NFT Traders Lose Millions From Bored Ape MMO Real Estate Sales After Scams & High Transaction Costs

[@YongYea]

Imagine my shock.

[@carlasejas5280]

.

[@PlaneArrow-xf4fz]

.

[@muhammadammarhaziq2998]

.

[@ricardohoang8452]

. This is how Ubisucks were finding someone to own them after those NFT failures 😂

[@cfiber_inc]

.

[@Big-Image]

There once was NFTs, they were so worthless that all of them died. THE END.

[@stefanradebach2889]

Heh Spongebob reference XD

[@RJBuildsPcs]

@@stefanradebach2889 can never go wrong with the Bob

[@drdox-lr9qo]

A SpongeBob reference never goes old

[@xryxix]

Hahaha honestly tho

[@LegendaryFenrir]

NFT traders who fell for the scheme and lost everything: That didn't help at all!

[@Patterrz]

"NFT Traders Lose Millions" could make a video everyday with that title, infinite content

[@Tyrannosaur6265]

And I would want to hear more about it everyday

[@gabriels.carvalho4852]

Lose millions, get sued, have to pay hundreds of dollars to lawyers, lose their cases, sell everything they own to "start" paying for restitutions, and end up living in debt, way below the poverty line because of their greed and lack of scruples. Sorry, I'm just venting, I just REALLY hate them...

[@Loonistrator]

They lost those millions the second they bought the stupid things in the first place.

[@Sm0ke821]

I mean if they can get scammed once into buying nfts ,they can be scammed again and again ,its like a fish pool of idiots xD

[@PichuElric]

And I'd watch each one of them lmao

[@crimsonpotemkin]

I'll be honest, the whole NFT craze made me realise once and for all that there's an unbelievable amount of wealth in the hands of people who have no idea what to do with it. I'm not saying that they should give it away or do charity, etc. Just that many of them are probably trust fund babies or people who got insanely lucky once. Now all of it funnelled into the hands of every type of scammer that exists. That can't be good.

[@xryxix]

Literally I feel the same. 1-2% of everyone in the world hoarding 98% of it from everyone else just doesn't make any sense. Money is a social construct too and idk I don't think it should run the world but everyone deserves a fair chance at living life I think. Not just tryna survive in a world that pretends it has to be unfair

[@Jamesgates355]

its not all trust fund babies, lot of it was average people who were dumb enough to believe the hype after Bitcoin

[@mericanignoranc3551]

Americans are in the cult of self and greed. 40 MILLION AMERICANS JUST LOST EVERYTHING ! See anyone helping or protesting government to help these people ? MERICA! Pull yourself up from your bootstraps !...so I can buy stuff(I don't need )for myself.

[@mericanignoranc3551]

@@Jamesgates355 lol...average people ? Average American lives paycheck to paycheck . Over 80% of Americans are broke and can't afford a $500 emergency . You live in a bubble of illusion ...and ima guess PRIVILEGE! You're not even in the ballpark of reality . Maybe you're young and naive or an adult with money lying to yourself so you don't have to help your starving neighbors ...dunno, but it's creepy.

[@Skateandcreate9]

They should give it away. Its what their pal Jesus would want.

[@unlimited654]

NFTs were always a scam for me, NFT enthusiasts getting scammed is fair at this point. They were warned and they heard the backlash.

[@centripetal6157]

They are all scam artists.. The NFT enthusiasts want new people to join so they can rob from the new people.

[@ashwolf2006]

And they completely ignored it.

[@toomanyaccounts]

@@ashwolf2006 i wish I had a lot of dutch tulips to sell to them

[@Mindset-132-Hz]

Not all NFTs are a scam, there is just a lot of them and this always common when the new technology comes out the internet had the same issue and people also called it a scam. Even blockchain technology as a whole has been proven to also solve real-world problems.

[@troyklein6379]

@@toomanyaccounts Ah, I see you're a man of culture as well

[@tharrock337]

I feel like this is the core Problem with the NFT market. (Leaving aside all the problems with NFTs in general) Noone wants to own them. The reson to buy them is to sell at a profit. guess what, a market with only sellers is not a market at all.

[@capricorncharger518]

*it’s an economic collapse There we go fixed

[@KnakuanaRka]

It’s a textbook economic bubble.

[@CeHee123]

This whole NFT shit is the ultimate case of "And nothing of value was lost."

[@xryxix]

Lmfaooo yep

[@aahzmandiaz2767]

Literally. Because it had no value to begin with.

[@moosecannibal8224]

Except the environment, but yeh

[@khebre6032]

a business where People hand you money and you give absolutely nothing in return

[@Tere225]

Literally in this case

[@nyyfandan]

I'm pretty hungover at the moment and I hate my job, but seeing more news that NFTs are just imploding means I'm having a good morning anyway

[@sleepykupo9990]

Same

[@razgriz1ne1ne48]

Same

[@Barkugou420]

Same

[@AxxLAfriku]

go to schol becase teecher says go to schol? am i circus animel or what? i make yt videes becase thats my dreem. liv my dreem is what i do. thats what i do. hopefooly the videes are good for you deer dan

[@crumdrum]

Lol

[@dariojr.catarinin8373]

Im a gamer and I have to work like hell so i can afford my games. To think that gaming companies would like to implement this bcrap on games infuriates me . Glad to see it all burn to the ground.

[@joeldelica8706]

I used to work for a gaming company for 6 years. All my efforts to do good concept designs for their game were irrelevant, because, as my former art director once said… “it’s all about the money/bitcoin”. Quantity, over quality. I literally broke my back for that company.

[@binodsarkarIN]

Same boat, same feelings

[@Hauntaku]

@Dodgson, we've got Dodgson here! I only buy indie games because indie games are great! Games like "Ikenfell" and "A Hat in Time" are great indie games!

[@miciso666]

yeah did u see lostark and diablo? it will cost you 15k like real 15.000 dollars to ''get good'' and be top damage in pve and pvp diablo isnt out yet and people already are like good luck grinding because it will take you years to get what a whale can buy in just a day with a 1000 dollars.

