NFTs are crashing hard
Robert Freise
Posts: 4,462
https://www.artnews.com/art-news/news/nft-trading-volume-down-97-since-january-artnews-1234641141/
Trading volumes in nonfungible tokens -- digital art and collectibles recorded on blockchains -- have tumbled 97%
Post edited by frank0314 on
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Comments
I'll bet it was a result of the new AI apps.
Or people finally realized the emperor has no clothes
OpenSea is mentioned in that article also.
Not going well at all.
Awwwwww.....
;)
Like most things they only have a certain lifespan, before things change and folks find something new to go for.
They will burn some to raise the value. 16 Gwei | dashboard | ultrasound.money
Temporary setback?
Anyway, this will probably get moved to Non-Fungible Token (NFT) Art - Daz 3D Forums
This was kind of inevitable. Forget about the whole issue of what you're actually buying when you buy an NFT, which is a whole matter of debate unto itself, but simply focus on the high number of fraudulent NFTs being sold, many based on stolen IP, the general lack of any regulatory mechanisms with teeth, and the mass oversaturation of the perceived market by people collecting with a vastly overinflated of an NFT's value as an investment. That's already a pretty shakey house of cards, so if you toss in the sudden instant art capacity of the AI art systems that always produced unique "art"... and suddenly the value of an NFT becomes far more dependent upon who is producing it, the cachet their name carries, and the assurance that the exclusivity that it's theoretical value is based on will remain unaltered or grow.
Will NFTs go away? No. But they're following the same pattern as so many tangible items marketed as unique collectibles in the past, such as Cabbage Patch Kids, where after the initial buying frenzy the interest eventually wanes dramatically, until they finally end up as free giveaways in a McDonald's Happy Meal...
nooo not my jpegs
In the words of Battery sargeant major Williams "Oh dear, what a pity, never mind"
...Bitcoin and other cryptos are also taking hits recently
But Daz3D keeps promoting NFTs. I wonder what those many-hundred-dollar Non-Fungible People are reselling for now? Is there a market? I'm sure happy I never got involved in that!
Hmmm ... the recently sold items are really low ... if I recall correctly, they are below the original mint price ... which is even worse since the Etherieum price is only worth about 1/3 of what it was when they were minted.
Thread moved to the appropriate forum.
Upon accidentally bumping into an NFT:
"Oh sorry, excuse me, my bad......heyyyyy, didn't you used to be something? Thought I recognised you. How's life nowadays? Oh...that's too bad."
*little whispers*
"No, no that's alright, I don't need your autograph thanks - and certainly not for...how much?"
*more whispers*
"What's that your saying?....You coulda been a contender?.....oh deary me, you have got it bad. Perhaps now is the time to invest in a GARGANTUAN mirror...you know, for self-reflection and to contend with life!"
It sucks so bad that NFTs being a crypto thing--with all associated pitfalls--probably poisoned the well for the concept of it making sense to "pay for a JPG" (read: pay an artist for the exclusive license to use a unique piece of their art as your profile pic or display it on your site). That part was actually good and could be salvaged if it was separated from the wild get-rich-quick promises only a handful of people were ever going to achieve.
When I was a little kid I was absolutely convinced my family had a chance to win the Publisher's Clearing House sweepstakes, because it was comforting to think someone could just come along, drop money on us, and lift us out of poverty. I refused to hear any skepticism about it and I would have been very upset to know what the odds actually meant, because for a couple of weeks I had this idea to take refuge in. Part of that is because I was seven; I also thought that if I could find an abandoned shopping cart I could build a knockoff version of those battery-powered drivable toy cars for kids. But also I think it's a genuine response to suffering anyone can fall prey to. What I can't ever forgive is people who were comfortable when all of this began and had no reason to push it beyond wanting to make a little more money.
I don't think it's dead yet; I'll be pleasantly surprised if this is it, but I expect a few rounds of "NFTs are back, babey!!" if crypto prices recover and for the real death to come when there are no more external excuses.
Me too!!! I got the letter out of the mailbox that said, "You have won...!"
I cried when my mom said it was garbage and threw it in the trash.
Awww... and nobody was surprised really. Maybe when you all hype for it. Glad people are coming to their senses.
I am not against a global art market, but with the way it was implemented, it sucked and it was obvious from a mile imo.
I often think of that (plus, it'd probably be cheaper too).
I agree. Except I don't think a lot of people saw it coming to be honest. The hype was borderline hysterical.
So now I have to contend with the fact that being an artist, my art has been copied and made into NFTs. Should I be worried?
https://www.instagram.com/p/Cgt1xzqOZTf/
That's a skull painting of mine that someone altered into an animation and posted for sale on an NFT site. Ugh!
So as you can guess, I'm not a big fan of NFTs for this reason, but it's not the only time my art has been plagarized. I just don't care anymore.
Shortly after the mint, they recieved a rather large store credit so they could obtain other outfits and hair for their NFPs. Since the mint, holders have been dropped branded content not available in the store (this is probably the reason for the new license option a month or two ago), as well as a unique shader also not available in the store. They've also been dropped free NFTs from other projects Daz collaborated with. The value of the PFP might have come down a lot, the value was made up in the extras dropped since the mint.
Interesting info, thanks. I'm glad purchasers are valued and being treated well.
NFTs are the new Season Pass?
Interesting observation. I'm ever so glad I never got involved in either season pass or NFTs.
FTX ↓
I'm not.
As you must surely realize (I hope), I'm not either. And the story gets more interesting, too.
https://www.theguardian.com/technology/2022/nov/12/ftx-collapse-missing-funds
I really hope as many people as possible are taking this as a sign to get out. This is why I think it's unconscionable to promote this stuff. A ton of people just lost massive amounts of money because they trusted the guy who was supposed to be the ethical center of crypto. This is not even the latest in a string of these collapses, because it turns out that this is what happens when you let people who already have more money than they do common sense or morals play games with others' livelihoods.