What are your Thoughts on NFTs?

I don't think there is a need to earn $500,000 on one artwork or items.
I think it is a good source of passive income.
Just fill up your profile with items and see $10- $100 trickle in per month

@Vanidor @aegis062

My new favorite song:


I have been playing on repeat for like a week now lol

 

NFTs are mostly scams, aren't they?

I heard you don't even own the artwork if you buy them...

 

I am talking about the perspective of the seller.
It seems like a good passive income stream

My new favorite song:


I have been playing on repeat for like a week now lol

 

NFTs aren't Artwork in any way or form. Artwork is added to the NFT presentation you buy to make it appealing.
They are a scam system which unfortunately isn't regulated because regulation would require a lot of international cooperation between countries and lots of work.
The NFTs are inherently worthless and in the vast majority of cases the prices people value them at are based on the belief that someone would pay a lot of money for them. The standard MO is to trade NFTs inside a closed circle for more every time (both NFT and money don't leave the circle) until someone buys it expecting to sell it for more or because they are fooled into thinking it is actually valuable.

 

I am talking from the perspective of artists who already publish their art freely online.
NFTs seem like a revenue stream for them. I don't disagree that buyers are not protected

 

For sellers that aren't scammers they mostly represent another way for fans or similar to support you via donations. No different from selling anything else like puppets, signed or used anything etc. only that they are electronic and easy to distribute

 

This is true.

Watch this video to understand why I think it is a scam:

 

My favourite song this week
I guess the automatic listing of supporters is nice and there are amazing possibilities (like the original owner of the NFT getting 1% of all the transactions that happen with the NFT, creating passive income even after it is sold)

 

It's just another way for those who have a lot of money to make more money by selling and hiking up prices of art or other items that you don't actually own.

 

It seems like an unregulated stock market to me, which is very fishy, troublesome, and probably illegal.

It also doesn't help that the technology behind NFTs is Blockchain, which is horribly inefficient and consumes an absurd amount of energy (Like, Bitcoins consume more Energy than Argentina... It's this ridiculous).

Overall, I really hate NFTs. It's not even good for artists, as the people reselling artwork often times don't even own the art sold... Artists are probably better off trying to make a living through commissions instead of trying to sell their art through NFTs.

 

Most Crypto by itself is toxic (not blockchain tech which is fine). And NFTs are even worse.

It's all one big fraud. But hey, I got an NFT of a bridge to sell you!

Even the one who created NFTs said they are horrible and yet...

 

right click save as. NFTs are pointless to me. a money laundering scheme you shouldnt buy into for profit.

 

I feel like some massive influential people might be behind this, they might pump in massive amount of numbers and wait until people begin to invest then they fuck us all over. I ain't letting my money sit in there.

 

overly priced auto-generated images, that scream you payed your money for nothing ?

 

It was basically just shady, overpriced, and unregulated collection set which its inherent value is just based on speculation and digital pseudo-scarcity.

It's like the worst parts of stock merged with the worst parts of collectibles, sprinkled with the worst parts of DRM.

It's quite a big profit chance for artists to dip into it, but with the issue of art-stealers and hackers, I don't think it's worth the risks.

 

I already see artists posting their artwork free in social media.
At least they can earn something with this. No matter how little is better than zero

 

They're currently just the latest iteration of a crypto pump and dump scheme. I'm just happy that NFT's didn't really catch on with the general populace

 

For sellers or brokers, all types of overrating items are their money source. For ordinary people who want to become a millionaire or billionaire in a few sec, just pray there has somebody willing to buy maybe your digital item. No guarantee that you aren't at the end of the supply chain.

For more fun facts about NFTs, you can watch this: