NFT sales plummet 92% as market ‘collapses’

[zayk35]

Crypto.com just bought naming rights from the staples center. I don’t think crypto going nowhere no time soon.

You must not remember the "dot.com" bust. You had "this and that dot.com" ads everywhere then it all fell down suddenly but not surprisingly. It's happening now too.

 

[Batsute]

So nobody in here has made any NFT art?

At this point it’s fukkin impossible, you either have a large fan base who will consume whatever you sell or you have a niche NFT.

The second is definitely not an option, I was looking into it and there’s a nft for whatever you fukkin think of. Seriously google your idea and then add NFT, somebody has already beat you to it.

 

[Amestafuu (Emeritus)]

How do people keep falling for these obvious scams?

Wasn't a scam. The first phase of most internet shyt going back to the Dotcom bubble era is usually wild speculation before things settle down. During this phase there is a lot of overvalued junk with no actual value. Doesn't make it a scam. People just jump in too early.

 

[Supa]

post what you made from crypto. show us how good you eating breh.

I did that in the Ross thread so go there if you want to know

Here's a clue; I've made way more than you have which is zero

Every time someone tells yall there's money to be made yall want to see proof as if we're making it up. We've been chopping it up for years in the crypto thread sharing wins and losses and helping each other but what do we know?

 

[Majestyx]

So nobody in here has made any NFT art?

i have done illustrations for a company that did some NFT's. i got paid upfront and after the shyt sold.

 

[pete clemenza]

Everybody knew that shyt was a scam and a passing fad

 

[HTXBreh]

The most popular NFT has nearly zero usable utility. These celebrities never showed up for a BAYC party and they probably were payed to cop them.I own a couple cannabis related NFTs thst provide event entry and discounts.I wpuld never drop six figures on anything solely digital.

 

[Xyrax]

coli crypto connoisseurs gonna come in here and tell us we're all just too stupid to get it or behind the times though...

Ehh. I like crypto despite not really holding any right now, but I have never been up on NFT's. I could never get behind the idea, it seems.... just not something I can vibe with. If it can evolve in some official usable capacity beyond just personally owned avatars? Sure. But in its current state, it always just looked to me like the new wave for the recent crypto bull market that got folks a little too excited.

Maybe Im wrong on that Im willing to admit it if I am, but its just not something that seemed impressive to me.

I would say the same for this whole sect of Blockchain "Play to Earn" games. This stuff just reeks of first generation nonsense. I think Blockchain is going to produce some useful and valuable things, but these here aint it IMO.

 

[Standing on business]

it's a way bigger opportunity to sell your art or music direct to your fanbase without any middle entities taking huge cuts of your profits. No spotify taking 90% for streaming or Amazon.com or some art gallery or record label taking a huge cut of your hard work for using their platform or services. because everything happens thru the blockchain artists can program things to where they get royalties whenever their content gets resold. works out much better than the traditional way of art/music. so long as an artist has a loyal following they can actually make a living without relying on any 3rd parties taking a huge part of their hardwork. This NFT shyt will allow them to truly be independent

Look into what Timbaland is doing. Look up an artist named Damien Hirst. He sold a collection of 10,000 NFTs of his artwork in minutes. Even if he had his shyt in every art gallery in the world he would've never been able to sell that much that quickly and definitely not without each gallery taking a huge cut.

Ignore the cartoon jpeg scams and pay attention to the bigger picture, artists/musicians are going to thrive off this shyt

Good post especially the bolded, no one on the coli who’s into crypto was even pushing the jpegs like that, but yet they ran in here pumping their chest to dap fish.

The thought process of an NFT is not a scam and is most likely probably the future. I suggest you learn as much as you can about blockchains and NFT’s.

However I think them Microsoft art looking pics that’s getting flipped for millions right now is some bullshyt that will eventually fade away.

 

[IIVI]

I really suggest to google and read an article on github called "No, Your Cryptocurrency Cannot Work."

There are plenty of intricate and complex articles trying to convince you that cryptocurrencies are the future. They usually heavily use jargon and vague terms, make vague promises, and generally give you a sense that there must be something there, but you always come away from them more confused than you were before.

