Do you really believe on NFTs?

[SmartGold01]

Hey fams
I really want to know if NFTs is the latest happening and I have tried my best to focused on finding interest to start holding and stocking them, sometimes I had to think they worth nothing and has no real usecase unlike have some cool altcoin or bitcoin in possession.
This eagerness and curiosity lead me to create this topic to know how I can follow up with NFTs.

[Stompix]

Simply no!
And even if it were some rare occasion where NFTs would be valuable from the start they would have a hefty price tag, much as your everyday collectibles since basically, they are nothing different. Think of rare cards be it pokemon of baseball and that's the same for NFTs, as for other use cases they have all flopped, nobody is going to pay money for jpg of an art piece he has no real ownership of it.
Of course, it doesn't mean there won't be money to be made from this, but long term, the ones minting will make money the ones buying will lose.

[SmartGold01]

Simply no!
And even if it were some rare occasion where NFTs would be valuable from the start they would have a hefty price tag, much as your everyday collectibles since basically, they are nothing different. Think of rare cards be it pokemon of baseball and that's the same for NFTs, as for other use cases they have all flopped, nobody is going to pay money for jpg of an art piece he has no real ownership of it.
Of course, it doesn't mean there won't be money to be made from this, but long term, the ones minting will make money the ones buying will lose.

Thank you for your input if so i have to clearly limit my interest on this and focused only bitcoin so that I won't lose much as said, on a norm I have also thought about this like someone create a piece of art work and make it sellable where people would come buy and hold but what gets me wondering is that they won't be used in a any place neither do we use them physically instead we would end up wasting our money and supplying the creator our heart earned money.

[LogitechMouse]

Re: Do you really believe on NFTs?

I don't know if it's just me, but I see NFT's as worthless pictures that has no intrinsic value at all.
Right now, the only use case that I'm seeing on NFTs is they are being used as a requirement to get some airdrop tokens. I can't think of any, but if you are joining multiple airdrops and have been following many projects, there are some that in order for you to get a portion of the tokens, you need to hold a specific type of NFT.

There are still some NFTs out there that are being created and sold, and they're the ones that are lucky. There are some NFT games out there that are still operating and even though I'm not playing them anymore, I still believe that it will continue for at least a few more years. Overall, I don't believe in NFTs anymore, and I don't invest into NFTs anymore, but we can't deny the fact that NFTs are hear to stay already, and will be used by many people in various ways possible.

[salad daging]

Thank you for your input if so i have to clearly limit my interest on this and focused only bitcoin so that I won't lose much as said, on a norm I have also thought about this like someone create a piece of art work and make it sellable where people would come buy and hold but what gets me wondering is that they won't be used in a any place neither do we use them physically instead we would end up wasting our money and supplying the creator our heart earned money.

YES NFTs cannot be used physically only as a collection image, but the advantage of NFTs now if you are a collection, it will be a future project or such a priority where they will launch tokens and tokens listed on several exchanges, those who collect NFTs will get a token share from it because as a holder.

As now many projects come up with NFTs that they create the price of NFTs is in the price range of 0.1 ETH and above anyone who buys then he becomes part of the community and usually gets token incentives in the future.

So far I have never bought expensive NFTs, just looking for free ones. hahaha

[MrSpasybo]

I don't know if it's just me, but I see NFT's as worthless pictures that has no intrinsic value at all.
Right now, the only use case that I'm seeing on NFTs is they are being used as a requirement to get some airdrop tokens. I can't think of any, but if you are joining multiple airdrops and have been following many projects, there are some that in order for you to get a portion of the tokens, you need to hold a specific type of NFT.

There are still some NFTs out there that are being created and sold, and they're the ones that are lucky. There are some NFT games out there that are still operating and even though I'm not playing them anymore, I still believe that it will continue for at least a few more years. Overall, I don't believe in NFTs anymore, and I don't invest into NFTs anymore, but we can't deny the fact that NFTs are hear to stay already, and will be used by many people in various ways possible.

