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fullroundaction posted:NFTs aren’t really a “scam” in the same vein as crypto though are they? Like we have always had the real world equivalent of “buying art in the hopes it’ll appreciate” or whatever, and everyone buying one knows they’re spending x$ for a link to a meaningless, highly fungible jpeg2000. Virtually every NFT "project" has some kind of roadmap of things they're promising (often poo poo like video games, shows, comic books, events, etc.) that will involve the NFTs in some way that they never deliver on. Once the NFTs are sold the developers disappear, either suddenly or gradually (the rugpull). So yeah, in that sense it's a scam, because you bought in on the promise that all this stuff would be developed that would add to the value of your "investment." There are standalone nfts that are just sold for the "art" or whatever, but these are relatively rare.
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Jun 26, 2022 16:31
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HappyHippo posted:There are standalone nfts that are just sold for the "art" or whatever, but these are relatively rare. Okay so it was in fact dumber than I was thinking
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Jun 26, 2022 16:37
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Everything related to crypto is a scam. Everything.
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Jun 26, 2022 16:38
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NFTs generally have a gimmick offerings for levels of exclusive access to events, such as how you can only go to Apefest if you have an Ape. Reply All did an episode where they tried to make a unique NFT to sell to an NFT bro, to get someone's stolen NFT back, and the dude had zero interest bc no one cares about Reply All, but also bc they didn't offer any additional gimmicks or community-building aspects. https://gimletmedia.com/shows/reply-all/j4he7a7
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Jun 26, 2022 16:42
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fullroundaction posted:Okay so it was in fact dumber than I was thinking web3isgoinggreat has a filter for "rug pull" (because of course it does), this should give you an idea: https://web3isgoinggreat.com/?theme=rugPull quote:The project promised close involvement from the athletes who founded it, with a roadmap advertising autographed merchandise, real life and metaverse meetups with the players, and other giveaways. quote:Not only did their roadmap include play-to-earn game (of course), collaborations with a Swiss shoe and apparel store that would send them actual gear, and real-life trips, but they promised that 15 "legendary" cards would "automatically generate" their owners $2,500 each month, for life. quote:The project featured a roadmap promising all kinds of things: a metaverse gallery, "access to our worldwide global tour", future minting passes, a cut of the project fees, and a project to fight global hunger. quote:The project advertised that the models were "metaverse and game-ready", and the roadmap promised a merchandise store, animated series, "sandbox hideout", and card game. quote:The project's website is one of the most absurd I've seen, promising that "all final holders will get 10,000,000x gains". Their project roadmap includes a "mystery plan" that results in a 1,000,000x price increase.
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Jun 26, 2022 16:43
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Gort posted:Eh, there's a ton of overlap in that both things are scams - the only way to win is to pass the crypto or the NFT on to someone else for more money than you paid for it, then they're left with a worthless item. They're both Bigger Fool scams. To add to this, I made a effort post about this earlier in the thread but with NFTs even if you sell them for exactly what you paid for them you take a loss, and the margin that you need to sell them at to break even is set by the person who mints it and is different for every NFT.
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Jun 26, 2022 16:44
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fullroundaction posted:At least if you squint you can almost see the appeal of the CONCEPT. Like I own a print of a movie poster, but that’s not as cool as an original poster that hung in a theater and was signed by the director etc. You wouldn't own the original poster that was hung in the theater. The appropriate analogy to an NFT is that you own a receipt that points to the frame at the movie theater that contained the original poster. If the theater swaps out the poster, your connection to the original poster disappears. If the theater goes out of business and no longer hosts the poster frame, same outcome. The value of the NFT that defines its resale value is that it points to a movie poster frame you don't own, which has housed a movie poster you don't own, and both the poster and the frame may have changed or disappeared since you purchased the receipt.
