What do you think of NFTs (non-fungible tokens)?

[FromEquestria2LA]

Hey - lately, you've heard of these things called Non-Fungible Tokens (NFTs) - and I am her to ask, what do you think of them?

Before we begin, you ask me "What are they, Johnny?" Well, an NFT is a way of proving that a digital item is the only one of its kind in existence and therefore cannot be copied or reproduced without the owners knowledge and consent. NFTs can be considered modern-day collectibles. They're bought and sold online, and represent a digital proof of ownership of any given item. Also, they are used wherever virtual goods can be collected and traded as one-off objects. Examples are collectibles, digital art, music and individual virtual objects used in computer games.

I have kind of a problem with the concept of them, personally. They are also harmful to the environment as well.

 

[Raggamuffin]

A friend said I should do this with my art. One of many suggestions people think would be helpful, but they tend to just confuse or frustrate me.

I read about NFT's recently. I hear a lot see merit in them, whilst others feel it's a bubble waiting to burst.

Not too sure really. I just want to find a steady revenue for what I create, and thus far all I encounter is people saying "you're so talented" and nobody parting with their money to back up their praise.

Ed

 

[Judge]

I have kind of a problem with the concept of them, personally. They are also harmful to the environment as well.

Frankly I see gimmicks to promote legal ownership that is otherwise, not all that necessary. Unless you are an attorney specializing in representing clients over tort issues like copyright concerns.

But then good capitalists exploit demand, while great capitalists invent it where it didn't really need to exist.

What Is An NFT? How Do NFTs Work? – Forbes Advisor

 

[Neonatal RRT]

This is a bit of a nebulous topic. Many have had similar discussions regarding cryptocurrencies. Many people are still of the thought that in order for something to have "value" it has to be something "tangible",...something you can touch,...a coin, a house, a car,...whatever. Yet, others see value in the digital space,...and will trade their legal tender for cryptocurrencies and NFTs.

I have some money tied up in cryptocurrency, as I think it may be,...in some form,...the currency of the world, replacing traditional legal tender,...with the increased safety and security of blockchain technology. Major world banks are investing, and governmental regulations are slowly making their way into the space to make cryptocurrencies more stable for transactions,...and the blockchain technologies are improving.

NFTs,...I am still not on board with. That's just me, though. I agree that NFTs may hold some value to the creator and the purchaser, but at least right now, it doesn't hold any value in my mind and I won't be spending a penny towards it.

 

[Ronald Zeeman]

I prefer something with intrinsic value, that's why gold was used to back money in the past. The intrinsic value of paper money is the real value of just the paper. Property has intrinsic value.

 

[Ken]

I think it's probably a good idea. While there are many beneficial fungi, I suspect it is probably better for your tokens to be non-fungal.

 

[Gerald Wilgus]

I look upon NFTs as end-stage vaporware.

 

[Neonatal RRT]

I had some time to think on the topic and had some more thoughts.

My paycheck,...digital,...transferred electronically to my checking and savings accounts.
My bills,...digital,...transferred electronically from my accounts to my creditors.
The stocks and cryptocurrency I purchase and sell,...digital,...transferred electronically between accounts.
My retirement accounts and other investments,...in the digital space.

My wallet that I carry in my pocket,...no cash,...but a few cards that allow me to access credit or debit from my accounts.

Bottom line,...nearly all of my US dollars are in the digital space. Obviously, I do have purchasing power,...and with my digital money,...I can purchase goods and services. However, back to the topic of NFTs,...the value is whatever an individual is willing to pay for it,...unlike stocks, cryptocurrencies, legal tender, which, for better or worse, the public and the economic system regulators have placed some known value on it. It is well-known that with these more "common" investments, values will go up and down,...you can make a lot of money,...and you can get soaked if you aren't relatively quick to buy and sell at the correct times. Most people can buy and sell stocks and cryptocurrency at a moment's notice,...but with NFTs,...you've got to find the right buyer. As such, my interpretation is that NFTs, in general, represent an extremely risky investment or digital asset.

 

[Isadoorian]

They're a Scam and Envitonmental Hazard in the long run

I say it should be Outlawed

 

[Richelle-H]

I do not object to the concept. I am old enough to have been watching and aware of digital evolution since its infancy. The rate of change has been very rapid and has speeded up even more with each decade.

What I find somewhat insane is the amounts of money being spent on things of dubious worth. We are not talking about a minor work by Rembrandt or Picasso but something that only exists as stored bits on some device, and if the world degenerates into a more primitive state, then where is the worth in an NFT.

