Maybe the technology of NFTs will one day be implented in a way that is actually useful, but as far as the current implementation of NFTs goes, collections and trading and investing and what not, it's on a steep decline from which there doesn't seem to be any recovering from. Good riddance. PATREON: www.patreon.com/yongyea TWITTER: twitter.com/yongyea INSTAGRAM: instagram.com/yong_yea TIKTOK: www.tiktok.com/@yongyea TOP PATRONS [CIPHER] - Waning Zane [BIG BOSS] - Devon B - Jonathan Ball [BOSS] - Gerardo Andrade - Michael Redmond - Peter Vrba [LEGENDARY] - BattleBladeWar
Yeah I probably agree the technology was promising but It just fell into the wrong group maybe 1 day when we're in space will need a Universal currency that doesn't entirely fall into scam profits but who knows how that would happen
I had a coworker quit his job due to trading NFTs, he saw a way to make more money doing that....suffice to say...I expect to see him back at work pretttyyyy sooooon.
im convinced they have multiple things cooking in the basement with scientists that are chained literally to the lab table so the companies can throw this shit out and see what works
It's honestly weird how we went from valuing a worthless and ugly picture into the thousands, and now digital art is worth next to nothing. I'm just wewing.
Whenever I hear about NFTs, it reminds me of someone who bought a NFT of a book, and then belived they owned the rights to what was in it, so they wanted to rent out the movie rights to it, but was then told "you don't own the IP, you just bought a book"
@@bellissimo4520 Not really a coupon... the RECEIPT of the book. Not even the book it self! You know.. the item to show you purcased the book and paid for it and therefore own it? But don't have access to the book.
They actually did buy the book (a rare story bible for Alejandro Jodorowsky's canceled adaptation of Dune), and the plan was to turn each page into an NFT and then destroy the book to boost their value. They also wanted to create an animated series based on the book and a bunch of other stuff. When it was finally explained to them that they had bought a book and not the copyright to that book, they flailed around for a while trying to find some way to recoup their investment, then gave up and dissolved the DAO they'd formed to buy it. Last I heard, they were hoping to piggyback off the hype from the second movie and sell the book this year to get some of their money back.
@@johndetlie7853yep, idk what crack the original comment was smoking but that shitbwas so stupid lmao They thought that if they bought a copy of a book, they'd own the rights to it
@@johndetlie7853 I'd forgotten about that story, essentially about how they mistook buying an old/original copy an IP meant owning the IP, very funny stuff... x3
@@ringkunmori That's a different story, that's feeding an AI to reproduce an art style, artists work, they put a lot of work into their commissions, they ought to be paid fairly for their work. It's the same issue with streamers who just watch videos and don't really add anything to really transform it from the original, they just steal views that the content creator would have otherwise gotten from folk watching it on their channels rather than someone else's channel.
I still remember when people were first talking about how great NFTs were. All these big names speaking with such confidence that it was the greatest thing ever. And the entire time I was sitting there like "... do i just not get it? It seems like it's worthless to me..." Turns out I was right lol
Many hype cycles and scams revolve around getting people to think "This sounds really dumb, but all these smart people think it is a good idea, so I should do it." 90+% of the time, the "this is stupid" instinct is correct.
What's your take on your phone's predictive text feature? Do you think it's going to change the face of the world and worth investing billions into? Asking for a friend.
I believe I lost a friend to suicide because of the decline in value of his NFTs. He was big into NFTs and Crypto leading up to his death and the declining value of his collection may have been what drove him to take his own life. I can't confirm, because the circumstances surrounding his suicide are not fully known to me, but I highly suspect this to be the case.
@@looker999997 idk if we watch the same mutahar, cause he's usually very compassionate towards those who come to harm. it's one thing to laugh at a cryptobro whining, but he knows the difference between a guy who blames the world for crypto failing and is bitter about it, and a guy who probably took all of the blame upon himself, and the guilt snuffed him out. i know mutahar can come off as a bit abrasive or bold in his opinions, and he takes no prisoners when it comes to scammers and those who hurt others, but he definitely draws a hard line in the sand about sensitive topics like death imo. but maybe we watch entirely different mutahars and yours is from the bad timeline, idk lol
NFTs terrified me. If these had truly caught on then we were looking at an incredibly depressing future. Gaming would have had an awful future. The NFT crash has brought me no end of joy!
Companies like Square Enix and Ubisoft pushed NFTs exclusively out of a desire to exploit gamers. The fall of NFTs is a victory for gamers everywhere and a sign of hope for the future.
Don't be dramatic. This was just another pyramid scheme. This sort of thing has been happening every couple of years for more than a century. It was always going to crash and that should have been obvious from minute 1.
Remember everyone: The CEO of Square Enix sold off Crystal Dynamics, Eidos-Montreal, Square Enix Montreal, and a catalog of IPs to Embracer Group for a measly sum (compared to other recent developer purchases) of 300 million dollars to fund 'advancements into the future of NFTs'. Which is funny, because I would pay 300 million to see that idiots face when hearing about *this.*
I knew it was a scam when I started seeing people talking about “should I buy a house or this NFT” trying to be edgy. And I just feel sorry for people who were so emotionally invested with celebrities that they fell for a scam. It’s tragic bc it’s just siphoning wealth upwards this helped nobody it was always about finding a sucker. This is what our society is
I still can't believe that Square Enix, the company whose biggest game was about fighting against a mega corporation harming the Planet, thought NFT's were great idea
Make no mistake, just because their product say one thing, doesn’t mean that the company as a whole supports it. Square Enix just publishes the games, they have no intention of saving anyone but their own wallets
I think part of the "success" NFTs had was due to many people remembering the early days of the internet and thinking "If I had just invested in Amazon or Google back then...". Now they're presented with what is *marketed* as the new technology of the internet, and the FOMO is heavy, especially given the economy of the last several years.
Just like with crypto, if you aren’t part of the development team that just so happens to have some millionaire connections, then you are already on the losing end. It’s a losing game from the start.
I don't feel bad at all for people who got scammed by NFT's and who are so easily "influenced" by celebrities. They can take it as a hard life lesson, one that they should have already learned by proxy, and move on.
Imagine having so much money that you can waste it on creating an NFT cartoon to have the main image stolen and held for ransom … and actually paying it, only for NFTs to ultimately fail.
I have nfts simply because I have an account on reddit so I got some for free. I know they are worthless and I never had plans of doing anything with them. I'm hoping with the crash of nfts that people can actually invest in things that will change the world and that this will lead to a brighter future... but I know it won't as long as crypto currency in general is still around.
@@RhythmGrizzSame. I'm just going to assume that OP's "R.I.P." stands for "Rightfully Into Penury" since gods these people don't deserve any sympathy, especially when literal gambling would have been both more responsible *and* far less scummy.
In a world where we increasingly own less and less of the things we pay for, they really thought monetizing 'nothing' was a way to get us. No sympathy for the people behind NFTs or who supported them.
My friend dumped hundreds of thousands Info NFTs and lost it all. I told him not to do it and he called me an idiot who doesn’t see the future at the time. Said every speculative investor ever.
I am a Barbie collector. A while back, Mattel announced a Barbie NFT project. Collectors on Insta lost their minds, and Mattel hasn't said another word about it since. Lol😂 If we are gonna waste our money, we at least want something physical to show for it.
The next scam is AI. They already are slaving the AI to be a subscription service. So the techno dystopian future gets even more apparent. They are even trying to make robocops in New York with them. Lmao
Anyway, if I went to McDonald's and bought something, would anyone be interested in buying the receipt? *(For all the reasons in the world, this is a joke)*
I recall I left a comment on a YongYea video when he covered this thing genunely asking something along the lines of "Ok, it's fine and dandy, but what makes them so special?" and instead of an answer I basically got one of them all guns blazing posting like 12 replies all basically saying "stay broke boi" That guy's literally shoo away potential "demand", which surprise, the thing that props up their price. I don't understand.
I feel ya. And you know these same bombastic people are incorrigibly quiet about it now, gaslighting themselves into believing they weren't pulled in by a massive sucker's game - which guarantees they'll fall for the next one. Methinks something AI related.@@saghwteam
@@saghwteam Because the people who got involved into NFT's don't actually know their asses from their elbows about economics. They were just chasing the latest get rich quick scheme without any understanding of why NFT's had any perceived value in the first place. As such the handful of people who did know what they were doing managed to scam all the "NFT bros" and got out before the whole thing crashed.
To be fair, and I know this is going to sound like a pretty lame caveat, some people actually liked the little soft-toys regardless, collecting them for another time, like you do with anything you have emotional attachment to.
Lol, it'd be awesome to SEE NFTs in junk stores and antique shops. Like 8 track cassettes, they'd be everywhere but nobody wants them, dead technology and all.
@@aaronnelson7702 Take this with a hearty pinch of salt, but cassettes are beginning to see some interest again, whether or not they'll have a updated but vintage appeal like Vinyl did again is another matter. Meanwhile NFT's wouldn't be worth the reciept they're not bought with.
Most Beanie Baby collectors just wanted a full collection for the sake of it, not its monetary value. The crash of NFTs is bad for collectors, as they were marketed as the future currency. People's lack of trust or interest caused that particular house of cards to experience the light breeze of mild scrutiny and completely collapse as an economy.
NFTs were like The Emperor's New Clothes, only everyone told them they were naked and the Emporer just nodded and said "Yeah but I still have new clothes."
The lie the tailors told the Emperor and his advisors was that if you couldn't see the clothes, you were unfit for your position. Knowing this, your analogy only becomes more fitting because clearly, none of the people buying NFTs really deserved the money that was spent on them.
He's still in the company, just not as the CEO And not defending him (screw him and his ideas), but Square Enix has a lot of other issues on top of this one
300mil is pocket money for them anyway (tho the failure of Forspoken , that FF16 couldn’t even save , might have made them swallow the bitter truth of their stupidity)
An NFT is simply a box containing a unique number and possibly a link to something. That is it. And the fact that for years, people have not grasped that, shows how easily people can be manipulated through tech jargon.
It's not because it's tech jargon but because people are being desperate in getting easy money and being rich without doing anything they're being scammed. We can change it from tech jargon into anything else and as long as it involves easy money they will still fall for it lmao.
