/biz/ - Business & Finance

[Anonymous No.52745165]

What went wrong with NFTs?

[Anonymous No.52745184]

Nothing, they performed their scam purpose as intended.

[Anonymous No.52745185]

>ad blog headline about literal who
who cares

[Anonymous No.52745217]

they're not interoperable
did you know if you buy an nft on one blockchain someone else could just mint an nft of the samething on another blockchain? SAD!

[Anonymous No.52745230]

Anything that isn't BTC is a scam.

[Anonymous No.52745259]

>>52745230
Anything that isnt my shitcoin bag is a scam, but jpegs always was.

[Anonymous No.52745269]

>>52745165
NFTs are only as valuable as the asset being validated by the NFT. Monkey JPEGs are just not that valuable.

[Anonymous No.52745271]

>>52745217
>someone else could just mint an nft of the samething on another blockchain? SAD!
then it isnt the same thing then is it retard? some blockchains are worth more than others

[Anonymous No.52745274]

>>52745217
someone else could just mint an nft of the same thing on the same blockchain too

it would have a different id but the monkey would be the exact same

[Anonymous No.52745292]

>>52745165
fuck paul logan, i buy his fucking nft for 10 cent
let that motherfucker know

[Anonymous No.52745302]

>>52745165
>why is a GUID associated with a removable jpg of an auto-generated, not even aesthetically pleasing monkey not worth $999999999999999
This is beyond human understanding. Ignoramus et ignorabimus.

[Anonymous No.52745340]

Nothing. It was merely a way to get the populace aware if an NFT. Next bullrun we will see proper NFT's. Not stupid animal Jpegs but NFT's backed 1:1 by real assets from real estate to luxury items, the market for these will be colossal

[Anonymous No.52745349]

>>52745165
this is not true I would pay at least $50 for the meme value alone

[Anonymous No.52745354]

>>52745340
OGY. If you know you know

[Anonymous No.52745373]

1 monkey still worth 1 monkey

[Anonymous No.52745377]

>>52745165
Why did he sell it for $10?
Or if he didn't sell it ... who is saying it's worth $10?

This headline is stupid.
Until he sells it (or attempts to sell it), it's worth $623,000

[Anonymous No.52745418]

Bullshit, link to the NFT then?

[Anonymous No.52745474]

>>52745165
They suck !

[Anonymous No.52745488]

>>52745165
Nothing went wrong. They're just shitcoins with a supply of 8888 or 5000 instead of millions and you have to buy a full one and need to list them to sell instead of using pancake swap. The art is irrelevant. People buy them for the same reason they buy ChungusElonPajeetInu, to dump on baggies. The difference is, NFTs are shinier and have celeb endorsements and art to provide incentive to baggies to HODL to zero while whales rape them in the ass.

[Anonymous No.52745536]

>>52745271
it's the same picture though. That's what people care about, not the random numbers retard

[Anonymous No.52745544]

>>52745165
I'd unironically pay $15 to have something to dab on that faggot with

[Anonymous No.52747499]

>>52745165

nothing, you're just in the wrong NFT. pic related just printed a new ATH vs. ETH today.

[Anonymous No.52747940]

>>52745165
That $623k is still owned by Logan Paul in one of his secret offshore accounts. He used NFTs for money laundering, nobody is that retarded to buy NFTs with that kind of price. Even at the height of the NFT mania, only a few were willing to buy NFTs, most of the volume came from rich people laundering their money off to some place else.

[Anonymous No.52747943]

>>52745340

>Because we have no way to trade real assets, such as cars or art, without nfts.

[Anonymous No.52747998]

>>52747940
you think youre a genius dont you? Fking retard

[Anonymous No.52748022]

>>52745165
New Financial Trickery

[Anonymous No.52748073]

>a fucking monke

[Anonymous No.52748152]

>>52745184
fpbp
/thread

[Anonymous No.52748378]

>>52747499
what do you think the long term plan for pudgies is aside from the price just going up, goy?

[Anonymous No.52748453]

>bro, let me purchase a highly volatile, hype-dependant and speculative asset that lives on top of an already highly volatile, hype-dependant and speculative market
yeah, nobody really expected things could go wrong huh

[Anonymous No.52748476]

>>52745184
this. ya made money or you didnt. No wait until 2024

[Anonymous No.52749001]

>>52745184
Now now, some of them weren't scams. Some of them were money laundering.