[@likeapro2051]

So you would rather just continue to give all of your money to Ubisoft, or Activision and own nothing for the money you spent? I find this attitude bizarre.

[@mastanvx]

Watching panicking NFT bros desperately claim that the market isn't dying as they lose millions brings me life.

[@SuperGirl-tf2wn]

Like the numpties with their "diamond hands" as they hold shitty GME shares purchased at 300 now less than 100.

[@grandmagunsales2125]

NOTHING IS WRONG NOTHING IS WRONG NOTHING IS WRONG

[@pairashootpants5373]

I work in the fintech industry and I'm seeing huge global firms opening crypto and nft branches, imagine how much of their clients money they'll be able to lose!

[@jy-az-33]

I recommend legal eagle's discussion of nft's. My takeaway was that without off-chain agreements, their ownership is exactly as meaningless as you might think. This means that nft's offer the customer nothing over existing technology. They offer sellers the ability to dupe the rubes since they might believe, incorrectly, that ownership comes with rights or a 'contract', but that is not happening in the cases we talk about. The only attractive feature about nft's so far is the scammable speculation.

[@fillerbunnyninjashark271]

The most attractive feature of nft is being able to own our digital media once these scams die down enough

[@IAmDaDumb1]

@@fillerbunnyninjashark271 you already can own digital media. Nfts don’t offer a unique form of ownership. In fact, like op was saying, their offer is ownership is actually worse than what’s already available

[@happilyisolated]

@@fillerbunnyninjashark271 How did you read the comment and miss the point? Without off chain agreements, NFTs mean nothing. Sorry dude.

[@cfilorvyls457]

@@fillerbunnyninjashark271 So how much did you lose?

[@cheesesniper473]

Yes.

[@edgarhernandez3863]

"The whole point of Real Estate is like..." the "Real" part of it

[@Hauntaku]

Fictional Estate

[@Tsukasamimi]

@@Hauntaku Imaginary House

[@dustinnabil798]

@@Tsukasamimi Minecraft base.

[@kafkacrow6727]

@@dustinnabil798 Actual Fantasy 14

[@mombosibes107]

@@kafkacrow6727 Final Reallity 14

[@maximilian3394]

people NEED to hold the line against crypto,nfts, loot boxes, microtransactions and monatizations! GET THAT SHIT OUTTA HERE, KEEP THAT SHIT THE FUCK OUTTA OUR VIDEO GAMES! FOREVER! Fuck CRYPTO, NFTS, MICROTRANSACTIONS, LOOT BOXES AND MONATIZATIONS!

[@EnderBuilder]

"All my NFT gone!! help!!" Everyone on Earth, Aliens and God : lol

[@Ghostwolf82]

YongYea: “NFTs are flatlining”. Square Enix: “Noooooooooo! Please No!”

[@KittyKatty999]

"At least you didn't sell your IPs and Western Studios! Right Mr Square Enix?"

[@raiga5-6-42]

also Ubishit : goddamnit

[@ricardohoang8452]

@@KittyKatty999 Let Square Enix be bankrupt for the 4th time 😂

[@FrostySnow1000]

@@raiga5-6-42 you know you fucked up when EA made the smarter choice of staying away from NFTs....

[@TheGeneratedNarukami06]

"Farewell, sacred Square Enix. Your time has ended!"

[@celestialanger7102]

The more I hear YongYea about the NFT world burning in a scene of hellfire, the happier I feel as a gamer. That is all. (Edit for grammar error)

[@Demonsouls1993]

Yet here we are with ubisoft and square Enix still trying to push NFTs

[@bigfoxki]

satisfied seal.jpg

[@nwerd7584]

That convenient because if you followed someone with less bias you'd realize the thousands and thousands of games thriving because of NFTs. Yong talks about scams when they ascert his position. In reality if you want it to die, you should be sad.. because web3 is coming whether you like it or not. Every big company on the planet is invested in some way. Its inevitable. So all we can do really is police this stuff while bolstering projects and games and companies weho are in good faith making their products. That way they can be good. With your negativity with the inveable entry you'll just have nothing but scams and deserve it. Our best interest is to help/make technology find a good reason to use the blockchain.. otherwise it never evolves beyond scams.

[@kenyizsu]

My man, if you'd like to hear even more NFT bullshit insane money heists, I can recommend KiraTV 's channel. :) That is a large focus of his channel, next to MMORPGs in general.

[@peter-o-peppermint]

We all become the joker

[@platinumdragonslayer6128]

Once NFTs have fully imploded and gone, micro transactions and loot boxes need to be attacked and taken out next. Strike while the predatory monetization is weakened.

[@MrPrice2U]

LOL, you have no clue what you are talking about. All you do is toot the "Gamers are Paranoid horn" while pre-orderihng the next EA broken product.

[@Marv1089]

Then tell us how NFTs aren’t a scam. We’ll wait.

[@Aereto]

@@MrPrice2U Don't mix regular gamers and sports gamers. They don't want to associate with those kinds of people when sports is a different league of casuals.

[@Hauntaku]

NFTs are crap, MTX is crap, and lootboxes are a form of gambling

[@alros1212]

@@Marv1089 if you’re trying to make money- it’s not a great idea. They’re very useful as far as making ownership claims though- I’m sure that’s the future of the tech.

[@mrawesome4753]

Internet: It needs to be real to be considered real-estate Konami: Where does it say that Internet: In the word real-estate

[@Rehteal]

The "Real" in Real Estate has a very specific legal meaning, and in this case, NOTHING about NFTs meets that definition. It's also not an estate. You also pay for it. What I'm getting at is that it's the inverse of free real estate.

[@lukemills237]

Expensive Fake Distaste?

[@llamabing5215]

I'm so glad they're losing money. It's bad to be happy that people are losing their money but I really hate NFT bros and their bs. I'm glad all the money is turning to dust. Less glad that the vultures and scam artists are getting money from this real estate sales crap tho.