@@kuraiaku2997 Nailed it. For so long now, people have been able to extract money from morons simply by telling them "Hey, I can make you rich without needing to lift a finger, all you have to do is give me your money". And no matter which permutation it is or what form it takes, there will always be enough people out there stupid, greedy and lazy enough to fall for it.
@@ArcaneAzmadi To add to that, without surprise, those who could be addictive, in a bad place, not the right frame of mind or otherwise vulnerable can get tugged in simply by good old fashioned misplaced trust or pressure, by absolute predators. Malice.
My roommate explained NFTs to me but couldn't sell me on the idea. I remember a youtuber explained that an ethics organization investigated NFTs and found that there was absolutely no function which they performed that other digital and paper contracts didn't already perform so I decided they weren't worth my money. Sad for my roommate who sunk $8000 into NFTs and digital real estate.
To be fair, if you were in on the scam, you couldve bought NFTs early, and then sold them off for a profit, and then just completely left the market after the hype hit it's peak. Anyone who got in early made bank selling off a bunch of worthless junk due to the hype. Its only the people who truly believed in NFTs that got shafted at the end. Its a open and shut pump and dump scheme. Always was. The people who got in early, hyped them up, then sold them off, all made absolute bank. Everyone else who bought into the hype got screwed. Thats how these things always are.
Yeah, the tech can be interesting, but nobody can seem to explain a viable use case for it, and the people who are using it are scammers and speculators.
One thing that funny to me is that everytime when someone want to sell their NFT to me and the moment I refuse they throw tantrum and started to insult me while claiming that NFT is the future.
Finally something good comes out of 2023. Even thought they claimed NFT's weren't a pyramid scheme it's hard to argue that the results were the same. A handful of people make fat stacks while everyone else involved loses pretty much all they invested.
2nd, 3rd and 4th generation: Arcades that cheat, games you can't beat without a strategy guide 5th and 6th generation: Expansion Packs 7th generation: DLC, Season Passes 8th generation: Microtransactions, Loot Boxes, Battle Passes 9th generation: -NFTs- We almost got NFTs as the new bullshit the videogame industry pushes on us, we avoided them, it became just like Online Passes EA attempted.
I have seen all of these. 'Arcade games that cheat.' Mortal Kombat 2 springs to mind. Or really any fighting game where the AI can spam moves faster than human inputs can generate and instantly respond to your button presses.
@@singletona082 lets not forget stuff like "Claw Machines" that can be set to only fully close the claw once every so many attempts (I think some can be set upwards of 100?) so that it's literally impossible to get something.
The absolute abuse House of the Dead 2 on arcade machines pulled on the last boss was insanity. You could clear everything with skill before that point, but the last one was only possible by dumping quarters for lives.@@singletona082
They had a very high _percieved_ value, pushed by those with personal gain to be had, and sometimes backed up by those who actually made money through this. They never had any practical value, any importance, or actual merit as collectables since anybody can copy-paste a 'unique' digital image, but the impression was strong enough to convince enough people, that it became some kind of grotesque snow-ball effect of chancers and AAA(ahhhh) companies trying to latch on like opportunistic parasites, re-enforcing the percieved value despite the bloody obvious being apparant to anybody who knew what an nft was. But you're absolutely right, they have no value to us, they're a blatent scam, a passport to fraud and more relying on befuddling with jargon.
An oddity of the word "value" when used in *economics* is that if somebody pays money to exchange anything, that's literally the thing's value at the time of the exchange. In economic parlance, "value" is not the same as intrinsic value, which confuses a lot of people. All it takes is one idiot to pay, and there's the "value"! So ... think of all the idiots you have met in your life. There's a lot of "value" created by those people that gets exploited _all the time!_ 🙄
A wise man in the deasert once said it best. "From where you're sitting, this must seem like a 24 carot run of bad luck. But the truth is... the game was rigged from the start."
As a person who’s into numismatics (collecting coin and paper currencies) I can say that the appeal of collecting is that the collectibles are unique in spite of their mass production, be it the mint that produced them, the year of production, the serial number, silver/gold certificate bills, star notes, and the holy grail of minting/printing errors. There’s also the fact that I find a simple pleasure in searching for anything of value. Whenever I get cash I habitually look at the bills and coins to see if I got anything of any value. My mother started a wheat ear penny collection when she was young and every wheat ear penny I find, no matter how chewed up, goes in that collection. My grandparents gave me a liberty head nickel that’s over 100 years old as a gift, and since it was in such good condition I took it in to be appraised out of curiosity and it was valued at $50. I have another nickel with a clipped palette and my appraiser said that in his opinion it was an authentic minting error. Those nuances are all lost when the collectibles are digital in nature.
I like to collect various figures like Godzilla, Monster Hunter and other various properties to display. I have no intention of selling them, but even they would have more potential value than any NFT.
This is a moment that will be celebrated by many for years to come in Internet history, the only group that will be haunted by this is the big time corporations and celebrities still trying to promote it to this day
I wouldn't be surprised if people forget about it. After all, we haven't seen anyone talk about article 13 which was huge at the time, TH-cam poops or any meme that's older than 2 years in a while. The Internet has a pretty short memory with exception of extremely infamous people that people only remember when their name is mentioned and then say "the Internet never forgets".
thoguh i agree with you, i also feel bad for the tons of normal people that got preyed upon by these corpos and celebs. yes it was dumb that they invested their life savings in this bullshit, but it still doesnt take away the fact that their lives may be finacially ruined by these snake oil salesmen.
@@yanguskhan8513if you had the money to invest in this shit and we're stupid enough to do it you'll get some more in no time, if it really dented your wealth at all. System rewards a certain kind of idiot.
A lot of people who bought them are already negatively affected. The whole crypto thing has literally taken lives. It's satisfying to see this end but I'm horrified by its body count.
It's easy to get discouraged with the state of the world, but the fact that most of the general public bullied NFTs into the ground gives me hope for humanity. WE DID IT YALL
@@chasejackson7248 Not sure why we're comparing receipts to products, but hey. I'd take physical over digital any day, but their functionalities are mostly the same so far.
NFTs achieved their goal, super hype leading to massive buy in, then crash, but it was everyone else left holding the bag, the people that started it cashed out while price was high, like a massive game of hot potato.
Its an important lesson to everyone. Value is only what you can sell it for. It doesnt matter what you perceive it as worth if your intent is profit. Even further, when the economy is bad, people have less expendable income which grossly devalues "collectibles"
It can. And it's called "MODERN ART". Their error was to try to push this explotation outside of bored rich people and into the common man. It MIGHT have worked if they didn't try to "popularize".
The most mindblowing part of all this was how NFTs happened right after the crypto investment boom. It was like watching people jump from one dying bandwagon onto another similar, newer bandwagon with a fresh coat of paint and colorful decals.
exept crypto actually had a valuable use and purpose as a solid monetary system unattached to goverment or coporate intrests but NFTs followed by abadoning the mining model just straight up killed it.
@@housewilma4904 Crypto was doomed from the start, because blockchain simply does not scale in how many transactions per second it can handle to anywhere near the point it could become a real currency. And didn't Ethereum fork over a decision to roll back transactions to safeguard its wealthy participants from the consequences of their bad financial decisions, with the "save the rich" branch becoming more popular by far?
@@housewilma4904 Cryptocurrency has some use cases but the market is extremely volatile and can support only a few cryptocurrencies. NFTs were created to give the failing cryptocurrencies a new market they could exploit and find new suckers to siphon money out of.
There was a time where I really wanted to get in to NFTs. I heard a lot of people in my immediate circle who traded it and did well: sometimes making hundreds of thousands a day. However, there was always a couple of questions that bothered me about NFTs that no one is able to adequately answer: WHO dictates how much these things cost? Who says why this particular NFT costs bajillions while the other is pennies? So what do I do with these NFTs when I have them? Some tried to say its like collecting watches... but watches STILL have a function (telling time)... but what about NFTs? Some also tried to say its like getting a rare weapon in a game... but within the game, that item has value because it drastically skews the game in your favor... but NFTs...? And then... even if NFTs go up in value, who is gonna buy them at that price? If lets say I find someone interested, they can low ball me if no one else wants it right (supply and demand)? So yea... right now, im glad I didnt get in it :)
the next person always buys it like a real stock in hopes it goes up for them. So they can get in and out quick. Flip it. Easy answer. Cmon man! watches are cool. But you have to wait 50 years until you make a profit. Even then u have to find a buyer too! This is quicker and shows there are 25 million scanning site daily. So always a buyer
F in chat for artists whose work was taken and minted into NFTs without their consent, like the late Qinni who passed suddenly a few years back. Absolute scum move to take a dead artists' work and try to make money off of it. (And this label still applies to whatever GenAI nonsense is still using her work.)
The dumbest thing I ever saw was a real vending machine selling NFTs. Yes, really. A real physical vending machine. There's a video of someone using one. He pays real money for an NFT of...the colour blue. I kid you not. Someone showed the video to AngryJoe and he went ballistic. 😂
In Seattle there's an NFT gallery where ppl can view and buy nfts in a physical location. I never went inside and most of the time ot was closed and I only ever saw 2 people in it. Stupidest shit ever, , it's still exists to this day, but it's gotta be closing soon.
NFTs were a perfect example of the Great Fool principal. Basically people bought them in the hope that there would be a greater fool willing to buy the worthless thing for a greater sum. Once the fools dry up the thing has no value.
Well at this point everyone "owns" an NFT due to the sheer virtue of "copy-and-save" so... yeah. The true problem with NFT is the NF part of it. Who knew that tokens actually were very fungible in the end.
I love how their idea is 'digital sacrcity', like isn't the whole point of digitalization is so it's not scarce in the 1st place? Data that are used to be on paper now turned digital so that it's copy won't lost because it saved in digital form, the same with informations, images, videos, books, printings, etc. Trying to turned that into scarcity is kinda backward for me.
@@DonVigaDeFierroIf you have the military power to back up your land claims you do. You can claim that you own the moon, but nobody will respect that claim unless you can punish those who say you don’t.
Couldn't be happier about this. Was a stupid idea to begin with. Now lets all join in unison and shout "HA HA" at the NFT companies and all the ideas that they came up with surrounding them!
