6 ms·

NFTs will never go back to how they were in peak 2021.The culture is dead

29 points by rodoxcasta 3y ago

PaulHoule 3y ago
A bit more literate article here https://www.coindesk.com/web3/2023/04/20/nft-marketplaces-sales-users-drop-to-lows-not-seen-since-2021-dune-data-shows/ https://www.coindesk.com/web3/2023/04/20/nft-marketplaces-sa... Those of us who aren’t blockheads are happy with the situation because we are hearing very little about NFTs except from the occasional slow moving corporation that decided to get into NFTs a year ago and is now heading into the dead mall.
llimos 3y ago
It would take a heart of stone not to laugh
- rchaud 3y ago
  The profile pictures are especially entertaining; everyone proudly displaying their "unique" art purchases !
BulgarianIdiot 3y ago
Yeah. Neither will tulip bulb culture.
LinuxBender 3y ago
Good. Wash trading and ponzi schemes [1][2] just found new tech new tricks and thusly new victims. [1] - https://www.youtube.com/watch?v=d_o3nZHzCwA https://www.youtube.com/watch?v=d_o3nZHzCwA [video][4 mins][bill maher, ben mckenzie] [2] - https://www.youtube.com/watch?v=ZpqreZlmHGU https://www.youtube.com/watch?v=ZpqreZlmHGU [video][8 mins][ben mckenzie, cnn]
davidgerard 3y ago
Peak 2021 was itself a "stimulus-led fad", as Bloomberg put it: https://www.bloomberg.com/news/articles/2021-04-03/nft-price-crash-stirs-debate-on-whether-stimulus-led-fad-is-over https://www.bloomberg.com/news/articles/2021-04-03/nft-price... The whole thing was always fake. To the extent NFTs were a thing, they were another speculative asset for crypto degens. That's all they ever were.
vlowther 3y ago
... And nothing of value was lost.
yata69420 3y ago
The JPEG-flipping profile picture culture may be dead, but the technology works. NFTs are great if you need cryptographic proof of ownership. I believe this actually has a ton of unexplored utility, even though people now associate "NFT" with pictures of monkeys. The only NFTs I currently use are from Uniswap, but I think it's likely I'll use them for all sorts of ownership in the future. NFTs can also make things like subscription services and club memberships transferable by allowing secondary marketplaces where they otherwise would not exist, which should be good for both businesses and customers. POAPs are pretty interesting too.
- dragontamer 3y ago
  > NFTs are great if you need cryptographic proof of ownership. You can get that with a cheap smart-token that we all call a "chip-enabled credit card", which provides cryptographic proof of ownership each time you use the chip or NFT reader. There are also cryptographic proofs of ownership with every cell-phone enabled application, as well as HTTPS client certificates (rarely used on the public internet, I find them in use in private intranets, SSH keys, and the like). You know, "cryptography", the kinds of which we've been using since 1980. Not the "new fangled crypto" that forgets about older solutions that still work today.
  - yata69420 3y ago
    I use all those types of cryptography too, but NFTs provide additional features. The special thing about NFTs is that they're securely transferable on a public ledger, which isn't really the case with client certificates or ssh keys. Let's say I buy a ticket to a show as an NFT and I want to give it to you. I can simply send it to your wallet address, and now you own it and can prove you do at admission time. If I resell the ticket to you at a premium, perhaps the performer gets an additional cut to help them capture some of the resale value and reduce scalping. I'm not sure how you'd do this with SSH keys or private certificates, but I think you would end up needing some kind of registration/directory/ledger service, and then you've just invented cryptocurrency again.
    - 3y ago
SideburnsOfDoom 3y ago
The next scam will necessarily not look anything like the last con. If it looks like the last one, the marks will avoid it, thinking that they have learned to avoid being conned entirely. Think about this the next time that you hear something like "but $newHype is nothing like NFTS!" No, of course not, that's not guarantee of authenticity.
coucherdusoleil 3y ago
I mean, NFTs are about as primitive as Bitcoin and Ethereum... I don't think NFTs will be relevant in the way people think or want during the next crypto rush.
rasz 3y ago
OP still doesnt realize NFTs ARE _shitcoins that are all scams_
rchaud 3y ago
>"The og ape clubhouse noises, The og lazy lion twitter raids, The og @ohhshiny twitter spaces, the og NFT culture that built the 2021 peak market. All gone forever. The current NFT culture is this: Greed, shadiness and scams" It's remarkable how much of this sounds like the lamentations we have for Web 1.0, back when the Internet was fun and creative and there were no corporate sites to speak of. We now come full circle, with Web3 speedrunning the history of the WWW.
- BulgarianIdiot 3y ago
  Bruh, NFTs were nothing but a crypto gold rush perpetrated by cynical grifters upon clueless mids and children.
noman-land 3y ago
I mention this every time NFTs come up here but those stupid monkey jpegs are dumb. ENS is, to me, a perfect usecase for NFTs. What you "own" is a hash that represents a human readable name. That ownership is stored in a global database that isn't owned by anyone and can't be tampered with. Now you have a cryptographically secure human readable "address" you can use just like a domain to point to anything you want. And just by being deployed on Ethereum your domain or subdomains can receive money and tokens directly. It can be used to receive encrypted communications. So much other stuff.

