NFT's - The end of the plague is here!
ฝัง
- เผยแพร่เมื่อ 5 พ.ค. 2022
- The end of an era is upon us, NFT's are dying! grab those confetti cannons, don the party hats, our time is now old man!
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This NFT crazy is like a story everyone knows will end horribly, but we just waiting to see how it happens.
It's like watching a game of hot potato. No one wants to be the one holding the potatoes when the timer stops.
@@Sillynyan-360 Every market bubble ever.
Just in time for the final season of Better Call Saul 😂
its like a ponzi scheme where everyone knew its a ponzi scheme but still bought into it
I'm waiting to see what scam is going to replace NFTs
It is astounding to me that with the news of NFT's tanking as they are, Square Enix sold three studios with amazing IP's at an incredibly bargain price so that they could go full steam ahead with their own NFT plan's. Can't wait to see how much they come to regret that decision in the future.
Square deserve it at this point. They’re becoming as bad as Konami about sacrificing their actual fans and IPs to make a quick buck. Those studios are better off in the hands of different publishers
@@daytonmargramarnsom1641 and they sold it to Embracer (formerly THQ Nordic), who've been on a really good streak with games like Satisfactory, Darksiders 3, and the SpongeBob remakes
Hopefully the shit ideas dont trickle down to FF14. Dont let us down Yoshi-P
@@kidoren1395 He said there wouldn't be any NFT shit added to FF14, so here's hoping he doesn't let the president force it.
@@PineJayForge lol, I didnt even know there was Darksiders 3. Glad to see the franchise is not dead yet.
it reminds me a lot of comic books in the 90s, where the entire industry was suddenly fueled by the desire to make every single release a special collectible, with the buyers - not readers, just buyers - only interested in "investing" because surely those books will be worth millions soon (spoilers: they aren't), and the industry trying to profit from those "investors", only for the entire market to crash hard.
Yeah, they would boot up series left and right just so they can have an "issue 1" every 2 minutes.
Make sure to check your car storage big baseball card collection to see if you have that one that is over $500. [Hint most people just got a lot of crap!]
@@mrrhombus716 Ah yes, "X died! Oh No!" two weeks later "X Returns Issue 1!"
kinda same with the sealed games boom atm its a big bubble economy and when it pops it pops and goes to the shitter
I still have all the Death of Superman comics I bought when I was like 7. I had dreams of funding my retirement with them. They're almost worthless now.
I think the surprising fact is not that NFTs are dying rather that they lasted so long.
TRUE!! I was watching this unfold and couldnt believe.
theyre going nowhere
The market and economy were in some kind of unjustified euphoria, but now reality is beginning to set in.
Because its supported by human greed
@@feIon is that a fact? Do you have sources random dude on TH-cam comments?
OH NO, NOT NFTs! Now I'll have to find something new to make fun of. Damnit. NFTs were so easy.
don't worry there is still a crap ton of crypto crap to make fun of
I thought you were about to do a Clarkson for a moment... "Oh No! Anyway..."
If you just make fun of everything you you don't understand I'm sure you will have a lot to make fun of still.
@@DaruthTheHuman the more you understand nfts the more stupid and funny they get
Yep, it's official now. Virtually all NFTs are in the hands of Trash Collectors who live in their own little world. This has been 1 amusing trainwreck to watch. Now if only game companies can wake up.
I’m pretty sure one study showed that most devs didn’t want nuts in there games.
Yeah imagine being an idiot buying an nft and not being able to get rid of it now 🤣
@@Praneeth_- At this point, they would only have themselves to blame. The writings been on wall for a good long while now.
Next quarter. Most game companies probably only invested in NFTs because their shareholders wouldn't shut up about them so once their shareholders go "...you're not still wasting money on NFT projects, are you?" they can go "NOPE!"
I doubt that Embracer will sell back all those IPs to Square... so, some may have fucked up beyond salvation.
The creators of NFTs finally had to answer the question of what their use case is.
NFTs were literally nothing but a cash grab from the very beginning.
@@samuellolango9720 yeah, it's always been about producing yield for the investors but on the basis of nothing of material value. But they had to prop it up, usually by making a venture capital for other yield farming schemes or by making a kind of private club. Nothing you couldn't do otherwise.