As the phrase, attributed to P. T Barnum without substantial proof, goes "There's a sucker born every minute!" That is much how I view the current craze.

 

[PastelPetals]

Bad idea. The internet is a place for everyone placing a price on the jpegs we save everyday is an odd concept but not only that does great harm to the environment because of how much electricity is used in making up money that is even more fake than other money to then assign value to things I can right click and save for free anyway.

 

[Misery]

I see them as a very, very special level of stupid. At least in the way that the concept seems to be being used.

I mean, really? Pay thousands just so you can say "yEAh dUdE I oWN thAT CaT gIF" which the entire bloody internet can still download/send easily no matter what you do (seriously, there's no way to stop that. Cant be done)? And it's still just a freaking GIF like all the others? Yeah. That's some VALUE for your buck right there.

Paying $2000 for a half-melted Hershey's bar that a horse farted on would be a better idea than this.

I mean good grief there's people selling freaking tweets! TWEETS! Just.... aaaaaaaaaaaaaa

Seriously, it's like people are just SO HYPED to brag about how spectacularly dumb they are with their money. Sadly, that's probably the real reason for buying such things. "I bought this stupid thing" is basically a way of saying "Yeah, I SURE DO HAVE A LOT OF MONEY that I can do that". And then of course it just shows off the DERP involved.

Ridiculous. Just ridiculous. This reminds me of the whole "banana taped to a wall" thing. I'm not sure which is dumber.

 

[Gerontius]

They're a scam--Do your patriotic duty & mock this trend every step of the way.

 

[tkcartoonist]

From what I've heard about them, you're basically paying thousands of dollars for a hyperlink that may not exist even a year from now. It's beyond stupid, designed to swindle morons.

 

[Gerontius]

From what I've heard about them, you're basically paying thousands of dollars for a hyperlink that may not exist even a year from now. It's beyond stupid, designed to swindle morons.

So is rightclicking on NFT's and downloading them actually our act of cHaRiTy to these poor, poor little rich twits? Maybe we're saving their assets, though we cannot save their dignity.

 

[Misery]

So is rightclicking on NFT's and downloading them actually our act of cHaRiTy to these poor, poor little rich twits? Maybe we're saving their assets, though we cannot save their dignity.

My guess is they're too dumb to notice when their dignity has entirely vacated them. Probably good for them, because that dignity is headed for the freaking hills the moment they buy one of those.

 

[Qoyote]

I love how people don't even pretend they're investing in things with intrinsic value anymore. I mean, sure, our money's been floating or electronic for ages, but people didn't like to admit it.

I think it's a weird mix of dudebros with more money than sense and desperate people who'll take dumb risks to make money now. I heard about this new crypto coin, Squid Game Coin (based on the big Netflix show right now). They literally told people they'd barely let you sell any (so your hundred-dollar coin would really be worthless), and they didn't hide it in the terms of service either, they were open about it and anyone could find it in like 2 minutes. Price went from hundreds of dollars to a tenth of a cent in less than an hour when the creators sold all their coins and ran. That happened a few weeks ago, and people lost millions total on these coins.

But apparently the price is back up to like $0.20 and people are still trading over $10 mil of Squid Game Coin a day? Huh???

 

[Misery]

I love how people don't even pretend they're investing in things with intrinsic value anymore.

Famous quote from George Carlin:
“Think of how stupid the average person is, and realize half of them are stupider than that.”

I dont know why that came out in MEGA BOLD. But anyway.

Sadly a lot of people really do believe that they'll somehow get real worth out of it. I dont mean just this, but lots of things. And of course there's the hivemind effect... if lots of people are doing it, it MUST be a good idea, right? Idiots.

It's part of why big scams like that can even function. Not to mention why some corporation can just say something like "It's the AmeRiCaN DReaM!!1!1" and get idiots to think that if they work as a turd wrangler for McDonalds, but they work REALLY HARD, they'll own Jupiter by Tuesday.

Among other silly things that people think will profit them.

Even more likely if the thing in question is presented in a REALLY SHINY AND LOUD WAY.

Makes me think of some crap happening in the gaming industry. "Yeah this loot box has a .00000000000001 chance of giving you something you actually care about, but hey, dont think about the odds, LOOK IT HAS A SHINY FLASHING EFFECT WHEN IT OPENS AND EVERYONE IS DOING IT" and then surprise, everyone IS doing it, the blasted fools. And then they open the box and instead of the OMEGA HYPER SWORD they get a desiccated horse corpse, but hey, MAYBE NEXT TIME, it could really be the one (please give us money, Steve in accounting needs his third yacht. Oh and here's another dead horse).

Just ridiculous.