6 ms·

95% of NFTs are now probably worthless

21 points by wannacboatmovie 3y ago

Tommstein 3y ago
That's it?
aurareturn 3y ago
99.99%. Probably 100%.
alex_lav 3y ago
I for one am shocked.
tornato7 3y ago
I'm surprised by the figure that 23 million people hold NFTs. That's pretty impressive considering the clunky user experience. I'm not a big fan of NFTs but I'm pretty happy with my one NFT that got dropped free to users of /r/ethfinance. I use it as a profile pic and sometimes see other folks in the wild on random discord servers using theirs and that gives us something in common. There's a bid of 0.19 ETH on my free NFT too, so not entirely worthless yet!
- aurareturn 3y ago
  23 million people or 23 million wallets? One person/entity can own multiple wallets. Unfortunate that 23 million or fewer people fell victim to snake oil.
- superchroma 3y ago
  Unhelpfully a number of those will be unwilling recipients of trash airdrops.
rvz 3y ago
> A recent study looking at the price of thousands of collections seems to suggest the answer is, "yes." Yes and No. Just like the 90% - 95% of frivolous startups that failed during the dotcom crash with the remaining 5% - 10% surviving. Perhaps we'll see proper usage of NFTs beyond looking at the price since there are some useful NFTs such as ENS domains used to resolve wallet addresses to readable domain names on-chain and NFTs for ticketing systems, which even Ticketmaster announced for their use-case for gated sales. [0] So let's not be absolutist here with '100%' or '99.9999%' of them. More accurately: 90% - 95% of NFT projects won't survive; as expected. [1] with the remaining 5% - 10% still surviving. [0] https://business.ticketmaster.com/business-solutions/nft-token-gated-sales/ https://business.ticketmaster.com/business-solutions/nft-tok... [1] https://news.ycombinator.com/item?id=30236668 https://news.ycombinator.com/item?id=30236668
- troupo 3y ago
  > Perhaps we'll see proper usage of NFTs > NFTs for ticketing systems No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it. > which even Ticketmaster announced for their use-case for gated sales. As with all these announcements they are scrapped and thrown into trash just a year or two later.
  - rvz 3y ago
    > No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it. Yes. Very useful for ticketing systems and quote the entire sentence next time for context: >> Perhaps we'll see proper usage of NFTs beyond looking at the price... > As with all these announcements they are scrapped and thrown into trash just a year or two later. Another business product (TIXNGO) is still using NFTs for ticketing systems last year: [0] Still using it this year today [1] for their events. Typical HNers like yourself always going for the absolutism take. [0] https://www.secutix.com/articles/ed-sheeran-tour-shines-in-stade-de-france-with-digital-ticket-system-success https://www.secutix.com/articles/ed-sheeran-tour-shines-in-s... [1] https://www.secutix.com/articles/secutix-enters-ticketing-partnership-lusail-international-circuit https://www.secutix.com/articles/secutix-enters-ticketing-pa...
    - troupo 3y ago
      > Yes. Very useful for ticketing systems and quote the entire sentence next time for context Regardless of context they make zero sense for ticketing. > Another business product (TIXNGO) is still using NFTs for ticketing systems last year We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described). > Typical HNers like yourself always going for the absolutism take. No. Typical HNers know more about reality than any typical crypto bro.
      - rvz 3y ago
        > Regardless of context they make zero sense for ticketing. Wrong. Here's another company that is using NFTs for tickets for their product. [0] Had it been unsuitable, they would have entirely stopped or never considered using them years ago after trailing it. > We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described). I've assumed you have read the links and they explain how it works. Clearly you haven't bothered to read the links. > No. Typical HNers know more about reality than any typical crypto bro. Ah yes, the childish name calling since you have nothing intelligent left to say after debunking your denial. I've just shown you the reality with real world companies using said NFTs as tickets and gave links to substantiate that. From you, it is all absolutism and continuous denial. How many more goal posts are you going to move in your next reply? [0] https://boxoffice.sitickets.com https://boxoffice.sitickets.com
RecycledEle 3y ago
They always were. A NFT is just a URL embedded into someone's block chain that points to a pic on the web. That is not something I'm inter sted in paying for. Among other things, I can post a pic myself, and there is no ongoing payment to keep the images hosted so they will disappear.
- RecycledEle 3y ago
  If you paid for an NFT, check right before the statute of limitations runs out in a civil suit for fraud and see if it is still there / if the image is still online at that URL. If it is not, sue for fraud. Make sure your attorney documents that they did not even keep up the web hosting. This could be a business model for attorneys.

