Its the definition of a pyramid/ponzi scheme you have the investment in an NFT, a downline in the buyers and suckers in the people deluded into thinking a virtual bubble around virtual nothings will make them cash.
“Show me one actual use for NFT that can only be done on a blockchain.
NFT is making money for the same reasons crypto blockchains are: FOMO and greed.” No. You don’t understand. Can you take your pet from blizzard Game and send it to another game? With NFT you can. Vica versa. This is just one example. And that give power to players and makes game much more interesting.
“Real financial institutions are ‘investing’ because it’s easy money - for the moment. Have we forgotten about the tech bubble. It would seems so.” - So wrong. Big companies investing because it is more safe to invest in 3T market now. Last year was 300b. Big companies are not investing short term. There is world changing technology behind bolckchain and you say it is only about money. Same you can say for internet.
Ofc there will be bear markets (as there is in any market), but if you did buy Bitcoin any time in past you will be in plus! So DYOR, but this time do it right.
Mate, you don’t understand NFT. That’s not what NFT is.
I said nothing about blockchain, I was talking about crypto-currencies. You proved your ignorance by tying in both of them. Crypto-currencies use the blockchain but it’s not the same thing.
As I said with NFT Blockchain is a solution with no problem. Sure it can be used with many different things, like NFT, it’s not the best solution for anything.
Interoperability (google can help you). This is why 99% people don’t understand the potential of NFT.
I said nothing about blockchain, I was talking about crypto-currencies. You proved your ignorance by tying in both of them. Crypto-currencies use the blockchain but it’s not the same thing.
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Lol blockchain is crypto. Bitcoin is blockchain. Ethereum is blockchain. Big companies are buying Bitcoin, Ethereum etc… because of potential.
NFTs are, simply put, contracts that denote ownership of a virtual ‘token’, and the contract is stored in a blockchain (mostly ethereum).
Why they’re so controversial is because there’s no actual inherent value to what NFTs are currently being used for, i.e. ownership of pictures, tweets, gifs, and a lot of that stuff is stolen or low quality cartoon ape portraits.
Only thing that “guarantees” an NFT’s resell value is their potential for money laundering.
Also PoW mechanism is very bad for the enviroment but that’s a whole another thing.
I should also probably add that NFTs don’t necessarily need to be just for “pictures”, you could probably (afaik at least) also use it to denote ownership of software, using them as a form of DRM or something.
NFT and Crypto hurts gaming, specifically PC gaming the most. It also harms the enviroment and has been causing shortages and many other issues, so no I don’t want NFT in any way related to WoW.
You have so many blockchains that work as POS, and have NFT’s built on them. Ethereum is going from POW to POS next year so it will not be so “bad” for environment. (you can say for all most everything is bad for environment).
Facts
Creator of Ethereum Vitalik Buterin was a player of World of Warcraft. After Blizzard nerf his character he got an idea of making something that is not centralized like Blizzard games are.
Activision Blizzard stock value at this day : $53,6 Billion
Ethereum value at this day: $560,6 Billion
More than 10x in just 6 years. And that is only value of Ethereum network. All other projects that are build on top of Ethereum (2 layer platforms, DEFI, NFT’s, Stable Coins etc…) are not priced in.