[Anonymous No.52749012]

>>52745185
He is the biggest celebrity since riff raff:
https://m.youtube.com/watch?v=1vAqaUwLg7g

[Anonymous No.52749045]

>>52745165
It's an unlikable idea. It's like post futurism in the 60s. Everything looks like it should be futuristic and forward thinking but nothing really turned out that way for the most part.

[Anonymous No.52749073]

>>52745165
>simulate a NFT sell to a friend for a fee
>price craters 99.99%
>you can reduce earning and taxes

[Anonymous No.52749083]

>>52745165
kek
I remember Anons being infuriated about nft success during this past run. I always thought - why does it anger you? Time will fix this.

[Anonymous No.52749251]

>>52745165
I just wanna get baseball card NFTs because they’re comfy.

[Anonymous No.52749341]

>>52745377
Not a fan of NFTs either but the simple fact a major e-celeb like Logan Paul owns it makes worth even more than what he paid.

Unless he slips in to irrelevance, his investment is safe.

[Anonymous No.52749752]

>>52748378
the community is strong, the art is simple, relatable and the penguins have been one of the few collections that didnt use ponzinomics to prop up their FP before the bear market hit. i think people are now done with ponzinomics and that's why generative art and penguins have been amongst the best performers in ETH NFTs.

the new team looks competent to me and they're really trying to bring crypto twitter and NFT twitter together. i think they're having some success in that regard and having access to the liquidity of two distinct communities is something that's gonna work nicely for us.

[Anonymous No.52749770]

>>52749083
because it's like rich politicians who suddenly get into art as a tax avoidance scheme. It's obvious that a digital picture of an animated prolapse isn't worth anything, people know there's financial fuckery involved, and the people who do the shit will get away with it.

[Anonymous No.52749895]

>>52745165
$10 is still a good price for some useless .jpg pic

[Anonymous No.52750274]

>>52745165
Pretty much what the general public criticized it for: "I can just copy and paste it/screen shot it" This is a downfall caused by NFT's not really being a tangible asset (beyond a bunch of transistor patterns)

Examples of tangible assets are houses, cars, media (cds, dvds, tapes), antiques, artworks, old tools, clothing.

Some may argue that buying stocks in a company is an example of non-tangible assets but the value of the stock relates to the real world performance and relevance of the company. NFT's are closer to Habbo Hotel furniture.

NFT's bear a striking resemblance to collectors items but only hold value if they continue to be traded and sought after. Monkey JPEGs have no real world utility or application.

Compare that with real world physical assets.
Vinyl records are a good example of this, you may pay up to $100-$2000 for a rare vinyl record.
-limited pressing (usually one off, subsequent production runs are known as reissues and typically don't hold as much value as a first edition)
-cannot be duplicated or faked (very easy to tell a genuine from a fake)
-can be played and enjoyed if you so desired
-fantastic display piece that the majority of people will be interested in.
-has supplementary material such as inserts
-value depends on condition of the piece, not all marty robbins records are the same for one may have a dented corner or scratch while the other may be in "mint condition"
-can't be hacked

Basically physical assets wrote the book on all the things NFTs strive to be but never quite get there.

Then again all that being said, physical collectors items fall into the same trap as interest wanes the value eventually decreases. These just kind of shit the bed because they only appeal to a very limited cross section of the world. A lot of people all across the world know about Ferraris and would probably want one because of its high percieved value.

[Anonymous No.52750283]

Hmmm still too high.

[Anonymous No.52750685]

>>52745165
nothing, nft's actually have a bigger future than crypto, they just need to be tied to actual things, not worthless images

[Anonymous No.52750777]

>>52750685
the same goes for bitcoin, it's not tied to anything of value, so it will fail.
tie a crypto to gold and that will be the final solution

[Anonymous No.52751792]

>>52745230
You lie, jerk. Even NFTs are getting more attention from crypto projects like the ORE ID which is giving NFTs identity on the blockchain so that they can be traced back to their original owners and not get thrashed like jpegs

[Anonymous No.52751827]

>>52745340
that exists already

[Anonymous No.52751828]

>>52745377
It’s clickbait. On sites like OpenSea people can offer any ampunt they want and that amount is public so sites will make articles mentioning the lowball offers listed and say that’s how much its worth. Even if the same collection has only had recent sales 100x that.