@@samuellolango9720 the cryptopunks were arguably some of the first nfts ever created and they were airdropped for free
@@the_newt_nest NFTs can be used as seed investing for companies. Yield farming is mainly done on DeFi
@Thank God
What's your point there? They are still a non-product done entirely so gambling addicts can have something stronger than wallstreetbets. No use case other than scam people to concentrate money on the first couple buyers... You know, like a pyramid shaped thingy.
We knew this was coming, the only question was when. The system wasn't sustainable. Not that many people were 'investing' into NFTs, and even then the vast majority of trading was happening between a small fraction of people. People are now realizing that buying an NFT is buying... *nothing.* It's like walking into an art shop, looking at a painting, handing over a bunch of money then walking away with the receipt. That's all. The painting hasn't gone anywhere. You don't actually own the painting, just the receipt.
It was a bubble an everybody who was smart either got it really early and jumped out shortly after after making easy profit, or did not touch it at all.
Wrong. If you leave with a receipt of purchase for the painting EVEN if you leave the painting in the store you still OWN THE PAINTING. But if you leave the store with the painting and NO RECEIPT then you don't own the painting. Therefore the receipt is more important in the purchase than the custody of the item. After all a lot of high dollar RW art AREN'T in the custody of their owners.
@@DaruthTheHuman We understand the concept but it's still pointless because the entire value of the NFT market is relying upon reselling. The problem with that is if eventually no one wants to buy a bunch of pixels then you just wasted your money on something that is easily accessible or replicated. Other than bragging, ownership doesn't really have any meaning beacuse it's not like you could do anything with it.
@@DaruthTheHuman That is not at all how it works. Try doing your grocery shopping, leave without the stuff, then come back a week later and see if they'll let you go out the door with the stuff on the recepit.
An NFT does make you the owner of something, but that something is just a specific spot in the blockchain. It gives you no rights over the picture or whatever is used to represent that spot and whatever is used for representing the spot can be changed at any time or just removed if that particular blockchain goes poof for whatever reason.
I think it's more like buying a plot of land, only you can't invest to get some value or use out of it and whatever you put on that land doesn't belong to you either. You just get to say the spot itself is yours.
The NFT craze reminds me a lot about the 90's collecting card craze, when speculators would just buy mountains of cardboard because it might theoretically be worth something and even incredibly shitty TCGs would make money because of this (Or even just useless sports cards or random collect collectible cards that do nothing) and just like all these NFT games they collapsed when people realized the only people buying these cards are people looking to resell them because nobody actually played the game.
My dad was part of that and we still hand a handful of wyvern, Young Jedi, spellfire, plus a whole bunch of Marvel comics card that are just random comic panels or statistic sheets.
IIRC real rare cards would still make a solid chunk of change today -- a mint signed Black Lotus sold for half a million early last year. But yeah, the trash TCGs and most other cards won't make you that much, it's only the super rare, out-of-print and completely banned cards that will fetch anywhere near that price range.
The trick there was that the “craze” was following a genuine success in the form of MtG which had multiple professional players (i.e. their entire income was literally prizes from sanctioned tournaments) some of whom had career total winnings in the millions and who were prepared to pay hundreds of thousands for very rare cards to symbolise their success. Then a bunch of other CCGs rolled up and wanted to cash in on this, except they didn’t want to invest the time or money in developing a really solid rule set or tournament scene. Then they threw basic gameplay concepts like balance out of the window and started producing deliberately limited ultra-rare cards that broke their own game but were “worth more” because of their rarity and power, but no one stays interested in a broken game for long and when that is the only driver of price, the crash was inevitable. Meanwhile, in the background, MtG kept right on their winning formula and are still around today, and an Alpha Black Lotus is still worth hundreds of thousands of dollars. The only other game that comes close is Pokémon cards and that has the most successful video game franchise in history behind it.
NFTs on the other hand, are following nothing.
I knew a guy who spent thousands of dollars back in 2015 on Disney Star Wars toys believing they will be worth a fortune in 20-30 years. In reality, it will all wind up in the landfill when he dies or decides to get rid of it for space and nobody wants to take a mountain of useless plastic Star Wars crap.
Depends on what the card is, some Pokemon cards now are worth thousands.
