 10 years at this point, and we’ve had very, very, very little actual, meaningful uses for it compared to the hype it gets. People acting like this technology is brand new and the “future” have literally ignored it for nearly 10 years already, and the future really doesn’t look as promising as the hype suggests.

And to people saying “oh the internet took some time to find adaption, and people were all saying the radio could do everything the internet did were so dumb and they didn’t see the bigger picture, etc etc “

My response to that: Ya’ll cherry pick the internet as your prime example for this kind of technology being revolutionary, and you ignore literally every failed invention and failed marketing gimmick that’s occurred in the past 30 years.
Not even going to argue with you.
I mean c'mon dude, let's face it, do you really think you're smarter than the CEOs of companies like Nike or Adidas? You really need to work on that ego.
 
Not even going to argue with you.
I mean c'mon dude, let's face it, do you really think you're smarter than the CEOs of companies like Nike or Adidas? You really need to work on that ego.

Clubhouse was literally evaluated at billions of dollars at this time last year. What's it worth today?

Same with Nikola. Pretty sure about a year ago it was worth 8x more than it is now.

What about Enron? Theranos?

Did the people who criticize those companies "really need to work on their ego"?

I don't like fraud. There's a lot of fraud in this space and it's a recipe for disaster.

P.S:https://www.blackhatworld.com/seo/rip-clubhouse-2020-2021.1329735/. I was right, despite many of the most successful CEOs endorsing it. :)

Thank you for telling me to work on my ego, though. I definitely will.
 
When the so called metaverse becomes mainstream, and social media becomes a place where we all have a virtual house and video calls become people coming into the metaverse house, people would rush to hang their premium NFTs on their walls.

This willl happen sooner or later.

i can see this failing like betamax
 
Back
Top