[Anonymous No.52751885]

As a matter of fact NFTs are arguably the only proven use case in all of crypto outside of bitcoin maximalist narratives. Proveable ownership of digital items is a big deal, and like anon said above, will only get bigger once real world assets are involved. We haven’t even dreamed up a fraction of the ways nfts will soon be used. And other anon is also right. The nft market of today is just your own shitcoin market of yesterday. If your token doesn’t directly accrue value you might as well be trading a shittier, art-less NFT.

[Anonymous No.52751913]

>>52750777
People always go on about how currency is backed by gold but in reality gold is backed by currency and vice versa. If one fails so does the other.

Gold is used to make computer circuits and necklaces and if nobody has any money, or if the ass falls out of the economy nobody will be buying anything, let alone shiny rocks.

[Anonymous No.52751987]

>>52749752
any other projects you're looking at?

also you're right. mostly every project out there was pumped using ghost wallets to churn fake volume. nfts (at least in their current form) are fake and gay.

how do i know? i own 2 projects

[Anonymous No.52752002]

>>52745165
right-click, save as

[Anonymous No.52752091]

>>52751987
until proven otherwise, I think only yuga eco, azuki eco, clonex and penguin eco are gonna survive that bear market. the current state of the NFT markets is absolutely disgusting and once the helicopter money stopped flowing in, 99% of the projects got exposed as a total scam.

i know some of them have already pumped but I love generative art. i still think that some of the 2021 hits are gonna stay valuable and almost have some historical value (??? i know that sounds retarded but eh) like Fidenza, Ringers or Chromies. i really like Qilin, AC and Fontana for the best of 2022. i really think friendship bracelets are worth a punt though, the claim period is almost over and it's probably gonna top out around 27k pieces.

one piece of advice, stay away from ponzis in NFT. DeFi just does it better anyway and you're not stuck with illiquid jpegs once the ponzi comes crumbling down.

[Anonymous No.52752101]

>>52745165
None of the celebs bought this shit. It was grift to get you suckers into buying it, and you probably did.

[Anonymous No.52752525]

>>52745165
wow, that's harsh. I thought Logan Paul was cool. I'm sure somebody will buy his NFT for more than that if normiefaggots are willing to spend 1k on a TayTay ticket with shitty seats

[Anonymous No.52752553]

>>52745165
Does somebody have the twitter post of that guy who sold his kidney for a bored ape?

[Anonymous No.52752580]

>>52747940
Thanks for playing.

[Anonymous No.52753001]

>>52745165
NFTs need better use cases. Even gaming. P2Es too. They focus too much on earning and too little on utility and gameplay. That's why we need more projects to use third-party products like Allianceblock to be able to stake without having to leave attention on gameplay

[Anonymous No.52753012]

people just like to hate them, there's no problem with them

[Anonymous No.52753020]

>>52745165
>>52745184
>>52745230
>>52745269
>>52745292
>>52745349
>>52745474
>>52747499
>>52748022
Money is now clean sirs.

[Anonymous No.52753211]

>>52745165
people got a nice way to launder infinitie money and /biz still can't get it. why are you so fucking retarded

[Anonymous No.52754233]

Pennance to the jewish master race, go get your ugly ape you filthy fucking goys, stop waiting.

[Anonymous No.52754256]

Someone gave Logan Paul $600k worth of ETH to buy their token so they can make a news article

[Anonymous No.52754929]

>>52745165
IMO, I think apart from the impending bear market which affects every sector, nfts with little or no use cases will definitely go back to zero, only those with feasible utility can stand the test of time, and I think those on the cosmos ecosystem are good options here

[Anonymous No.52755135]

>>52753001
videogames are centralized by nature, a decentralized database for it is just pointless anyway, the crypto push in gaming can only fail.
In the end "crypto" aka decentralized database, just have very very few open commercial uses.

Maybe one day we will get real cloud computing, 1000 tb usb 5.0 pens, super internet and then we can upload EVERYTHING on some blockchain for real decentralized worlds, but current baby crypto is fucking useless for most things.

All the tech is just not here.

[Anonymous No.52755272]

>>52745165
I'll take it for $2.

[Anonymous No.52755511]

>>52754929
Get the fuck out of here, nft is a scam, a fucking useless JPEG with no utility

[Anonymous No.52755544]

>>52745165
nothing
i got out in massive profit when logan paul started buying and you started buying stonetoss nfts

[Anonymous No.52756099]

>>52755544
You seem to be smart, I also bought Cosmic Sky Monk and Juno Bear Society, but I'm not selling so soon, because I'm staking it to earn some tokens in rewards

[Anonymous No.52757165]

>>52749251
Which marketplace can I buy baseball nft on?