29 points by rodoxcasta 3y ago

A bit more literate article here https://www.coindesk.com/web3/2023/04/20/nft-marketplaces-sales-users-drop-to-lows-not-seen-since-2021-dune-data-shows/ https://www.coindesk.com/web3/2023/04/20/nft-marketplaces-sa... Those of us who aren’t blockheads are happy with the situation because we are hearing very little about NFTs except from the occasional slow moving corporation that decided to get into NFTs a year ago and is now heading into the dead mall.

llimos 3y ago

It would take a heart of stone not to laugh

rchaud 3y ago
The profile pictures are especially entertaining; everyone proudly displaying their "unique" art purchases !

BulgarianIdiot 3y ago

Yeah. Neither will tulip bulb culture.

LinuxBender 3y ago

Good. Wash trading and ponzi schemes [1][2] just found new tech new tricks and thusly new victims. [1] - https://www.youtube.com/watch?v=d_o3nZHzCwA https://www.youtube.com/watch?v=d_o3nZHzCwA [video][4 mins][bill maher, ben mckenzie] [2] - https://www.youtube.com/watch?v=ZpqreZlmHGU https://www.youtube.com/watch?v=ZpqreZlmHGU [video][8 mins][ben mckenzie, cnn]

davidgerard 3y ago

Peak 2021 was itself a "stimulus-led fad", as Bloomberg put it: https://www.bloomberg.com/news/articles/2021-04-03/nft-price-crash-stirs-debate-on-whether-stimulus-led-fad-is-over https://www.bloomberg.com/news/articles/2021-04-03/nft-price... The whole thing was always fake. To the extent NFTs were a thing, they were another speculative asset for crypto degens. That's all they ever were.

vlowther 3y ago

... And nothing of value was lost.

yata69420 3y ago

The JPEG-flipping profile picture culture may be dead, but the technology works. NFTs are great if you need cryptographic proof of ownership. I believe this actually has a ton of unexplored utility, even though people now associate "NFT" with pictures of monkeys. The only NFTs I currently use are from Uniswap, but I think it's likely I'll use them for all sorts of ownership in the future. NFTs can also make things like subscription services and club memberships transferable by allowing secondary marketplaces where they otherwise would not exist, which should be good for both businesses and customers. POAPs are pretty interesting too.

dragontamer 3y ago
> NFTs are great if you need cryptographic proof of ownership. You can get that with a cheap smart-token that we all call a "chip-enabled credit card", which provides cryptographic proof of ownership each time you use the chip or NFT reader. There are also cryptographic proofs of ownership with every cell-phone enabled application, as well as HTTPS client certificates (rarely used on the public internet, I find them in use in private intranets, SSH keys, and the like). You know, "cryptography", the kinds of which we've been using since 1980. Not the "new fangled crypto" that forgets about older solutions that still work today.
- yata69420 3y ago
  I use all those types of cryptography too, but NFTs provide additional features. The special thing about NFTs is that they're securely transferable on a public ledger, which isn't really the case with client certificates or ssh keys. Let's say I buy a ticket to a show as an NFT and I want to give it to you. I can simply send it to your wallet address, and now you own it and can prove you do at admission time. If I resell the ticket to you at a premium, perhaps the performer gets an additional cut to help them capture some of the resale value and reduce scalping. I'm not sure how you'd do this with SSH keys or private certificates, but I think you would end up needing some kind of registration/directory/ledger service, and then you've just invented cryptocurrency again.
  - 3y ago

SideburnsOfDoom 3y ago

The next scam will necessarily not look anything like the last con. If it looks like the last one, the marks will avoid it, thinking that they have learned to avoid being conned entirely. Think about this the next time that you hear something like "but $newHype is nothing like NFTS!" No, of course not, that's not guarantee of authenticity.

coucherdusoleil 3y ago

I mean, NFTs are about as primitive as Bitcoin and Ethereum... I don't think NFTs will be relevant in the way people think or want during the next crypto rush.

rasz 3y ago

OP still doesnt realize NFTs ARE _shitcoins that are all scams_

rchaud 3y ago

>"The og ape clubhouse noises, The og lazy lion twitter raids, The og @ohhshiny twitter spaces, the og NFT culture that built the 2021 peak market. All gone forever. The current NFT culture is this: Greed, shadiness and scams" It's remarkable how much of this sounds like the lamentations we have for Web 1.0, back when the Internet was fun and creative and there were no corporate sites to speak of. We now come full circle, with Web3 speedrunning the history of the WWW.

BulgarianIdiot 3y ago
Bruh, NFTs were nothing but a crypto gold rush perpetrated by cynical grifters upon clueless mids and children.

noman-land 3y ago

I mention this every time NFTs come up here but those stupid monkey jpegs are dumb. ENS is, to me, a perfect usecase for NFTs. What you "own" is a hash that represents a human readable name. That ownership is stored in a global database that isn't owned by anyone and can't be tampered with. Now you have a cryptographically secure human readable "address" you can use just like a domain to point to anything you want. And just by being deployed on Ethereum your domain or subdomains can receive money and tokens directly. It can be used to receive encrypted communications. So much other stuff.