That's not because you're not smart enough; that's because such articles are intentionally written to be confusing and complex, to create the impression of cryptocurrency being some revolutionary technology that you must invest in, while trying to obscure that it's all just smoke and mirrors and there's really not much to it.

While Bitcoin was not originally designed to be a pyramid scheme, it is very much one now. Nearly every other cryptocurrency was designed to be one from the start.

The trick lies in encouraging people to buy a cryptocurrency. Whoever is telling you that their favourite cryptocurrency is the real deal, the solution to all problems, probably is holding quite a bit of that currency, and is waiting for it to appreciate in value so that they can 'cash out' and turn a profit. The way to make that value appreciation happen, is by trying to convince people like you to 'invest' or 'get in' on it. If you buy the cryptocurrency, that will drive up the price. If a lot of people buy the cryptocurrency, that will drive up the price a lot.

The more hype you can create for a cryptocurrency, the more profit potential there is in it, because more people will 'buy in' and drive up the price before you cash out. This is why there are flashy websites for cryptocurrencies promising the world and revolutionary technology, this is why people on Twitter follow you around incessantly spamming your replies with their favourite cryptocurrency, this is why people take out billboards to advertise the currency. It's a pump-and-dump stock.

This is also the reason why proponents of cryptocurrencies are always so mysterious about how it works, invoking jargon and telling you how much complicated work 'the team' has done on it. The goal is to make you believe that 'there must be something to it' for long enough that you will buy in and they can sell off. By the time you figure out it was all just smoke and mirrors, they're long gone with their profits.

And then the only choice to recoup your investment is for you to hype it up and try to replicate the rise in value. Like a pyramid scheme.

Maybe some day, a legitimate cryptocurrency without Bitcoin's flaws will come to exist. If it does, it will be some boring research paper out of an academic lab in three decades, not a flashy startup promising easy money or revolutionary new tech today. There are no useful cryptocurrencies today, and there will not be any at any time in the near future. The tech just doesn't work.

I'd post the link here, but it posts the entire article (I posted some of my favorite parts from it though).

I say this as someone who was invested in it for a couple years, which includes all over the DeFi spaces and I frequently stumbled on the bolded in that space. I'm sure many who participate in that space did as well.

It's best use case imo is sending money to people around the world fast without a bunch of ceremony and delays, but you don't need 19,000 different coins to do that.

 

[GoldenGlove]

back to art and the sports/trading card market

These are the same markets NFTs are in

 

[kevm3]

People just got caught up in the pyramid scheme of hyping something new, the new adopters making a ton of money off of those who come after, and then those who come last end up paying

 

[JohnStarksMiddleFinger]

Selling shovels is where the money is really made. Just like the gold rush. Shovel sellers always made money. Gold diggers seldom made money. Simple.

Strive to sell shovels.

that’s a gem, I’m save that one for my sons

 

[GoldenGlove]

I really suggest to google and read an article on github called "No, Your Cryptocurrency Cannot Work."







I'd post the link here, but it posts the entire article (I posted some of my favorite parts from it though).

I say this as someone who was invested in it for a couple years, which includes all over the DeFi spaces and I frequently stumbled on the bolded in that space. I'm sure many who participate in that space did as well.

It's best use case imo is sending money to people around the world fast without a bunch of ceremony and delays, but you don't need 19,000 different coins to do that.

Stablecoins are proving to useful and a great way to hedge inflation.

 

[GoldenGlove]

At this point it’s fukkin impossible, you either have a large fan base who will consume whatever you sell or you have a niche NFT.

The second is definitely not an option, I was looking into it and there’s a nft for whatever you fukkin think of. Seriously google your idea and then add NFT, somebody has already beat you to it.

I quickly realized this early 2021. NFT art sales are essentially just like traditional art sales. In order to sell, you need clout, you need a following, you need collectors and galleries checking for you.

It's funny because I'll see people on my TL with no following at all, talking about, "They're about create an NFT" and I just laugh and scroll by it. Not because I'm salty or hating, but because people have no sense of how shyt works. They see a headline and think they on to something new, when really it's the same game for the most part. The people who have eyes and attention garnered in Web 2.0 are going to continue to win with Web 3.0... Your popular digital artists now really benefited from this move if they were on it early.

If you're a dope illustrator/digital artist, but you don't have a big following, you are going to have to build up your network in this space for you to do numbers