@@randombloke82 It took decades to develop the type of following that super rare cards reached that kind of value. When I started playing in the 90s, a Black Lotus was already rare and very hard to get but could still be obtained for about $300-400. It took another 25 years for it to reach half a million There are thousands of MTG players who collect cards with a spectrum of collectors' budgets That's an established, fairly stable market. NFTs jumped right into the deep end with offerings in the thousands of dollars and cryptobros are surprised that the market only attracted speculators and scammers.
Mixed feelings about this. I'm glad the cancer is finally receding but at the same time I'm sad the all the funny scams are coming to an end.
Oh don't worry, stupid people will find something new to obsess over.
Scammers still gonna scam. I expect with crypto still being a thing that wild speculative bs will still get the limelight.
All crypto is a grift, so the meme train will keep rolling until the end of the cliff.
Oh something will come to replace it. Never underestimate the depths of human stupidity.
fungible is funnier
The funniest part about this is Square Enix selling a bunch of their IPs to jump onto the NFT ship... just as it's sinking.
Not like they were using them anyway, lol
I hope they have better ideas for NFTs aside from speculative nonsense like this...
@@crowdemon_archives Anything other then speculative nonsense can be done, better, with far less energy by other systems.
@@Nick-ue7iw and I hope they do that in the future since Square Enix just dumped a lot of money on them lmao
If this really true then it's like dejavu when Square go bankrupt after making Final Fantasy Spirit Within, at least the first one bankrupt with dignity LoL.
The Shadow Cabal strikes again!
That big spike is also the NFT owners selling the token between multiple anonymous wallets they own to create false value. Some new legislations about having to file taxes on your wallets has helped pop the bubble since it makes their behaviour public & obvious.
it was always public, the blockchains nfts live on are public, and everything is traceable and immutable
@@thankgod7616 The big difference now is the wallets they used have to be connected to a tax file number so the givernment can charge them income tax. The side effect of this is also showing who owns what wallet, and who is selling tokens/crypto to themselves as a part of scams & inflating prices.
@@thankgod7616 wallets can't always be linked to an identity, though. Knowing that _someone_ bought it at a hike doesn't really mean anything in comparison to the person using a sock puppet to buy it from themselves to be their own paid actor in the Snake Oil Salesmen routine.
It's only public insofar as people are willing to play blockchain detective
Btw, it's EXACTLY like an MLM/pyramid scheme. The difference is instead of getting 2 people to sign up for $100 who each need to get 2 people to sign up for $100 or whatever, you're getting 1 person to buy it for $200, who then needs to sell it on for $400 and so on, it's the same effect and still requires infinite investors for someone not to be scammed at the end. With pyramids, it's a lot of people getting scammed for small amounts each, with an nft it's relatively few people getting scammed for a large amount each.
you should actually look into what some of the biggest projects in the space are doing to provide value to their holders, and what kind of utility they provide through the nfts
@@thankgod7616 Give me an example of how NFTs provide value in a project where you think they do.
@@Person01234 They can't. It's boilerplate crypto-bro speak. Vague fuzzy details and no specifics. And that's another way they're exactly like MLMs. The people being scammed - frequently repeatedly - are taught that it's their fault if they weren't quick enough or good enough, or gosh darn it people didn't like those monkeys enough to overpay.
this is the 2020s pet rock.
it was wildly popular, until everyone realized... its a rock...with googly eyes on it.
Hey, at least pet rocks were *cute.* Can you say the same about Bored Apes?
Pet rocks did have some appeal though it was a joke product and the manual was the best part of it
People werent buying it with the intent of selling it like they do with NFT's
At least the pet rock offered a saterical guidebook
Don't you dare sully pet rocks. At least with a pet rock I can hold it.
No it’s more like the tulip bubble 2.0 since tulip bulbs were sold as futures and people bought a paper slip that correlated to a tulip bulb that may or may not have ever existed.
So sad! I was really hoping for the future of gaming when I would farm NFTs to Earn a few bucks instead of having Fun in them like a loser.
I still laugh when I remember that the Squeenix President thought that the gamers who were against Play-to-Earn were a vocal minority instead of the vast majority that they actually are lol.
@@auqustfire We should never stop ridiculing him for this.
As a game dev it really pisses me off
Games are art and when people make money
Well they stop being art and instead are a job
@@valletas dont be stupid, art projects als need financing sometimes... even return on investment. Games are a business model , i dont understand what ur saying.
