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[-] betterdeadthanreddit@lemmy.world 163 points 1 year ago

Are they trying to say that NFTs are some kind of bullshit scam that should have dissolved into the ether like the crypto bro's cocaine-fueled manic state that spawned them in the first place? How shocking and unpredictable.

[-] 2tone@lemmy.world 70 points 1 year ago

What do you mean? You didnt go out and spend all your money on reproducable jpegs? Whats wrong with you?

[-] xavier666@lemm.ee 82 points 1 year ago

reproducable jpegs? Excuse me?

I live walking distance from my local police department. If another person uses my NFT without my consent I will report them immediately. This is MY PROPERTY. The transaction has be verified scientifically on the block chain. Anyone who violates my NFT rights will pay the price.

Buddy, you have no idea who you are messing with. I have made a ridiculous amount of money in crypto/NFTs and I have the best lawyers. If you don’t delete those stolen jpegs, you’re going to regret it. When you steal someone’s property you get punished. Watch out.

[-] billiam0202@lemmy.world 14 points 1 year ago

Stares in Poe's Law.

[-] betterdeadthanreddit@lemmy.world 18 points 1 year ago

I mortgaged my house for a computer-generated ape that my son's cousin's uncle's neighbor's mailman said would one day finance my retirement.

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[-] frezik@midwest.social 14 points 1 year ago

So the guy on Reddit who told me I better get with the NFT game or be left behind in a year was full of shit?

[-] JungleGeorge@kbin.social 120 points 1 year ago

The whole "web3" bs has always just been a shabby scam, and people fell for it

[-] sab@lemmy.world 33 points 1 year ago

Did they though? It might be my filter bubble, but whenever I saw web3 being pushed I saw a small refraction of responses of people who also thought it was a great idea (typical salesbros - so a good idea for others to do, just not for themselves). But the vast majority of people reject it for being a scam.

So how many people fell for it, really?

[-] GentlemanLoser@ttrpg.network 23 points 1 year ago

More than 0, which is all the comment said.

[-] sab@lemmy.world 11 points 1 year ago

If we're just going for semantics, don't you mean more than 1 for them to qualify as "people"?

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[-] trashgirlfriend@lemmy.world 22 points 1 year ago

Did the average person/average internet user fall for it? No.

Did the people who fell for it get sucked into what was basically a cult that sucked the money out of a decent amount of people? Yeah.

The numbers for some of these scam projects were honestly insane.

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[-] pruwybn@discuss.tchncs.de 52 points 1 year ago

I thought the whole point of NFTs and the blockchain is that it's decentralized, and you can use "smart contracts" for things like this. How is one company able to decide to change it?

[-] PopularUsername@lemmy.world 34 points 1 year ago

Apparently, smart contracts are not contracts at all... they are friendly suggestions. Unsurprisingly a contract needs a mechanism to enforce it, which makes decentralized contracts redundant at best (as you still need institutions outside of the blockchain to monitor and enforce the contracts), and or worse, completely useless if there is no legal way to enforce them.

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[-] June@lemm.ee 16 points 1 year ago

They can only change it for their instance, but they can’t impact all NFT marketplaces. This is only significant because this company is the largest broker so it will impact more people.

Anyone can set up their own blockchain and build it however they want. Hell, they could make it centralized even.

[-] hyperhopper@lemmy.ml 10 points 1 year ago

That's not the question

The post you replied to was saying, "shouldn't it be inherent to the entry on the Blockchain, regardless of market"

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[-] Jaysyn@kbin.social 47 points 1 year ago

Fortunately, nothing of actual value was lost. Just fools being parted from their money.

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[-] Eranziel@lemmy.world 38 points 1 year ago* (last edited 1 year ago)

It's broken now? I'd say that's a bold assumption that it ever worked in the first place.

Edit: to be clear, I mean that it is and always has been an impossible problem. The only reason it ever worked is because some broker company wanted it as a feature, not because anything compelled them to give original artists a cut. And that's before you consider the question, "but how do you know the NFT was made by the original artist?"

[-] GenBlob@lemm.ee 37 points 1 year ago

How is this Web3 scam still a thing? I thought I would finally stop hearing it after the crash but it just keeps coming back. The only people who will get rich from this are the scammers themselves.