[@Cthulhu4President]

" It's bad to be happy that people are losing their money" That largely depends on which person you're talking about. Of all the people who truly deserve homelessness and destitution, NFT scammers are near the top; right under murderers and all other kinds of scammers.

[@llamabing5215]

@@Cthulhu4President I'm my head this brings up an odd philosophical quandary. Normal scammers are bad, unequivocally, being monsters who prey on people. However, I kinda think NFT scammers are less bad than the NFT proponents. We all know that NFTs are as Yong said "ponzi schemes" and the NFT bros are pushing that bs, luring people not as savvy into the Web. NFT scammers are just the bottom feeders chewing on the NFT bros catch. And they seem to be mostly the same people anyway

[@nwerd7584]

You only know of figs dude. You dont know any real developers in the system. Theyre married adults lol. The "scammers" have never touched a line of code in their lifetime.

[@davidm.schreckii1426]

This imo should be the highest "liked" comment hands down 👍

[@PancakemonsterFO4]

they and their bots can f right off, also russia heavily invested in it too since the rubel ain´t worth jack so win win

[@sleepykupo9990]

Financial experts literally said when this started nfts are a terrible idea and Of course people heard the opposite

[@Crystal_Dylan]

A touch of the dunning Kruger effect they had barebones knowledge of how it worked as a financial investment so they confidently acted like they knew more and knew better than actual financial experts

[@Lokaror]

listen pal, the finincial experts just want to keep all the hot new moneymaking ways to themselves! thats why they say its a bad idea! Which is exactly why i've got a new restaurant opening where we dont cook the chicken. So many people have told me that its a bad idea, that it must be a really good one. Joking aside its amazing what people will ignore in the favor of whatever their hot new craze is.

[@dartz005]

Of course people are going to ignore all the warning signs. Trash Collectors absolutely love throwing away thousands of dollars.

[@OMartinez91]

@@Crystal_Dylan I was gonna say something exactly like this but you explained it better

[@ricardohoang8452]

SleepyKupo The people who heard to those NFT bros deserved to be called "sheep"

[@wojtektaracinski7977]

The point made at the end seems pretty legit... what if someone lose money invested via NFT, and decide to sue the company for it? How much legal recourse can a corporation have against claim like this? It's certainly possible to sue a casino after being cheated, and since you're playing under *official* rules (so it's not like buying skins in off-game marketplace), you might be entitled to protection and compensation

[@KittyKatty999]

Turns out people don't like Decentralised shit, when it effects their ability to claim compensation, or to have safety nets

[@wojtektaracinski7977]

That's something you'd expect, but I'm more curious about companies interested in NFT games, and what are their plan to avoid legal responsibilities It's even more interesting when you think about previous lootbox controversy, and how their line of defense was "it's not gambling, because it's not real money". Well, NFTs are much closer to real money (you can't buy them using in-game currency), so how they're going to avoid regulations now?

[@NotThatGuy_YepThatGuy]

Deven over @LegalEagle, a real lawyer who has a youtube channel, just covered some of the stuff you inquire about.

[@brianjensen5661]

Their recourse: none.

[@Inojin67]

Your only recourse will be hysterical laughter from the con artists when you ask them for your money back

[@KaisarHendrik]

Got a add about bored ape NFT’s at the start of this very video. KZbinrs can’t even swear but peddling scams is allowed as long as you pay them.

[@R3TR0XDUDE]

This is like the situation wit downloaded games you never really own it a server goes down or a hack happened and all those NFTs and downloaded games are gone NOTHING will beat physically owning something and physically having a receipt for it we are in a physical realm

[@hibachimk240]

With so many thefts happening, it's almost like you'd have to be guillibe and prone to be scammed to buy NFTs in the first place.

[@dreamerchrysalis]

Yeah. What strikes me the most is how the thefts are framed. They say that they stole X amount of dollars in nfts but that's actually incorrect. The thieves can't make money directly unless they sell the nfts (most likely to their owners) because there is no intrinsic value. Same thing with vast amount of cryptocurrency. If you want to convert your 6mil dollars worth of ether in actual money, that's going to be real difficult. I'm quite certain some of those thieves are just doing it for the lulz. So who has the money if the thieves didn't get it ? Well, that would be the guys who sold the nfts in the first place... The actual thieves.

[@brianjensen5661]

And there's no recourse because 'decentralized'.

[@DracosKasurani]

The more company that engage the more the hacker scene will increase in strengh. With the amount of hacking we already got in gaming with more money involve the worse it will become because they know, they will get away with it since there isn't any control in the cryptoland

[@dylantowers9367]

I'm beginning to suspect that st least some of these hacks and thefts are staged by the companies developing these crypto platforms as a way of making off with as much money as possible while claiming "All the Crypto got stolen. No way to get it back. I guess the project is dead now. Sorry. Bye!"

[@Interesting_Failure]

This is sadly the logic that they use to keep people in the cryptosphere once they're in; if it's a scam you must be gullible so it can't be a scam, right? It's kinda playing into their hands to reinforce this perception. Conventional wisdom regarding this sort of thing is to emphasize that anyone can be scammed if they're in the wrong place at the wrong time, avoid shaming people, and offer an attractive path out instead. It's remarkably similar to getting people out of cults. There's probably something to that.

[@spengalitamale]

I remember when everyone just started talking about NFTs and were acting like it was such a cool idea and right from the start I was like... Do I just not get it?... Am I missing something?.. these seem completely worthless... Turns out I understood it perfectly

[@DW51380]

@Tett Mottu if the owning part actually works then yea I get it, but it’s pretty obvious a picture on the internet isn’t worth hundreds of thousands

[@justarandompersoniguess]

@@DW51380 i think he mainly is referring to the blockchain stuff as a whole, not just NFTs as it’s become to be associated with

[@Hauntaku]

It was the hip new thing when I was in high school and I was one of the few people who thought it was stupid. It was stupid back then and it's even dumber now.