There's only been one NFT project that I felt was cool and interested enough in to purchase, and that is the hybrid HRO DC trading cards. They look amazing (better than any other DC cards I've gotten) and the QR code you can scan on the back to redeen an NFT digital copy you can trade/sell which also give you points that unlock certain special cards thru leaderboards/events makes the added NFT aspect more worth it and cool. I spent a good lil bit buying in but they've held their value and the project is still delivering on promises and has been very transparent. Some of the cards I just plan to keep cuz I like them and it wasn't stupid expensive like other NFT projects (which is funny considering you get something physical with this one). But yeah other than that never saw one that sounded good or trustworthy. Shame cuz there is potential for cool things with NFT technology but it has a high potential for abuse and new things that aren't well understood are always used/abused by scammers.
I remember a family member telling me they are with an NFT business and that I should invest in it aswell. I asked him why I would buy or invest in something digital with no value? They couldn't really give me a good answer. I tried to warn him its a scam, but when desperate and easy to trick minds are deceived its hard to make them see they are being tricked at allm
When NFT games first appeared: _"What do you mean these games are stupid?!!! I got a bunch of money from them!!! Since when getting money is being stupid?!!! LOL! Have fun staying poor!!! HAHAHAHAHAHAHAHAHAHA!!!!"_ To be fair, like any pyramid scheme, if you managed to play these games early and sell these items early, you could earn a lot of money from them, ways to earn easy money actually exist, but when everyone learns about a way to earn easy money, it stops being easy money.
It's called market saturation, happens all the time. It happens in nature too. You get something dead at the sea floor, 1 crab shows up. Soon the sea bed is heaving with crabs for ever smaller morsels until there is nothing left. The probability of you being the first crab to that dinner is near to zero. By the time you heard about it that feast is almost done.
Bottom line is, when a game makes you bet real life money and go against other players, it's no longer a game, it's no longer about having fun, it defeats the purpose of a game
Also Cryptogames, the dumbest game idea ever made: after 1 or 2 years the companies just ended the games and runaway with all the money that players invested in theses games.
Back when NFT are viral, my mom used to forcing me to join NFT, which i keep refused, she even keep forcing me no matter how much i refuse, but see NFT situation nowadays is make me very relief i refuse to join NFT that day when my mom ask me to join NFT
Well, the blockchain is useful for it's transparency. See Coffeezilla, who uses it to show people doing shady crap. If you have a person's wallet number, you can just see everything the wallet does and did. That said, the NFTs are beyond worthless
The problem is the entire global financial infrastructure is built on 1970's technology. With a world of A.I and a planet where everyone is able to code. It's about to be hacked. Blockchain is hope. Bitcoin is hope. The Ethereum network will be the settlement layer.
I obtained wealth ;) and the next cycle is coming up soon everything follows bitcoin scouping up these badboys at low prices then gonna flip them again ;) don't hate the playa hate the game
I have heard of exactly one practical use of NFTs, and it isn't investing, but rather creating a database of artifacts to track their provenance and verify if they've been stolen/looted.
The thing I've always despised about the concept of NFTs, being sold literally nothing aside, is how predatory it was. A lot of its popularity came being presented as a get-rich-quick scheme, usually from someone with ulterior motives. I couldn't imagine the level of financial damage NFTs have done for the most vulnerable, especially horrendous was the fact it was endorsed by celebrities who should have known better and not subject the general public to a money vaccuum going into the pockets of the wealthy. I'm glad (at least some) of them got sued and I hope financial compensation was received by the victims. Take a look at every celebrity or """influencer""" that endorsed NFTs and question their ethics. They saw a money making opportunity with no regard for the little guy. Some did back out of it after realising what NFTs entailed, but the fact remains is they still did not do their due diligence, they just saw money. Absolutely atrocious.
NFTs were used in the worst way possible. Maybe someday it’ll be used for something that makes sense, like software proof of purchase or merch theft protection for digital artists. But for now, it’s just another embarrassing chapter of internet history.
l'd recommend looking up Uniquenameosaurus' shortened video about NFTs then; it shows a surprisingly effective way collectors -- not investors -- have found to support genuine budding artists from all walks of life all across the globe, and is singlehandedly the reason l don't completely despise the concept anymore.
A lot of digital artists rely on repeat business and having a dedicated following; and there's already plenty of platforms to sell things to your followers. Pushing NFT's would do more to help the scammers in the industry gain legitimacy by proxy than help artists make a living. Also an artist pushing NFT's should get ready for this sort of conversation: _"Why aren't you putting out more artwork?! I need you to raise your profile so i can flip your NFT's for a profit!"_
To think a plethora of people, including some celebrities, were promoting NFTs and that they will be on the same level of crypto and stocks. I am thankful for channels like Yong that debunked this fallacy.
They were doing it cuz they made millions off it. They didnt care that it was BS, because they werent the ones investing millions into it. They were making NFTs to sell to people. THEY WERE THE ONES making money. Crypto is the same. The people buying into it early know its a joke, but when it gets hyped up and the value blows up, then they sell it all of and make bank. Its only the people who TRULY buy into this stuff that get ripped off. Theyre just pump and dump schemes, and always have been. Buy low, hype up the value of them with a bunch of BS, people buy into it hook, line, and sinker, then dump off all your assets when the hype reaches a peak and make millions. Then everyone who bought into it late gets shafted with the crash when the value plummets and nobody else wants to buy them from you.
I always laughed at parents who kept saying, "their kids loved collecting NFTs." Like yeah, I imagine you loved seeing you wallet was burning a hole lol
That's a poor comparison, stickers you can keep physically and are no more than a $1. The same also applies to trading cards. NFTs are just pure scams lol
There are still people claiming NFTs will revolutionise... something. Maybe concert tickets , because blockchain and decentralisation. These people don't realise concerts will always be centralised. If a thousand cryptobros vote in a DOA to demand Taylor Swift performs for them right now she can and will refuse.
I remember the beginning of the NFT crap and even back then I compared it to the historical event known as "Tulip Madness" and I'm glad to see that my knowledge of history proved correct.
I was thinking Beanie Babies tbh. Sounds silly but people staked their entire lives on those toys, right down to them being disputable assets in a divorce (there’s pictures of the couple separating their joint collection in the courtroom). There aren’t that many Beanie Babies that are actually worth much money, certainly not the millions that were speculated. Sounds like NFTs have a similar trajectory.
@@antoniofernandesmarchetti1097 Considering this happened, which is quite literally the exact same as tulip mania, i can absolutely buy tulip mania being real.
@@antoniofernandesmarchetti1097tulip mania happened in 1634 before the collapse in 1637. There are historical records of it. How can it be a myth lmao.
Not NFT related, but similar: A friend of mine tried to talk me into Bitcoin, saying that we could buy them and sell them in the future for profit. But when I asked him how it worked here's what I understood: It was a type of currency that only exists digitally, and you can't spend it. So my friend kept telling me I didn't really understand it, and that "it was all very simple, really." But since he was right and I didn't understand, I didn't dare to invest on the thing.
Good it was such a hit to me when I saw one of my art stolen and they managed to sell it for around 1200 bucks. I was so pissed. Never made that much on any of my work and they get that for selling my stolen art. Never been able to track the person down.
@chernobyl169 that's a nice way to look at it, but nfts are way over priced because investors bought them thinking they could sale later for more. The person who bought the nft didn't buy it because they liked the art.
The moment I found out about NFTs I knew they were a scam and destined to implode. It's the same feeling I get when I see a bank that online exists via an app.
I'll tell you. Majority of digital artists(not all) talked against NFTs because we knew that it was just clouting for money between the rich and that most art was stolen, that people are not spending their money in genuine ways and only putting it in the pockets of the rich. It's really sad.
This whole situation reminds me very much of the comic book crash of the 90s, tldr, old comic books started gaining monetary value which became mainstream so in turn everyone started buying comics under the impression that all comic books are valuable, dc comics took wind of this and released "The death of Superman" and made variant covers, each one differing in rarity, but when everyone started to notice that comic books weren't all they cracked up to be sales fell drastically, this is this generations comic book crash in my opinion, history repeats itself
My favourite thing about all the crypto-bros was how smug they were about their "decentralized" economy free from government interference, unironically larping as the Anarcho Capitalism guy from jREG's _Centricide_ series and apparently not getting the joke. The second the rug was pulled out from underneath them however they were all shrieking about litigation and demanding to know why their respective governments weren't helping them. I'm sure somebody was making money via NFT's, but it certainly wasn't the people buying them.
The irony is that the closest we probably got to NFT collections/trading was with Artifact, the old Magic the Gathering Online, and the Pokemon TCG Online since you could trade cards at least. But outside of that, these NFTs are a joke because there's no demand for them.
I think pokemon TCG online was acceptable though, where it was kind of a supplement to the real physical card game: you buy physical cards to collect and play the card game with, and as a bonus you get a QR code to redeem those cards to play online as well if you want
NFTs can now join Anthem, Square Enix's Avengers, Google Stadia, The Culling 2, and Babylon's Fall in the Catacomb of Worthless Wastes of Time. Also, I am now certain Internet Historian will make a video about NFTs.
First thing I thought of when hearing about NFT's was pyramid scheme. I remember that craze in the 80's and it was clearly a scam to my younger brain. NFT's were no different.
The debacle with Troy Baker's attempt at an NFT scam was glorious to witness. He was a regular guest on one of Alanah Pearce's podcasts, and when he was on after he tried his whole AI voiceover crap, she straight up called him out and told him he was taking away potential jobs for smaller VA artists, and it was only after that that he walked it back. As far as I'm concerned, Alanah Pearce was GOATed for life after that.
Yeah plus you don't go into a scam without doing at least a little bit of research on how it can benefit you. He fully knew what he was getting into and he only ran back because he felt the risk to his career was too great, not that he felt shame about the people he was about to scam, just saving his own boots.
NFT’s is an amazing idea for the entertainment business. The problem is the NFT creators never thought of how to build the value of the NFT. Watch me make 30 million off my NFT COLLECTION
They're making plenty off Final Fantasy 14, especially with disgruntled World of Warcraft players still flocking over there, and at least in that sense they know not to mess with that particular money printer. And it still less of a disaster than their failed movie studio venture back in the early 2000's, all told.
