NFTs are Pointless

Wow. A topic you all saw coming. And it's here. Congratulations. Good on you.

[ZacharyRodriguezVlogs]

I feel like the phrase "Your NFT isn't even worth right clicking on." will become an insult, and I'm here for it.

[holasoyalejandro]

“Buying NTFs is like having a husband or wife that cheats on you every day, but it’s cool because you have marriage papers so they’re still technically yours” - Benjamin Franklin

[Longshanks]

I think everyone is so desperate not to be like that guy in 2004 who thought touchscreen phones were dead on arrival that we’re willing to buy into any wacky notion that comes up because “Hey, maybe this time?”

[Duplicitousthoughtformentity]

The NFT anthem:
This is 10% cope, 20% cringe, 15% concentrated power of shill. 5% moron, 50% shame, and 100% reason not to invest into memes.

[elloo]

I find it interseting that NFTs are usually not even the data itself, but a link to a place that contains that data. Images are large, URLs to image hosting sites are not, and blockchains can't store megabytes worth of data in a transaction, which is how most of this goes down, with a token containig an adress to somewhere being traded around. The interesting problem then is that while that link can't change since it is forever part of the blockchain, what is hosted there can be, or the domain can just lapse. The ammount of times that both has happened combined with the anonymity of these marketplaces should be evidence enough that this is just an investment scheme and a breeding ground for scammers and fraudsters.

[exterminatusnow]

As far as I know, NFTs do two things:
1)Rob idiots of their money through the power of pseudo-crypto
2)Allow millionaires and billionaires to launder money or dodge taxes

[ComicalRealm]

NFTs are proof we are living in an era of validation and dopamine addiction. " - Master Oogway

[michaelkhoury]

Debunked; NFTs absolutely do have a purpose: they are an excellent money laundering tool for individuals with lots and lots of dirty money!

[letterman]

Whenever rich people spend so much money on something seemingly pointless, there is one place we should always check, taxation.

[jdraven]

The "hot potato" analogy nails it.
Speculation (gambling) is not investing - sure you COULD be that person that makes money off of it. But by the time it gets out to the mainstream, the system is usually set and it exists to make someone else money.

[the]

Fun fact! That fictional marketplace that you described towards the end of the video with artificial scarcity and reselling and limited times actually does exist and it's on Roblox. They do this predatory marketing but not even towards adults it's literally towards children

[TortillaPizzeria]

Feel free to disagree, but I feel digital scarcity is horrible. Wasn't the Internet built to share everything? Nothing is off limits? Everyone can access everything?

[artistwithouttalent]

I thought the reason people pay such ridiculous sums for NFTs was because of FOMO. The same reason every startup in the late '90s that involved the internet or some vague application of "interactive technology" made a million dollars. The same reason 10 years later every service-as-an-app and x-sharing service had a multimillion dollar IPO. The same reason everyone now is vaguely integrating "crypto" and "the blockchain".

In short, a bubble.

[lordneojacks]

Apparently this will be in the heart of the metaverse. Companies selling clothing for your avatar as NFTs. Imagine how much Nike will save it they can sell sneakers without having to manufacture them.

[miaurye]

ROBLOX already has NFTs in the form of limited minted items and it’s ridiculous how expensive they are, on a platform for CHILDREN. People have lost hundreds to thousands of dollars on these items— and there’s even graphs that track the price over time, allowing minted items to be speculated on. There is a video by “People Make Games” that goes into the numerous problems with Roblox, these NFTs being a big one.

[Spudcore]

NFTs are essentially adding a "scarcity" parameter to something that is infinitely replicable. It is very silly.

[calebricks]

Never realized NFTs had been conceived of so long ago. I just thought they crawled out of whatever hole they came from a few weeks ago.

[jameskowanko]

The problem with NFTs is that the whole business around them is entirely a speculative bubble. Because the only reason to purchase one of the chimp NFTs is to sell it later on. It has no real value.
Now NFTs *can* have value, but only under specific circumstances. If someone is the creator of a meme or a digital artwork they could sell the NFT to someone who genuinely wants to say that they own that image.

But people would only want to buy something like that if it is important, beautiful, relevant to our culture. There is no actual market for a bunch of bad artwork, same-y pictures of a chimpanzee or superhero.
So when people realize that no one actually wants to spend over a million on a .jpeg, the whole thing will crash.

[EnterpriseC]

A randomly generated gun NFT being able to go from different games, would be a logistical nightmare for devs.

[Weird-xe]

I love how the entire internet is arguing with itself most of the time but we have all united to hate on nfts.