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Jun 26, 2022 16:44
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StrangersInTheNight posted:NFTs generally have a gimmick offerings for levels of exclusive access to events, such as how you can only go to Apefest if you have an Ape. God, that episode was such a trashfire because the host knew nothing about NFTs and her general tone about them was "aren't these NFT things kind of neat? Golly gee!". But it's also absolutely required listening if you go in with a critical eye and a really fascinating train wreck. They literally mint 2 NFTs as part of the show, even after producer Alex Goldman (who isn't much involved in creating the episode) goes on a rant midway through the episode about how much he loving hates NFTs. It's so goddamn weird. That said, I HIGHLY recommend former Reply All producer PJ Vogt's podcast Crypto Island. It's basically what this episode should have been, created by someone who is knowledgeable and VERY critical of crypto and blockchain: https://podcasts.apple.com/us/podcast/crypto-island/id1614253637 Rotten Red Rod fucked around with this message at 17:15 on Jun 26, 2022 |
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Jun 26, 2022 17:12
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StrangersInTheNight posted:Reply All did an episode where they tried to make a unique NFT to sell to an NFT bro, to get someone's stolen NFT back, and the dude had zero interest bc no one cares about Reply All, but also bc they didn't offer any additional gimmicks or community-building aspects. I actually had listened to this episode, but I forgot about it. #RIP Reply All  . It had its ups and downs, but when it was good it was really good.HappyHippo posted:web3isgoinggreat has a filter for "rug pull" (because of course it does), this should give you an idea: https://web3isgoinggreat.com/?theme=rugPull Why would anyone WANT any of these things anyway (no need to answer) Serious_Cyclone posted:You wouldn't own the original poster that was hung in the theater. The appropriate analogy to an NFT is that you own a receipt that points to the frame at the movie theater that contained the original poster. If the theater swaps out the poster, your connection to the original poster disappears. If the theater goes out of business and no longer hosts the poster frame, same outcome. I SAID IF YOU SQUINT ... but yeah that's a much better analogy.
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Jun 26, 2022 17:17
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fullroundaction posted:I actually had listened to this episode, but I forgot about it. #RIP Reply All Agreed. This is unquestionably its worst episode though, and kind of the death knell. It was a really weird listening experience for me, as I kept expecting a heel turn where they revealed how insidious the whole NFT and crypto scene was, but the host Anna genuinely doesn't understand crypto and seems to actually kind of think it's fun and neat. Oh, and there's a REALLY weird part where Anna blathers on about how incredibly rich Alex Goldman is and kind of seems to float the idea that HE could just buy the NFTs back for the listener. It's bizarre.
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Jun 26, 2022 17:24
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NFTs and Crypto are just an MLM for uncool dudes. So are sneakers. So is selling fentanyl.
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Jun 26, 2022 17:26
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Vincent Van Goatse posted:I feel dumber after having this explained to me. Status symbol. Slap a logo on a shirt, charge a lot and everyone knows you're wearing a 400$ shirt. It's been a thing forever, brands like supreme are just more on-the-nose about it. Same thing with NFTs on Twitter but that's been much less successful. Apparantly you could get cryptobros real cranky by setting their ape jpg as your own avatar and chatting them ip.
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Jun 26, 2022 17:36
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fullroundaction posted:NFTs aren’t really a “scam” in the same vein as crypto though are they? Like we have always had the real world equivalent of “buying art in the hopes it’ll appreciate” or whatever, and everyone buying one knows they’re spending x$ for a link to a meaningless, highly fungible jpeg2000. I think with art at least you can be pretentious and show it off. Like have dinner parties and just casually mention the picasso in your living. Like i had a landlord once whos's entire first floor was curated with art and sculptures even though I know nothing about art it was still pretty impressive to look at. No one is gonna be impressed by your apes.
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Jun 26, 2022 17:38
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I went to someone's apartment the other week and they had an NFT they right-clicked and printed on the wall 
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Jun 26, 2022 17:45
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fullroundaction posted:NFTs aren’t really a “scam” in the same vein as crypto though are they? Crypto goes 'Buy this, and once everyone is using it, it will be worth many many times than you bought it from'. NFTs goes 'Buy this, and everyone will be falling over themselves to buy it from you in future'.
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Jun 26, 2022 18:06
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Chef Boyardeez Nuts posted:
The newly aped are never are never to be as esteemed as highly as the newly apeless.