[@LordZanas]

@Tett Mottu The creator of the NFT actively said storing data on the blockchain is impossible. That's why he created the hyperlink shortcut that defines NFTs. Nearly a decade later, they still use his hyperlink shortcut. Its not a technology. Its just a link with extra steps. It hasnt innovated or changed anything, nor has it grown in that time. It is fundamentally useless, which is why its dying in all forms of media. It has no use

[@lawrencelopez9839]

people at the beginning started saying it was a way for artists to finally make money. Like selling digital art as if they were selling it for thousands to millions in an art gallery. But given that the nft space got filled with scams, dollmaker and copypasta art appealing to artists was just a trick to get artists to buy cryptocurrency. When it stopped working they started acting like cults with the entry fee being your money.

[@UnreasonableOpinions]

If you are wondering "why would NFT 'real estate' be worth anything when all it does is purchase allotted scarcity in an experience and the experience itself is utterly unworthy of anyone's time or money?" then you actually understood it perfectly, it's just very stupid.

[@akmal94ibrahim]

Brilliantly put

[@Aereto]

Those people defending NFTs are finally getting the backstabs. They are not worth the help since these are the sort of people who would support microtransactions and lootboxes we have been trying to weed out for decades.

[@sebastienroux1790]

Saw an nft job on linked in that went up to 600k usd per year. As dumb as it is someone apparently values it. Or perhaps those job postings are scams too?

[@4TheWinQuinn]

@@sebastienroux1790 stupid fucking suits and boomer execs at companies are salivating over NFT’s cos it’s the most stupid fucking “young” “cool” cash grab fuckinf FAD that they just adore to jump into. Look at square Enix.

[@wildwest1832]

People chase the newest buzzwords and trends looking for quick returns like bitcoin or crypto was. The people in first/early became extremely rich. Is the NFT stuff that? Maybe very early on as people get scammed out of their money. Eventually it will die down and find its small niche.

[@thebusiness8212]

This really brings me an overwhelming sense of catharsis because: 1) They’re trash NFTs. 2) The Bored Ape design always infuriated me for whatever reason.

[@Hauntaku]

Stinky monkey copycat JPEGs

[@woody8703]

They are ugly, there thats your answer

[@uncleardistress]

Imagine NFT's being a bad idea. I am warming my hands on the dumpster fire that they are. Thank you

[@ChulioRCHulio]

"Truth is - the game was rigged from the start."

[@PancakemonsterFO4]

[shoots wallet]

[@ricardohoang8452]

Imagine another NFTs hacked from the hackers again 🤣

[@brianjensen5661]

Funny thing Benny didn't know is the game was rigged against _him_ .

[@southbeat5354]

It’s always morally correct to laugh at people losing money with NFTs

[@CrisisBlissey]

That's tantamount to saying "It's morally correct to laugh at stupid people." I get that all of this is amusing, but I feel like it needs to be stated that a lot of people investing in these are not doing so with malicious intent. Gullible and misguided they may be, they are investing their hard-earned cash into something they truly believe will generate them profit. I don't think you hold any moral high ground for laughing at someone who just got scammed.

[@MeowtronStar]

People make bad decisions, but they don't always do it with malicious intent. They saw "Bitcoin millionaires" and thought NFTs would be their ticket. There was a time when crypto currency caught my attention. I thought maybe I should follow others to make some money. But I was careful. I tested the waters with tiny amounts. After 4 days I noticed that I was gradually becoming addicted to buying crypto in hopes of making flash profit. But in the end I lost $25. I realized it's gambling and not something I wanna do with my actual savings. I immediately withdrew, logged out of my crypto accounts and never looked back. I could have been a victim who lost all of their money. I was just one wrong step away, but my awareness saved me.

[@george_MF_washington]

@@CrisisBlissey lmao Dum dums got scammed

[@Hauntaku]

@@CrisisBlissey It's fine to laugh at stupid people because that means the stupid people probably learned a lesson. I had a bully who decided it was a smart idea to ride their bike down a set of stairs and I told them not to do it but they did and I laughed when they injured themselves because they were too cocky. Luckily, they weren't seriously injured. They were super embarrassed and never bullied me again.

[@NexZu-]

I live in a time period where I can say "they took my apes" and it's completely serious.

[@peterlee840]

If you lived during the civil war you could’ve said the same thing.

[@keaneisco7317]

Please what are the requirements to get started in bitcoin trading? And how much is her service charge to help me trade and make profit?

[@epicsavage7985]

You don't have to worry dear we are always here to help you out if you are confusede

[@adviksai5931]

Investing in stocks is a good idea, a good trading system would puts you through many days of success

[@jackboydaksha2332]

It is also possible to produce superior performance provided you do something different from the majority, However, most of us tend to pay more attention to the shinest position in the market than to the cost of proper diversification

[@jackboydaksha2332]

Peter Cork 🤑

[@myrazoe3918]

I can tell you that all my years as a crypto trader no one has helped me the way that platform helped me you should try that platform

[@atgimm2090]

I knew it was a scam. I was surprised some of my "smart friends" were into it and told me I didn't understand lol

[@RJBuildsPcs]

People in the unregulated NFT space got scammed? WHATTTTT?!

[@stefanradebach2889]

Shocking am i right.

[@RJBuildsPcs]

@@stefanradebach2889 I’m at a loss

[@LoganHunter82]

@@stefanradebach2889 Shocking, I tells you. Shocking.

[@KittyKatty999]

Plot twist of the life

[@ImAxemGoner]

It's nice to hear good news, especially during these troubling times.

[@TheGeneratedNarukami06]

And yes, hopefully NFT's would die out very fast enough!

[@LegendaryFenrir]

NFTs ending as they started _Worthless_

[@gino14]

The number one rule of real estate is "location, location, location." Even assuming people WANTED land in cyberspace for... uh... reasons, all these idiots forgot the one thing MMO players realized long ago: *location is **_irrelevant_** in cyberspace.* You bought that plot of land to build a BAYC next to the virtual concert hub? Who gives a shit? Everyone just warps directly to the virtual concert hub anyway! I was at the Meta museun on the other side of "town" and I just /tp'ed myself there within seconds. Why would the relative locations of virtual plots of land ever matter when everyone just instantly goes where they want to anyway?

