NFT Trading Volumes Collapse 97% From January Peak

  1. Thats my favorite thing for sure about nfts and such, the pure rediculessness that they dont even put the image on the blockchain, they put a url to the image, so whoever hosts the website can just change it. I love that so much, its so profoundly dumb. Really says it all about how they dont even understand the technology at all.

  2. At least with the pet rock you got a rock. Though, I guess not having proof of your gullibility is a perk of NFTs.

  3. Pet rock was more like a pre internet meme and people were in on the joke, they knew it was dumb and that's why it was funny. And they weren't charged thousands of dollars for them.

  4. In the end, it’s easy to say NFT’s were a bad idea. But it was also easy to say at the beginning and middle too.

  5. The fact people talk of NFTs as an investment when it's a technology is the real issue so many think all NFTs are from the same source. You needed to trust that the listing service was valid, so many people were uploading other people's art to sell, the listing agent has no way to verify items and real artists had their shit sold before they ever listed it. Scoundrels took advantage of idiots

  6. People were saying at the beginning that NFTs were a bad idea. It doesn't take 20/20 vision to see using as much electricity as 3 1/2 months of all the electricity a large house is stupid.. All to create a hyper link that is forever hardcoded to point at a point in cyberspace that isn't even the unique item tied to an exchange. Where moving it from the exchange removes all the provenance, and people can mint multiple links to the same item.

  7. And yet Crypto Bros and 'Hodlrs' on WSB are still saying that NFT's are worth... well, anything. Hopefully any game studios that planned on implementing NFT systems have learned that they're not all that great at retaining value, and would bankrupt a studio within MONTHS.

  8. I think the pog that has a picture of a skull with the word "poison" over it that I got for drinking chocolate milk through my nose in elementary school is worth now.

  9. fr everyone who made money from this knew it was going to die quickly. I flipped these dogshit little pictures for a while and by like the end of the 1st project launch it was obvious how doomed these things were, they hyped up a non existent product, hired some CGI guy from fiver to make something look cool, generate as much buzz as possible using bots (and users using bots to further drive up numbers for their own self interest) then they would release, farm 3-10 million $ of crypto and then slowly let the project die. Most projects literally lasted maybe 12 hours max before the fomo died and the wave was over. Few outlasted that 12 hours and most were facilitated scams.

  10. Anyone else remember being flooded with articles about artists becoming millionaires and NFTs taking over the world? Almost like…..A giant scam?!!?! 😆

  11. When greed, stupidity and an absolute lack of economic knowledge clash and form a black hole that sucks in any kind of “common” sense humanity has left.

  12. You wouldn’t believe how many “web 3 + the meta verse” webinars I got on my calendar this past year. Absolutely fucking hilarious to watch these “futurists” blather on about NFTs and lose some face being wrong about this prediction.

  13. I hear you. The media hype and pressure from desperate celebs was disgusting. It’s nice when all you have to do to win is ignore the whole mess.

  14. It’s because the people who bought into it were so pretentious. And if you would ask questions to try to understand it, instead of having answers they’d say words that don’t mean anything and then dismiss you as stupid if you didn’t get their nonsense

  15. It was frustrating to be so right, so obviously correct on all this being a scam, but crypto Bros kept doubling down and tripling down even though it was clear to anyone who hadn't deluded themselves that this was a terrible fucking idea.

  16. Anyone who got scammed by someone selling digital pictures is a moron with zero common sense. I’m actually surprised that it took this long for the market for these bullshit “tokens” to crater. But I guess I shouldn’t be really all that surprised.

  17. It’s honestly surprising how many rich people hard fell for them, I flipped them for a while with bots and stuff (essentialy just gambling but with high odds skewed in my direction since you could with easily mint, snipe and relist anything that was generating enough fomo) and I recently checked over who the buyers were, a lot of them are people who have like 30-60 grands worth of nfts and ethereum. Literally degerenacy as you see these wallets load up money and slowly lose all of it trying to chase highs without any bots or anything to cover their ass.

  18. That shut is so stupid. Things only have value if the people want it. Who the heck is going to pay for images that you can make yourself? Absurd. I hope this tanks into the negative realm and never comes back.

  19. It’s also appalling from an art POV. Take one novice illustration and make 12 slightly altered versions of it. Yuck. I saw an oil painting from the 1800’s that was mind blowing in it realism and I felt something from viewing it. A crude cartoon monkey with glasses selling for millions should read like the the end of humanity is upon us.

  20. It was at the time I saw NFT become common talk that I realized the vast majority of the population has no clue how anything works.

  21. The sad thing is that I can totally see people wearing those on their clothes ironically in like 5 years, to the point it becomes an "in" style.

  22. this probably says more about me, but this summer I was at a wedding on a balcony to get some air. the two guys standing next to me were talking about investments and one goes, “I put about two thirds of the seed money from my parents into NFTs and it’s basically all gone now, at least I still have 300k left for my next move.” I am not joking when I say my instinct was to push him off the balcony. what a waste of life and wealth and privilege.

  23. Yes. And when one of these “geniuses” backs into some successful startup, they’ll proclaim it was started from nothing and all hard work.