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Jun 26, 2022 18:22
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CharlestheHammer posted:A lot of people don’t actually understand exactly what NFTs are I’d actually like to pick the brains of some of the Hollywood types who bought so heavily into the grift, and find out how it was sold to them. They surely don’t give a poo poo about the decentralization ideology. How can they? The film and recording industries only survived by recentralizing supply into more direct control through streaming. The last time I bought a Blu-Ray movie, I noticed that the included digital copy could be redeemed through multiple DRM services that were consolidating into one backend called Movies Anywhere. I can only imagine that some of these clearly non-technical celebrities must believe it’s a deal like that, albeit adding some kind of resale rights for the consumer and removing the extra corporation in the middle.
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Jun 26, 2022 18:33
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Rotten Red Rod posted:Agreed. This is unquestionably its worst episode though, and kind of the death knell. It was a really weird listening experience for me, as I kept expecting a heel turn where they revealed how insidious the whole NFT and crypto scene was, but the host Anna genuinely doesn't understand crypto and seems to actually kind of think it's fun and neat. She also very credulously accepts some NFT bro’s valuation for his collection and tacitly agrees that he has no responsibility to return stolen product or even to check the provenance of things he buys from a publicly available ledger. Just a really, really bad episode and clear proof that without PJ the rest of the team lacks any real focus or critical thought, Alex especially is just clearly checked out and barely a guest on his own podcast.
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Jun 26, 2022 18:47
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istewart posted:I’d actually like to pick the brains of some of the Hollywood types who bought so heavily into the grift, and find out how it was sold to them. They surely don’t give a poo poo about the decentralization ideology. How can they? The film and recording industries only survived by recentralizing supply into more direct control through streaming. Aren't they all connected to some company, that's also connected to nfts/crypto? I recall seeing a chart somewhere
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Jun 26, 2022 18:54
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Adolf Glitter posted:Aren't they all connected to some company, that's also connected to nfts/crypto? I think it was a talent agency actually .
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Jun 26, 2022 18:57
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HappyHippo posted:web3isgoinggreat has a filter for "rug pull" (because of course it does), this should give you an idea: https://web3isgoinggreat.com/?theme=rugPull "If you give me real money, I fingers-crossed, pinky-swear promise I will return things that your amount of real money could never buy." Like, who in the gently caress would really believe any of this? I'm still completely unable to understand how "legendary" jpegs from NFT scams can "generate" huge amounts of money forever (because they can't). Someone sees "all final holders will get 10,000,000x gains" and thinks "wow, not even Apple can give their investors those kinds of returns. Sign me up!" It's like listening to fourth graders come up with fake company ideas for a class activity. Speaking of apes, those dudes are always popping into reddit threads to gloat about how GME is going to the moon once Gamestop opens its NFT marketplace. I've been meaning to google what it is that's got all the GME apes fizzing. https://investor.gamestop.com/news-releases/news-release-details/gamestop-launches-wallet-cryptocurrencies-and-nfts quote:GRAPEVINE, Texas--(BUSINESS WIRE)--May 23, 2022-- GameStop Corp. (NYSE: GME) (“GameStop” or the “Company”) today announced it has launched its digital asset wallet to allow gamers and others to store, send, receive and use cryptocurrencies and non-fungible tokens (“NFTs”) across decentralized apps without having to leave their web browsers. The GameStop Wallet is a self-custodial Ethereum wallet. The wallet extension, which can be downloaded from the Chrome Web Store, will also enable transactions on GameStop’s NFT marketplace, which is expected to launch in the second quarter of the Company’s fiscal year. I don't think any serious crypto bro would stoop to using such a fake defi offering when they can go to any number of respected crash-and-burn exchanges they already use. I also think the main users will be GME apes throwing money into their sunk-cost meme stock company, at least until it gets inevitably hacked. To me, the weirdest part of the whole GME obsession is that nobody ever liked shopping at Gamestop, nobody ever liked selling games back to Gamestop but had to because usually there were no other options, and nobody ever liked working at Gamestop. It's a poo poo-tier company on all levels, propped up by parents buying console games for their kids. Seeing one guy make money off of GME stock (and he didn't even sell, lmao) somehow revisioned Gamestop's history as an all-around bad place to shop or work in. I wonder if their crypto and NFT offerings will resemble their in-store buyback offerings. "Yeah, ETH is at $1200, but best we can do is $37. Your choice; take it or leave it."