[@mikkelnpetersen]

I heard a story about someone who bought a NFT of a picture of a famous painting, and then thought they owned the ACTUAL PAINTING. And then there's the story about the Dune book. Also got 2 different "NFT site" ads while watching this.

[@walkingwhisperer]

Call me evil, but it's absolutely hilarious to watch people lose everything over a picture of an ape.

[@jonahabenhaim1223]

A Picture of an Ape you can Recreate but others will hate.

[@ricardohoang8452]

Damien Bolt Those who will call you evil are stupid NFTs investors only 😂

[@Code_Machine]

A picture of an ape that you don't actually own

[@sheveuquciwbwbw]

Made 100.000$ with this Land sale, this KZbinr is absolute trash and don’t have a clue of nfts lmao

[@RoastCDuck]

It is hilarious, no one in this fucking planet could possibly waste... they can they did and they can't become stupider at lowest level of intelligence. You are not evil dont be cringe.

[@WaterxDragon35]

Fun fact: the recent Crypto crash means there are graphics cards in stock.

[@capricorncharger518]

I see this as an absolute win

[@phaeded0ut]

Didn’t we go through this only a few years ago with “Second Strife,” pardon, “Second Life?” The bizarreness of nearly an exact replication of the same arguments to invest in this series of Ponzi schemes. To add to this was that businesses that lost millions the first time around creating virtualized offices and assets for virtual in-person meetings. So, once, again, users had to pay real money, install extra insecure software, and invariably purchase extra hardware… Buzzwords for the win! Yeeeeeeeeeeeeesh!

[@annodomina4184]

save that, in the Second Life example, you can actually build on and use your land for your personal use in the game as long as you pay the monthly sub for it, whether that is personally worth anything to the land holder depends if they have fun in the game equivalent to what they spent, meaning SL land has more practical potential use than this garbage nft real estate

[@Hauntaku]

@@annodomina4184 I remember an old MMO game where everyone gets a random plot of land for their customizable clay character to create a little house with their own bizarre style to it. It was a really fun game but it doesn't exist anymore. Luckily, I never paid money for it unlike MapleStory 2 which I was trying to get enough money to buy a plot of land but the site died quickly and I realized I wasted $200 on the best founders pack for like 3 months of gameplay. Not worth it.

[@LightCrib2]

2:54 Damn, this animation is the first drop of talent i've seen in the NFT space

[@babelfishdude]

Nah, the future of homes is just a temperature controlled box and a VR headset. You don't need a physical desk lamp, because a $2 VR desk lamp works just fine. What they really need to sell digitally is something that either A) costs a exhorbitant amount in real life or B) Does not exist in real life but can exist virtually. NFTs are currently "stuck" in reality as glorified trading cards, because that is the reality constraint of the human experience so far. Once people realize that NFTs do not need to be trading cards - that is when it will take off.

[@CoffeeForAll]

The thing about NFTs, is that it’s just a proof of transaction containing a link to an image somewhere on the internet.

[@davidlazerz8564]

"Turning art into investment opportunities..." To be fair, art has historically been an investment and money laundering vehicle. NFTs are the brainchild of a scam genius who thought "what if we take what the art world does....and digitize it?" Scammers gonna scam, and the global art community has been toeing that line for a long, long time.

[@aahzmandiaz2767]

By digitizing it, you make it worthless. Because you can make now infinite, high quality, lossless copies of it. And an artificial restriction does not rectify that fact. If you want that picture as screen picture, you can get it. And nobody cares if it is an "original". Their real problem is, that nobody really cares if it is an "Original." It's a believe problem. We need to believe in the value of something, so that is actually has the value. The same is true for currencies these days, btw. Only 2%-4% are backed up by a real value or loans these days.

[@mericanignoranc3551]

Rich people hiding money so they don't have to help the poor people they exploited . Capitalists are gonna capitalize ...

[@youtube-kit9450]

Probably the most hilarious part of NFTs - they didn't even invent the "scam people with FOMO/FUD-based bs, use it to scam people by talking about how great it is, and use it to launder money" aspect of it alongside anything else. All you did was take the art world and make it worse by digitizing them and destroying the planet alongside it. Once again, NFTs added nothing to the table we didn't already do.

[@alexdasliebe5391]

I’m a peon, so I bought a buddy of mine’s art because it is pretty cool looking and he needed money. I’m an asshole in the eyes of the “investing” art folks 😄 👍🏼

[@certifiedintellectualjames5053]

So what you’re saying is that if I make a stick-man with some crayons, then I’m actually just laundering for money? Lmao sure that’s the case for some, but not all, fam, you should know this.

[@bravepart]

My grandad once described the Lottery as a stupidity tax - I can only imagine his reaction to this total display of clown shoes.

[@Skhighglitch]

We’re at the clown motel. And the only thing here is a bunch of clowns.

[@drewkroeker]

Hell at least with the lottery there is a small, VERY SMALL chance of your initial investment having real returns. The odds of winning are not good but the concept is at least sound. With this NFT bullshit there is no value at all!

[@joshuaanderson1712]

@@drewkroeker 'Give me 50 dollars and I'll flip a coin a thousand times, if they all land heads I'll hand you 100,000 dollars.' 'Look at this cartoon. Give me 100,000 dollars and I'll hand you the receipt for it. Not the cartoon, just the receipt.'

[@sevrengrey3689]

Here's a touching story. Once upon a time NFTs died and we lived happily ever after. The End.

[@Dumbrarere]

Digital Real Estate makes sense in the digital realm, so long as it is done properly. Proper use of digital real estate: In MMOs; As places for hanging out with friends in the digital world; Invested in with ingame currency (that cannot be bought with real life money. You can only earn it through normal gameplay, and in a reasonable timeframe.) Improper use of digital real estate: As NFTs; As forms of investment for real money; Pretty much everywhere else.