[Anonymous No.52757200]

>>52755511
You must be some frustrated pajeet, just so you know, not all nfts are useless and jpeg, some nfts are used for ticketing, some are stake to earn more tokens, some are used for gaming and lots more, always dyor before you vomit nonsense.

[Anonymous No.52757830]

CTRL-C

CTRL-V

Even if that is oversimplifying it that's the way everybody sees it. Copyrights already exist and decentralizing them means nothing if there is no enforcement.

[Anonymous No.52759727]

Fractionalization didn't become mainstream in time to save them for becoming "that shitty investment vehicle that retards bought because of pure FOMO".

Fractionalization has been a thing for a while, too. Look up Sora (XOR). Hell I remember reading stuff about Polygon and fractionalization together in the same sentence. But oh well, I guess it was too big of a word for normies to understand.

[Anonymous No.52759742]

turns out you can buy tickets and vip access to things without the need of a blockchain (which in fact just serves as a way of making things harder and more annoying).

mmmh its almost like crypto is not needed and never was... mmmmh...

[Anonymous No.52759751]

>>52745230
Such a basic principle really, every 20 iq retard nigger out there should be able to understand it rather quickly but I guess not.

/thread by the way.

[Anonymous No.52759778]

>>52749083
Exactly this shit:
>>52749770
I'm not mad Pajeet Rajanadesh Alibibibi made some piece of trash collection and managed to scam retarded Americans out of their dollarydoos, that happens every single fucking day and will continue happening no matter what. What angers me though is looking at all these celebrities and e-celebrities pieces of shit with their synthetic alien smiles and forced laughter telling people about en-eff-tees which they clearly use for all sorts of horrible shit and getting away with it.

The injustice and insanity of this world is what drives me mad sometimes.

[Anonymous No.52759786]

>>52759727
You can try to extract value off of dogshit nfts but that won't give you the x90 return these """people""" were expecting.

[Anonymous No.52760038]

>>52757200
>ticketing
any other DB can do the same thing faster and cheaper
>stake for tokens
Yeah that business model has been working out great this year
>gaming
lmao just render millions of unique assets from all these games in your game bro, definitely a good use of dev time with no resource demands, also balance around them in case anyone buys an nft that isn't purely cosmetic.

kys zoomer scum

[Anonymous No.52761450]

>>52745165
They wanted to be "The Next Big Thing" after Bitcoin too early and never shed the "It's not a scam" step of every Ponzi.

>TFW Still no comeback to "Lol, I right clicked"

[Anonymous No.52761770]

Right click -> save image

/thread

[Anonymous No.52762252]

>>52760038
>ticketing
>any other DB can do the same thing faster and cheaper
This isn't true though.
If you run a small venue and want to sell 100 tickets to a show next weekend, your choices are:
- Print paper tickets
- Hire a ticketing monopoly to manage ticket sales (and charge your customers fees)
- Or, your suggestion ... create a database? Like you're going to manage the electronic sales of tickets and create your own database of ticket holders? And how will you manage ticket transfers and resales? Are you going to hire someone to answer the phones and enter everyone's name onto the list? And at the door you're going to check IDs and make sure everyone is on your list? Without any errors? And you think everyone will want to put their name on your "guest list?"

Ridiculous. NFTs are unforgeable immutable electronic tickets. At showtime, whoever holds a ticket gets in. Simple.

[Anonymous No.52762451]

>>52762252
I see lots of monkey JPGs and very few concert tickets. Now is your time. There is clearly a market for better ticket systems after the ticketmaster monopoly debacle. DOOOO IT. I don't want to hear about what may theoretically be possible. Do it.

