KruleBear Posted August 16, 2022 Share Posted August 16, 2022 (edited) So I got an email from CMON to have access to some free NFT (Non-fungible token) art with a company called Monsoon. It appears to be another business venture fir CMON. So they look kind of neat…..but what good are they? Seems like they live on the Monsoon website and you can look at them, say you own them, or sell to someone else to look at. Am I missing something as it doesn’t even seem you could use them for a screen saver or background. Being simple it seems to be the equivalent of buying a sponsor tag under a piece of art in a museum. Anyways I am interested to hear the thoughts of those of you more in tune with NFT’s and the block chain tech behind them. -Mike Edited August 18, 2022 by KruleBear Typo 1 Quote Link to comment Share on other sites More sharing options...
WhiteWulfe Posted August 17, 2022 Share Posted August 17, 2022 Don't. NFT's are a massive pump and dump scam, and they're also incredibly bad for the environment. 4 Quote Link to comment Share on other sites More sharing options...
KruleBear Posted August 17, 2022 Author Share Posted August 17, 2022 52 minutes ago, WhiteWulfe said: Don't. NFT's are a massive pump and dump scam, and they're also incredibly bad for the environment. Based on power consumption to produce? 1 Quote Link to comment Share on other sites More sharing options...
Werkrobotwerk Posted August 17, 2022 Share Posted August 17, 2022 14 minutes ago, KruleBear said: Based on power consumption to produce? power to produce, power to maintain, burning graphics cards to death to produce. 3 1 Quote Link to comment Share on other sites More sharing options...
Citrine Posted August 17, 2022 Share Posted August 17, 2022 Yeah, I agree, I would not touch NFTs with a 10 ft pole. And bit coin, if they would actually use all that computing power for something useful, then maybe I would get into it but right now it's just a total waste of precious energy. 3 Quote Link to comment Share on other sites More sharing options...
WhiteWulfe Posted August 17, 2022 Share Posted August 17, 2022 Let's not forget all the rampant art theft attached to NFT's and how 60% of the market when last analyzed were forgeries... And we already have plenty of stories of people who bought in during last year's hype at large amounts who can't even get 0.1-1% back if they sell now... It's a market without regulation, so "gambling" is auch more appropriate term to use (as opposed to "investing" like many sites and proponents of it claim). Also, you pay all that money and you don't own anything other than an easily lost or stolen token. There is nothing physical, there is no art, you don't even own a licensed print of said artwork... And many times even a short while after the NFT is minted, there isn't a picture to attach the token to because the host they were using pulled it due to copyright infringement. 4 1 Quote Link to comment Share on other sites More sharing options...
KruleBear Posted August 17, 2022 Author Share Posted August 17, 2022 @Citrine @WhiteWulfeThanks. Your responses reinforce my concern when I got the email from cmon and started looking at it. 3 Quote Link to comment Share on other sites More sharing options...
BlazingTornado Posted August 17, 2022 Share Posted August 17, 2022 It's a speculator market, and it's already crashed, It's also pretty much useless. All you really "own" is a block of code that points to a URL. You don't "own" what's on the URL itself. And anyone can save and use whatever the URL points to (there's a reason right-click save is such a meme when dealing with NFTbros). They also exist solely to boost the value of cryptocurrency. These videos are a bit on the long side but they break down all the messed up stuff about NFTs and the crypto environment that birthed them: https://www.youtube.com/playlist?list=PLrU4mSUoKUq0_8W7tqSbJuuOtIlw2RKS3 4 Quote Link to comment Share on other sites More sharing options...
KruleBear Posted August 17, 2022 Author Share Posted August 17, 2022 11 hours ago, BlazingTornado said: All you really "own" is a block of code that points to a URL. You don't "own" what's on the URL itself. And anyone can save and use whatever the URL points to Most succinct explanation I have seen. Working my way through the video. So far pretty good if not a little depressing. 1 Quote Link to comment Share on other sites More sharing options...
KruleBear Posted August 18, 2022 Author Share Posted August 18, 2022 I don’t watch King of Average often, but saw he had a video on the CMON NFT and thought I would share. https://youtu.be/Bj0j6iFtQsI Thanks everyone for confirming my 53 year old suspicion that this had no apparent value. 2 Quote Link to comment Share on other sites More sharing options...
Mad Jack Posted August 20, 2022 Share Posted August 20, 2022 (edited) "I'm going to make a thing (that doesn't really exist) and claim it's worth X amount of money in cryptocurrency (money that doesn't really exist), then I'm going to sell it to you for that cryptocurrency (which doesn't really exist but you bought it with real money anyway), and then sell the non-existing cryptocurrency to some other idiot in exchange for their real money." Edited August 20, 2022 by Mad Jack 3 1 2 Quote Link to comment Share on other sites More sharing options...
Cranky Dog Posted August 21, 2022 Share Posted August 21, 2022 22 hours ago, Mad Jack said: "I'm going to make a thing (that doesn't really exist) and claim it's worth X amount of money in cryptocurrency (money that doesn't really exist), then I'm going to sell it to you for that cryptocurrency (which doesn't really exist but you bought it with real money anyway), and then sell the non-existing cryptocurrency to some other idiot in exchange for their real money." 2 Quote Link to comment Share on other sites More sharing options...
CaptainPete Posted August 22, 2022 Share Posted August 22, 2022 If you search on YouTube, there's a great (but long) video explaining exactly what an NFT is, how they came about, and how shady they are. The video is called "The Line Goes Up" and it may have caused the NFT crash, that's how shady things were. 2 Quote Link to comment Share on other sites More sharing options...
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