@@misterae6430 i was talking about players make money out of the game not the devs
NFT's are like Bennie Babies, or playing cards, or crypto currency. Early adopters get rich, scammers and scalpers smell cash, normal people get involved, and the market crashes. I guess we humans never learn.
To go further on this, there are reason why WOTC or Pokemon dont acknowledge the second hand market for their cards. The moment they do, it no longer becomes collectable items and can fall into either gambling or lootbox categories.
Crypto currency can and most likely will have a future, so I wouldn't include it in that list. With freedom convoy supporters bank accounts being frozen, and US printing more and more money, crypto will stay in one form or another. And it will be full of scams and predators, like any other unregulated market.
I don't think very many people got involved with NFT's though, most normal people could see through their BS.
retail investors need to wise up before they dump their cash in at the top of the market. but we've all been there, doesn't mean the underlying tech isn't insanely revolutionary and is here to stay.
@@thankgod7616 - This "insanely revolutionary" tech is simply an address pointer on a private server, to a file stored on that private server. To lay people, this would normally be called an index.
The scary part is that millions of young men are so lost that they have to resort to NFT and crypto to feel like they have a shot at living a good life.
In the end, that's all this is about. They are gambling all they have, in one go, hoping it's going to work out. These men are desperate.
That's the sad truth behind all their insufferable tweets.
Right, and then they get a reality check. You need to put in work and create something that offers value to people if you want success. I don't see what's wrong with this?
I'm not gonna feel too bad for the people who buy into NFTs when the entire premise of making money from them is predicated on scamming money off of someone else for a useless product.
@@TheVenhammer I'm just like you guys, I want to see them lose everything and the crypto/NFT sphere burn but that's the reality behind it. People frustrated that they have nothing and too lazy to even try correctly. I'm also thinking that behind 10% of these guys, there is a girlfriend, a wife or even kids who will suffer. Those will be sad collateral too. At the end of the day, they are the one making the mistake, society put them there, but then, the rest is solely on them.
@@SLRModShop Really? Because a lot of these NFTs are expensive. The people that you're referring to likely wouldn't even have the money to make the initial investment.
@@0Ciju0 It's not like they're not working; some of these rubes have actual 9-to-5 jobs, and they're pouring every single cent of savings they have into this scam, hoping to hit it big. Unfortunately, the people who made money from this scam are the already-rich millionaires who started the pump-and-dump, not the sad sacks who got in on the thing this late in the game.
This is both excellent news and concerning because of who went for tonnes of NFTs; young, naive investors who may be out their savings or in debt. Glad it's ending when it is. I know a lot of NFT bros can be annoying, but I also imagine some of them are still too young for a beer, let alone financial knowledge.
There own fault, no one was being quiet about how bad this all was, and they chose not to listen.
They made a choice to buy a reciept of ugly art despite people screaming how bad they are, no sympathy for the crypto bros
It’s still funny
Yeah, the longer it went on the more rubes were gonna get rekt.. on balance it’s a charity crash.
As if we didn't know Non-Functional Testicles weren't non-functional.
When the only thing valuable about your product is that it is intentionally confusing, its just a matter of time until people get wise
This is great news. As much of a distaste I have for Elon, this seems like the natural progression of things that Elon helped speed up.
He's just bailing out soon enough to make a profit, like all billionaires do.
Really is sobering when NFT’s can be considered more of a plague than an actual global pandemic.
We just saw a global histeria
My issue with NFT is primarily that these NFT-Bros invade every public space with their bullshit.
I recently had someone trying to sell me NFTs in a "flash sale" on a Ukraine-War related telegram channel.
It is exactly like that one friend who joine da multi-level marketing thing and started messaging you about this great opportunity.
It is annoying as fuck.
it's sad the only good thing that happen in recent years is when something finally ends
The NFT bros were driven by greed without a fundamental understanding of what they were actually buying. Feelings are temporary, principles are forever.
the nfts can go to 0, but the tech is revolutionary
What problems has the technology solved that couldn't be solved with something more efficient like a database? I haven't seen anything in practice. Just genuinely curious.