  24. All the NFT bros are losing their shit reading these comments, and they won’t comment because they know we were right from day one lol

  25. Both the crypto space and the NFT space were brimming with ponzi scams designed to rug pull. Like any ponzi scheme, eventually it runs out of new people to fool and rapidly collapses. Throw enough of these scams at someone and eventually the most gullible fools will stop falling for it. On top of that, 2022 has seen the collapse of a number of high profile coins and crypto brokerages. The free media coverage, the FOMO from bitcoin, and the allure of getting in early on a new opportunity created a hype train that made even the steamiest pile of shit look like a good idea. The greater economic picture has little to do with the fact that most coin or NFT projects are created explicitly to exploit those early supporters. If crypto coins or NFTs were viable investments the demand would still be there. What we're seeing with these areas of the market drying up is the result of people catching on to the fact that these are not viable investments in their current state.

  26. Digital Alpacas. It’s a foolproof investment. Harvesting digital alpaca fiber basically pays for itself! The adorable digital investment you can digitally hug! 🤗

  27. I still maintain that 3d displays/movies can be pretty cool. Added sense of depth can absolutely improve the experience. Seeing Avatar and Gravity in 3d was jaw dropping.

  28. 96% of that volume was just like 5 guys trading their NFTs back and forth constantly to make it look like there was actual interest in NFTs from anyone other than marks.

  29. NFTs have zero practical value. Zero. Anyone who tells you otherwise is a liar or an idiot. The only potential "value" of an NFT is granted by a centralized third-party that authenticates it to provide some good or service, but that could just as easily be a token that's not on the blockchain that's generated by that third-party. NFTs serve no purpose but to scam people. Every single NFT is a scam. Congratulations to all the scammers who stole money from people. You belong in prison.

  30. That is because they un ironically believe the game stop market place what currently sells dumb jpegs is, and I am not making this up... going to replace the world's stock exchanges, and banking system.

  31. Interesting how crypto and NFTs crashed right before Russia invaded Ukraine. I wonder if there was liquidation by the Russian state ahead of the war. Also odd that most reputable news sources talk about how Russia could use crypto to bypass sanctions but all the millions of small fake news crypto websites flood google searches with reposts of nearly-identical articles talking about how crypto isn’t being used by Russia for this purpose. Seems coordinated, imo.

  32. I am really happy that people successfully pushed back against this crap. The gaming community especially, as if there is any consumer base in this world that happily self-flagellates in defence of scummy anti-consumer practices, its us.

  33. Aside from the stupidity, it confirmed that many “influencers” would sell drugs to their fan base if it was legal. They see them as wallets and slaves.

  34. I follow this NFT anime project and I knew it was never gonna pan out with being fully funded by NFTs but the people in charge of it insisted NFTs are the future for artists…lol

  35. As someone who has a small business with the same name as a large NFT marketplace and have had to deal with a lot of unnecessary crap because of it (I had the name at least 7 years before them), I’m not mad at this.

  36. Correct me if I’m wrong but isn’t buying NFT’s like seeing that popular meme of Homer Simpson retreating into the bushes and paying Big Money for a digital copy of that image that you then own……, except anyone can access the picture for free. Or is it like buying virtual trading cards that you can trade or purchase just for the sake having them like some hugely expensive Magic the Gathering game?

  37. I don't think it ultimately mattered what NFTs 'could be'. The same people touting this argument while applying and abusing it terribly did most of the work of destroying it's chance at long term validity. Which is a shame because it makes you wonder what other ideas with potential were ultimately deemed as failures - due to either being exposed to the mainstream too soon or forced with too much focus on income generation at the start.

  38. Bunch of game Devs left their well paid jobs to make a cryptic nft indie game. By the time it launches the nft market will be dead and it's so fucking satisfying to see greed cause them to suffer financial loss.

  39. So after people promoting them were done selling them back and forth to each other no one wanted them? In a way weren’t they actually just selling a long unique string of numbers and letters attached to a file of some kind?

  40. Have you ever seen an advertisement to “purchase a star”? Except you don’t own the star, you just get to see a picture of it with your name written across the top. There’s also nothing to verify that you’re the only owner of that star. And if the business goes belly up? Then nobody recognizes you as the “true owner” of the star.

  41. I’m amazed there were this many people willing to drop hard US Currency on something that could evaporate like a fart in the wind.

  42. I don't see how NFT trading volumes ever reached highs in the first place, the whole concept was asinine to begin with. You're storing hyperlinks to images in a blockchain and assigning an arbitrary value.

  43. I thought getting into NFTs would be fun, kinda like buying / mining dogecoin back in the day with all the moon memes and such. Even turned a little profit off dogecoin.

  44. That's good to hear. I've been looking at sites that keep track of their sales over the past year, like

  45. The scammers made their money and left. Thus there is no more money in the market, because all the susceptible marks already spent their money

  46. The technology is still valid. It's just the greedy speculation part that's over. I'm not talking about selling monkey jpgs, but the system itself.

  47. Now that it is dying, who maintains the database and links that an owner can click to see they still own their gif?

Leave a Reply

Your email address will not be published. Required fields are marked *

Author: admin