/biz/ - Business & Finance

what went wrong with paying for jpegs you can save for free? who knows.

>>55904405
Save yourself some friends, fag.

>>55904387
the bald faggot put out a youtube video and all the NPCs on /biz/ kept posting it until the market ended.

>>55904387
NFT? More like NPC!

It was just a proof of concept. The technology wasn't invented to share cute pictures kek. Only niggers fell for that shit.

>>55904387
the worst part about nft's is the fact you weren't even buying the jpeg itself. all you did was buy a record saying you owned a picture located on https://some.web.site.com/monkey-pic.. there's no legal reinforcement of this either. it's like me having a ledger in my basement and writing down "anon owns the white house" and then you walk around town pretending to be the president.

>>55904387
They're gay that's what >>55904475

Nothing if you're milady

>>55904387
They're still selling, there's a lot of projects that are selling NFTs and still profitable such as $DUCK race derby for example

NFT fags got too big of a head on them. NFTs were supposed to be proof of digital ownership with transfer rights similar to a video game skin. The NFT fags turned it into a "community" of "digital flexers" who created warring "tribes"

What ended up happening is you had a bunch of fucking losers fighting over whos lambo was cooler, only it wasn't a lambo, it was an ugly and gay picture of a nigger monkey. People thought their "IP" of their cartoon monkey could spin up cool cartoon shows and restaurants but all it did was make the brand even gayer.

Basically NFT's were like a reverse Ed Hardy effect. Ed Hardy didn't want his clothes in walmart because the poors wearing it would make the brand gay. NFTs were latched onto by the biggest rejects with money and that in turn made them really gay. You have to be a real fucking gay nerd to make an NFT your personality and thats what happened. I still think NFTs have a future, but it probably wont be a repeat of what we just saw, it will take a different approach and probably be more accessible with varying scales of rarity/utility.

People unironically saw this and didn’t sell

>>55904659
Bored ape floor price right now is $39k. Its only going lower. Wouldnt be surprised to see the floor evaporate to $5k fast. They were already illiquid enough.

Uh you were paying for some JPEG you could've got for free and what's worse you never even actually "owned" the thing you bought. Merely you bought a receipt or code saying you did. Kinda like those fucks who sell MS windows activation keys online. Your not buying windows. Your merely paying out the ass to activate a copy of it. Which uh if you look around you could've done for free.

If NFTs were created for the artist to protect his wares, they'd be sold on Deviantart and Instagram for hundreds or thousands, same as buying the artwork itself.
That's the argument NFTs use to exist, while spitting out copies of mass produced bullshit and nothing else.
The ideal is an NFT protecting a signed copy of a hand drawn Jim Lee cover from 1992.
The reality...

>>55904387
>ugly images should be worth thousands of dollars

Grifting faggot Alex Becker said NFTs prices were justified because “rich people like to show off how rich they are”

>>55904871
Somewhere out there, theres thousands maybe even hundreds of thousands or millions of people holding worthless jaypegs because they bought into them because some celebnigger had them.

>>55904552
>The technology wasn't invented
then what for?

>>55904605
milady

nfts' only use case is in metaverse projects, which are still too early in development.

>>55905123
what's the use of metaverse?

>>55904552
i'm curious too
what was NFT was really designed for?

jesus christ this thread when did /biz/ become reddit

>>55905165
immersive social media, retail, entertainment, and live events intertwined with digital ownership without the worry of mass shootings and terrorist attacks

How much eth does it cost to store a 2MB png in the blockchain?

>>55905172
>>55904942
Many things that have to do with asset tracking and the like where a real world item is tied to an NFT on the blockchain. I'm not an expert but a quick joogle would give you deeper information.

>>55905213

Bullshit it's Second Life but shittier

>>55905583
thanks fren

>>55905643
Np fren

>>5590562
second life is literally the boomer tradfi version of metaverses. if youd rather trust banks over crypto then what are you doing on this board?

>>55905165
Bringing brands together. That and a subpar MMORPG.

jeet scammers ruined it for us all, probably

>>55904387
Nothing. Just buy the dip.

There’s currently 3 real use cases I have heard. 1 Real life utility is validation of luxury/ collectible items. IE you buy a used 2024 Rolex in 2027, but it doesn’t come with the partner NFT- you know it’s stolen or a fake. 2nd case is more efficient transfer if titles such as the deed to your house or car. Smart contracts can auto calculate taxes owed etc and actually cut down on costs my reducing middlemen from the transaction. 3rd use case is unique tradable game skins. Think a unique Mario skin that can be used accross all Nintendo games and consoles and traded amongst other players.

>>55906005
also, Exclusivity i think

developer can make a game
free to download but an NFT must be bought as a proof of ownership to be able to play.
the game then performs http request to check if current user owns that NFT.

Dont wanna play it anymore? transfer or sell the NFT to someone else, and that someone else can play the game :)

>>55906327
hm maybe i'm just elaborating on ur 2nd point.

>Right-click
>Save As
they never even saw it coming

>>55904387
It went right, actually. The point was dumping etherium on retail.

>>55904924
Kek yes
Biz might have missed the run but at least we are not bagholding
Also I got a few nfts airdropped and sold it for real eth kek. 0.1 eth all I think but it's real

>>55906005
>>55906327
Ok
Well but as with everything in crypto it was overvalued x100

>>55904387
the ugly RNG art did little to cover up the fact that it's literally just gambling with no value

>>55904641
>NFTs were supposed to be proof of digital ownership with transfer rights
the problem is nobody needs that.
You can just use a standard ledger for that.
Every time I say that, NFTards try to find "use cases" where NFT would be useful and every time the "use case" can be done without NFT and it will be done better without.

>>55904877
That's picasso in a nutshell unironically

NFTs was a scam from the start. People who didnt get that are just stupid shmucks.

Its the same old tale of tulipmania. Scammers find a speculative asset and run it up so they can ride the wave over a period of time to extract money off of people.

Beanie babies, tulips, houses, collectible materials, MMO collectible items, Any old shit thats rare.. you get a group of scammers together and go ham.

Then you ride the wave over the course of its lifespan buying and selling, buying and selling, buying and selling, then when it gets too hot you dump it all and leave the retards to baghold

btw this will happen to all shitcoins and altcoins. Dont be left holding the bag. One day itll blow up. Have an exit strategy

>>55904387
Normies thinking that a unique token with a link to a JPEG = ownership or property.

>>55904387
>what went wrong?
Nothing.

Money was laundered.
Idiots bought in, smart money sold to them.

All according to plan.

>>55908557
It was gay as fuck but I had some fun and learned some valuable things like metamask and bridging. I got one nft for .10 eth and sold it for 1eth when eth was 3k. Tried again and got rugged. I also made about 50 "art pieces" in PS and just dragged them into opensea. I legit made $40 selling pictures of pepe and my cat for $5