this post was submitted on 15 Sep 2024
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The author’s points are:
It’s pretty easy to tell that this guy spends at least half of his waking hours on reddit. He also completely glossed over the fact that it’ll be open source, so we can just fork it and cut out the icky parts
One small but important correction. NFTs are not a scam, it's an amazing technology that has the potential to revolutionize lots of stuff, that became popular when people used it for stupid shit.
Saying NFT is a scam because people have used it to scam others is like saying phones are a scam because people call others over the phone to scam them.
NFTs are essentially a decentralized token. This means that they can be used to represent anything you might want to represent with a token, e.g. ownership of a physical object such as a car or a house; ownership of a digital asset, such as a website or game; some predetermined amount of something, similar to a stock or bonds; etc. The fact that some people used it to mean ownership of random pictures and people thought buying random pictures on the internet for a ridiculous amount of money was a good idea tells you more about people than about the technology.
Hey, if you say NFTs aren’t a scam, then why is almost every single NFT project losing its value?
First of all losing value and being a scam are not correlated, the dollar is losing its value compared to the Euro for the past year but it's not a scam.
Secondly that would be an association fallacy, "X is a scam, X is an NFT, therefore all NFT are scam".