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What do you think will the tech bros jump on next? (feddit.org)
submitted 1 year ago by to c/memes@lemmy.world
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[–] 233 points 1 year ago (92 children)

NFT was the worst "tech" crap I have ever even heard about, like pure 100% total full scam. Kind of impressed that anyone could be so stupid they'd fall for it.

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  • [–] 133 points 1 year ago (59 children)

    The whole NFT/crypto currency thing is so incredibly frustrating. Like, being able to verify that a given file is unique could be very useful. Instead, we simply used the technology for scamming people.

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  • [–] 67 points 1 year ago* (30 children)

    I don't think NFTs can do that either. Collections are copied to another contract address all the time. There isn't a way to verify if there isn't another copy of an NFT on the blockchain.

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  • [–] 41 points 1 year ago (3 children)

    I didn't know this and it's absolutely hilarious. Literally totally undermines the use of Blockchain to begin with.

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  • [–] 9 points 1 year ago (6 children)

    Copying the info on another contract doesn't mean it's fungible, to verify ownership you would need the NFT and to check that it's associated to the right contract.

    Let's say digital game ownership was confirmed via NFT, the launcher wouldn't recognize the "same" NFT if it wasn't linked to the right contract.

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  • [–] 2 points 1 year ago (5 children)

    But you would need a centralized authority to say which one is the "right contract". If a centralized authority is necessary in this case, then there is less benefit of using NFTs. It's no longer a decentralized.

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  • [–] 3 points 1 year ago (14 children)

    There isn't a way to verify if there isn't another copy of an NFT on the blockchain.

    Incorrect. An NFT is tied to a particular token number at a particular address.

    The URI the NFT points to may not be unique but NFT is unique.

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  • [–] 6 points 1 year ago (13 children)

    The NFT is only unique within the contract address. The whole contract can be trivially copied to another contract address and the whole collection can be cloned. It's why opensea has checkmarks for "verified" collections. There are a unofficial BoredApe collections which are copies of the original one.

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  • [–] 3 points 1 year ago (12 children)

    Yes, the URI can point to the same monkey jpg. But a different contract address means it is a different NFT.

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  • [–] 13 points 1 year ago (22 children)

    It's crazy that people could see NFTs were a scam but can't see the same concept in virtual coins.

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  • [–] 16 points 1 year ago

    I'm not defending other cryptocoins or anything, they might be a ponzy scheme or some other form. But in the end they at least only pretended to be that, a valuta. Which they are, even though they aren't really used much like that. NFT's on the otherhand promised things that were always just pure technical bullshit. And you had to be a complete idiot not to see it. So call it a double scam.

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  • [–] 5 points 1 year ago (8 children)

    A large majority of "real" money is digital, like 80% non-m1 m2. The only real difference between crypto and USD is that the crypto is a public multiple ledger system that allows you to be your own bank.

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  • [–] 6 points 1 year ago (3 children)

    I've heard the sales pitch, it's a ponzi scheme with receipts. An open pyramid, so to speak. At best a volatile store of wealth.

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  • [–] 3 points 1 year ago

    Because the pyramid scheme is still going strong with them, exactly because new victims are continually falling for them. NFTs lost their hype so quickly that the flow of new victims basically completely stopped, and so the bottom went out of them much faster.

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  • [–] 7 points 1 year ago (2 children)

    I think a big part of the problem with NFT is that they are so abstract people don't understand what they can and cannot do. Effectively, with NFT, you have people that hold a copy of a Spiderman comic in hand and believe they own all forms of spiderman.

    Essentially, when you boil it down, you can turn this into "it's provable that individual X has possession of NFT identifier x,y,z". It's kind of like how you can have the deed to a piece of property in your desk, but that doesn't prevent 15 people from squatting on it.

    It's so abstract you can use it to fleece people. Even after 2 years of hype, people STILL do not understand them properly.

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  • [–] 3 points 1 year ago (1 child)

    Essentially, when you boil it down, you can turn this into “it’s provable that individual X has possession of NFT identifier x,y,z”. It’s kind of like how you can have the deed to a piece of property in your desk, but that doesn’t prevent 15 people from squatting on it.