I warned so many people from this, people who I even knew personally at art studies and even game studios. NFTS aren’t only a bad investment, it’s a stain on your resume. Something that is looked bad upon will affect your chances in the industry
I find this so hillarious. I never got the point of NFT's and the fact companies like square and ubisoft tried their hardest to implement NFT's, they were all laughed out the room. Now we clearly see why because they are worthless and a waste of time.
"This is what happens when mortals don't share their pudding!" - Beerus Everytime something bad happens to a scam artist or a swindler, that quote usually pops up in my head.
This market made the tulip mania bubble look rational. When people realized tulips grow and reproduce the sky high valuations fell. But at least you got a tulip out of the exchange, with nfts you get nothing.
Don´t forget that EA has it´s fingers in the recent Unity backlash. The current CEO of Unity was the guy (ex-CEO of EA) that wanted to charge players for reloading in a multiplayer fps game (Battlefield).
Prior to the initial crypto boom there was still a lot of mystery surrounding all of it. After becoming commercialized, crypto has become a household name in such a damning way- its hard to see an NFT boom ever happening again.
I wouldnt say "household name" I've met one person who actually bought crypto, and it was doge way back before it blew up. He was an overnight billionaire at the rate he'd bought: but when he tried to cash out, the website he bought through kept giving him an error message. Long story short: he never got any money off the stuff because the website stopped him from selling. Crypto is simultaneously mainstream and niche - a lot of people talk about it but very few people invested in it, let alone actually use it. It's known, predominately, for the scam it is. The last time I so much as said the word "crypto" with my actual lips was 2020, and I honestly think that was the only time (it was to tell my sister's ex that its a pyramid scheme because he was trying to sell me on it). Its not part of the average person's daily life; it has no utility, its highly volatile, and its speculative at best if you're trying to make money off it.
i dont because things like the canadian trucker protests showed a form of currency that cant be "vanished" by goverment actors or big bank buddies is VITAL. this shitte is geuinly nessary in this every more authortarian leaning future but idiots like the NFTs and pyramid schemers sank the ship before it could ever save a soul.@@aiodensghost8645
The last NFT's been devalued. It's over, Boss. I never thought this day will come. But, while we can rejoice, we must never relax. The last NFT is worthless; that is a fact. But the technology that built it is still out there. How long the world remains NFT-free is up to us. Will this moment persist? Or will human greed cast us into the flames once more? Our duty is to pass on what we've learned to the next generation. The memories, the experiences... The sins. Only when our children show the wisdom not to mint new apes... Only then will we be truly triumphant.
it's really suprising how in just 10 years we went from the music industry almost ruined because of digital piracy and to this whole digital art NFTs thing, glad people are coming to their senses.
Exactly, it's about who you target with it. A corporation isn't going to miss the money too much, but that dude that put some garage level stuff together? You should buy their stuff if you like it. @@RusticRonnie
Record labels being bought by “entertainment” companies in the 90s, combined with the artificiality high price of CDs (they were double the price when they came out due to low volume with the promise of coming down once they overtook tapes and LPs… they never did)… those ruined the music industry long before piracy.
No it doesn't. If you're honestly so catastrophically stupid that you didn't see this rug-pull scam for what it was at first glance, then you kinda deserve to lose everything. This is just the fiscal version of natural selection.
About that...his replacement apparently is pro mobile games over consoles, is that a good thing? Probably not, but here's hoping he's not as divisive (or straight up bad) as him
When they first started gaining traction, I warned this crypto bro at my work that they were a scam and to avoid it; he didn't listen, said I was living under a rock. I've come to find out he lost 20 grand
Once you realize that video games are usually most valuable at launch the idea of NFTs in games makes absolutely no sense. The value will almost always go down.
![เปิดบ้าน โคตรสวย ป๋องกพล รู้จักตั้งนาน เพิ่งรู้ว่ารวย!!! l [Nickynachat]](http://i.ytimg.com/vi/tmgCF_2HfYI/mqdefault.jpg)
Maybe the technology of NFTs will one day be implented in a way that is actually useful, but as far as the current implementation of NFTs goes, collections and trading and investing and what not, it's on a steep decline from which there doesn't seem to be any recovering from. Good riddance.
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In the words of Emperor Palpatine:
Good, good!!!!
Yeah I probably agree the technology was promising but It just fell into the wrong group maybe 1 day when we're in space will need a Universal currency that doesn't entirely fall into scam profits but who knows how that would happen
I had a coworker quit his job due to trading NFTs, he saw a way to make more money doing that....suffice to say...I expect to see him back at work pretttyyyy sooooon.
Can you finally be an anarchist, capitalism ruined video games
"Friendship with NFTs ended. Now AI is my best friend." -- Literally every company on the planet.
im convinced they have multiple things cooking in the basement with scientists that are chained literally to the lab table so the companies can throw this shit out and see what works
@@vendora1 You realize you just explained every AI system, they just are chained inside a computer....
That is 2023 in a nutshell
It's honestly weird how we went from valuing a worthless and ugly picture into the thousands, and now digital art is worth next to nothing.
I'm just wewing.
Friendship with artificial intelligence? How about a romance~
Imagine owning these things and remembering you couldve bought a house but instead you bought a image of a monkey
What if they got some dirty money they needed to launder?
@@dx-ek4vr the average doofus doesnt do that ,they want to make money
@@scrittle well why didnt you tell me sooner?! now ill buy some aswell!
@@scrittle "Big win"? The hugest loss ever like someone named Seth
Tragic!
Whenever I hear about NFTs, it reminds me of someone who bought a NFT of a book, and then belived they owned the rights to what was in it, so they wanted to rent out the movie rights to it, but was then told "you don't own the IP, you just bought a book"
Not even a book, really.... just a coupon for a book.
@@bellissimo4520 Not really a coupon... the RECEIPT of the book. Not even the book it self! You know.. the item to show you purcased the book and paid for it and therefore own it?
But don't have access to the book.
They actually did buy the book (a rare story bible for Alejandro Jodorowsky's canceled adaptation of Dune), and the plan was to turn each page into an NFT and then destroy the book to boost their value. They also wanted to create an animated series based on the book and a bunch of other stuff. When it was finally explained to them that they had bought a book and not the copyright to that book, they flailed around for a while trying to find some way to recoup their investment, then gave up and dissolved the DAO they'd formed to buy it. Last I heard, they were hoping to piggyback off the hype from the second movie and sell the book this year to get some of their money back.
@@johndetlie7853yep, idk what crack the original comment was smoking but that shitbwas so stupid lmao
They thought that if they bought a copy of a book, they'd own the rights to it
@@johndetlie7853 I'd forgotten about that story, essentially about how they mistook buying an old/original copy an IP meant owning the IP, very funny stuff... x3
I’m still astounded at how anyone seriously thought that a digital receipt showing you have “ownership” over a JPEG was worth any value at all.
NEVER underestimate the stupidity of people in anything but especially when it comes to money
Same way people think images online has any value and get pissy when someone feeds it into an AI training set.
im not, people are stupid.
A fool and their gold are soon parted.
Some folk have more money than sense, these are the fools who are soon separated from their gold.
@@ringkunmori That's a different story, that's feeding an AI to reproduce an art style, artists work, they put a lot of work into their commissions, they ought to be paid fairly for their work.
It's the same issue with streamers who just watch videos and don't really add anything to really transform it from the original, they just steal views that the content creator would have otherwise gotten from folk watching it on their channels rather than someone else's channel.
I still remember when people were first talking about how great NFTs were. All these big names speaking with such confidence that it was the greatest thing ever. And the entire time I was sitting there like "... do i just not get it? It seems like it's worthless to me..." Turns out I was right lol
The problem is that people only bought them so they could sell them, and anyone who bought them to keep them had no real use for them.
Many hype cycles and scams revolve around getting people to think "This sounds really dumb, but all these smart people think it is a good idea, so I should do it." 90+% of the time, the "this is stupid" instinct is correct.
Because you are smart, and they are grifters. And you noticed.
What's your take on your phone's predictive text feature? Do you think it's going to change the face of the world and worth investing billions into? Asking for a friend.
Critical thinking vs hype train. Glad that you are the former!
I believe I lost a friend to suicide because of the decline in value of his NFTs. He was big into NFTs and Crypto leading up to his death and the declining value of his collection may have been what drove him to take his own life. I can't confirm, because the circumstances surrounding his suicide are not fully known to me, but I highly suspect this to be the case.
Sorry to hear about your friend. I hope their family and yourself keep strong.
"lol that moron had it coming" - Mutahar, probably.
@@looker999997 idk if we watch the same mutahar, cause he's usually very compassionate towards those who come to harm. it's one thing to laugh at a cryptobro whining, but he knows the difference between a guy who blames the world for crypto failing and is bitter about it, and a guy who probably took all of the blame upon himself, and the guilt snuffed him out. i know mutahar can come off as a bit abrasive or bold in his opinions, and he takes no prisoners when it comes to scammers and those who hurt others, but he definitely draws a hard line in the sand about sensitive topics like death imo.
but maybe we watch entirely different mutahars and yours is from the bad timeline, idk lol
Came to his senses a little too late. RIP your buddy.
YOU BELIEVE!?
NFTs terrified me. If these had truly caught on then we were looking at an incredibly depressing future. Gaming would have had an awful future. The NFT crash has brought me no end of joy!
Companies like Square Enix and Ubisoft pushed NFTs exclusively out of a desire to exploit gamers. The fall of NFTs is a victory for gamers everywhere and a sign of hope for the future.
WE DID IT GAMERS! WE TOOK THE WUMBO W!
Instead we got ai to replace workers instead
"No end of joy"
Let me fix that. Rampant inflation, catastrophic housing market, gas prices....
Don't be dramatic. This was just another pyramid scheme. This sort of thing has been happening every couple of years for more than a century. It was always going to crash and that should have been obvious from minute 1.
Remember everyone:
The CEO of Square Enix sold off Crystal Dynamics, Eidos-Montreal, Square Enix Montreal, and a catalog of IPs to Embracer Group for a measly sum (compared to other recent developer purchases) of 300 million dollars to fund 'advancements into the future of NFTs'.