[@gamerkingdom1442]

Companies: WHY ARE NFTS FAILING!? It’s the easiest scam we’ve ever done!! Me: and that’s why it’s failing…… Companies: NANI THE WHAT!?!?

[@F4Wildcat]

"Oh my god! I was wrong! They were fungible all along! Looks like you finally made a monkey out of me!"

[@daniellamie3033]

Physical real estate is highly unlikely to be deleted at the whims of a corporation (it's possible, I suppose, but extremely unlikely). With digital real estate, the only possible eventuality is its eventual deletion by the servers being closed.

[@thejoeker8439]

Also someone with sufficient skill can’t hack physical real estate and replicate it and sell it elsewhere, or delete it themselves for funsies

[@ItsABnuuy]

Damn bro, they got RS "Will gild your armor for 1k" scammed but IRL for millions.

[@SnakeWasRight]

When the value holder actually has NO VALUE other than holding value, people will stop valuing them. I mean NOBODY... NOT ONE person cares about actually owning an NFT. They ONLY own them to sell them. Unlike all other products, the end user actually enjoys the product itself.

[@ZyxieRumor]

Well this made my morning with a smile on my face. Good to see NFTs burning to the ground. 😇

[@Dear-Rhiannon]

I was just looking for information on this and your notification came up!

[@robrib2682]

I'm going to say this much if anyone wants to buy and sell anything even close to resembling video game real estate, you need a community around it that is as strong as the one for EVE. Because if you try and shoehorn that into a community they're going to see it for what it is and they're going to treat it like a cash grab and most possible consumers aren't going to be interested in it. Furthermore you probably could only really pull this sort of s*** off if you were capable of seeing there was a market already there of basically this happening and then just put forward the nfts as tools to facilitate market, because if you have a community that large chances are they can and will organize themselves into causing a media storm against you if you try and put in that egregious of monetization practices in your video game for the sake of making more money.

[@ramondelgado4927]

This reminds me of the "Earth 2" stuff a few years back , where you bought realstate in a google earth clone and there was some serious real money being move around there

[@KobusPrinsloo]

Regarding loot boxes, I've got a 4 year old and majority of the toys for that age are "blind bags". Which is essentially the same as loot boxes. You don't know which character your are buying until you open the pack. It just motivates you to buy more and more. Totally sucks.

[@captainrelyk]

I’m so glad NFTs are failing, it means video games and metaverses like VRchat are probably safe from those wretched things

[@feIon]

ironically this was the most successful nft ever released so idk how theyre failing lmao

[@potatoking9945]

its not failing its growing rapidly ive made like 120k usd in 5 months just by purely flipping nfts

[@UndeadKEI108]

@@potatoking9945 You're either straight up lying because you have financial stake in doing so or you're a scammer. Either way, blow off crypto bro. Nobody here has the time or patience to put up with your bs.

[@potatoking9945]

​@@UndeadKEI108 so anyone who makes big money through nfts are basically a lier and a scammer? Wow i am impressed. I was once a hater and disbelieve like you too talking shit about the crypto and nft industry until I one day I started buying some nfts. Started with only 0.5 Ethereum, bought a nft that costs around 0.3 ETH and sold it for 5 ETH. Went in to another hyped up project and managed to x10 my profits there. Repeat the process. That's how everyone makes money in the nft space. Try it and you will know. Doesn't matter its blow off or not cause the fundamentals doesn't change. I still believe it will come back even stronger one day

[@UndeadKEI108]

@@potatoking9945 Dude the entire Nft and crypto market just crashed harder than a drunk driver slamming into a steel post, get outta here with your bs. Goddamn crypto cultists.

[@BrianHall-Oklahoma]

Falling for this NFT crap is crazy. I also think that attaching value to a piece of cardboard with a printed picture of a baseball player on it is crazy too. Why do people think artificial rarity = value?

[@centripetal6157]

In reality rarity DOES = value. The problem is that NFTs are not rare... At all. They can be easily duplicated.

[@Monochromatic_Spider]

​@@centripetal6157 Not really true. The feces that you can personally produce is a lot more rare than the amount of gold but obviously that doesn't make it worth anything. The rarity has to be combined with some form of demand. Otherwise the rarity is irrelevant.

[@centripetal6157]

@@Monochromatic_Spider that example doesn't really work. Everyone can produce poo, therefore it has very little value. Not everyone can get gold therefore it's very valuable Similarly NFTs can be easily replicated and duplicated therefore are actually useless

[@Monochromatic_Spider]

@@centripetal6157 Not everyone can produce your poo, though. It is a result of your particular microbiology in your gut combined with your exact diet, and infused with shed cells that have your unique DNA. Hence your poo is in fact very rare, But there isn't any demand for your poo in particular, therefore it has no value. True, everybody can produce their own poo, but that would be product substitution and suddenly we're talking use cases and consumer demand. My point, however, is merely that rarity alone does not make something valuable. Being in demand does. Rarity without demand is not worth anything.

[@centripetal6157]

@@Monochromatic_Spider "Not everyone can produce your poo, though" That's an example of artificial and fake rarity though - the item being talked about is poo in general... NOT a specific type of poo from a specific type of person. Because everyone can produce the same product - its valueless in society. The same logic applies to NFTs. A Dumb Ape picture is not rare because one color is different (which is the fake rarity NFT sellers try to convince you of) - the product (with the change) can be duplicated very easily digitally... Therefore it actually is valueless. Now lets take a diamond - it takes a long time to form and must be dug up and has to have a specific crystal pattern - its impossible to mimic without special and expensive equipment - its rare = its very, very valuable in society.

[@Cohen.the.Worrier]

It couldn't have happened to more deserving people.

[@Astrothunder_]

Eh NFT bros are some of the biggest douches on the net but I don’t like seeing people swindled out of money so I won’t say they deserve it.

[@Smile4mypride]

NFT is like owning a poo and trying to sell it with high value.