    It isn't even that. It's is identifying which drawer in your desk the deed is placed, but there is no guarantee that the drawer contains the deed.

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  • [–] 5 points 1 year ago

    But it's totally legit brah, it's just like trading cards but on a computer bro, you can make jay pegs totally unique bro, nobody else in the world can have the same image as you brah, it proves you're the only owner of it bro, trust me bro it's super secure and technological bruh

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  • [–] 34 points 1 year ago (4 children)

    We got to use the word fungible a lot though, so that was cool

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  • [–] 16 points 1 year ago (18 children)

    NFTs could have been great, if they had been used FOR the consumer, and not to scam them.

    Best thing I can think of is to verify licenses for digital products/games. Buy a game, verify you own it like you would with a CD using an NFT, and then you can sell it again when you're done.

    Do this with serious stuff like AAA Games or Professional Software (think like borrowing a copy of Photoshop from an online library for a few days while you work on a project!) instead of monkey pictures and you could have the best of both worlds for buying physical vs buying online.

    However, that might make corporations less money and completely upend modern licencing models, so no one was willing to do it.

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  • [–] 20 points 1 year ago (6 children)

    I think there’s a technical hurdle here. There’s no reliable way to enforce unique access to an NFT. Anyone with access to the wallet’s private key (or seed phrase) can use the NFT, meaning two or more people could easily share a game or software license just by sharing credentials. That kind of undermines the licensing control in a system like this.

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  • [–] 6 points 1 year ago (3 children)

    two or more people could easily share a game or software license just by sharing credentials

    So like disks? Before everything started checking hwids. Just like the comment said, it would make corporations less money so they wouldn't do it.

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  • [–] 7 points 1 year ago (2 children)

    Well, that's the point. In order for that system to work as described, you would need some kind of centralized authority to validate and enforce it. Once you've introduced that piece, there's no point using NFTs anymore - you can just use any kind of simpler and more efficient key/authentication mechanism.

    So even if the corporations wanted to use such a system (which, to your point, they do not), it still wouldn't make sense to use NFTs for it.

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  • [–] 6 points 1 year ago* (1 child)

    There is nothing you mentioned which couldn't already be done, and is in fact already being done, faster and more reliably by existing technology.

    Also that was not even what NFTs was about, because you didn't even buy the digital artwork and NFTs would never be able to include it. So it would be supremely useless for the thing you are talking about.

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  • [–] 4 points 1 year ago (2 children)

    The issue is this doesn't solve a problem that isn't already solved. One of the big arguments I always heard was an example using skins from games that can be transfered to other games. We can already do that! Just look at the Steam marketplace for an example. You just need the server infrastructure to do it. Sure, NFTs could make it so the company doesn't control the market, but what benefit do they get for using NFTs and distributing the software then?

    99.9% of the use cases were solutions looking for a problem. I could see a use for something like deeds or other documents, but that's about it.

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  • [–] 3 points 1 year ago (1 child)

    Yeah, Sort of.

    Don't get me wrong, I'm not a huge fan of NFTs and do think there's easier ways, but I would agree that taking market control away from the companies owning it would kind of be the point (but I do think you can probably still do this concept without any NFTs).

    Sure, steam could allow game trading right now with no need for NFTs whatsoever, but the point would be that I can trade a game I bought through Xbox, to someone on Steam, and then go buy something on the Epic store with the money.

    And all of it without some crazy fee from the involved platforms.

    But that also would probably still require government intervention to force companies to accept this. Because, again, none of the companies would actually want this. NTF or not that doesn't change.

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  • [–] 4 points 1 year ago

    Yeah, it only works if they agree to honor it, which they have no obligation to do. If the government wants to step in and force them to, there's still no need for NFTs. There could just be a central authority that the government controls that handles it. Why would NFTs need to be involved? NFTs are only as useful as the weakest point in the chain. As soon as whatever authority (the government, Steam, whatever) stops working or stops honoring it then it's useless.

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