Which is funny, because I would pay 300 million to see that idiots face when hearing about *this.*
Sony buying SquareEnix in 3... 2... 1...
Embracer Group just had to close some studios... and they still made the better business decision.
And just now, we’re getting the original Tomb Raider trilogy. EG took action almost immediately with the IPs they were given.
Remember, we didn't get a new Deus Ex 'cause of Avengers. At least they won't hurt the IP anymore.
Love to hear it… Now the 2 billion in the hole.
I knew it was a scam when I started seeing people talking about “should I buy a house or this NFT” trying to be edgy. And I just feel sorry for people who were so emotionally invested with celebrities that they fell for a scam. It’s tragic bc it’s just siphoning wealth upwards this helped nobody it was always about finding a sucker. This is what our society is
Natural selection
@@siliconhawk Financial Darwinism. Fools and their money were lucky to get together in the first place, and soon parted.
I still can't believe that Square Enix, the company whose biggest game was about fighting against a mega corporation harming the Planet, thought NFT's were great idea
Final Fantasy?
Make no mistake, just because their product say one thing, doesn’t mean that the company as a whole supports it. Square Enix just publishes the games, they have no intention of saving anyone but their own wallets
Squenix Execs are remarkably out of touch. Losing the NFTs is no big loss to them though. They'll just keep crapping out gacha trash.
Final fantasy 7 is not there largest game.
Its the online one 14 I think
@@Dave102693 perhaps, but remember they sold crystal dynamics just to chase nfts
I think part of the "success" NFTs had was due to many people remembering the early days of the internet and thinking "If I had just invested in Amazon or Google back then...". Now they're presented with what is *marketed* as the new technology of the internet, and the FOMO is heavy, especially given the economy of the last several years.
I don't think most invested because of that, but you have a good point maybe it was in the back of the head of many
Same as bitcoin iguess
I calling it bitcoin regret syndrome
It’s only going to be a matter of time before the next, get rich, quick scheme so called “new creative Avenue” pops up
NTM it was a way to use crypto with speculative markets
Just like with crypto, if you aren’t part of the development team that just so happens to have some millionaire connections, then you are already on the losing end. It’s a losing game from the start.
I don't feel bad at all for people who got scammed by NFT's and who are so easily "influenced" by celebrities. They can take it as a hard life lesson, one that they should have already learned by proxy, and move on.
I call it a modern version of evolution by natural selection.
Imagine having so much money that you can waste it on creating an NFT cartoon to have the main image stolen and held for ransom … and actually paying it, only for NFTs to ultimately fail.
ironic....
I can almost taste the tears of seth green, what a moron 🤣
Makes you wanna eat the rich huh??
Same
Right, stolen... "stolen"
I never sunk a single cent into NFTs and I knew precisely this would happen. RIP to all those lost fortunes.
I have nfts simply because I have an account on reddit so I got some for free. I know they are worthless and I never had plans of doing anything with them.
I'm hoping with the crash of nfts that people can actually invest in things that will change the world and that this will lead to a brighter future... but I know it won't as long as crypto currency in general is still around.
It requires next level of stupid to buy a URL to a jpg.
@@RhythmGrizzThe only bad thing about it is all the scammers that got rich with it. Scamming should never be rewarded.
@@RhythmGrizzSame. I'm just going to assume that OP's "R.I.P." stands for "Rightfully Into Penury" since gods these people don't deserve any sympathy, especially when literal gambling would have been both more responsible *and* far less scummy.
@TyaxCompquestion is who are you selling it to. Its only really worth whatever its final sale price is.
In a world where we increasingly own less and less of the things we pay for, they really thought monetizing 'nothing' was a way to get us. No sympathy for the people behind NFTs or who supported them.
Remember when Square sold many of their studios and franchises to Embracer group for measly 300 million dollars, so they can start their own NFT?
square definantly screwed themselves and i couldnt be happier
And that’s part of why we’re seeing all these articles about how even Final Fantasy can’t save Square-Enix from the hole they’ve dug for themselves
Hope they sell to Microsoft
And remember that they have a No Fucking Thanks game, that looks as soulless as you can imagine, take a wild guess as how that turned out
@@DaFro3713I mean the hole was dug pretty deep with that failure know as Forspoken 😅
My friend dumped hundreds of thousands Info NFTs and lost it all. I told him not to do it and he called me an idiot who doesn’t see the future at the time. Said every speculative investor ever.
It is FOMO and cognitive dissonance!!
Mutual funds beat almost everything over the long run yet people keep gambling their money away. Greed for easy money never got many people rich.
He's no longer your friend, right?
You can now offer to buy his NFTs collection for $3.50.
the only nft stocks going up are the laughing stocks who all got nothing but a pack of worthless lies.
I am a Barbie collector. A while back, Mattel announced a Barbie NFT project. Collectors on Insta lost their minds, and Mattel hasn't said another word about it since. Lol😂 If we are gonna waste our money, we at least want something physical to show for it.
In a world where everyone gets more desperate for money by the day, this won't be the last scam. Be careful out there.
The next scam is AI. They already are slaving the AI to be a subscription service. So the techno dystopian future gets even more apparent. They are even trying to make robocops in New York with them. Lmao
there's a sucker born every minute. The question is when
don’t worry.. easy to spot as the scammers will most likely become CEO at EA or Unity
Anyway, if I went to McDonald's and bought something, would anyone be interested in buying the receipt?
*(For all the reasons in the world, this is a joke)*
@@TheQuackinator NFT's in a Nutshell
I remember being "corrected" by an NFTbro when I said it was all a ponzi scheme. Lol.
I recall I left a comment on a YongYea video when he covered this thing genunely asking something along the lines of "Ok, it's fine and dandy, but what makes them so special?" and instead of an answer I basically got one of them all guns blazing posting like 12 replies all basically saying "stay broke boi"
That guy's literally shoo away potential "demand", which surprise, the thing that props up their price. I don't understand.
I feel ya. And you know these same bombastic people are incorrigibly quiet about it now, gaslighting themselves into believing they weren't pulled in by a massive sucker's game - which guarantees they'll fall for the next one. Methinks something AI related.@@saghwteam
@@saghwteam Because the people who got involved into NFT's don't actually know their asses from their elbows about economics. They were just chasing the latest get rich quick scheme without any understanding of why NFT's had any perceived value in the first place. As such the handful of people who did know what they were doing managed to scam all the "NFT bros" and got out before the whole thing crashed.
@@saghwteammhm, even if NFTs had value these people would throw it away by being annoying
is he now homeless?
When NFT bros told me to "have fun staying poor" I was like "well, I guess one of us will"
I can't wait for Internet Historian to wake from his slumber and grace us with an hour long video about the goofyness of NFTs
Plot twist, the dude also fallen to the nft rabbit hole and lose his house.
Dan Olsen already did it tbf
@@Big.BurgerBet you 15 cents that that's how he's gonna start the video
@@ghostcat5303 Line Goes Up is one of the best documentaries I've ever seen in any format.
Internet Historian is a braindead rightoid, he 100% fell for a scam like this
The crash of NFTs is far worse than the crash of Beanie Baby collecting, at least for the latter you get a physical product of sorts.
To be fair, and I know this is going to sound like a pretty lame caveat, some people actually liked the little soft-toys regardless, collecting them for another time, like you do with anything you have emotional attachment to.
Lol, it'd be awesome to SEE NFTs in junk stores and antique shops.
Like 8 track cassettes, they'd be everywhere but nobody wants them, dead technology and all.
@@aaronnelson7702 Take this with a hearty pinch of salt, but cassettes are beginning to see some interest again, whether or not they'll have a updated but vintage appeal like Vinyl did again is another matter.
Meanwhile NFT's wouldn't be worth the reciept they're not bought with.
Most Beanie Baby collectors just wanted a full collection for the sake of it, not its monetary value.
The crash of NFTs is bad for collectors, as they were marketed as the future currency. People's lack of trust or interest caused that particular house of cards to experience the light breeze of mild scrutiny and completely collapse as an economy.
@@aaronnelson7702yeah but cassette tapes actually have a use while nfts don’t
NFTs were like The Emperor's New Clothes, only everyone told them they were naked and the Emporer just nodded and said "Yeah but I still have new clothes."
The lie the tailors told the Emperor and his advisors was that if you couldn't see the clothes, you were unfit for your position. Knowing this, your analogy only becomes more fitting because clearly, none of the people buying NFTs really deserved the money that was spent on them.
Square Enix will never publicly admit it but I bet the CEO must be really ashamed & regreting ever going the NFT route right now.
He needs to commit seppuku
That ceo was thrown overboard last year
@@halo129830 Then whoever is in charge right now didn't seemed to have given up on NFTs.
He's still in the company, just not as the CEO
And not defending him (screw him and his ideas), but Square Enix has a lot of other issues on top of this one
300mil is pocket money for them anyway (tho the failure of Forspoken , that FF16 couldn’t even save , might have made them swallow the bitter truth of their stupidity)
An NFT is simply a box containing a unique number and possibly a link to something. That is it. And the fact that for years, people have not grasped that, shows how easily people can be manipulated through tech jargon.
It's not because it's tech jargon but because people are being desperate in getting easy money and being rich without doing anything they're being scammed. We can change it from tech jargon into anything else and as long as it involves easy money they will still fall for it lmao.
The "tech jargon" is just bullshit they say to sound like they know what they're really doing.
@@kuraiaku2997 Nailed it. For so long now, people have been able to extract money from morons simply by telling them "Hey, I can make you rich without needing to lift a finger, all you have to do is give me your money". And no matter which permutation it is or what form it takes, there will always be enough people out there stupid, greedy and lazy enough to fall for it.
@@ArcaneAzmadi To add to that, without surprise, those who could be addictive, in a bad place, not the right frame of mind or otherwise vulnerable can get tugged in simply by good old fashioned misplaced trust or pressure, by absolute predators. Malice.
My roommate explained NFTs to me but couldn't sell me on the idea. I remember a youtuber explained that an ethics organization investigated NFTs and found that there was absolutely no function which they performed that other digital and paper contracts didn't already perform so I decided they weren't worth my money.
Sad for my roommate who sunk $8000 into NFTs and digital real estate.