While crypto has become very popular, we are only in the early stages of adopting blockchain into our lives, and NFTs are an interesting asset between crypto and blockchain. NFTs are currently mainly for collecting and entertainment, such as a certain image, but they have also begun to have their own values.

NFT representing characters and equipment in GameFi is the most prominent example, making GameFi different and superior to traditional games, bringing many benefits to gamers and game publishers. NFTs can also represent the copyright of music albums or confirm participation in a special event. I expect that in the future, we can use NFTs for many more purposes such as: real estate ownership, educational degrees, medical records, student cards ... Of course, this can only be done when blockchain technology is widely adopted in life.

[Aanuoluwatofunmi]

Hey fams
I really want to know if NFTs is the latest happening and I have tried my best to focused on finding interest to start holding and stocking them, sometimes I had to think they worth nothing and has no real usecase unlike have some cool altcoin or bitcoin in possession.
This eagerness and curiosity lead me to create this topic to know how I can follow up with NFTs.

There is nothing bad in going after NFTs, the only silly mistake we may engage doing is when we only constitute our portfolio with them without having bitcoin and other prominent altcoins inclusive as the major holdings we have invested on, there is nothing to doubt in the fact that some of these tokens can make one get rich quick as well as make one loses money quickly and went bankrupt, but we need to understand the need for going into the one we can afford to handle their consequences in case of the uncertainty happens.

[SmartGold01]

Hey fams
I really want to know if NFTs is the latest happening and I have tried my best to focused on finding interest to start holding and stocking them, sometimes I had to think they worth nothing and has no real usecase unlike have some cool altcoin or bitcoin in possession.
This eagerness and curiosity lead me to create this topic to know how I can follow up with NFTs.

There is nothing bad in going after NFTs, the only silly mistake we may engage doing is when we only constitute our portfolio with them without having bitcoin and other prominent altcoins inclusive as the major holdings we have invested on, there is nothing to doubt in the fact that some of these tokens can make one get rich quick as well as make one loses money quickly and went bankrupt, but we need to understand the need for going into the one we can afford to handle their consequences in case of the uncertainty happens.

I believed an experience investor can never filled his portfolio with NFTs and memecoin because they know the implication involve in holding ntf tokens. Most times, we the investor would want to diversify our portfolio with multiple coins without even making proper research of those project especially looking towards the community.

When experience bitcoin investor venture into market they won't be triggered by the current trending at which the coin are being hype in the market although some investors who are mostly for profit making may not consider longitude rather they believe in quick profit making so therefore as a reasonable or educated investor will always to remain with a trusted coin such as BTC or any other reputed altcoin coin that has been established in the market than going for a newly launch project because those projects does not define it's feature.

[bee]

I believe that NFT can bring a certain satisfaction to the real owner. Since its value is subjective, comparing it to Bitcoin or altcoins that clearly have usefulness is unfair. However, I do not deny that since the popularity of NFT, many people have tried to take advantage of the craze to create money for free by minting thousands of NFTs that have no value. What they're ambitious about is trying the luck of others who got millions of dollars earlier.

[MrSpasybo]

I believe that NFT can bring a certain satisfaction to the real owner. Since its value is subjective, comparing it to Bitcoin or altcoins that clearly have usefulness is unfair. However, I do not deny that since the popularity of NFT, many people have tried to take advantage of the craze to create money for free by minting thousands of NFTs that have no value. What they're ambitious about is trying the luck of others who got millions of dollars earlier.

Honestly, besides specific cases related to copyright, cars, or diplomas, I haven't seen any real-world value in NFTs. Collections are just for fun because everyone can easily copy/paste to admire the artwork, or maybe I'm not educated enough to understand the value of owning a few images on a blockchain.

NFTs were very hot during the bullrun 2021 when they were given too many expectations, and the reality has disappointed NFT investors in the same way that ICO did in 2018. As long as governments haven't opened up to blockchain and NFTs, I don't see the possibility for NFTs to officially participate in the economy and society. Some applications in GameFi and SocialFi are just the beginning and haven't really taken full advantage of the full power of blockchain through NFTs.

