So What Happened to All Those NFTs?

[@FoldingIdeas]

I haven't watched any of those dorks at the beginning and I found this very easy to follow

[@KappaKaijuOfficial]

Well now I'm just embarrassed

[@KingLich451]

Lmao

[@blakewisswell]

The nft murderer himself.

[@BadgerOfTheSea]

The guy who made a video essay that made such an impact it got it's own wiki page

[@BigTylt]

When Dan speaks, reality itself trembles

[@cheezemonkeyeater]

"95% of all NFTs are worthless." Wrong. 100% are worthless, it's just that 5% hasn't admitted it yet.

[@bomberbolton]

Yep, always had no value but once had a high cost

[@jimmyseaver3647]

NFTs just... weren't even good as a novelty. They were literally either stolen art, or some procedurally-generated thing that had a blockchain tag to it. Therein lay the problem: that blockchain wasn't going to stop people from simply hitting "right click > save as". They had no substantial value, and I cannot think of any way for them to gain any. It was once again a bunch of tech bros who, desperate to innovate, ended up creating a solution that wasn't even in search of a problem because there was none in the first place.

[@zirrian]

it was a pyramid scheme, plain and simple

[@Nerathul1]

Also legally speaking if you ever actually "owned" any of the so-called art you purchased was incredibly dubious at best as there's no legal framework of owning a copyright based on some ownership of a random bit of data. Even if the original maker agreed to sell you the right of the art with the token, nothing enforces you selling the token means also selling the copyright with it. So the closest NFT makers found is some weird licensing claim that as long as you own the token they agree to license the image to you, but that's not ownership and by these rules if the token is stolen or lost then you lose the right to a thing you are meant to own. Meanwhile digital assets like videogame skin make no sense as an NFT because if you A skin for NFTShooty Game and NFTShooty game closes... sure the skin exist on the blockchain but as it has no uses whatsoever without a centralized service.

[@HALLish-jl5mo]

I’m aware of one situation where they made sense: video games. If you want to keep track of who owns a rare item, and you want that rare item to be able to be sold outside of the game, they make sense. If EVE Online used them I’d get it. In that application there doesn’t need to be copyright, you just need to convince the company that you own the rare item, and potentially satisfy other players as well. NFTs are great for that. I haven’t found a single other use, though I expect someone eventually will.

[@zirrian]

@@HALLish-jl5mo bruh, the Steam marketplace does the same thing and you don't need the CO2 output of the Netherlands to trade it away.

[@christophernoneya4635]

I think they're comparable to legal titles, like sure anyone can own a picture of the Mona Lisa, nothing stops you from copying it... But only one person owns the actual real painting. The problem however was there were no NFT masterpieces that had value for the owner, there was no NFT Mona Lisa. Most of them were just generated trash so they couldn't even attract the tiny tiny niche of people who care about owning an original. Plus a major benefit of a legal title is the legal benefits, NFTs carry none of that, courts can't even force someone to return the title if it's mistakenly or fraudulently transfered. There's just no reason to purchase an nft in a world where legal ownership exists

[@anotherwordly]

I like how nftbros started with “saving the image doesn’t do anything because I own the link!” to “if you save the image that’s stealing and I can sue you”

[@TimoRutanen]

Removing the image doesn't do anything either because you still own the (now defunct) link. Maybe they could claim in court that was sabotage?

[@bigboybastard7162]

Have the time you didnt even own the image, you owned only the link. Some people would use this to literally change the nft link into a jpeg of a rug right after the sale.

[@amelialonelyfart8848]

It's just weird how NFT market places didn't even attempt to make it difficult to just save the images. You can disable the right-click menu quite easily (you can also disable to disabling quite easily) and you can disable the ability to screenshot a website. Most NFT market places, if not all of them, just don't do that.

[@zekewalker1350]

This represents the shift between the sellers of the grift being the loudest defenders, to the buyers of the grift being the loudest

[@TopazFire15]

It’s funny because one of the big pushes for blockchain was decentralizing currency and not having the “stinking feds” be involved in the economy anymore, but of course they go pissing and crying to the legal system they wanted to supplant the moment someone screenshots their shit artwork 😂

[@pcjpeh0f9wh]

I knew NFTs were a scam when someone tried to peddle a stolen model of Chadwick Boseman's head with a gold texture on the Oscars after his death. Glad to see the market eventually realized it as well.

[@Alex-dz9jg]

Hilariously they are still desperately trying to push their games, even a few of them are on Steam lol.

[@Chinothebad]

@@Alex-dz9jgSteam actually allows them? I thought their trash was on the Epic Games Store.

[@TuriGamer]

The head of who

[@OrbObserver]

@@TuriGamer An actor and the star of Black Panther who passed away from cancer.

[@curepinkie1637]

​@@TuriGamer you're either baiting or just racist

[@squirrel_killer-]

Fun fact, the original purpose of NFT technology was for contracts, tracking the sale of physical property, and for tracking IP rights in a way that would be publicly visible and help prevent some of the current issues relating to not knowing who owns what after the complicated process of things being bought and sold and companies shutting down and being liquidated. The misunderstanding and deliberate perversion of that lead to NFTs as we know them.

[@lamidene8139]

It’s fascinating how the demographic fastest to pick up new technology is scammers. There were even telegraph based scams back in the day, and as soon as ai got good at faking voices boom, KZbin scams of The Rock telling you about a secret check the government will give you.

[@catboysephiroth560]

Was looking for this comment! Unfortunately cryptobros don't understand even when you try to explain it to them.

