Summary: “I was pretty sure NFTs were pointless, but they’re so hyped that I thought I must be missing something. So I bought one and sure enough, they are pointless.”
> - NFTs are not a good investment<p>Why would anyone think a silly picture of an ape would ever be a good investment?<p>I fully understand that something is "worth 300 bucks" if everyone agrees it's worth 300 bucks. I also understand that Apple stock is also overpriced but in the end there is a big gap between an overpriced stock and a silly picture of an ape...
A thing I've been wondering for a while now is how many NFT advocates have ever bought, like, a physical painting from an artist? I think that data would be good at identifying whether people are in it because it's an arbitrary hyped investment or whether they're in it because it's a "better" way to buy art or support artists.
Something that wasn't mentionned: that monkey jpg is ugly as sin. Github auto-generates icons and makes something that looks nice. Some people have worked on AI-generated art and made beautiful things. You could also take a camera, point it at the sky, take a picture every minute and get a better result than this. I don't get why when you get a NFT, it has to be an ugly monkey/ape/lion. Is there something attractice in their ugliness? I think the vast majority of people see them as ugly, at least from what I've seen online. What am I missing here?<p>> NFTs are swapped frequently to generate fake demand. Look at the transaction logs before buying<p>Sounds like an opportunity for a business. Get data on this, write a few articles on obvious scams, introduce a metric for how "scammy" and inflated the value of a specific NFT is, sell that notation.
"Building schools" always sounds dumb or even scammy to me. What is a school building, really? Surely running a school is the hard part (assuming the students can afford to go to school to begin with).<p>Am I wrong about this? Are there any success stories from these schools built by foreign help?
More ape hype -- people stealing Bored Ape NFTs? Insane. Hope he keeps them in a hard/cold wallet.<p><a href="https://cointelegraph.com/news/opensea-freezes-2-2m-of-stolen-bored-apes" rel="nofollow">https://cointelegraph.com/news/opensea-freezes-2-2m-of-stole...</a>
Over the holidays I learned a friend of a friend who has been playing with AI-generated art earned ~$400k selling some of this stuff as NFTs.<p>I'm wondering what are the odds my friend's friend just needed to launder some illicit crypto gains, and NFTs are a perfect zero-cost substrate...
<p><pre><code> > “130$” GAS FEES!
> NFTs are swapped frequently to generate fake demand.
</code></pre>
Why don't wash trades cause the scammer to rack up thousands of dollars in gas fees before they sell it?
> 1. You can bid on one and when the bidding duration is over the NFT goes to the highest bidder<p>Does anyone know if the bids are binding and use an escrow? I see crazy bids out there, but I always thought those could be bs. But if they are binding and get held in escrow (with gas fees and all), then they're legit.<p>> - NFTs are swapped frequently to generate fake demand. Look at the transaction logs before buying<p>High gas is a feature not a bug in that case. If you're spending hundreds of dollars in gas to create a phony transaction, then its pretty expensive.
I think the reality is there is a lot of uninteresting art and nonsense hype and speculation out there. But I also think there are real artists whose NFTs are actually .. artistic and interesting and their sales help them get by.<p>Look into Algorand if the gas fees are an issue. Transaction fees in ALGO are less than a penny.
You could have just given me the 300 dollars and I could have called you a moron.<p>Completely same effect.<p>You do not have your money and you feel bad.