@@DrunkJackal the answer is multi-faceted and i dont know if i have the expertise to concisely satisfy your question. first thing is, blockchain isn't a replacement/new kind of database. it's a system/virtual machine/ledger (depending on the blockchain and the way youuse it) that basically removes a lot of middlemen we use nowadays by getting rid of the need for centralisation for control and verification of information and digital assets. The main reason why blockchain is here to stay is because it is ungovernable due to it's main feature: decentralisation. right now, wen we are playing with nfts a lot of the systems we use have to resort to centralisation because there is still so much development that needs to be done. But as we figure out new solutions to the problems that these new technologies are having, it will become easier and easier to use, and the benefits will be felt by all the different industries and communities that can utilise it. but for nfts in particular, i think it's important to separate what some nft project do and how they bring value to their holders, vs what the actual underlying code does. NFTs and smart contracts and the ERC721 token standard aren't imediately easy to grasp, but for me a big part of it is creating a direct link between you the holder and the issuer/creator of the NFT or smart contract. They are impossible to forge, from the moment that they are immutably minted on the blockchain, and it is instantly verifiable who owns and who created them. for me the prospect of NFTs as a technology is that they can be used for so much more than buying and selling pictures. there's the potential to attach any kind of file to an NFT, and you can set rules in the smart contract for how that nft can be used/moved. so you can use them for medical records, tickets or receipts, companies are starting to use them to verify whether an item is a fake or if it's an original, Digital Identity such as educational records, licenses, passports, etc. But honestly the possibilites are endless, and if you name any industry there is probably some way in which the blockchain can be of benefit. but i honestly am still just grazing the tip of the iceberg here, and i'm still learning so much. This stuff excites me, and i think in 5-10 years we will start to see really how this tech is going to become the next iteration of the internet.
this message ended up being really long, so if you'd like i can suggest an amazing youtuber who i watched when i was starting to look into crypto, who has some great content to get you started
@@thankgod7616 There's absolutely no benefit to decentralization as opposed to any other trusted mediator, so all these supposed use-cases for the blockchain are moot. And running a conventional database costs essentially nothing, whereas the same can't be said for any PoW blockchain
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I've been the viewer of this channel from the very start, and it's one of my favorite! So happy to see its growth. Thank you for your videos!
thanks! i really aprechiate that :D
@@CallumUpton if you really believe that! Then can ki$$ goodbye to your heavily longed crypto position? In addition, take a look at E2s website visits compared to all others and notice how its simply an entire cross market issue at mo, even tho E2 sustained their website rate hits?.....and if you didnt realise its the centralised exchanges that you both love and trade on, which is taking your position against you? They are simply squeezing you out at a potential loss, as they do with all the real investors like yourself?! LOL there is much more to this game than participants imagine....u see, to the market retail et al is the target? all the best tho .very nice marketing deal with RGA marketing recently, sure they know a good thing when they see it? 😁
this video was terrible, there were no facts or figures, he looks at one tweet, that mentions an article that he doesn't read, he reads another article, and he looks at a graph of one random coin. hardly tries to look seriously into the NFT markets and try and understand what a good measure of trading volume is for nfts (psst... it's not number of nft sales), he doesnt look at any examples and he doesnt look at any counter arguments. it's a totally biased, short sighted video and that's also why it's totally off, as there are more projects working and building in the dark than ever before bringing value and utility to holders. and the number of people in NFTs continues to grow, there are constantly new people buying their first nfts and the technology is going nowhere
@@thankgod7616 Let me guess... An investor? :D
@@CallumUpton wow anyone holding crypto, especially from the highs must have a real white knuckle ride yesterday! 💎 🙌 😁 good luck
If the NFT market is the Titanic, I guess it's time to start singing "Abide With Me."
NFT's were the tickle me Elmo of it's time.
Thanks. Now I feel old because I vividly remember that shit.
@@Archangelm127 Beanie babbies, Cabbage Patch Dolls, Troll Dolls.
also thank you so much callum for upping the audio in this video compared to your other videos
Best way I’ve heard people explain nft advocates: their advocating a pyramid scheme, but instead of the pyramid they just have a pyramid schematic
Time and again this pattern repeats, and it's always the same in the end; most people will walk away with empty pockets, but just enough people will have made out so well that the next bubble or outright scam is inevitable.
*insert scene from starwars where the ewoks are having a party*
this is how i feel rn
"Why are people so obsessed with NFTs?"
ooph. the first part of that if figuring out how many of such people are genuine in their obsession and how many just want you to become obsessed so they can take you for a ride.