[Anonymous No.52762680]

>>52745165
too much noise. bots/shills/foreigners. WAY too many indians and 3rd world foreigners. LITTERING the internet with marketing.

obviously the youtube video with the numale cuck. just said what everyone was thinking.

thought leaders like Gary Vee already have a negative reputation among the general public. and he's shilling NFTs.

the teams used discord/fiverr to organize the minting process. they were ultimately just playing videogames instead of working on the project.

no product. it was empty promises. you aren't going to manufacture a toy or figure of your NFT. there was never a fucking videogame. and nobody got a fucking tshirt of their NFT.

too many influencers were shilling bullshit ones to dump on retards. even people who were "respectable" were dumping on followers. and telling them "im just here for profit" instead of trying to shill this web3 narrative they were talking about.

developers who seemed "important" were just schlubs in the end. like a 16-23 year old in his mom's basement that got lucky with marketing and convincing everyone he was "a big deal at apple and new kanye west's cousin's friend."

the 99.9% of the art was trash. if it wasn't some meme. it was indians and thais on fiverr that were mass producing the art. and even the 0.1% of art that was okay was from literal WHO?s. and even if the artist was an important. what made anybody from crypto care? most people don't give a fuck about art in the first place. it was really only Beeple that appealed to the masses. only his work speaks to tech enthusiasts out there.

the creators have no reason to continue to offer services and "free shit" after the mint. there were stories about creators whining about having to serve food to their shitty nft holders.

the hate in general. cryptobros are the dudebros and incels and chuds of the internet now. nobody respects the people in the NFT space. cryptobros/NFTbros etc. were the laughing stock from 2021-2022

[Anonymous No.52763430]

>>52745165

[Anonymous No.52763573]

>>52745488

made me LOL. I’ve made NFTs and this is accurate

[Anonymous No.52765593]

>>52762680
good points. to be fair, secondary trading volume and creator royalties was a large incentive to keep projects going. but as you know, the NFT market is now basically dead with little to no volume, and thus no reason for founders to keep building.

makes me kek when i see everyone kvetching on nft twitter about how founders should find alternative sources of revenue instead of relying on royalties and selling more NFTs to their communities. WAKE UP. YOU are the revenue. kek.

[Anonymous No.52766549]

>>52745230
Asset management projects are based, retard.

[Anonymous No.52766715]

polygon will singlehandedly bring nfts back, since it will be powering starbucks, instagram, facebook, reddit, nike, ebay, and warner music's nft platforms

[Anonymous No.52766773]

>>52745230
>some wignat hick shoots at the power grid
oops!

[Anonymous No.52766824]

>>52750274
Every single one of those items can be counterfeited and have been made to be identical to the original so much so only a very few experts can spot the fake. Show me where the monkey jpegs have been counterfeited to an exact copy in the exact same Blockchain? I know I can verify the authenicy of the monkey jpeg 100% without being an expert. Just a few clicks is all.

[Anonymous No.52766834]

>>52745230
t. bought at 70k

[Anonymous No.52766877]

>>52765593
just bought 3 nfts today
bought them with the money i got from selling
another one
theres a lot of volume on cardano right now, its
very fun

[Anonymous No.52766912]

>>52745536
I'm sorry to break it to you anon but nobody cares about the art

[Anonymous No.52767305]

>>52745165
what does /biz/ think of my strat?

Art investing is kind of hard because you have to think about what people will like years down the road. And while generally I think if you are very familiar with something, genuinely like it, and buy it at what you think is a fair price, you'll make a profit, I think the whole "human taste" element has too much play with NFT art specifically. So, I'll just invest in the currency surrounding NFT art like ethereum, and maybe some apecoin. I have 0 risk buying something that looks stupid years from now, and no matter what does well, the currency used to buy that NFT art will still be in demand. Or higher demand if the NFT art has a boom. The only thing I would miss out on is some crazy 3- or 4-digit % change in the price on a specific piece or set of pieces. I know NFT's have other good, practical uses (and retarded ones), but I'm talking art right now.

By the way, is there any NFT art you really like?

[Anonymous No.52767337]

>>52745165
>right click
>save

Unironically

[Anonymous No.52767430]

>>52747940
laundering would imply he wouldnt be recorded spending his own money 5head

[Anonymous No.52768023]

>>52745259
Jpegs have no utilities. Beats me why people expect them to survive. Would rather slurp defi tokens with good fundamentals like Xpress and stake. Better safe than sorry.

[Anonymous No.52768036]

>>52747499
Kek
>>52751792
On second thought, I wonder if NFTs will ever be used as payment. Crypto is already there and projects have gateways. Will people use it?

[Anonymous No.52768597]

>>52745165
People realised that paying as much than a house for a jpg was retarded.

But of course it took them years to discover this mindblowing truth.

[Anonymous No.52769359]

>>52745217
Reason why ORE's multi-chain verification stands out. Helps users prevent cases of copycat NFTs and thefts.