[@charlottesaunders5457]

highly recommend watching Dan Olson's (folding ideas) video, because he does actually discuss the issues with this in detail

[@SpoopySquid]

So take something we can already do without using NFTs, make it even more inefficient, and burn down half a rainforest every time a new entry is made? Revolutionary

[@CainXVII]

Yeah, I remember leaving a comment like one or two years ago of how this could actually be useful for validating "real" artworks by transferring an NFT every time they are sold or donated. It would be hard to make false versions or steal them then because you wouldn't have the NFT.

[@caitlyn5834]

I love how many of these “completely original, uncopyable” things are just… blatantly stolen copyright nightmares

[@realleon2328]

the ironic thing abt comparing nfts to chuck e cheese tokens is that if you check Ebay, chuck e cheese tokens are actually a lot more valuable than most of the crypto on the marketplace

[@gothixxx12]

Do you know wtf ratio is? There more tokens then each is worth less. What you saying is like saying USD is stronger than yen. Dumb ass comment.

[@zerosdotworld]

perhaps in 30 years they will be a valuable collectible like everything else from a time looked at nostalgically. or they might still be worthless 😂

[@nulnoh219]

That chuck e cheese token is actually non fungible. There is actual scarcity involved.

[@alaeriia01]

​@@nulnoh219 Chuck E Cheese tokens are quite fungible: any given token is interchangeable with any other token, assuming we're not grading for condition or rarity of particular vintages. There's a finite number of the things, sure, but it's like those tokens that Safe Cracker pinball machine dispensed. You have 20 different designs and some are worth more than others, but any given "sleeping cop" token is interchangeable with any other "sleeping cop" token.

[@lopoa126]

@@zerosdotworldwe like nostalgic stuff normal people can interact with tho 😂

[@okami-chan9772]

To be honest I feel sorry for the gullible artists out there who thought it would be okay to turn their art into NFTs while destroying the originals. True story, I saw an ignorant artist taking pictures of their art, to turn them into NFTs, and then burning their original creations on the news.

[@livwake]

How does it get rid of the original art beyond presumably waiving the rights?

[@okami-chan9772]

@@livwake I have no idea to be honest. But when I saw the artist doing that on the news, I said to myself "this freaking idiot is going to regret it in the future" because even back then I knew the NFTs phase was nothing more than a scam and it's not going to thrive forever.

[@greenhowie]

Yeah... both Umami and Kraina Grzybow got fooled into making NFTs at the start of it all when there wasn't much info on what it actually meant.

[@Blewlongmun]

Stuff like that is definitely a shame but there's plenty of artists who destroy hours of work for seemingly no real reason. The one good thing I heard for NFTs was a lot of smaller artists were making a decent income. Should they have a proper platform instead of tech-bro pandering? Absolutely, but I can't hate on NFTs without thinking about the people who got attacked for finally making a living in 2020.

[@bananasinfrench]

Early on I heard a lot in artist spaces that NFTs were gonna be the way to market digital art akin to galleries, even in my college art courses. Sucks that it was just yet another way to prey on artists

[@MonkieWithAKeyboard]

NFT bros really said: "You wouldn't download a car!" Than got right-clicked to oblivion.

[@Mayhzon]

A classic blunder. People absolutely would download a car if they could, and they'd do so with a digital car in a heartbeat. Lesson learned... or not...

[@paulgibbon5991]

Don't copy that floppy!

[@MusiciansRule07]

They went the way of the Pet Rock. NFTs were nothing but a Fad. They were made from good stolen art or they were ugly AF. Good riddance to them and their "have fun staying poor!!!" purchasers.

[@ghostmyers2019]

What, you mean you don't enjoy "I am superior bc I spent $25k irl money on a photo of a monkey you totally can't screenshot" posting?

[@crowqueenamps]

This right here. I genuinely feel bad for people who thought that crypto may have been worth something, but I feel nothing for all the jackasses who scammed folks and pumped out NFTs.

[@lud3445]

Hey, c'mon!!! Pet Rocks were at least real

[@CoolMagmar]

I still think if they had really want to truly grow and not be just another money laundering scheme they would have study how the Adopts community do stuff, like have adopts that still go for 100 to 1000 USD to this day thanks to how the it is structured, like if a teenager with zero marketing skills can do a successful community what is stopping them that receive money from big techs and their parents like is candy? But then again they don't have a creative bone in their body so would fail either way.

[@symbiote1982pk]

A pet rock would still hold a door open, good luck managing that with a link to a jpeg.

[@kaemincha]

Munecat, Coffeezilla, and Folding Ideas videos are all top notch. Happy to see the recs.

[@danielstachowiak568]

I would absolutely watch another hour long yandere dev video. Theyre some of my favorite ones on the channel (aside from the book reviews) and frankly id love an update.

[@pinkEspurr]

this

[@chieflingtiefling7257]

same same

[@catherrah3859]

yes, just thought about rewatching the other ones

[@RF666]

ngl yandere dev drama is so 2020 i honestly just wanna move on with my life... that being said i would love an another yandere dev video

[@dummyyogurt5375]

Yandere dev isn't interesting enough to nake that many vids on him. Kappa's a cool guy, he can speak a about anything else

[@brandonlyon730]

Ironically this sort of thing is nothing new when it comes to speculative marketing. In the early 90’s comic books were basically NFT’s where people were buying comics in the literal truckload with no care about its story, art, or contents but just on the assumption it will be valuable to sell for a higher price later. This also lead to the comics industry cashing in on it with things like a million new number 1’s or various gimmick variant covers to basically sell you the same comic multiple times. This whole thing was called the speculator boom. Course this backfired when people realized they were not getting any resale value back on the many new comics they own considering millions of the exact same book exist across the market. So when the collectors figured out they were basically buying worthless paper people in mass stopped buying comics which eventually caused the comic crash which resulted in many comic shops and companies to go under. Even today the comic industry has never truly recovered from the comics crash

[@flipina]

Karl Jobst had a good video about this problem in games too

[@briancrawford8751]

I remember that. I was never into comics, not even as a kid, and I thought they were silly. When people were saying that all these new #1 comics would be worth a fortune, I knew that was BS. I collected coins instead.