Tommstein 3y ago

That's it?

aurareturn 3y ago

99.99%. Probably 100%.

alex_lav 3y ago

I for one am shocked.

tornato7 3y ago

I'm surprised by the figure that 23 million people hold NFTs. That's pretty impressive considering the clunky user experience. I'm not a big fan of NFTs but I'm pretty happy with my one NFT that got dropped free to users of /r/ethfinance. I use it as a profile pic and sometimes see other folks in the wild on random discord servers using theirs and that gives us something in common. There's a bid of 0.19 ETH on my free NFT too, so not entirely worthless yet!

aurareturn 3y ago
23 million people or 23 million wallets? One person/entity can own multiple wallets. Unfortunate that 23 million or fewer people fell victim to snake oil.
superchroma 3y ago
Unhelpfully a number of those will be unwilling recipients of trash airdrops.

rvz 3y ago

> A recent study looking at the price of thousands of collections seems to suggest the answer is, "yes." Yes and No. Just like the 90% - 95% of frivolous startups that failed during the dotcom crash with the remaining 5% - 10% surviving. Perhaps we'll see proper usage of NFTs beyond looking at the price since there are some useful NFTs such as ENS domains used to resolve wallet addresses to readable domain names on-chain and NFTs for ticketing systems, which even Ticketmaster announced for their use-case for gated sales. [0] So let's not be absolutist here with '100%' or '99.9999%' of them. More accurately: 90% - 95% of NFT projects won't survive; as expected. [1] with the remaining 5% - 10% still surviving. [0] https://business.ticketmaster.com/business-solutions/nft-token-gated-sales/ https://business.ticketmaster.com/business-solutions/nft-tok... [1] https://news.ycombinator.com/item?id=30236668 https://news.ycombinator.com/item?id=30236668

troupo 3y ago
> Perhaps we'll see proper usage of NFTs > NFTs for ticketing systems No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it. > which even Ticketmaster announced for their use-case for gated sales. As with all these announcements they are scrapped and thrown into trash just a year or two later.
- rvz 3y ago
  > No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it. Yes. Very useful for ticketing systems and quote the entire sentence next time for context: >> Perhaps we'll see proper usage of NFTs beyond looking at the price... > As with all these announcements they are scrapped and thrown into trash just a year or two later. Another business product (TIXNGO) is still using NFTs for ticketing systems last year: [0] Still using it this year today [1] for their events. Typical HNers like yourself always going for the absolutism take. [0] https://www.secutix.com/articles/ed-sheeran-tour-shines-in-stade-de-france-with-digital-ticket-system-success https://www.secutix.com/articles/ed-sheeran-tour-shines-in-s... [1] https://www.secutix.com/articles/secutix-enters-ticketing-partnership-lusail-international-circuit https://www.secutix.com/articles/secutix-enters-ticketing-pa...
  - troupo 3y ago
    > Yes. Very useful for ticketing systems and quote the entire sentence next time for context Regardless of context they make zero sense for ticketing. > Another business product (TIXNGO) is still using NFTs for ticketing systems last year We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described). > Typical HNers like yourself always going for the absolutism take. No. Typical HNers know more about reality than any typical crypto bro.
    - rvz 3y ago
      > Regardless of context they make zero sense for ticketing. Wrong. Here's another company that is using NFTs for tickets for their product. [0] Had it been unsuitable, they would have entirely stopped or never considered using them years ago after trailing it. > We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described). I've assumed you have read the links and they explain how it works. Clearly you haven't bothered to read the links. > No. Typical HNers know more about reality than any typical crypto bro. Ah yes, the childish name calling since you have nothing intelligent left to say after debunking your denial. I've just shown you the reality with real world companies using said NFTs as tickets and gave links to substantiate that. From you, it is all absolutism and continuous denial. How many more goal posts are you going to move in your next reply? [0] https://boxoffice.sitickets.com https://boxoffice.sitickets.com

RecycledEle 3y ago

They always were. A NFT is just a URL embedded into someone's block chain that points to a pic on the web. That is not something I'm inter sted in paying for. Among other things, I can post a pic myself, and there is no ongoing payment to keep the images hosted so they will disappear.

RecycledEle 3y ago
If you paid for an NFT, check right before the statute of limitations runs out in a civil suit for fraud and see if it is still there / if the image is still online at that URL. If it is not, sue for fraud. Make sure your attorney documents that they did not even keep up the web hosting. This could be a business model for attorneys.