this post was submitted on 17 Aug 2023
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It's hard to feel sorry for anyone who fell for a very obvious art grift. Even harder to be sorry for those caught grifting.
Even a cursory understanding of value would have told these people that pretty looking receipts are a piss poor investment, but no, they were convinced that NFT's (a tech they obviously knew nothing about) held intrinsic value despite having nothing of value backing them.
Everyone caught up in the NFT art grift did so because they thought they could make a quick buck being ahead of the wave of the next big pump and dump like crypto and got fucked by their hubris. The grifter's meanwhile were out here selling them graffiti'd up CVS receipts and saying they were worth the Mona Lisa.
The result? A perfectly valid and valuable technology has been completely disregarded by the public because 90% of people were too stupid to think before they bought into a tech they didn't understand and they all lost money to grifters. Worlds most widespread art grift and everyone was played a fool, and a valuable tech has been discredited, misunderstood, and shunned.
Damn, you were so close! Just expand what you said about NFTs to the whole crypto bullshit and you got it.
The one example I’ve heard that makes sense are NFTs to represent a purchase of digital games. This then allows the selling of digital keys second hand.
Other than that it all sounds like a scam.
There's no point in using NFT for that.
What assets are games going to allow you to import? Just anything?
Or only from authorized issuers (like the original game dev and authorized artists)? If so then you have no real place for NFT, you already have Steam marketplace and equivalent where the game dev sets up or integrates with an online marketplace.
Want transparency in the marketplace? Use transparency logs, not blockchains.
If you're allowing literally any NFT then this is no different from allowing people to import arbitrary assets, with the sole difference that some have a digital receipt attached.
Blockchains are really only useful for certain coordination problems among mutually untrusting parties who can't find a common trusted 3rd party. For most game devs that trusted 3rd party is Steam marketplace. It's really only if you want to share assets in both directions between specific games from specific other developers AND want to make them exclusive / player owned AND don't trust marketplaces like Steam, that it MIGHT be relevant to investigate if a blockchain solution fits.