[@rpcheesman]

@@flipina The retro games fiasco? The one where they were found to be artificially inflating the prices and valuations? He did a good cover of that issue.

[@Moonlitwatersofaqua]

This has been happening since the tulip bubble. Economic bubbles are as old as capitalism itself. Nfts were just another one of those bubbles. My rule of thumb is that when it comes to pleasure items is that you should never buy stuff in the hope of them increasing in value over time. Value is determined by how much someone is willing to pay and by how much there is. You could have an expensive item and try to resell it, only to find everyone is selling that item, so you have to keep undercutting the price. Vice versa, you can have a relatively cheap item at initial cost, but due to scarcity, people will pay more. Or they won't. Demand has to be there and it wont always be.

[@rainpooper7088]

@Moonlitwatersofaqua The Dutch tulips are probably the most comparable. Apparently, the whole thing with tulips in the Netherlands was that they originally *weren't for sale,* high society rich folks would grow them and breed new colors and then trade the onions against other tulip onions like Pokémon cards. People eventually started selling them for the impression of entering an exclusive club of the wealthy, which caused them to become a speculative object.

[@DRFTRD2]

YIPEEE I LOVE KAPPAS SEMI ANNUAL POSTS

[@DRFTRD2]

WARFRAME MENTIONED RAAAAAAH I LOVE THE IN GAME ECONOMY!!!!

[@oniayaa]

I don’t think you know what semiannual means

[@Th3C0urtJ35t3r]

I got here late so let's get this s*** on the road I'm glad he posted again

[@NankitaBR]

​@@oniayaaI don't think you understood the joke

[@Oink-FM]

It’s bi-annual

[@krissybaglin9206]

Warframe also has active systems designed to PREVENT plat-farming and profiteering ingame. Limiting daily trading, high credit tax on trading premium currency, etc. All of which actually playing the game enables reasonably well but cripples bot trading, trade focused efforts, etc

[@beautifulnova6088]

Your trade cap also goes up as you level up, which takes a concerted longterm effort to do.

[@cyberdelicxp9125]

I play Warframe. I find thier system to be fair, and working just fine

[@smilingearth5181]

NFTs are just Beanie Babies for venture capitalists

[@Neogeddon]

Hell, at least with Beanie Babies you actually get to physically have the thing you own.

[@nerdyneedsalife8315]

​@@NeogeddonUnlike any NFT, some Beanie Babies were cute like the beagles.

[@downrightgriffin4014]

The difference being is that I can physically hold my silly little beanie baby crab, cannot tangibly interact with some ugly-ass monkey jpeg lol

[@lawrencelopez9839]

but you can hold beanie babies... to be more accurate NFTs are like pictures of beanie babies being treated as the doll. You have a deed saying you own the beanie baby in the picture but it's in a top secret vault and you can never touch it or take it out, just tell people where it is and show them the picture

[@mattm8870]

At lest beanie babies are physical objects.

[@seddiwy]

"i've become dull like my joints" i felt that in my heart and my knees

[@rainer2241]

Except the chuckecheese token holds more value because its actually real

[@LordOfTheFatties]

Chuck E Cheese tokens on Ebay can be sold as genuine collector's items for very significant sums of money, depending on their age. At the very low end, some people charge $1 for a 20 year old token. This means the cheese token is worth literally tens of thousands of times more than literally almost any NFT in existence!

[@monstaro19]

Exactly

[@scottydu81]

@@LordOfTheFattiesYou can also use the tokens to play some sick skee ball and earn some fuckin tickets. I want that bike.

[@datboi6141]

⁠​⁠@@LordOfTheFattiesworth or value is literally only an IDEA in the human brain. Take your $ for example. It ONLY holds value because you, me and every store owner has the IDEA that it hold value. Going into the future there will be new things that gain “value” (the idea) that we cannot even imagine Rn. Do you’re right but if the government put a price tag on nfts and made them worth 80k….you would eventually fall in line and believe in the “value” as well.(because the government in past times have influenced IDEAS)

[@hidden3880]

you can acquire half a tootsie roll with that profit

[@philty_phil]

It's hilarious now, watching all these videos titled something along the lines of: "NFTs: the future of banking" from a couple years ago and seeing now how dead wrong they were

[@Blackwing2345635]

Funnily enough blockchains and smart contracts did found their way into enterprise, but "silently", not as things on their own, but just another useful tool far in the backend. What is dead is trying to sell blockchain/nfts/whatever just because it is blockchain/nfts/whatever, not as actually good solution to a problem people have. There were (and still is) projects, that are trying to solve a problem, but they are usually doomed, because they are not the best solution and are too shallow and concentrated on tokens, not on a problem. For example currently there is a project to reward participants of distributed computing networks. Usually such networks are just for volunteers, like Rosetta, F@H, some other i don't remember names of. Basically they allow for scientist to run heavy calculations on random people's machines instead of paying for servers. Sounds like a great idea to further motivate people to participate with tradeable tokens, but we already know how it will work without additional mechanisms to stop speculations and reward in the end only those, who actually does the work. Same with projects for musicians - nice idea to build a community platform, but it is not better then usual streaming services in terms of power imbalance, but worse at convenience for users and monetization for musicians. It actually works better with more "traditional" means, rather than with extremely speculative and volatile crypto.