To be fair, if you were in on the scam, you couldve bought NFTs early, and then sold them off for a profit, and then just completely left the market after the hype hit it's peak.
Anyone who got in early made bank selling off a bunch of worthless junk due to the hype. Its only the people who truly believed in NFTs that got shafted at the end.
Its a open and shut pump and dump scheme. Always was. The people who got in early, hyped them up, then sold them off, all made absolute bank. Everyone else who bought into the hype got screwed. Thats how these things always are.
Yeah, the tech can be interesting, but nobody can seem to explain a viable use case for it, and the people who are using it are scammers and speculators.
We fucking did it bro. I'm so proud of all of us.
Yay no more ugly/miserable monk3 jpegs being sold for a rotten lemon.
Thanks you even i don't do anything 😅😅
Tbf we didnt do squat, NFTs failed simply because they were never meant to succeed in any way shape or form from the get go.
Can we unite and stop buying Madden next?
Now just to stop AI and the world will feel peace once again.
One thing that funny to me is that everytime when someone want to sell their NFT to me and the moment I refuse they throw tantrum and started to insult me while claiming that NFT is the future.
And any video exposing them is crawling with these guys making excuses for these frauds.
@@jammer5475 your comment history proves otherwise.
@@thatindiandude4602 🤣🤣🤣🤣 GG
very real situation that actually happened
@@yourtags4876to me, a couple of times in 2021
Finally something good comes out of 2023. Even thought they claimed NFT's weren't a pyramid scheme it's hard to argue that the results were the same. A handful of people make fat stacks while everyone else involved loses pretty much all they invested.
2nd, 3rd and 4th generation: Arcades that cheat, games you can't beat without a strategy guide
5th and 6th generation: Expansion Packs
7th generation: DLC, Season Passes
8th generation: Microtransactions, Loot Boxes, Battle Passes
9th generation: -NFTs-
We almost got NFTs as the new bullshit the videogame industry pushes on us, we avoided them, it became just like Online Passes EA attempted.
I have seen all of these.
'Arcade games that cheat.' Mortal Kombat 2 springs to mind. Or really any fighting game where the AI can spam moves faster than human inputs can generate and instantly respond to your button presses.
@@singletona082 lets not forget stuff like "Claw Machines" that can be set to only fully close the claw once every so many attempts (I think some can be set upwards of 100?) so that it's literally impossible to get something.
The absolute abuse House of the Dead 2 on arcade machines pulled on the last boss was insanity. You could clear everything with skill before that point, but the last one was only possible by dumping quarters for lives.@@singletona082
2nd to 6th generation were the heralds of the forever missed Golden Age of Gaming.
@@WarbossR0kt00fSant0sIt all started with a horse armor.
"It's just cosmetic!!" they said...
NFTs didn't lose value. They never had any value in the first place.
They had a very high _percieved_ value, pushed by those with personal gain to be had, and sometimes backed up by those who actually made money through this. They never had any practical value, any importance, or actual merit as collectables since anybody can copy-paste a 'unique' digital image, but the impression was strong enough to convince enough people, that it became some kind of grotesque snow-ball effect of chancers and AAA(ahhhh) companies trying to latch on like opportunistic parasites, re-enforcing the percieved value despite the bloody obvious being apparant to anybody who knew what an nft was.
But you're absolutely right, they have no value to us, they're a blatent scam, a passport to fraud and more relying on befuddling with jargon.
@@dragontear1638 Thank you for your detailed and informative response to my low-effort shitpost.
@@wangtoriojackson4315 Sorry, I can't tell if that's sarcasm, but I'll take it anyway. XD
An oddity of the word "value" when used in *economics* is that if somebody pays money to exchange anything, that's literally the thing's value at the time of the exchange.
In economic parlance, "value" is not the same as intrinsic value, which confuses a lot of people.
All it takes is one idiot to pay, and there's the "value"!
So ... think of all the idiots you have met in your life. There's a lot of "value" created by those people that gets exploited _all the time!_ 🙄
A wise man in the deasert once said it best.
"From where you're sitting, this must seem like a 24 carot run of bad luck. But the truth is... the game was rigged from the start."
As a person who’s into numismatics (collecting coin and paper currencies) I can say that the appeal of collecting is that the collectibles are unique in spite of their mass production, be it the mint that produced them, the year of production, the serial number, silver/gold certificate bills, star notes, and the holy grail of minting/printing errors. There’s also the fact that I find a simple pleasure in searching for anything of value. Whenever I get cash I habitually look at the bills and coins to see if I got anything of any value.
My mother started a wheat ear penny collection when she was young and every wheat ear penny I find, no matter how chewed up, goes in that collection. My grandparents gave me a liberty head nickel that’s over 100 years old as a gift, and since it was in such good condition I took it in to be appraised out of curiosity and it was valued at $50. I have another nickel with a clipped palette and my appraiser said that in his opinion it was an authentic minting error. Those nuances are all lost when the collectibles are digital in nature.
I like to collect various figures like Godzilla, Monster Hunter and other various properties to display. I have no intention of selling them, but even they would have more potential value than any NFT.
This makes me go back to the ol days when I used to collect those hotwheels back in the 2000's.
This makes me go back to the ol days when I used to collect those hotwheels back in the 2000's.
This is a moment that will be celebrated by many for years to come in Internet history, the only group that will be haunted by this is the big time corporations and celebrities still trying to promote it to this day
I wouldn't be surprised if people forget about it.
After all, we haven't seen anyone talk about article 13 which was huge at the time, TH-cam poops or any meme that's older than 2 years in a while.
The Internet has a pretty short memory with exception of extremely infamous people that people only remember when their name is mentioned and then say "the Internet never forgets".
poor poor seth green and his 300k worthless ape.
hahahahahahahhahahahahahhahahahahahhahaha
thoguh i agree with you, i also feel bad for the tons of normal people that got preyed upon by these corpos and celebs. yes it was dumb that they invested their life savings in this bullshit, but it still doesnt take away the fact that their lives may be finacially ruined by these snake oil salesmen.
@@yanguskhan8513if you had the money to invest in this shit and we're stupid enough to do it you'll get some more in no time, if it really dented your wealth at all. System rewards a certain kind of idiot.
A lot of people who bought them are already negatively affected. The whole crypto thing has literally taken lives. It's satisfying to see this end but I'm horrified by its body count.
It's easy to get discouraged with the state of the world, but the fact that most of the general public bullied NFTs into the ground gives me hope for humanity. WE DID IT YALL
@@chasejackson7248 Not sure why we're comparing receipts to products, but hey. I'd take physical over digital any day, but their functionalities are mostly the same so far.
@@chasejackson7248that’s not even remotely comparable, go take your meds
@@chasejackson7248 ah yes, compare an image to a game. great argument m8, good job
I’m waiting for creative ai theft to drop off soon
The general public has barely or never heard about them. Go outside and ask your neighbors. They'll just shrug their shoulders.
Imagine being able to travel, invest, or buy a house and much more, and you decide to buy a POST on twitter.
NFTs achieved their goal, super hype leading to massive buy in, then crash, but it was everyone else left holding the bag, the people that started it cashed out while price was high, like a massive game of hot potato.
And that's how you shear the sheeple.
"pump and dump" ponzischeme
The only surprising thing about the collapse of the NFT market is that it didn't happen sooner.
Have some faith guy. It's going to the moooooon!
@@johnny555 You mean it's going to be put on a rocket ship to the moon to never bother us again, right?
Its an important lesson to everyone. Value is only what you can sell it for. It doesnt matter what you perceive it as worth if your intent is profit.
Even further, when the economy is bad, people have less expendable income which grossly devalues "collectibles"
I'm extremely happy to hear this. A receipt will never outvalue a product, and it should stay that way.
It can. And it's called "MODERN ART". Their error was to try to push this explotation outside of bored rich people and into the common man.
It MIGHT have worked if they didn't try to "popularize".
well in the event of modern art, you can still bring the painting home. You own a physical product even if it's extremely over priced. @@Optimusj1975
A friend of mine tried to make me feel stupid because I was never interested in NFTs.
Send this to them.
Hope your friend is broke and penniless and begging on the streets 👍
And update us on how they reacted.
That's not your friend
What’s he saying now?
The most mindblowing part of all this was how NFTs happened right after the crypto investment boom. It was like watching people jump from one dying bandwagon onto another similar, newer bandwagon with a fresh coat of paint and colorful decals.
exept crypto actually had a valuable use and purpose as a solid monetary system unattached to goverment or coporate intrests but NFTs followed by abadoning the mining model just straight up killed it.
@@housewilma4904 Crypto was doomed from the start, because blockchain simply does not scale in how many transactions per second it can handle to anywhere near the point it could become a real currency. And didn't Ethereum fork over a decision to roll back transactions to safeguard its wealthy participants from the consequences of their bad financial decisions, with the "save the rich" branch becoming more popular by far?
@@housewilma4904 Cryptocurrency has some use cases but the market is extremely volatile and can support only a few cryptocurrencies. NFTs were created to give the failing cryptocurrencies a new market they could exploit and find new suckers to siphon money out of.
Nothing more satisfying then seeing annoying cryptobros take the biggest L of 2023
you tell that to credit suisse holders XD
There was a time where I really wanted to get in to NFTs. I heard a lot of people in my immediate circle who traded it and did well: sometimes making hundreds of thousands a day.
However, there was always a couple of questions that bothered me about NFTs that no one is able to adequately answer: WHO dictates how much these things cost? Who says why this particular NFT costs bajillions while the other is pennies? So what do I do with these NFTs when I have them?
Some tried to say its like collecting watches... but watches STILL have a function (telling time)... but what about NFTs? Some also tried to say its like getting a rare weapon in a game... but within the game, that item has value because it drastically skews the game in your favor... but NFTs...?
And then... even if NFTs go up in value, who is gonna buy them at that price? If lets say I find someone interested, they can low ball me if no one else wants it right (supply and demand)?
So yea... right now, im glad I didnt get in it :)
the next person always buys it like a real stock in hopes it goes up for them. So they can get in and out quick. Flip it. Easy answer. Cmon man! watches are cool. But you have to wait 50 years until you make a profit. Even then u have to find a buyer too! This is quicker and shows there are 25 million scanning site daily. So always a buyer
F in chat for artists whose work was taken and minted into NFTs without their consent, like the late Qinni who passed suddenly a few years back. Absolute scum move to take a dead artists' work and try to make money off of it. (And this label still applies to whatever GenAI nonsense is still using her work.)