[@wickedraptor2651]

"[NFT Project] was a scam! millions of dollars lost!" is my favourite thing to hear constantly about NFT's

[@kenshiizumi2770]

Buying NFT real estate... be a real shame when the servers shutdown.

[@KittyKatty999]

Sceenshot the real estate! Even better, VIDEO the real estate!

[@grease_monkey6078]

I would feel sorry for them but they made a concious decision to buy 1's and 0's that had no financial safety net or value

[@Alchemist1995]

Well deserved. NFTs are honestly even worse for videogames than loot boxes and micro transactions.

[@TartanSamurai]

"The perfect con involves finding someone who wants something for nothing, and giving them nothing for something" Thats a line from the BBC series Hustle, which came out around 2002. It could easily apply to NFTs as well.

[@SkarmoryThePG]

I think a fairer comparison is asking your mate for a ride, and halfway there it turns out the bridge is out

[@LasagaMan]

how many more times do we have to prove that image files with links to them isn't going to be profitable?

[@DemonicAkumi]

"NFT cons outweigh the pros..." There are pros to NFTs...?

[@armityle7138]

You get rich by scamming others so I guess there's a pros for someone😅

[@DemonicAkumi]

@@armityle7138 Only first come first serve though. I will not deny the 1st adopters of many of these NFTs made huge bank.

[@turotapani2995]

@@DemonicAkumi So the first ones to jump into it get money, the ones that follow get diminishing returns until it all comes crashing down as the scam that it always was... why am I thinking of pyramids...?

[@KittyKatty999]

Pros: You contribute largely to Global Warming, decreasing the amount of time we have to fix shit OH, my mistake! You said pros! I'm always getting "Pros" and "Cons" mixed up! XD

[@eternaldarkness3139]

All the Con's are by Pro's

[@SIG442]

I can only laugh at the fools that did decide it would be a excellent idea to get into NFT's and now finding out that it was a scam all along. You reap what you sow....

[@timwang7724]

The criticisms levelled at NFTs and crypto in general is similar to the criticisms levelled at the internet 20 years ago (lack of regulation, bad actors running wild, perceived lack of value). Only time will tell if NFTs, crypto and blockchain technology will eventually find widespread adoption or simply die out as a fad in the years to come.

[@T.O.Wallee]

Some might argue NFT cosmetic same as real life but it’s not. Your clothes, car, houses can still live in it even 🖼 can use to wipe our sh*t or write SOS when needed.

[@muhammadammarhaziq2998]

Hahahahaa im not even surprised at their failure lol at this point

[@ricardohoang8452]

I see Ubisucks NFT failures, I can figure those boring NFT ones as well

[@michaelnelson1127]

This is one of the main reasons why I never even bothered with this stuff: the risk definitely outweighs the reward. Like I said before, it’d be better to invest in cryptozoology than cryptocurrency.

[@Hauntaku]

Bigfoot is real and people definitely should put more research money into finding bigfoot

[@rinrin-kn6cc]

Thank you for keeping me up to date on the slow and entertaining death of NFT's.

[@conorhoman4861]

The sheer irony of getting an ad for NFTs on this video

[@toomanyaccounts]

youtube channel owners don't get a say in the ads that play. also just because an ad plays doesn't mean the channel owner gets any revenue. all monetized means is if an ad plays five percent of the ad revenue goes to the channel owner. demonitized means when ads play youtube gets 100% of the ad revenue or the copyright holder since why youtube wants channels demonetized and bots to do false copyright strikes

[@conorhoman4861]

@@toomanyaccounts yes, I know. I was simply pointing out the irony that I got an addfor NFTs.

[@LordNavala]

A coworker asked me about 8 months ago about getting into crypto and NFTs. I told him to treat it like any other gamble and only risk what you can afford to lose. I'm so glad to report he actually did well and made a few bucks. He since gave it up.

[@bruskydu]

Wow, they paid for digital stuff then also had to pay those imaginary fees? Talking about how screwing yourself over.

[@techpriesttaris1309]

NFT evangelist: Dude with NFTs you can buy and own things for your virtual self! Gamers: You mean like accessories in almost every AAA game nowadays? NFTe: But you truly own it! And you can get real estate! Gamers: You mean like FF14? NFTe: You just don’t get it man, where’s your receipt that says you own it?! Gamers: (Flash the receipt from the credit card). NFTe: But that’s with THE MAN down with the banks! Gamers: You mean the same rich guy that owns a lot of your Cryptocurrency and benefits from people using It and NFTS? Seriously everything the Metaverse and NFTe are saying we can “now” do have never seen a bloody MMO or something. Come back when you actually have something new besides a financial instrument designed to enrich rich people with more riches.

[@KyriosHeptagrammaton]

The people saying it will revolutionize games have never played games.

[@tjenadonn6158]

@@KyriosHeptagrammaton And likewise the people saying it will revolutionize art have never actually made or tried to make a living from art.

[@lawrencelopez9839]

real estate in ff14 also gives me access to a Submarine and an airship so, it's debatably superior

[@StrikeNoir105E]

NFT-bros in a nutshell: they claim that NFT's will be the ultimate solution to problems that have already been solved more efficiently by something else.

[@NecroNathancon]

Honestly, whoever falls for the NFT scam, deserves to be scammed.

[@Vhite]

There have been actual property purchases in MMO games in hudreds of thousands of dollars, from which people have seen tangible returns. There is one older MMO which was usually involved in most of these big buys, but I forgot the name. The thing is, in pretty much all cases that I know of it has always been a game people wanted to play, and buying property was just a side thing. If you did buy something like an island or a space station, they were places where people wanted to go for various reasons, like mining rare resources, and you could tax them for it in in-game currency, which could then be exchanged for real money. I think that's what NFT folks are trying to replicate, but are missing the whole forest for the trees.

[@voiavictor]

Play stupid games, win stupid prizes.

[@kingsleycy3450]

The whole thing is valuable because it is. There is no justification for the value. Remember everyone who tried to push NFTs onto you.