[@TheManinBlack9054]

Dont you think some of the anti-AI videos will turn out to be this way or are they going to move the goalposts again?

[@feIon]

nfts are just digital collectibles bro lol whoever made videos like that were grifters for sure

[@gothixxx12]

Nft is not for banking. Jesus you don't even know wtf you saying

[@spacebassist]

​@@TheManinBlack9054 considering AI discussion tends to start with "it's a tool!" before someone has to say "it's not the tool, it's how people are using it that's the problem", people saying that the artists deserved it, the mountains of slop it's generated and will generate in the future... i think it's already a bit bad i don't think they need to move the goalposts because bad things have already come of it, the fear is that worse can still happen. given people's lack of care for artists or trying to create without the use of a glorified program, it can definitely get worse honestly if robots became feasible and destroyed 90% of jobs, someone would still defend them lol

[@amufknwestwood]

librarian jesus has blessed us once again

[@NankitaBR]

Best comment award 🏆

[@Hell_With_Perks]

Misread it as Lesbian and I was willing to accept that lmao

[@whyisyoutubeshowinghandles]

​@@Hell_With_Perks I'm sorry because this is horribly unrelated but your misreading immediately reminded me of the song "Lower One's Eyes" by nulut and I feel legally obligated to mention it

[@KVoinre]

librarian jesus save us librarian jesus

[@sirkowski]

"I'm going to be biased against crypto." I'm sold!

[@martymcfly88mph35]

Good timing to dunk on crypto. I just tripled my bitcoin investment from 2022 lol. Spent 10 grand and sold for over 36 grand.

[@Bonanzaking]

Well the next year or so will tell how well this ages. One just needs to count 4 years at a time from 2009 onwards at least for the currencies. NFT’s who knows.

[@TheManinBlack9054]

I think its just an admission of impartiality, its ok if you're watching this as pure mind-numbing entertainment, but dont actually think you'll learn something here. Going deeper into your own bubble and being proud of it is not the most rational choice

[@LiarJudas666]

@@TheManinBlack9054there is no “bubble,” it was stupid from the jump and being against it is intellectually honest.

[@tahitifan100]

Shut Up! And take my views!

[@littleblueclovers]

“Don’t care about this item, but I will buy this for a high price because I’m hoping someone will buy it from me for a higher price.” “Why would they do that?” “Because they’re hoping someone else will buy it for an EVEN HIGHER price.” -> repeat infinitely until a massive crash (see: tulip bulbs, beanie babies, trading cards, etc)

[@taurengraybeard218]

Those were, at least, actual physical items you could enjoy.

[@Vellzi]

Greater fool theory

[@Rad-Dude63andathird]

​​@@taurengraybeard218 I think a better word here would be "own", as there were those weirdos who used their NFTs as profile pictures in online space, which makes me think at least SOME people did legitimately like their overpriced PNGs.

[@Delmworks]

…also Housing

[@paultapping9510]

I doubt many of the people spending 10k+ on beanie babies were doing so because they really like stuffed toys. @taurengraybeard218

[@Hamun002]

You didn't even cover the worst part about Bitcoin Miners: they're not even solving the actual "problem". Most of the machines used are the simplest machines, taking a random number and adding 1 to it. The more machines you have like this, the more likely you will get the question answered faster. That warehouse is basically the same thing as buying lottery tickets as a group, except you're essentially competing to have the largest bonfire to appease the capricious God Satoshi

[@panofnoodlez1377]

That guy mimicking you behind you is pretty good

[@stephen3164]

NFT’s were the “tech” version of the Beanie Baby collectibles fad. No one knew why they were valued so highly, and after becoming the hottest new thing, they both quickly plummeted to worthlessness after people realized they had invested in trash. Then, like much any pump and dump scheme, it was a scramble for everyone involved to sell as quickly as possible before everyone realized what they had paid big money for was completely worthless.

[@TheBronzeDog]

I'm reminded of a joke Magic Card from an old magazine: "Mox Dragon of the Lotus" Its Power and Toughness is equal to its dollar value on the market. If that were an actual card, it'd experience a spike in value, then get banned for being too powerful. Then it'd likely plummet in value until only collectors want it for its oddity instead of its play value.

[@TheMightymolar]

The fundamental deceit was calling them a "currency."

[@66Roses]

"Blast lightning through flattened squares of sand" made me have to contemplate reality for a second.

[@thunderdrum325]

Ooo! Love this effect, it's called defamiliarization!

[@kiljaeden7663]

Working in telecoms I like to tell people that the core of the internet is just lasers being fired down really thin glass tubes.

[@TheManinBlack9054]

@@thunderdrum325 more like reductionism, calling people meat with electricity is one of them

[@Umberman]

local man buying 50 tulips for 5000 francs sure to make massive profit when the next guy buys them from him for 10000

[@FishMr3]

Bro it's the 17th century Bro, these tulip bulbs are gonna be huge bro just trust me bro just invest with me bro it's guaranteed easy money bro there's no way it'll cash bro

[@shooey-mcmoss]

except if I was the guy buying those tulips, I would ACTUALLY enjoy those

[@qhu3878]

oh my god it was just tulipmania wasn't it, holy shit

[@Foostini]

NFTs really were one of the more recent canaries in the coalmines for artists, you'd think after seeing "they're great for artists" immediately get turned into a scam ring of stolen art that we'd be a bit more careful going into AI shit but here we are once again profiting off the backs of a hardworking skilled industry and then driving them out.