[-] anlumo@feddit.de 13 points 1 year ago

It’s a mindset. Once you know that the solution is Blockchain, all you need to do is to find a question that fits this answer to get filthily rich.

Casinos are also a known scam, but that hasn’t stopped them.

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[-] hark@lemmy.world 32 points 1 year ago

"Web3" was supposed to enrich a bunch of assholes. It was never meant to do anything else.

[-] dx1@lemmy.world 25 points 1 year ago* (last edited 1 year ago)

Hard disagree, "web3" (defi) is meant to provide a decentralized alternative to our modern economic infrastructure, that doesn't have huge institutional points of failure like central banks or investment banks. The only reason people piled into these speculative projects, centralized exchanges etc. is because probably > 60% of the population is into the idea of getting-rich-quick while < 1% of the population is into trying to build a better future with tech, or even just getting their head around how the technology work in the first place & what kind of potential it actually has.

I've been watching blockchain since Bitcoin was under a dollar and it really blows my mind how much people love to spout off about it without understanding anything about the space. You've got teams of hundreds, thousands of people working for years to solve all the problems in the space like PoS or scalability or contract security, but the general public is all just talking trash about the entire space because of NFTs.

Even this article, "Web3 was supposed to make sure the original artist always got paid"? Who said that? "A key feature of NFTs has completely broken?" No one who knew anything about NFTs ever said there was some universal "guarantee an artist would get paid", particularly not if a contract to purchase an NFT didn't guarantee that directly. If a given contract guaranteed that (or at least, the party creating the NFT on-chain), then it still does. If it didn't, then it didn't. Anyone actually learned Solidity and read a smart contract for themselves? Cause I'll tell you, any smart contract where some institution has "god controls" over the state of the contract, that's against the entire point of "web3"/"defi".

[-] Astroturfed@lemmy.world 23 points 1 year ago

Bunch of words about people working hard on a ponzi scheme doesn't make it not functionally a ponzi scheme.

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[-] Franzia 30 points 1 year ago* (last edited 1 year ago)

This is now a recurring feature of tech vaporware. Claiming something that is clearly shit is okay because it does some good, or something that is uselesslt frivolous and speculative will have and important function and use-case in the future.

My condolences to those that have been made fools by this - we all need to keep an eye out for these patterns going forward.

I wanna add: prosecute and sue these thieves. Sue the people who took money to promote these lies. They all deserve to have those ill-gotten funds ripped away.

[-] conciselyverbose@kbin.social 29 points 1 year ago

A. I don't actually feel bad for anyone because if you're involved in NFTs in any way, you're begging to be scammed. There is no legitimate use for NFTs.

B. This seems like blatant illegal fraud. You can't just advertise "get this cut of all transactions forever" to get people to join, then say "just kidding" once they include their "art" in your shitty scam. They're entitled to their shitty cut of your shitty transaction, and you can't hand wave it away by pointing to fine print when you sold the product very clearly making that claim.

[-] Bjornir@programming.dev 39 points 1 year ago

There are uses for NFT, but it is clearly not what they are famous for.

NFT aren't pictures of monke, they are a way to authenticate something in a decentralised way, so no trust in another entity needed. The picture isn't the NFT, and that is why you can just right click-copy it.

You can't however just copy the NFT, the actual token. Having a token that's verifiably owned by someone is useful for certain things. It's like a certificate of authenticity, but digital.

[-] magic_lobster_party@kbin.social 34 points 1 year ago

Digital certificates has already existed for half a century. There’s nothing new. A certificate doesn’t get any more legitimate just because it’s recorded on a blockchain.

[-] bjorney@bjorney.lol 17 points 1 year ago

Yes but NFTs are held in trust by you, not a 3rd party business. If you want to sell your NFT to a friend you can do that without brokering the exchange through a middleman who can/will charge a cut

[-] atzanteol@sh.itjust.works 21 points 1 year ago

Don't blockchain brokers charge a transaction fee?

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[-] magic_lobster_party@kbin.social 13 points 1 year ago

How you transact the ownership of NFTs is a different story. I’m reacting to the claim that NFT is “like a certificate of authenticity, but digital”, which is not unique to NFTs at all.