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Jun 26, 2022 19:01
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Many don't truly think that the whatever NFT can actually do the things promised, they just think that the promises allow the NFT to be hyped enough that they'll be able to sell to some rube who thinks that there's another bigger rube down the line.
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Jun 26, 2022 19:33
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 there is NFT weed IN MY HOUSE
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Jun 26, 2022 19:53
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MrQwerty posted:
someone vaped all my apes
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Jun 26, 2022 19:55
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LifeSunDeath posted:someone vaped all my apes All my apes, toked.
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Jun 26, 2022 19:58
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I like that the creator of the NFT term clearly wanted people to call them 'Nifty' and nobody did.
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Jun 26, 2022 19:59
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It's like how SCSI got pronounced 'scuzzy' instead of 'sexy'
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Jun 26, 2022 19:59
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Tunicate posted:I like that the creator of the NFT term clearly wanted people to call them 'Nifty' and nobody did. LOL, they'll never be cool.
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Jun 26, 2022 20:01
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Tunicate posted:It's like how SCSI got pronounced 'scuzzy' instead of 'sexy' Could have been worse. Scussy.
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Jun 26, 2022 20:02
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Rotten Red Rod posted:God, that episode was such a trashfire because the host knew nothing about NFTs and her general tone about them was "aren't these NFT things kind of neat? Golly gee!". But it's also absolutely required listening if you go in with a critical eye and a really fascinating train wreck. Yeah, the naive tone kills me, and the fact they even thought it might work. I do find it kinda funny they made a whole dang song by the end of it tho. Rotten Red Rod posted:That said, I HIGHLY recommend former Reply All producer PJ Vogt's podcast Crypto Island. It's basically what this episode should have been, created by someone who is knowledgeable and VERY critical of crypto and blockchain: https://podcasts.apple.com/us/podcast/crypto-island/id1614253637 On the one hand, I hear it's a very good podcast and I'm interested. On the other, PJ Vogt is an anti-union shitbag who actively ran a union-busting campaign at Gimlet Media, so gently caress him sideways.
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Jun 26, 2022 20:16
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Neito posted:All my apes, toked. the QR code on the package goes to a closed IG account so I'm guessing the rug on NFT weed was pulled already gonna keep it around as a novelty
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Jun 26, 2022 20:20
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https://twitter.com/heidiklum/status/1540470431509094400?s=21
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Jun 26, 2022 20:23
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I hm
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Jun 26, 2022 20:26
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What’s hilarious to me is that $1000+ crocs that take $1 to make or $1000 sneakers that will literally fall apart without being touched are still more inherently valuable than bitcoin lmao
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Jun 26, 2022 20:32
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The best "The gang mints an NFT and marvels at the stupidity of the concept, processes and tools" podcast episode is Trueanon #145
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Jun 26, 2022 20:34
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Well that settles it, I hate art now.
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Jun 26, 2022 20:40
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CharlestheHammer posted:A lot of people don’t actually understand exactly what NFTs are
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Jun 26, 2022 20:45
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do you think they ask the NFT owners permission before flashing huge billboard ads and making merchandise of them
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Jun 26, 2022 21:23
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StrangersInTheNight posted:On the one hand, I hear it's a very good podcast and I'm interested. On the other, PJ Vogt is an anti-union shitbag who actively ran a union-busting campaign at Gimlet Media, so gently caress him sideways. I agree, and I went in knowing that. But I justify it based on the fact that he's now a one-man show with no employees, and seems cognizant of that fact that he really should stay that way. If he has people working under him again I'll peace out. Gimlet really is a shadow of its former self. It's been on a slow downward path since it was bought by Spotify, and that's accelerated recently. None of their major shows produce shows on a reliable schedule anymore, it's pretty sad. Rotten Red Rod fucked around with this message at 21:28 on Jun 26, 2022 |
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Jun 26, 2022 21:25
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nomad2020 posted:Well that settles it, I hate art now.
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