[@spacebassist]

"but it's a tool" it's kinda depressing lol, kinda shows you how little we care about the possible long-term consequences when short-term shit is looking us dead in the eye (artists getting the shaft when AI art got big). it's also depressing when a lot of the pro-AI arguments boil down to "artists are on the way out" and the nuance was an illusion, they really don't give a shit how much damage it can do as long as it lets them make something with zero effort and parade it around like anyone cares how detailed their prompt was also, "luddites". the real life luddites got their jobs ended by machinery, then they got executed for protesting. they had a reason to be angry but at least anyone that uses it as an insult is outing how ignorant they are to the concept of losing one's job and how devastating that is

[@paulgibbon5991]

@@spacebassist Everyone loves tech until it's their turn to lose their livelihoods. Nothing demonstrates how unhealthy our relationship with science and new technology is than how AI has been handled.

[@JossCard42]

AI is the most transparent attempt at the rich trying to have a product to sell without ever having to pay someone to make it.

[@SuperTort0ise]

"An idiot admires complexity, a genius admires simplicity." -Terry Davis I think about this every time i hear/see a NFT-Bro talk or even worse see some kinda website, like they make it so cluster fuck with "information" that you can't even think.

[@Chinothebad]

To see a quote from Terry Davis, it would of been nice to see him say something about NFT-bros like he would with the CIA being glow in the dark.

[@Robotdestroyer0]

​@@Chinothebadi bet he'd call them Government Agents, or plain old Idiot during an extremely racist rant

[@TheWaggishAmerican]

​@@Chinothebadif only Terry were still around to comment on the current state of nightmaretech :(

[@CombineWatermelon]

Personally I prefer his quotes on lower life forms

[@palyername]

it doesn't even matter what it's about I just like hearing you talk about things tbh. immaculate vibes. justified arguments. I know the yandere dev shit recently is kind of heavy if unfortunately unsurprising but I do think you'd handle the topic with appropriate discretion

[@paultapping9510]

why, what's up with yandere dev now?

[@palyername]

@@paultapping9510there was an incident where he was inappropriate with a minor

[@paultapping9510]

@@palyername oh. Fuckin ew. I'm entirely unsurprised though, very much on-brand for him

[@Werewolf.with.Internet.Access]

@@paultapping9510 The dude that made a game about perving on high school teenagers…perved on a high school teenager??? Color me fucking FLUMMOXED bro lmao Nah but on the real that guys a gross scumbag and deserves legal repercussions, and/or the fate of being discarded by civilized society at large

[@whitetiana3022]

the complete rejection of NFTs has slightly restored my faith in humanity. all the elites told us "this is the new great thing you should want" and everyone just said "no"

[@mauri-mattiaslaanesaar5305]

I love the warframe comparison, it's funny because it's true

[@MechMK1]

The awful thing about cryptocurrencies is that it gave serious cryptography a negative reputation by association. You could say "Yes, I study cryptography" and they believe you're trying to scam them.

[@DefiantYeast0426]

This is the first time I've heard of cryptography. What is cryptography?

[@justmo6208]

​@danielletaylor9201 I have heard it deacribed as "you can spend months studying it and somehow know less." So I'm assuming it's increadibly complex

[@None-Trick_Pony]

​@@DefiantYeast0426Simple explanation: you're scrambling stuff to make it hard to decipher and attempting to decipher stuff others scrambled. Usually, the scrambling is done as a one-way process-that is, it's easy to do one way and not the other. Think a cipher. Using a given cipher, it's easy to turn a word into a string of letters. If you hand it to someone else without giving them the cipher, it's very hard to figure out what that word is. This is the basis of cryptography. A skilled cryptographer would figure it out easily with a little trial and error as there's only so many ways to scramble a word, and people usually use the same ciphers. For computers, simple ciphers aren't enough when there's a ton at risk (bank accounts, personal info, etc.), so what is often used is called a 'cryptographic hash function'. This is fancy computron speak for an algorithm that turns a unique string of characters into a unique string of gobbledigook. It's easy to turn the string into gobbledigook, but hard to turn the gobbledigook back into that string. This is used for passwords, as it means your passwords are not stored as plaintext (what you typed in), only the gobbledigook. When you login, the server runs what you've typed as a password into that algorithm again, and checks if what comes out of it matches the gobbledigook they have on file. This is why you have to reset your password when you forget it-they don't know your password. I know this is far more than you asked, but I explain best with examples. I've used highly technical terms when other options are unavailable, such as gobbledigook and computron, so this may be slightly obtuse. I hope this does serve as an explainer, though!

[@Heresor]

It goes a long way to acknowledge ones' biases. Kudos to Kappa

[@SunsetEnvy]

The thing that made me laugh the most was nft bros crying "good luck staying poor!!!1!". We'll who's poor now monkey brain?

[@Univenon]

As someone who has been following crypto and it's inevitable failure for years at this point, I appreciate your more layman approach to the topic. You did a good job cutting through all the useless jargon and simplifying it for people who know nothing about it. Also, it was funny. Cheers.

[@PositiveOnly-dm3rx]

My stepdad was thinking about getting into nft's Anna asked me about them. I told him "they are beanie babies. They will be worthless soon". I look really smart rn. Lol

[@aaronmoravek]

It was never why are NFTs worthless now, but rather why did anyone pay anything for NFTs ever.