This claim is also often misunderstood, since the NFT can only verify the authenticity of the certificate itself, not the art/asset it’s pointing to.

I can easily create an NFT of Mona Lisa. The blockchain will see no problem with it at all. Heck, I can create 1000 NFTs of Mona Lisa if I want.

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[-] sab@lemmy.world 18 points 1 year ago* (last edited 1 year ago)

Are there any practical (non-theoretical) uses for NFTs that couldn't be done ~~otherwise~~ easier/better without them though?

Edited to make it easier for NFTs to show their worth.

[-] orca@orcas.enjoying.yachts 11 points 1 year ago

insert word jumble about unrealistic scenarios made up in my basement while stoned

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[-] conciselyverbose@kbin.social 11 points 1 year ago

NFTs have never once not been very blatant fraud.

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[-] Kazumara@feddit.de 23 points 1 year ago* (last edited 1 year ago)

To me that whole royalties spiel was always just marketing to bait non-technical people into adopting the NFT system.

I've never seen anyone build and use an enforcable mechanism for a multi transaction chain to pay out to one original address repeatedly. I think at the very least you would always have to hold the NFT in a multi sig wallet between the artist and the current owner, for the artist to have a mechanism to keep enforcing their royalty claims. That would also require involvement of the artist in every further transaction.

Maybe I'm missing something like a smart contract that can fabricate new multi sig transactions on demand with pre-approval of the artist somehow... If anyone knows of something like that I'd be interested in the technical details.

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Who could have seen this coming? Who could have foreseen that all of Web3 was a ponzi scheme that would say anything to get people to pretend hashes on a blockchain is worth 100s of 1000s of dollars. Who? WHO?

[-] jray4559@lemmy.sdf.org 18 points 1 year ago

pfffffffffffffffff

I want to be sympathetic, but honestly, I'm just not.

Web3 was a mistake from the beginning.

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[-] benoit@lemmy.world 18 points 1 year ago

It sure sounds like that wasn't a feature of NFTs, but a feature of OpenSea

[-] autotldr@lemmings.world 17 points 1 year ago

This is the best summary I could come up with:


One of the big promises of NFTs was that the artist who originally made them could get a cut every time their piece was resold.

Starting March 2024, those fees will essentially be tips — an optional percentage of a sale price that sellers can choose to give the original artist.

The marketplace will continue enforcing the fees on certain existing collections until March 2024, at which point they’ll become optional on all sales.

Critics say it will hurt small artists and undermines creators’ ability to control their relationship with the people who buy their work.

OpenSea CEO Devin Finzer criticized the fees’ “ineffective, unilateral enforcement” and said that creators will find other ways to monetize their work.

“Our role in this ecosystem is to empower innovation beyond a single use case or business model,” he writes in the blog post announcing that OpenSea will no longer support the ecosystem’s primary business model.


I'm a bot and I'm open source!

[-] stormesp@lemm.ee 14 points 1 year ago

Except people has been stealing art to do NFTs without paying the artists from day 1?

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[-] Stinkywinks@lemmy.world 13 points 1 year ago

Ik the technology is useful, but selling shit I can screen shot is fucking pointless. If you want to buy shit from the artist, just buy their shit.

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[-] Nolegjoe@lemmy.world 11 points 1 year ago

I thought the royalty payments were enforced by the contract?

[-] Fisk400@feddit.nu 21 points 1 year ago

Turns out that the smart contract is a post-it note stapled to the NFT and the marketplace can just ignore what the post-it note says because it's not legally binding.

What they can't do is trade with marketplaces that do enforce the contract. Originally it was enforced because if one marketplace stopped enforcing it the marketplace would be cut off from the Echo system but turns out that the 5 big marketplaces just need to agree to drop it and everything is fine.

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[-] HeartyBeast@kbin.social 11 points 1 year ago

Obligatory rather funny If NFTs Were Honest | Honest Ads https://www.youtube.com/watch?v=sG_v4bb2e4k which sets this out, a year ago

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[-] mojo@lemm.ee 10 points 1 year ago

That was just many parts of the grift. Also when that feature was very rarely used, it was ironically a regular web 2.0 feature that was pushed between participating centralized MFT marketplaces. You know, because it was never actually decentralized.

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this post was submitted on 18 Aug 2023
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