To be fair I would definitely love to buy an NFT that was once worth millions for a couple bucks so it makes up a funny story to tell my kids
"You see this ugly monkey drawing? I'm the only legal owner of it, when I was younger this was worth the price of a mansion"
And then they will most likely laugh at me for wasting 4$ on this
looking at that laser monke made me go back to the "silence brand" era, simpler times indeed
Took entirely too long to collapse. At least we got some good content out of nfts
5:53 lol, that strawberry analogy might be really good because most people go for the experience of picking strawberries
NFTs are a prime example of a speculator bubble. That is to say, nobody is paying thousands of dollars for pictures of apes because they just love apes so much. They do it because they expect to find some sucker to sell their apes for more than they paid for them, and that guy is only buying apes to sell them to somebody else.
Problem is that that only works as long as there's enough suckers around to keep the price of apes going up. As soon as the intrest starts drying up or the prices stop increasing you're going to have a hard time finding buyers, which is very likely to result in the prices crashing rapidly when all the "investors" try to offload their NFTs for whatever they can get from them, as nobody wants to be the guy left holding a bunch of worthless apes they spend thousands of dollars for.
This is exactly what happened almost 40 years ago when the penny stock and junk bond markets all but evaporated (along with almost a trillion dollars in "investment" money) overnight after the "black friday" stock market crash in 1986.
Make sure to turn down the premiere music, everyone! ;3 Also it's funnier this time since Callum tried to change it :P x
Everyone should've seen this coming a mile away. No your jpeg can't infinitely climb in value.
Yes NFTs also reminded me so hard of MLMs! The NFT fans are not different than hunbots 😅
I looked at NFTs - from a technical viewpoint - when I first heard of them. I wanted to understand how they had gotten around the basic problem that computer images can be copied easily. The discovery that they had not solved that issue and their only achievement was to use a thesaurus to find a word nobody knew was a surprise. Sadly, the existence of a number of people with more money than sense was no surprise at all.
NFTs are more than image.
It's a shame 95% of NFT market are these useless profile pics which are copied of each other
I doubt this is the end. Crypto has had vicious bear markets and then it just shoots up again. The shit coins shake out and then new shit coins take their place. I kinda get the feeling we might see some form of this in NFTs. This isn't even my pro or anti-NFT sentiment, it's just past experience with the market. Time will tell.
I've been sitting on my chair the whole time just waiting to see this boat sink and it's beautiful
Shadow Cabal rejoice for our efforts were victorious.
The inevitable collapse had to come. Nice to see this silliness going away.
The plans of the Shadow council continue as intended.
Good. Maybe gaming companies are figuring out that GAMERS do not care about NFTs. The bad news is that companies will always be looking out ways to keep you paying for their product. The model was announced back when MMO's first came out. Not only do you not actually own the product you buy, but you continually pay for the right to use it.
For an MMO, it doesn't make much sense to buy the game if you don't pay for the online service...since that's what you need to even play it. On top of this they've added DLC, which used to add actual additional content. Then that got bastardized into just an unlock to something that was already on the game. Then even further for "pay to win" items, then down to simply cosmetic items.
The worst possible example of this I can think of is what Madden has done with NFL Football. It is the only product allowed to exist by law with the NFL license, the players' likenesses and names, and to be a SIMULATION football game. It used to be a pretty faithful recreation a couple decades ago. "If it's in the game, it's in the game!" That actually held true. Now, half the rules and 80% of the content is no longer in the game. It doesn't even get restricted free agency and contracts right. They added in two modes nobody cares about, and a card collection game that is pay to win. They've ignored the actual nuts and bolts of making the game work in favor of monetization.
Gaming companies must be stupid to look at Steam with it's gigantic market that works perfectly for more than 10 years and still think NFTs are a new technology they need in their games.
@@ehsansalar5821 What I see is that you just don't get it. For example, if you take the Steam market as an example, you take a market that is completely centralized and you are always trapped in their ecosystem. Yes, you can sell your things on third-party websites, but this is illegal and nobody can verify the authenticity. That's where NFT'S come into play. In addition, nothing is taken away from the game and yes, not every game makes sense with NFTs. own it only makes sense with cosmetic items. But people have always complained about new things and said you don't need it. Internet, social media, streaming services. Everything worked out in the end, whether you wanted it or not. Then just leave the topic alone. If you are too stupid to find good projects, you lose. Nobody has the right to badmouth things, which 99% don't even really know about and you can see that in this video.