[@OhertRasmus]

Marketing hype + fomo

[@NerdSnipingBatman]

The greater fool theory. That's why

[@winterx2348]

my favorite thing about NFTs was the decent into madness as the techbros realized that people on the internet don't respect art and will right click + save and repost it or sell it as their own with wild abandon and practically no enforceable consequences, aka the same thing that happens to actual artists 24/7. it was pure willful naivety that they didn't think the same would happen to their shitty monkey jpegs. they didn't even watermark it ffs

[@Bhamloud47]

Most of them knew. They bet on people’s stupidity and won. The people who started it made tons of money while the little guy lost as usual.

[@Pooky1991]

I always described NFTs as mlms for technbros, except even with most mlms there is at least a physical product present. Its basically waiting for someone greedier than the nft holder with money to throw away in hopes of gaining more from a different sucker falling for the price point of the jpeg. The only ones who benefit or the few at the top, almost like a pyramid me thinks.

[@zacklewis342]

Uh, no. The ones who gain the most are at the bottom, the early scammers. People at the top have paid the most and gained the least, and the very top loses everything.

[@Sapphire-Neon]

Reminds me of the tweet that said "It's easy to see in hindsight that nfts were a stupid scam, but it was also easy to say that during the beginning and throughout the middle too."

[@villageidiot7584]

The fourth wing cameo jump scared me I was not ready for one of my most hated books to appear in a crypto video

[@TweEkc]

Someone heavily recommended the book to my wife, why you hate it?

[@villageidiot7584]

@@TweEkc so my issues with the books are vast but a lot of it comes down to the fact that it pitched itself as about the mc being in war college and dragons. These things take a back burner in favor of every other paragraph being about how horny the mc is for the boy that she's not supposed to talk to. Other things I have issue with involve the terrible representation of EDS which was another selling point for the book, the magic system not making much sense, and the general system of the war college/dragon rider sect of the military also not making sense. I tell people at work (I work at a bookstore) that if you're looking for dragons you should skip it and find a different dragon rider book to read, but if you really like romance with smut you'll probably enjoy it.

[@TheKatsMeow113]

@As someone who read it without buying into the hype, it was a book where the author basically took all the most popular book tropes on TikTok, smashed them into a single book, and did absolutely nothing to develop these further. Cardboard cutouts of enemies to lovers, super special magic one, spice levels were supposed to be off the charts, the world building was supposed to be super complex, all that jazz. Every single one of them fell flat and was done in the most one-dimensional or nonsensical way, and I didn't even buy into the TikTok hype because I'm not on TT.

[@villageidiot7584]

@@TheKatsMeow113 I don't buy into the hype of any NYT best sellers either, let alone booktok. It did not take me many books to realize my taste was very different than general audiences that tend to be the ones getting books into the top 10's.

[@rowenadangersign]

"it is a decentralized append-only ledger fuelled by the blood of our planet" is THE BEST description of crypto I have ever heard. Literally snorfed my beer out my nose. Great vid. Hitting that subscribe button.

[@gothixxx12]

The banking system is also fueled by the blood of the planet. Americans rape the planet the most go learn something

[@mediocreman6323]

Oh no! Something without any actual value proved to have no actual value? Who. Would. Have. Thought.

[@karatefrosch17]

Crypto bros really went "fiat currency is a scam" then didnt extend that to the entire capitalis system and went "man i want my own scam"

[@DrSpoculus]

It was supposed to be de-centralized currency. It turned into the most centralized currency on earth..

[@clmn6712]

Exactly what I told people when NFT's came out - they were only valuable until the one day everyone realized they weren't and then they would be worthless.

[@BeavisSaves]

"Fueled by the blood of our planet" makes it extra funny that SquareEnix, makers of Final Fantasy 7, really like NFT crap.

[@jonesy279]

“My least favourite person at work said that crypto is supposed to be the most advanced technology in the world” is one of the most relatable sentences I’ve heard 😂

[@GantaaOhime]

My brother, who is otherwise smart, still is convinced there is unique uses NFTs offer that you can't achieve off-chain but 2 years in, still can't name one

[@xtanagaming1017]

NFTs were like a premium membership to a fancy nightclub, but all the membership did was let you use the side door. Also all the drinks are just color dyed water.

[@joshuaporterfield6774]

The term nonfuckable toucan is the only good thing nfts created.

[@glassphoenix9095]

i would think that describes _most_ toucans

[@CErra310]

@@glassphoenix9095 quitter talk

[@zacklewis342]

@@glassphoenix9095 Are you saying toucans are immortal? Because they don't reproduce by mitosis...

[@Esodum]

Wish i could download a car just like i downloaded NFTs valued at 40k USD back in the day

[@victim5533]

The focus on driving even just any attention towards a crypto project goes so far that I have seen people literally cheering when a big creator shat on their project. It was deeply critiqued and all its weaknesses and failures were being pointed out, meanwhile the guy reacting to it, whos sad sad life in relation to the project sometimes even directly is mentioned, cheers on happily as if this entire thing is a win for them. Nothing has ever in my entire life confused me as much as that

[@pudrig5543]

RIP munecat miss her uploads

[@throbbingfellow1136]

Are they dead?

[@danieldyson1660]

@@throbbingfellow1136no, there’s just been a long gap between uploads because one of her cats died

[@AndromedaD]

​@@danieldyson1660 Ah, I didn't know that :(

[@relight6931]

Shit, that is sad. Still glad she is at least OK. One of more positive characters when it comes to creators.. I love her singing and music. The long well researched videos are just an added bonus.