[@KittyKatty999]

Remember eveyone who hacked KZbin channels to promote Crypto and NFTs

[@2020-p2z]

Even fiat money, that isn't backed by a physical commodity, is still backed by the government that issued it. What are NFTs backed by? Nothing, because they're dEceNtRaLiZed.

[@brianjensen5661]

Digital beanie babies

[@michaeltheundeadmariachi4494]

How ANYONE can still continue to invest in NFTs despite you hear incidents like this more and more often is beyond me. But hey, in these situations, it's survival of the smallest

[@Smarfton]

While the purchase of housing is based on gil, there's of course outside purchases of gil with real currency, which is against ToS of course, but it's definitely happening. Demand of houses are a mess right now btw. They had glitches with the recent housing lottery and also poorly rolled it out with only a tiny fraction being open to individuals to bet on and giant swaths of plots only open to Free Companies (the game's equivalent to Guilds), with the vast majority of plots not actually purchased. The whole system is a giant mess.

[@alexdasliebe5391]

HAha, I’m an idiot, I thought you were talking physical real material houses for way too long reading your post. *need coffee*

[@FullMoonOctober]

But is it still better than NFTs, is the question?

[@Smarfton]

@@FullMoonOctober Yes. There's no question 100% yes it is better than NFT's in every conceivable way possible.

[@brighteyesseven1071]

Umm, not really. I'm guessing you're kinda new to the game. Did you know that originally housing was only for FCs and as recently as patch 5.1 when new wards were added FC's got to go first.? Also, they have already stated that the whole private or FC thing would be switched up in future lotteries. As for the "glitches", it is one bug that has been identified and fixed, and we're just waiting on the next available update day which is 5 days from today. As for tossing the RMT thing in with your salt, well if people choose to do that it is absolutely unnecessary if you're willing to do the work. Most of my FC transferred to OCE and we are just waiting for the update to move into our new FC and private houses, no RMT for gill needed. The system that existed before this was kinda a mess but this new thing is hardly a giant mess. On the contrary, it's a vast improvement (or perhaps you were actually looking forward to placard camping, clicking for dozens of hours only to have the plot won by someone's clik-bot.)

[@Smarfton]

@@brighteyesseven1071 by mess I meant there's too much reserved for FC's and no one there was buying (seriously go look at the sheer amount of empty plots from the intial lottery) while the individual owner sections are completely full.

[@Webshooters1]

All you're getting with an NFT is a fancy link to a picture. Not the picture itself mind you but a LINK that picture and subject to link rot.

[@tomorrowisyesterday3215]

So, i was buying 1 cosmetic on steam for 1$. I used it for 2 weeks, decided to sell it because i don't want to used it anymore. Current price was 2$ and decided to sell. Few months later, steam sale and buy bioshock 2 with that money, stonk 📈

[@seventhkishin3830]

Never trust a person who tells you th worth of something that has no real value, purpose, benefits, beauty or need for anyone. Especially when its just a breeding ground for scammers.

[@ozzcoremidmx8287]

This... Put a smile on my face

[@haruhisuzumiya6650]

I too indulge in schadenfreude

[@gusbart5856]

@@haruhisuzumiya6650 I never saw a man kill a word that badly.

[@haruhisuzumiya6650]

@@gusbart5856 my excuse is my shattered screen of my tablet

[@fernandomartin661]

After watching the first trailers for video game NFTs like Ubisoft Quartz, I only asked, "is this a scam?" Well, it turns out my instincts were right.

[@jaymiechan]

Just to say, some of those thefts you mentioned? also showed the lie of "but there's a ledger to prevent issues!" that exists. Because IIRC, that 600M$ Ethereum theft? led to the splitting into two forms of Ethereum; one that kept the theft in place, and one that removed the theft from the ledger, returning the 'coins' to the previous owners. So it all depends on having the "right" ledger, too. it's all a scam.

[@Thundawich]

Aren't gas fees the result of auctioning transaction slots off, not just to pay for power requirements? Isn't that why they balloon so hard when something like this happens?

[@DoomsdayMayBeOkay]

Just a heads up: "Non Fungible Tokens" doesn't mean what you think it means, Yong. Thank you for pushing back and informing the community tho, I want NFTs as far away from my games as possible.

[@Ragnarok540]

What does it mean? Apart from glorified receipts.

[@mariano7107]

@@Ragnarok540 It’s the word “fungible” that Yong uses wrong.

[@DoomsdayMayBeOkay]

@@Ragnarok540 It means its a token that its unique inside a collection as opposed to for example Bitcoin or a one dollar bill which are Fungible (the same) inside a collection.

[@konakunuhara324]

Can't wait to tell my friends with their NFT venture :)

[@LoganHunter82]

Tell us later how it went 🤣

[@konakunuhara324]

@@LoganHunter82 will do

[@KittyKatty999]

>:3

[@Mm-vr9mt]

@@konakunuhara324.

[@akmal94ibrahim]

Parking for the story

[@feelsgoodman2171]

"This does put a smile in my faces"

[@Boogie_the_cat]

$14,000 gas fee is completely arbitrary and gouging. There is no way the computing power required to initiate a "deed transfer" could cost anywhere near that much. Does each transaction require a silicon graphics workstation to compute? I find myself feeling less and less sorry for people who buy into this ecosystem that is based on overcharging customers and wasting natural resources. Those are huge problems even if they resulted in a happy customer who made a profit, which they don't in 98% of cases. There is no get rich quick scheme that is not a scam for 99% of those involved. And at some point, I stop feeling sorry for these people. Sure, the scammers suck the most, but people are wasting HUGE amounts of money on air. On nothing. Even non-scam NFTs (oxymoron) are usually worthless. But that never stops these morons from spending $300 million in a few hours. Goddamn, how are people consistently this dumb? At a certain point, the scammed are nearly as culpable as the scammers

[@dylantowers9367]

When I want to throw away large amounts of money, I just commission stuff from artists I like.