The Alarm Is Sounding On NFTs

Gergar12

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I have a theory that crypto is basically kinda like a pyramid scheme where the more popular, hard to make, and scarce a cryto currency is the more valuable it is. But how is it a pyramid scheme? The only people who profit from it are the ones who created it, and early adopters, also after that it depends on how popular it becomes.
 
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Cheetodust

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Overly litigious billion dollar company vs NFT bros. Fuck, this is like Freddy Vs. Jason. I don't know who to root for because they're both evil. My working theory now is, that so many NFT projects are just so obviously stupid by people who really shouldn't be THAT stupid, that their actual plan is to get me to root for corporations.
 

Agema

You have no authority here, Jackie Weaver
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What in the ever-loving fuck are "environmentally friendly" NFTs?
An "environmentally friendly" NFT is a greenwashed NFT.

It is fair to say that some newer ones are in concept much better than older in terms of energy use, because they think they've found ways to remove the transactions from the blockchain. I am more than a little suspicious that some seem to be making noises about carbon-offsetting, which is definitely the territory of greenwashing: "Hey, we're shitty polluters - but we'll plant some trees!".

Fundamentally, if you're pissing a lot of fossil fuel generated gigawatts at what amounts to nothing, it's bad.
 

BrawlMan

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Fuck, this is like Freddy Vs. Jason. I don't know who to root for because they're both evil.
As long as you're not at Camp Crystal lake and in Jason's "territory", you're good. I can still see the analogy you're going with though. If anything, this is like the Saints Row versus the Vice Kings. With the Saints Row coming out on top, being not that different from the Vice Kings at the end of the day.
 
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Buyetyen

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Overly litigious billion dollar company vs NFT bros. Fuck, this is like Freddy Vs. Jason. I don't know who to root for because they're both evil. My working theory now is, that so many NFT projects are just so obviously stupid by people who really shouldn't be THAT stupid, that their actual plan is to get me to root for corporations.
You have to be pretty fucking shady to make the corporation seem like the reasonable one, but crypto-bros are up to the challenge.
 

SilentPony

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Oh no, not that thing that made no sense until someone pointed out it was just money laundering for people who think the Jews run the financial world and wanted more "clean" money.

Will never understand "Get rich quick" schemes.
 

Worgen

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Whatever, just wash your hands.
An "environmentally friendly" NFT is a greenwashed NFT.

It is fair to say that some newer ones are in concept much better than older in terms of energy use, because they think they've found ways to remove the transactions from the blockchain. I am more than a little suspicious that some seem to be making noises about carbon-offsetting, which is definitely the territory of greenwashing: "Hey, we're shitty polluters - but we'll plant some trees!".

Fundamentally, if you're pissing a lot of fossil fuel generated gigawatts at what amounts to nothing, it's bad.
I think cryptobros made some noise about using it to fund solar plants and wind farms for all the energy needed. I don't think they ever did since that power isn't reliable at all times. Plus, no matter how energy efficient crytpo/nfts get, it won't reduce energy use because the way those work is that if its more efficient, then you mine more. Not to mention the power wasted on something that exists for the sake of itself.
 

Schadrach

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So what happens to the $2.9 million NFT if Jack Dorsey deletes the tweet?
It becomes a $2.9m receipt for a dead link? Or the same answer as "What happened to your games on Desura or Greenhouse?"

Now, technically, you could embed a digital artwork directly into an NFT, instead of embedding a link to where to find it. But that would make the gas fees much much higher as they're based on the amount of data in question. Which is why no one does that, and instead just sticks a plain old web link there.

Nft's were invented because bitcoin needed a commodity to prove it was a legitimate currency.
NFTs don't generally run on Bitcoin. I don't *think* they even can. Most of them run on Ethereum or some similar-to-Ethereum blockchain.

What in the ever-loving fuck are "environmentally friendly" NFTs?
Presumably ones that use Proof of Stake rather than Proof of Work and should thus require dramatically less energy to do their thing.
 
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Bedinsis

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Photographs.
Heh. When I first read this post I didn't get it, and tried to pry the meaning from the Nickelback song. Since the second line is "Every time I do, it makes me laugh" I thought you meant that the mere notion of an environmentally friendly NFT is laughable, before connecting the dots and having a secondary laugh at how uncomplicated the meaning was compared to what I expected.
 

Agema

You have no authority here, Jackie Weaver
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You have to be pretty fucking shady to make the corporation seem like the reasonable one, but crypto-bros are up to the challenge.
"I just don't understand why this company won't let me make a ton of money off their hard work for nothing! Don't they understand Web 3.0 is all about shady wankers stealing people's stuff and burning the planet down for a quick buck?"
 

BrawlMan

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Shit! Even the World Wildlife Foundation tried to get in on NFTs. So much for caring and protecting the environment my ass. They just played their hand and show that they really don't care for the environment, if they're going to bother trying to sell these. They did put a halt after everyone outraged within just a day or two.

 

MrCalavera

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I am genuinely hurt right now. Seriously Tara and Reese, why bother getting involved? Last I checked, neither of you are hurting for cash right now. This goes double for you Tara.
Most of these celebs are have contracts with talent agencies. Same agencies signed deals with crypto/NFT firms.
To people like Strong or Witherspoon this is basicly another advert opportunity. I don't think they really look into NFTs or try to understand what it is. They are just content with getting another paycheck.
 

BrawlMan

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Most of these celebs are have contracts with talent agencies. Same agencies signed deals with crypto/NFT firms.
To people like Strong or Witherspoon this is basicly another advert opportunity. I don't think they really look into NFTs or try to understand what it is. They are just content with getting another paycheck.
Well, they both better start paying attention now. Both of them are smarter than that, and they know it. Troy Baker sure as hell knew what he was doing, and decided to back pedal when when the voices were really loud and super angry. He sure as hell pussed out and acted like a weenie about it after the fact. The egotistical douche.
 

SilentPony

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Shit! Even the World Wildlife Foundation tried to get in on NFTs. So much for caring and protecting the environment my ass. They just played their hand and show that they really don't care for the environment, if they're going to bother trying to sell these. They did put a halt after everyone outraged within just a day or two.

Its just money laundering, and most charities and foundations are just money laundering fronts. PETA puts thousands of animals down rather than rehome them, and it just money laundering for Hollywood liberals who pretend to care about animals. Habitat for Humanity spends more money on salaries and bonuses than it does on building habitats. The Child Wish foundation stopped granting wishes and just takes in their tax-free donations. The American Breast Cancer foundation spends more on promotion than it does on cancer research.

Its not a shock at all that foundations and charities would jump on the NFT scam train.