[@halfling49]

I love how Kappa got ticked off for a second reading (or trying to read) munecat's name. The *fuck* is anyone gonna do with that umlaut, lmao.

[@nucleargrizzly1776]

Some millennial that worked for a client very condescendingly tried to convince me that NFT's were the investment of the future. Went full rage when I asked why I wanted to own an image that anyone can find on the internet? I wonder how he's doing?

[@mitch6254]

Hey, welcome back. I'm glad to see another upload from you.

[@Kinross07]

Having just re-binged the Yandere Saga I would be up for a follow up, not least because I suspect you'll condense it all down (somewhat) where at the moment it feels like you have to go to a dozen places to get a hint of an idea of what's been going on recently. On the other hand, much rather you do what you find interesting/enjoyable/fulfilling.

[@ewanherbert3402]

I'm just glad my Dad told me about the Dutch Tulip Bubble when I was young, so all hype investment tech people look like gormless medieval peasants to me...

[@Naryoril]

The question isn't why they are worthless now, the question is, why weren't they worthless from the get go?

[@asherscott3151]

I was not expecting the Fourth Wing dig, but I am here for it

[@QazNotQuaz]

the "it's been 6 years, that's remarkable!' video has been one of my favorite videos to listen to while doing chores pretty much ever since i found your channel so id love an update!!

[@TooMuchSascha]

I still can't believe Nerd City came back after a full year of being absent and the best he had to offer was an hour long video about how his NFTs were gonna be so much better than others

[@arborescreens]

always happy to see a video from you, this one was fun! i would personally love a video on yandev, but that's just because i regularly rewatch your older videos about yansim's development because they have such a unique and fun tone to them while also ripping him, and the game, apart

[@cozierboo]

Kappa Kaiju upload ?! I am literally salivating right now

[@guitarfreakizoid]

"Blasting lighting through a flattened square of sand" is the most accurate inaccuracy ever spoken. I love it, and I'm going to steal it.

[@FluffyEnbyneering]

Any day cryptobros take a fat L is a good day

[@brandonmccambridge8321]

Have you seen the market? I don’t know if any of them are really losing rn

[@FluffyEnbyneering]

@@brandonmccambridge8321 I wouldn't exactly count "having near-zero value" as winning, buddy. Invest in something with value like an education or something

[@DmarzL]

@@FluffyEnbyneering just because you're too dull to understand something, doesn't mean it has no value.

[@FluffyEnbyneering]

@@DmarzL insults rather than data, okay. Explain why a market that lost 95% of its value is worth investing in. What practical value does an image of a monkey, looking like the equivalent of pushing “Randomize” in a character creator, hold? They’re Pokémon cards except they’re overpriced, artificially scarce and ugly as hell.

[@DmarzL]

@@FluffyEnbyneering You've had 15 years to understand it. If you still don't get then I certainly don't have the time to explain it to you

[@Connor37911]

I feel better…I never “got” the idea of NFTs. At best, it seemed like Beanie Baby economics with a veneer of crypto buzzwords.

[@hikaru9624]

Except beanie babies had the value of actually being a possession you own. Nfts you don't own and contribute to mass environmental damage daily.

[@astrisperspecto4130]

Our librarian overlord knows of Warframe!? What bliss for me on this day!

[@SirGriefALot]

From the beginning I've been saying that the only reason people buy NFT's is because they think they can sell it for more money than they paid. Even without the profit potential some people would still buy beanie babies and funco pops because they're fans of the product. Nobody cares about NFT's beyond just making money.

[@TheBronzeDog]

Kind of why I don't agree with the tulip comparisons. At least tulips can make your garden pretty, so they have a use.

[@zacklewis342]

@@TheBronzeDog NFTs can make your monitor pretty. What's the difference? Both are purely aesthetic.

[@jackmiller9017]

​@@zacklewis342 I think the intrinsic difference is that there are a finite amount of physical tulip bulbs while theoretically I could create an infinite amount of an image

[@TheAsexualJellyBean]

Hey man, been watching for a good 4-5 years now, and just wanted to let you know I hope you're doing well. Your videos are always super relaxing to me, and I get really whenever you upload a new one. Idk, just thought I'd comment that. Good video.

[@mallowmallow2070]

Same here, he's one of my favorites

[@NinjaZombieGenocide]

I can't think of a more accurate depiction of NFTs than Zoidberg and his sandwich. But even then, the sandwich has tangible use to Zoidberg because he can eat it. It's so funny seeing NFT bag holders realise one of the fundamental aspects of economics; a thing's value correlates directly to its rarity, yes, but also how much people want it! Paintings are valuable because they're rare, but having a Rembrant is a status simple. A jpeg of a penguin is not!

[@zacklewis342]

A jpeg of a penguin!? I'll take eight!

[@galactics]

loved the book printing machine/book its printing analogy!!! millions in infrastructure and newly built tech for crappy pngs. what a waste :(

[@periidote9778]

i'm so sad crypto bros stole the term "crypto" from cryptography now I have to say the entire word "cryptography" out whenever I talk about my cybersecurity class otherwise I'll sound like an asshole. In my ideal world when I say "crypto algorithms" people know I do indeed mean SHA-256 and not whatever the fuck etherium is doing

[@cam9998]

isnt sha-256 what bitcoin is built upon? not a tech guy srry

[@karrahklinger2573]

Shoutout any of the cryptobros who watched this video and are seething with rage because we aren't at the level of your immense intellect. How's that mattress on your empty apartment floor been lately? Comfy?

