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The vast majority of NFTs are now worthless, new report shows
(www.theguardian.com)
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this post was submitted on 23 Sep 2023
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The concept isn't, I agree. But it also isn't a useful idea, either. There really doesn't appear to be any benefit to using NFTs in any meaningful application, or at least nobody has pitched one that isn't either a grift or a way to appear "trendy" by reinventing the wheel.
The actual infrastructure was horribly inefficient, but that may have improved with ETH's move to proof of stake.
There's other issues, but the idea of using the digital receipt as an "investment" seems fundamentally flawed.
Some established, legitimate artists have been selling NFTs with their originals. But sure, overall, like crypto in general, the field is filled with scammers and get-rich-quick schemes.
I know someone who is a painter who for some reason decided to try selling NFTs a couple of months ago (I pointed out it was a bit late…). The only responses on opensea and Instagram she received were from scammers, trying to pull a “my payment didn’t work, you need to manually approve it” scheme to try to steal her credentials.
She could also simply write down the name of the person who bought the painting from you. And ask them to let her know if they sell it so she could update her records.
Sure it's possible someone might not let her know they sold the painting. But it's equally possible someone sells the painting without transferring the NFT along with it.
Sure, and instead of credit cards, the store can just write down on an index card that I owe them $60. Anyway, the idea is a level of automation exceeding what they had in Sumeria 7,000 years ago.