@@AlphaProductionCss I am literally working on an NFT game as a designer but without the game the NFTs worth jack shit.
I never called them "NFT". I always called them "Tulips". (Obscure investing craze reference right there! "Tulipmania Definition"). The percentage of people impacted and the groupthink on rarity is equivalent.
When something worthless returns back to its intrinsic value...
That was a good analogy, with the strawberry farms. ...also it's been a long time since I went to one and now I want to...
Veve sales out every drop in seconds or hours and make hundreds of thousands of dollars to 1 million every drop a few times a week
4:22
The problem is that to doubt it is to go mad as it's stupid and insanely risky. So it causes people to be conditioned to dismiss any doubt or FUD no matter how true it is.
Vacation ended but at least I've got another Callum video! Nice knowing NFTs
If my friends and my country stop pressuring my to play Axie Infinity or Defi Pet then I would consider NFT's and cryptos are actually dying.
At least when the Dutch tulip mania happened in 1636, you could plant the bulbs and get tulips.
People forget Bubble's eventually pop seems the NFT bubble has
I feel like I’m reading fantasy numbers when I’m discussing NFTs. Like ignore the millions for Jack Dorsey’s tweet. There are people willing to still buy that for $300. $300 for one sentence probably written to test out Twitter. Wasn’t poetic or funny. Would be something like someone paying me $300 to write ‘hello world’. Insane.
At least if you go to a strawberry farm to pick strawberries, you could eat the strawberries you don't sell. What can you do with an NFT you can't sell?
That's why people buy them. Utility. What they give you or will give you in the future.
You mean you're not super in love with an ugly monkey picture that's only slightly different from someone else's ugly monkey picture? /s
2:41 “I think it’s safe to say that if Elon’s mocking something, it’s not going to be around very long.”
If only. He spent a while near the beginning of 2020 mocking the new emerging plague.
Edit: To clarify, I mean the *actual, literal plague* that became common in 2020, not the metaphorical “plague of our generation”.
People arent stupid. It just looks like a scam and NFTs came out of no where and people wont be buying things they have no idea about. Im actually glad NFTs are on their way out. People who can barely buy the essentials wont be buying a trend for nerdy things. Personally speaking.
I do hope its the case, I get nothing NFT spam and offers even in the fulltime job positions now. Its just art for NFT games.
Made so much money flipping to these people. Thanks guys it was fun, enjoy holding your jpegs
How much?
im still flipping lol. Too bad you left lol
@@curtisleeyork1978
Gotta get that lambo eh?
@@BBWahoo not sure if my mom will let me have one....
@@curtisleeyork1978 I made enough to be happy, good on you for staying in the game though!
At least tulip bulbs were useful and pretty.
This all reminds me of the flipping clans in runescape when they implemented trade limits. The clan would pump targeted items several magnitudes above it's market value, and you'd end up having to trade the item before it crashed with less and less volatile inflated junk. The best/fastest traders could trade out of it with minimal losses, however less nimble traders generally had quite a significant section of their profits eaten by some of the junk crashing in price.
This flaw is something that was predictable early on, even just hearing the concept of how it works and gets it's value.
But yet there's still a portion of people adamant that their chosen collection is the one legit one.
There's been dozens, hundreds of instances of the scheme following the same steps and yet there's still people going "one day this will be the future, there will be one collection that won't be a scam" But there really isn't going to be.
It's been annoying to say the least to watch people gamble millions of dollars on ape NFTs, while all the developers making actual quality DApps get completely ignored. Like honestly, people will look at self-repaying loans and inflation resistant stablecoins and think: "Oh yeah, now *this* is the time I should be buying monkey JPEGs instead"
Glad to see it's finally dying. Maybe people more entrenched into the NFT mania will wake up and look around them.
We have self-repaying loans?
I still have't heard and seen a valid and proper use case for NFT's. Why on earth would anyone spend real money on them. Not to mention it has been rug pull after rug pull, over and over.
I hope Square Enix gets this news. They just sold their western titles to invest in a meta verse 😣.
loads of big corporations are investing in the metaverse. maybe they know something we don't...