[dragononcrypto]

I believe that NFT can bring a certain satisfaction to the real owner. Since its value is subjective, comparing it to Bitcoin or altcoins that clearly have usefulness is unfair. However, I do not deny that since the popularity of NFT, many people have tried to take advantage of the craze to create money for free by minting thousands of NFTs that have no value. What they're ambitious about is trying the luck of others who got millions of dollars earlier.

Honestly, besides specific cases related to copyright, cars, or diplomas, I haven't seen any real-world value in NFTs. Collections are just for fun because everyone can easily copy/paste to admire the artwork, or maybe I'm not educated enough to understand the value of owning a few images on a blockchain.

Fundamentally this is the concept of collectables in general, when we take out any of the real-world values. Like what is the value in physical trading cards, when you could just get a knock of copy of it, or get a photocopy of it? Clearly the value of the item (physical or not) is in the eye of the beholder. These types of collectables have never needed intrinsic value in order to be valued.

NFTs were very hot during the bullrun 2021 when they were given too many expectations, and the reality has disappointed NFT investors in the same way that ICO did in 2018.

I still think it's too early to tell if it's like ICOs, or whether it's like Bitcoin 2011 when it dropped 90%+ or Ethereum when it dropped 95%+ in 2017. The point being that both of these assets survived and thrived afterwards, and while NFTs are not cryptocurrencies, the speculation (huge pumps and dumps) remains very similar. The fact the many of the most popular collections have dropped 95%+ should be expected, as this is what happens when valuations rise by 100x+. You could say that similar to the ICO craze, 99.9% of projects died, but there were a tiny number that survived and remains alive and well today, so it's predictable that NFT colelctions are no different.

Personally I only invested a reasonable amount in MoonCats, simply because of the historical significance. It never really did that well 2021, potentially because it was one of the first collections of 2017 bought back to life, so there was a lot of selling pressure from the get go. But notably, unlike 99.9% of collections, the price has remained stable for years now, partly due to the lack of bull-run pump, but otherwise I believe it's because the value was only ever in it's historical significance and therefore hasn't changed. There are a few outliers like this, specifically the historical collections, aside from a few newer ones that got lucky recently in the bear market, that will no doubt struggle to survive in the future.

Of course we could look at CryptoPunks or Bored Apes and say they have failed and will never be popular again, because they have dropped like 80-90% in value. But then you have to look at perspective: they both increase like 100-1,000x and have still outperformed Bitcoin & Ethereum by 10x since 2021. So I'd hardly say these top two collections were failures given they have still outperformed the top two cryptos. Only time will tell if their values continue to increase in a bull market, or whether they die off. The more relevant aspect is that whenever valuations go up by 100x+, then you should take profits, and you could save yourself having highly speculative assets loose 90%+ value.

As long as governments haven't opened up to blockchain and NFTs, I don't see the possibility for NFTs to officially participate in the economy and society. Some applications in GameFi and SocialFi are just the beginning and haven't really taken full advantage of the full power of blockchain through NFTs.

To me this is still a non-starter and was never the initial idea for NFTs (that of being simple collectables). Maybe this would find value in the future but I was never a believer in any GameFi, SocialFi or Metaverse based NFTs. People tried to develop it but there was fundamentally no interest at the time.

[luckyledger]

I believe that NFT can bring a certain satisfaction to the real owner. Since its value is subjective, comparing it to Bitcoin or altcoins that clearly have usefulness is unfair. However, I do not deny that since the popularity of NFT, many people have tried to take advantage of the craze to create money for free by minting thousands of NFTs that have no value. What they're ambitious about is trying the luck of others who got millions of dollars earlier.

Yeah, the hype following some collections is crazy - those NFTs which are minted for free, usually, won't get value in the long run.

[MrSpasybo]

Fundamentally this is the concept of collectables in general, when we take out any of the real-world values. Like what is the value in physical trading cards, when you could just get a knock of copy of it, or get a photocopy of it? Clearly the value of the item (physical or not) is in the eye of the beholder. These types of collectables have never needed intrinsic value in order to be valued.