Oh god I had no idea abt Qinni's art being stolen. That's despicable.
The dumbest thing I ever saw was a real vending machine selling NFTs. Yes, really. A real physical vending machine. There's a video of someone using one. He pays real money for an NFT of...the colour blue. I kid you not. Someone showed the video to AngryJoe and he went ballistic. 😂
In Seattle there's an NFT gallery where ppl can view and buy nfts in a physical location. I never went inside and most of the time ot was closed and I only ever saw 2 people in it. Stupidest shit ever, , it's still exists to this day, but it's gotta be closing soon.
"YOU GOTTA PAY FOR *BLUE?!"*
to this day, aj still hate the color of blue... and his fans make silly memes of his eternal battle against blue...
@@kukuhimanputraraharja8084 starts singing Eifel 65's Blue
It was probably a journalist creating a story about buying a NFT from a vending machine.
NFTs were a perfect example of the Great Fool principal. Basically people bought them in the hope that there would be a greater fool willing to buy the worthless thing for a greater sum. Once the fools dry up the thing has no value.
Well at this point everyone "owns" an NFT due to the sheer virtue of "copy-and-save" so... yeah. The true problem with NFT is the NF part of it. Who knew that tokens actually were very fungible in the end.
I love how their idea is 'digital sacrcity', like isn't the whole point of digitalization is so it's not scarce in the 1st place?
Data that are used to be on paper now turned digital so that it's copy won't lost because it saved in digital form, the same with informations, images, videos, books, printings, etc. Trying to turned that into scarcity is kinda backward for me.
@@ShatteredGlass916Reminds me of any digital video that claims to be “rare”. It can be copied ad infinitum, it’s not rare.
They were more like "buy-a-star" certificates. It says you "own" that specific string of bytes, but do you really?
@@DonVigaDeFierroIf you have the military power to back up your land claims you do. You can claim that you own the moon, but nobody will respect that claim unless you can punish those who say you don’t.
This is why complaining about AI getting trained on images online is so silly.
Couldn't be happier about this. Was a stupid idea to begin with. Now lets all join in unison and shout "HA HA" at the NFT companies and all the ideas that they came up with surrounding them!
And don't forget to point at all the idiots that bought this scam
@@LoganHunter82including seth green
[points at NFT's]
HA HA!
There's only been one NFT project that I felt was cool and interested enough in to purchase, and that is the hybrid HRO DC trading cards. They look amazing (better than any other DC cards I've gotten) and the QR code you can scan on the back to redeen an NFT digital copy you can trade/sell which also give you points that unlock certain special cards thru leaderboards/events makes the added NFT aspect more worth it and cool. I spent a good lil bit buying in but they've held their value and the project is still delivering on promises and has been very transparent. Some of the cards I just plan to keep cuz I like them and it wasn't stupid expensive like other NFT projects (which is funny considering you get something physical with this one). But yeah other than that never saw one that sounded good or trustworthy. Shame cuz there is potential for cool things with NFT technology but it has a high potential for abuse and new things that aren't well understood are always used/abused by scammers.
I remember people calling me stupid when i sad that NFT will die
I remember a family member telling me they are with an NFT business and that I should invest in it aswell.
I asked him why I would buy or invest in something digital with no value?
They couldn't really give me a good answer. I tried to warn him its a scam, but when desperate and easy to trick minds are deceived its hard to make them see they are being tricked at allm
When NFT games first appeared:
_"What do you mean these games are stupid?!!! I got a bunch of money from them!!! Since when getting money is being stupid?!!! LOL! Have fun staying poor!!! HAHAHAHAHAHAHAHAHAHA!!!!"_
To be fair, like any pyramid scheme, if you managed to play these games early and sell these items early, you could earn a lot of money from them, ways to earn easy money actually exist, but when everyone learns about a way to earn easy money, it stops being easy money.
It's called market saturation, happens all the time. It happens in nature too. You get something dead at the sea floor, 1 crab shows up. Soon the sea bed is heaving with crabs for ever smaller morsels until there is nothing left. The probability of you being the first crab to that dinner is near to zero. By the time you heard about it that feast is almost done.
Bottom line is, when a game makes you bet real life money and go against other players, it's no longer a game, it's no longer about having fun, it defeats the purpose of a game
Also Cryptogames, the dumbest game idea ever made: after 1 or 2 years the companies just ended the games and runaway with all the money that players invested in theses games.
Back when NFT are viral, my mom used to forcing me to join NFT, which i keep refused, she even keep forcing me no matter how much i refuse, but see NFT situation nowadays is make me very relief i refuse to join NFT that day when my mom ask me to join NFT
NFTs and Blockchain, is like, and I quote, "A solution without a problem".
"Just because you're unique does not mean you are useful, let alone valuable"
I think they do have some kind of potential use, probably to do with security, but they were never worth even $1.
Well, the blockchain is useful for it's transparency. See Coffeezilla, who uses it to show people doing shady crap. If you have a person's wallet number, you can just see everything the wallet does and did. That said, the NFTs are beyond worthless
An attempt to solve an imaginary problem........ That introduces a slew of VERY real problems in place of the imaginary old one
The problem is the entire global financial infrastructure is built on 1970's technology. With a world of A.I and a planet where everyone is able to code. It's about to be hacked. Blockchain is hope. Bitcoin is hope. The Ethereum network will be the settlement layer.
If you bought an NFT, you deserve everything that comes along with it, whether that's wealth or embarrassment. It's the latter, I know.
I obtained wealth ;) and the next cycle is coming up soon everything follows bitcoin scouping up these badboys at low prices then gonna flip them again ;) don't hate the playa hate the game
I have heard of exactly one practical use of NFTs, and it isn't investing, but rather creating a database of artifacts to track their provenance and verify if they've been stolen/looted.
The thing I've always despised about the concept of NFTs, being sold literally nothing aside, is how predatory it was. A lot of its popularity came being presented as a get-rich-quick scheme, usually from someone with ulterior motives. I couldn't imagine the level of financial damage NFTs have done for the most vulnerable, especially horrendous was the fact it was endorsed by celebrities who should have known better and not subject the general public to a money vaccuum going into the pockets of the wealthy. I'm glad (at least some) of them got sued and I hope financial compensation was received by the victims.
Take a look at every celebrity or """influencer""" that endorsed NFTs and question their ethics. They saw a money making opportunity with no regard for the little guy. Some did back out of it after realising what NFTs entailed, but the fact remains is they still did not do their due diligence, they just saw money.
Absolutely atrocious.
People think youtubers are different from big companies; the majority of them only care about the money, only a few care about people.
@@LionMob I’m not sure, a lot value money but might have different goals like social, political, enjoyment, etc. But yeah a lot also love money.
NFTs were used in the worst way possible. Maybe someday it’ll be used for something that makes sense, like software proof of purchase or merch theft protection for digital artists. But for now, it’s just another embarrassing chapter of internet history.
l'd recommend looking up Uniquenameosaurus' shortened video about NFTs then; it shows a surprisingly effective way collectors -- not investors -- have found to support genuine budding artists from all walks of life all across the globe, and is singlehandedly the reason l don't completely despise the concept anymore.
That's called securom.
A lot of digital artists rely on repeat business and having a dedicated following; and there's already plenty of platforms to sell things to your followers. Pushing NFT's would do more to help the scammers in the industry gain legitimacy by proxy than help artists make a living.
Also an artist pushing NFT's should get ready for this sort of conversation: _"Why aren't you putting out more artwork?! I need you to raise your profile so i can flip your NFT's for a profit!"_
To think a plethora of people, including some celebrities, were promoting NFTs and that they will be on the same level of crypto and stocks. I am thankful for channels like Yong that debunked this fallacy.
They were doing it cuz they made millions off it. They didnt care that it was BS, because they werent the ones investing millions into it. They were making NFTs to sell to people. THEY WERE THE ONES making money.
Crypto is the same. The people buying into it early know its a joke, but when it gets hyped up and the value blows up, then they sell it all of and make bank. Its only the people who TRULY buy into this stuff that get ripped off.
Theyre just pump and dump schemes, and always have been. Buy low, hype up the value of them with a bunch of BS, people buy into it hook, line, and sinker, then dump off all your assets when the hype reaches a peak and make millions. Then everyone who bought into it late gets shafted with the crash when the value plummets and nobody else wants to buy them from you.
Except NFTs are on the same level as crypto as they were made up precisely to get people into crypto.
Someone literally paid enough to get all the Hot Wheels NFTs solely to make a gallery of them for people to save.
Absolute legend
I always laughed at parents who kept saying, "their kids loved collecting NFTs." Like yeah, I imagine you loved seeing you wallet was burning a hole lol
Your wallet gets a hole burnt in it.
Honestly little kids buy cheap ones is not much different then collecting stickers
That's a poor comparison, stickers you can keep physically and are no more than a $1. The same also applies to trading cards. NFTs are just pure scams lol
There are still people claiming NFTs will revolutionise... something. Maybe concert tickets , because blockchain and decentralisation. These people don't realise concerts will always be centralised. If a thousand cryptobros vote in a DOA to demand Taylor Swift performs for them right now she can and will refuse.
Still convinced most NFT transactions were just unregulated money laundry.
I remember the beginning of the NFT crap and even back then I compared it to the historical event known as "Tulip Madness" and I'm glad to see that my knowledge of history proved correct.
Not trying tô disapoint you but... the Tulip mania is probably a mith...
History doesn't repeat...but it does rhyme.
I was thinking Beanie Babies tbh. Sounds silly but people staked their entire lives on those toys, right down to them being disputable assets in a divorce (there’s pictures of the couple separating their joint collection in the courtroom). There aren’t that many Beanie Babies that are actually worth much money, certainly not the millions that were speculated. Sounds like NFTs have a similar trajectory.
@@antoniofernandesmarchetti1097
Considering this happened, which is quite literally the exact same as tulip mania, i can absolutely buy tulip mania being real.