Man I forgot about strawberry picking farms, gotta go to one of those again
The problem with them is they are useless. Even with nfts that have uses like within games they are useless because the games suck and nobody wants to play them. We are also starting to see the metaverse and FTS fail from something I said months ago. The only people interested in them are investors who buy them and trade them with each other and sell them to each other in the hopes that one day people will play these metaverse games and they will want to buy them off them. Unfortunately nobody wants to play these games so I'll investment into these games will never be fruitful.
Exactly this. For example there is this game called MIR4 or something with crypto/nft in it. At the start it even had some value and ppl could earn some money by playing it and selling stuff but later on everything collapsed. Reason? The only people playing are ones that want to earn money, sell, make a living from it. Noone plays it for fun because game is crap hence everything is worth pennies because there is no buyers.
When they first came out I’ve thought they were programmed to prevent people from taking screenshots kinda like if you put a dollar bill in a photocopier it wouldn’t work but since you CAN screenshot them it makes no sense which is probably why they are dying
Hate to rain on the parade but I doubt it's gone for good. The chart you showed seems to loosely follow the prices of the crypto market as a whole, and when that eventually bounces back (which is very likely IMO) it'll probably take NFT's back up with it. Hopefully this recent fall will purge some of the worst excesses though.
You're right, they're probably not gone for good, but dropping 92 percent isn't normal. It's clear something happened. One can only assume it was people getting smart, or at the very least, scared away.
@@aliciafraser1835 have you seen the stock market lately?
While you do make some fair points. I don't quite think NFTs are going anywhere. Why are so many large corporations like Nike, Adidas, Facebook, ... pouring billions of dollars into the space? They must think that its worthwhile exploring. I wouldn't quite fade NFTs yet.
I totally agree, they only think its just pictures but there's utility to it, you can't just be a one-trick pony, people try to build and innovate the space for it to move forward. Btw nice PXN
@@CV-xr1zw this is how early we are. and thanks!
I'm surprised They are dying. I thought his woupd be a scourge for decades to come.
i wanna personally laugh into the faces of the moonbros losing thousands
what a fantstic day this suddenly became XD
"404 Not Found" is best NFT.
The thought that they are a small but EXTREMELY vocal minority makes a lot of sense to me. I see if you are only selling to other ‘investors’ rather than people who truly want to own the ‘art’ that an NFT provides, the crash seems really inevitable
We're all gonna make it is Zyzz's tagline (RIP)
in a nut shell; the NFT market was like the snake eating its own tail.
Snake oil has always been on the market. The only thing that has changed is the packaging
"it was never a matter of if, only when."
~a wise cat. 2019 i think.
This is an interesting one.
Usually, when a big crypto-coin crashes, its value skyrockets again because people buy in (y'know, buy in when it's cheap, cash out when it's expensive), but with NFTs I don't see that happening.
You can't exactly "cash out" of NFTs, and I think that prospectors are starting to realize that.
it's not a loss until it's realized. Let them eat cake
Dammit! I knew I should have bought into popcorn futures!
So happy to see this, I just wish NFTs would die faster.
The NFT technology has a good potential to optimize copyright ownership and patenting of unique digital assets "like songs, concept art or even pieces of code" that has actual utility and can be used by others to create projects that can be next sold to consumers. But how this technology is used right now by 99% of NFT developers that just sell you a picture for thousends of not millions of dollars has no sense and no real value and utility for the internet industry. WIthout speaking that there are many ponzi scheme like projects between them as well.
Who would have seen this coming, oh wait, everyone 🤣
the only real use i see for nfts would be things like season tickets for a stadion were you can sell your seat number to someone wanting a/that seat
I think there might be a use for nfts in the form of digital collectable cards or something. But whenever you get speculators in there you'll get a spike to insane prices and a ton of low effort content followed by a crash. Happened with video games, comic books, baseball cards, beanie babies, pogs... None if it is truly valueless, but certainly they were never worth their price at their spike.
5:25 The strawberry-picking example is really good... I understand that NFTs may have other utility (e.g. ticket sale, etc.), but definitely not in the form of mass-generated JPEGs.
It didn't even need Quantum Computers to die. Huh. Faster than anticipated.
It can't. THe art is so good we need it to live. It has value and will buy all the nft at any price.
8:40
It's called toxic positivity. Positivity that's not trying to see the positive in life and moving towards it. It's fiercely suppressing anything negative regardless of validity. Toxic positivity is when the fact that it's negative is more important than the consideration if it might be true.
Imagine getting rugged by a nation state.