[@MK-of7qw]

I've never met anyone that has made money off of crypto. I met people who claim they are "under 500 or so dollars" but never do they admit they lost.

[@CanadianSamsquanch]

The Lovecraftian Chronicler of KZbin has graced another installment to our existence. Ethereal.

[@brandonsmith8024]

Always thought NFTs were stupid because you’re spending money on something that gives you no benefit other than you are officially the owner. Which is pointless in a digital medium where anyone can right click and save an image.

[@cjparsons9730]

A wild Kappa has entered the chat.

[@unpaidpiper]

I just got a newsletter from coffe-table book publisher Tashen, trying to plug an upcoming book celebrating NFT art. These things usually take time to publish, and the ad copy has all the cringyness of a project that had to shift direction in the middle of production.

[@WalnutBun]

I'm still amazed that NFT bros managed to sucker in so many people. Anyone with eyes could see that your average NFT is not a wise investment - it's not even going to hold its value, much less appreciate at a rate outpacing inflation.

[@vonreign5982]

Man I sure do love watching people bully nfts

[@SmokeyEdits]

that sway he does as he steps into the frame combined with the green shadow makes kappa kaiju look like a giant ringing bell

[@arminrichard1836]

Money works on a system of trust. Crypto on a system of distrust. I dislike that idea on a fundamental level. That’s not how we should build a society.

[@gothixxx12]

One of the dumbest things I've read today.

[@pete531]

Money works on a system of centratisation and control, crypto on the opposite. i do not support NFTs tho

[@realtalk2046]

Dropping Robinhoods block ID got you a sub. This man is an activist

[@Ohnobroo]

THAT SHIN GODZILLA SHIRT THO 😍

[@graceyeah3926]

I actually really would like an updated yanderedev video from you - a lot of videos either dive too deep into programming for me to understand or focus too hard on getting jabs in - you balance everything out so nicely and I think you could say all these things of value in a way that I could actually digest. If that's how I feel there are probably more people like that!

[@Rob_Fordd]

Meanwhile I'm sitting on my collection of 100+ year old silver coins, which are just as valuable as ever lol.

[@Xvladin]

Bitcoin is even more valuable than silver

[@Xvladin]

Silver and Gold are always a good idea.

[@Rob_Fordd]

true, but i'm into a lot of numismatics. I've got rare coins I've paid $80 for that are now worth $400@@Xvladin

[@aakitsune9092]

Yes, Kappa, I would like to see another video about yandere dev because I want to know what he has been doing in recent times, and I'm too lazy to go research for myself

[@maxevocal]

It's just like how my dad's massive baseball card collection is now worth less than the paper it was printed on

[@Squeeplish]

While reading the comments I see a lot of people taking about yandere dev, I think a 10 year anniversary yandere dev video would be hype 💯💯💯

[@tutacat]

It's not some money, it's an entry in a ledger that people agree it has some value at some time. Mostly this is a transaction fee (since they use a fixed number of tokens)

[@andrealiw3120]

If you make the vid about Yandere Dev I would love to watch it! Though no pressure if you don't have the motivation, but I think you could make an update on his situation really entertaining and a worthwhile video ❤🎉

[@anna9072]

When I first saw these my reaction was “Seriously? Why?” None of the “art” was even worth printing out, you didn’t actually get anything for your money, what even was the point?

[@UltravioletNomad]

I REALLY REALLY wanted to believe that Nerd City was cookin something with Dead Avatars Project... But I pretty much haven't heard anything about it since October, I don't really know what actual utility the NFTs have outside of discord roles, and they just... well they don't look cool, like not 200 dollars cool. Like the replacement for a personal 300 dollar commission is somehow going to be a 300 dollar profile pic with randomized attributes. I go to the site to see the road map and its... well I don't know what it is, it looks like a Neopets map that I can't click on. There are so many ways for artist to peddle unique artworks, and he talks about combatting AI but I don't see how AI won't just be used to make NFTs and continue to flood the market. And of course the issue of knowing if ANY image on the internet is made with AI or not (once its theoretically powerful enough), NFTs don't solve that problem... I don't think this story arc of Try Hards is proving SHIT to be honest. We still require people who CARE about getting unique handmade art to buy the product, regardless if its sold through the block chain or bought as an adoptable on furaffinity. By the sound of it they're just forcing good faith customers to use an annoying, fluctuating currency to buy something they could have bought with venmo or with cash on the corner. And as Gabe Newell famously said, uhh... "people don't buy shit if you make it needlessly complicated for your own benefit"... or something like that. Granted he called a lot of detractors commies and marxist... for you know, pointing out the obvious current problems with capitalism and explaining how Crypto doesn't actually solve them in any way... so there's that. This isn't a call out, I just don't use Twitter, so when I go to someone's twitter and find... well twitter-esque discourse I always double take a bit.

[@eloyjimenez7657]

Warframe has a (remember rivens exists) semi functioning economy.... Mood

[@isaac198428]

I remember once boarding an Uber and the driver said he quit his job and was on the path to be a future millionaire because he was getting into NFTs while driving for Uber… it was a very boring 20 minutes ride to the airport and eventually I regretted the ‘chat’ because he was trying to convince me into investing money with him, buying whatever tokens online but I declined. I knew the whole crap was a scam that wouldn’t take off and make people wealthy overnight as those into the facade claimed. 😂

[@ghostofthejunkyard]

The biggest insult I've ever received in my life was when I was drawing something in class' and my professor came up to me and said 'looks nice' why don't you turn that into an NFT? You know what an NFT is?" Before he began explaining to me what an NFT was