@@antoniofernandesmarchetti1097tulip mania happened in 1634 before the collapse in 1637. There are historical records of it. How can it be a myth lmao.
Not NFT related, but similar:
A friend of mine tried to talk me into Bitcoin, saying that we could buy them and sell them in the future for profit. But when I asked him how it worked here's what I understood:
It was a type of currency that only exists digitally, and you can't spend it.
So my friend kept telling me I didn't really understand it, and that "it was all very simple, really." But since he was right and I didn't understand, I didn't dare to invest on the thing.
Good it was such a hit to me when I saw one of my art stolen and they managed to sell it for around 1200 bucks. I was so pissed. Never made that much on any of my work and they get that for selling my stolen art. Never been able to track the person down.
But now you know your work is easily worth that much.
@chernobyl169 that's a nice way to look at it, but nfts are way over priced because investors bought them thinking they could sale later for more. The person who bought the nft didn't buy it because they liked the art.
The moment I found out about NFTs I knew they were a scam and destined to implode. It's the same feeling I get when I see a bank that online exists via an app.
I'll tell you. Majority of digital artists(not all) talked against NFTs because we knew that it was just clouting for money between the rich and that most art was stolen,
that people are not spending their money in genuine ways and only putting it in the pockets of the rich. It's really sad.
RIP IN PEACE BOZOS
YOU WILL NOT ME MISSED
This whole situation reminds me very much of the comic book crash of the 90s, tldr, old comic books started gaining monetary value which became mainstream so in turn everyone started buying comics under the impression that all comic books are valuable, dc comics took wind of this and released "The death of Superman" and made variant covers, each one differing in rarity, but when everyone started to notice that comic books weren't all they cracked up to be sales fell drastically, this is this generations comic book crash in my opinion, history repeats itself
But at the very least a comic book has an actual value
@@GiantProcrastiNation very true, I own a hearty collection myself
Similar, but at least with a comic you can still enjoy it after the value collapses. And it actually has cultural value.
My favourite thing about all the crypto-bros was how smug they were about their "decentralized" economy free from government interference, unironically larping as the Anarcho Capitalism guy from jREG's _Centricide_ series and apparently not getting the joke. The second the rug was pulled out from underneath them however they were all shrieking about litigation and demanding to know why their respective governments weren't helping them.
I'm sure somebody was making money via NFT's, but it certainly wasn't the people buying them.
The irony is that the closest we probably got to NFT collections/trading was with Artifact, the old Magic the Gathering Online, and the Pokemon TCG Online since you could trade cards at least. But outside of that, these NFTs are a joke because there's no demand for them.
I think pokemon TCG online was acceptable though, where it was kind of a supplement to the real physical card game: you buy physical cards to collect and play the card game with, and as a bonus you get a QR code to redeem those cards to play online as well if you want
Or the TF2 hat economy.
Or Yugioh.
NFTs can now join Anthem, Square Enix's Avengers, Google Stadia, The Culling 2, and Babylon's Fall in the Catacomb of Worthless Wastes of Time.
Also, I am now certain Internet Historian will make a video about NFTs.
Hahaha! When my elderly dad asked me what NFT's are I just said "they're like paying for a deed to property on the moon" 😅😅😅
I can literally hear the millions of people laughing over this
Not because it happened but because it’s been seen coming from a mile away
I've never felt so vindicated, NFTs never made any sense to begin with
First thing I thought of when hearing about NFT's was pyramid scheme. I remember that craze in the 80's and it was clearly a scam to my younger brain. NFT's were no different.
The thing to watch out for now? When people stop talking about it, and then it comes back under a different name.
The debacle with Troy Baker's attempt at an NFT scam was glorious to witness. He was a regular guest on one of Alanah Pearce's podcasts, and when he was on after he tried his whole AI voiceover crap, she straight up called him out and told him he was taking away potential jobs for smaller VA artists, and it was only after that that he walked it back. As far as I'm concerned, Alanah Pearce was GOATed for life after that.
Yeah plus you don't go into a scam without doing at least a little bit of research on how it can benefit you. He fully knew what he was getting into and he only ran back because he felt the risk to his career was too great, not that he felt shame about the people he was about to scam, just saving his own boots.
Just wanted to say thanks for all the fun/intersting content over the years Yong.
Thats it... take care and thanks again!
NFT’s is an amazing idea for the entertainment business. The problem is the NFT creators never thought of how to build the value of the NFT. Watch me make 30 million off my NFT COLLECTION
Square Enix is in for a rough time given how hard they tried to go into the NFT market.
They're making plenty off Final Fantasy 14, especially with disgruntled World of Warcraft players still flocking over there, and at least in that sense they know not to mess with that particular money printer. And it still less of a disaster than their failed movie studio venture back in the early 2000's, all told.
@@NorthStarBlue1 Still incredibly stupid of them to sell off Tomb Raider.
Well, there you have it. The first _and_ last word on "NFTs are a scam", from the very beginning to a fitting end, was right here at _YongYea!_
I warned so many people from this, people who I even knew personally at art studies and even game studios. NFTS aren’t only a bad investment, it’s a stain on your resume. Something that is looked bad upon will affect your chances in the industry
I find this so hillarious. I never got the point of NFT's and the fact companies like square and ubisoft tried their hardest to implement NFT's, they were all laughed out the room. Now we clearly see why because they are worthless and a waste of time.
"This is what happens when mortals don't share their pudding!" - Beerus
Everytime something bad happens to a scam artist or a swindler, that quote usually pops up in my head.
Why? I curious now. It's about the greed?
@@kingofthezinger9777 hmm. I thought it has something related with greed. Thank you!
This market made the tulip mania bubble look rational. When people realized tulips grow and reproduce the sky high valuations fell. But at least you got a tulip out of the exchange, with nfts you get nothing.
I mean. When EA gives up on a scam its time to find a new one.
If EA of all companies is not on board for the new hottest scam, you know it's a very blatant one and is something to stay away from
Don´t forget that EA has it´s fingers in the recent Unity backlash.
The current CEO of Unity was the guy (ex-CEO of EA) that wanted to charge players for reloading in a multiplayer fps game (Battlefield).
NFTs may be over but now AI is the big craze. Companies will just keep throwing stuff on the wall until something sticks.
Specially nvidia, they keep talking about AI fake boosting gpu
One big difference is that AI actually has its uses. I'm not saying it solves everything though.
Prior to the initial crypto boom there was still a lot of mystery surrounding all of it. After becoming commercialized, crypto has become a household name in such a damning way- its hard to see an NFT boom ever happening again.
I'd *love* to watch crypto as a whole die, after the GPU debacle
I wouldnt say "household name"
I've met one person who actually bought crypto, and it was doge way back before it blew up. He was an overnight billionaire at the rate he'd bought: but when he tried to cash out, the website he bought through kept giving him an error message.
Long story short: he never got any money off the stuff because the website stopped him from selling.
Crypto is simultaneously mainstream and niche - a lot of people talk about it but very few people invested in it, let alone actually use it.
It's known, predominately, for the scam it is. The last time I so much as said the word "crypto" with my actual lips was 2020, and I honestly think that was the only time (it was to tell my sister's ex that its a pyramid scheme because he was trying to sell me on it).
Its not part of the average person's daily life; it has no utility, its highly volatile, and its speculative at best if you're trying to make money off it.
i dont because things like the canadian trucker protests showed a form of currency that cant be "vanished" by goverment actors or big bank buddies is VITAL.
this shitte is geuinly nessary in this every more authortarian leaning future but idiots like the NFTs and pyramid schemers sank the ship before it could ever save a soul.@@aiodensghost8645
The last NFT's been devalued. It's over, Boss. I never thought this day will come. But, while we can rejoice, we must never relax. The last NFT is worthless; that is a fact. But the technology that built it is still out there. How long the world remains NFT-free is up to us. Will this moment persist? Or will human greed cast us into the flames once more? Our duty is to pass on what we've learned to the next generation. The memories, the experiences... The sins. Only when our children show the wisdom not to mint new apes... Only then will we be truly triumphant.
it's really suprising how in just 10 years we went from the music industry almost ruined because of digital piracy and to this whole digital art NFTs thing, glad people are coming to their senses.
Piracy can help in a way. And some artists have actually encouraged their fans to pirate their albums in the past. Piracy isn't as cut and dry.
The corporate music industry is corrupt, it needed to be destroyed.
Still needs to be.
@@aiodensghost8645pirating content from corporations is fine
From indie artists is almost always bad
Exactly, it's about who you target with it. A corporation isn't going to miss the money too much, but that dude that put some garage level stuff together? You should buy their stuff if you like it. @@RusticRonnie
Record labels being bought by “entertainment” companies in the 90s, combined with the artificiality high price of CDs (they were double the price when they came out due to low volume with the promise of coming down once they overtook tapes and LPs… they never did)… those ruined the music industry long before piracy.
Cheers!!
Happy to see that the community managed to push back this blatant scam
Sucks for the people that lost their money but im glad people are not calling me stupid anymore for not wanting to buy a poorly drawn jpg
If they thought it was a good investment, they don't deserve that money.
“A fool and his money are easily parted.”
No it doesn't. If you're honestly so catastrophically stupid that you didn't see this rug-pull scam for what it was at first glance, then you kinda deserve to lose everything. This is just the fiscal version of natural selection.
I point and laugh the short term profit gouging fools.
I see this as an absolute Epic Win for gamers!
And the artist who art was stolen.
@@kobra6660Good to know. He was the Phil Harrison of Sony.
Its the next moment to celebrate after the Berlin Wall's collapse, good old Ron!
@@jamesshepherd2514i hope someone worse doesnt take his place though
About that...his replacement apparently is pro mobile games over consoles, is that a good thing? Probably not, but here's hoping he's not as divisive (or straight up bad) as him
When they first started gaining traction, I warned this crypto bro at my work that they were a scam and to avoid it; he didn't listen, said I was living under a rock.
I've come to find out he lost 20 grand
Yay. If only we had done the same with micro transactions…
Let’s never forget, Square Enix & Ubisoft were ready to put NFT in their games 😂
Once you realize that video games are usually most valuable at launch the idea of NFTs in games makes absolutely no sense. The value will almost always go down.
There was jackass who said that this will be popular 10 years time. What a BS statement that was.