I still think it's too early to tell if it's like ICOs, or whether it's like Bitcoin 2011 when it dropped 90%+ or Ethereum when it dropped 95%+ in 2017. The point being that both of these assets survived and thrived afterwards, and while NFTs are not cryptocurrencies, the speculation (huge pumps and dumps) remains very similar. The fact the many of the most popular collections have dropped 95%+ should be expected, as this is what happens when valuations rise by 100x+. You could say that similar to the ICO craze, 99.9% of projects died, but there were a tiny number that survived and remains alive and well today, so it's predictable that NFT colelctions are no different.

Personally I only invested a reasonable amount in MoonCats, simply because of the historical significance. It never really did that well 2021, potentially because it was one of the first collections of 2017 bought back to life, so there was a lot of selling pressure from the get go. But notably, unlike 99.9% of collections, the price has remained stable for years now, partly due to the lack of bull-run pump, but otherwise I believe it's because the value was only ever in it's historical significance and therefore hasn't changed. There are a few outliers like this, specifically the historical collections, aside from a few newer ones that got lucky recently in the bear market, that will no doubt struggle to survive in the future.

Of course we could look at CryptoPunks or Bored Apes and say they have failed and will never be popular again, because they have dropped like 80-90% in value. But then you have to look at perspective: they both increase like 100-1,000x and have still outperformed Bitcoin & Ethereum by 10x since 2021. So I'd hardly say these top two collections were failures given they have still outperformed the top two cryptos. Only time will tell if their values continue to increase in a bull market, or whether they die off. The more relevant aspect is that whenever valuations go up by 100x+, then you should take profits, and you could save yourself having highly speculative assets loose 90%+ value.

To me this is still a non-starter and was never the initial idea for NFTs (that of being simple collectables). Maybe this would find value in the future but I was never a believer in any GameFi, SocialFi or Metaverse based NFTs. People tried to develop it but there was fundamentally no interest at the time.

Currently, NFTs are going through a tough period as the trend is no longer attracting attention and capital from investors. As a result, we've seen a decline in trading volume on NFT marketplaces and the disappearance of NFT news from crypto media, a stark contrast to the excitement and popularity this trend once had in 2021. I don't think they've failed, but they are disappointing investors, especially as they're skeptical about the return of NFTs in this bullrun.

Personally, I can see the potential and place of NFTs in education, healthcare, transportation, real estate, demographics, and more. However, it's unfortunate that these potentials won't be realized without widespread legal acceptance. GameFi and SocialFi are just the initial steps of NFTs adoption within the current crypto market, demonstrating the basic potential of this unique new asset class.

[erus]

~snip~
As a result, we've seen a decline in trading volume on NFT marketplaces and the disappearance of NFT news from crypto media,
~snip~

I don't fully understand NFT yet but I noticed that NFT is not that hyped now and tends to be forgotten. I saw that in Binance Announcement there was no more discussion about NFT and more or less maybe NFT has faded. If it's like this I'm sure it will need very hot news again to be able to increase the price of NFT and that news might have to come from famous people like Lionel Messi or Christiano Ronaldo who stated that they will create their own NFT.

[MrSpasybo]

I don't fully understand NFT yet but I noticed that NFT is not that hyped now and tends to be forgotten. I saw that in Binance Announcement there was no more discussion about NFT and more or less maybe NFT has faded. If it's like this I'm sure it will need very hot news again to be able to increase the price of NFT and that news might have to come from famous people like Lionel Messi or Christiano Ronaldo who stated that they will create their own NFT.

Recently, we've been hearing only about new Trump NFTs rather than other celebrities, and Trump NFTs have been very successful as he has received support and love from many fans. This partially confirms the value of NFTs in real life, and they should be developed instead of being associated with useless things in the bullrun 2021, like a rock or a readily available online images.

NFTs play important roles in various other trends like GameFi, SocialFi, MoveFi, and RWA, so they won't disappear easily. When these trends boom, NFTs will also achieve great success and bring profits to investors. However, I think we should only invest in the native tokens of the platforms that issue NFTs instead of buying and holding NFTs.