this post was submitted on 02 Jun 2025
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[–] [email protected] 177 points 1 week ago* (last edited 1 week ago) (24 children)

The sad thing is the concept wasn’t.

Selling NFTs with no physical existence is what is pointlessly stupid.

Before they came along i considered the idea of a blockchain linked video camera where metadata of footage gets written into the chain to combat fake news and misinformation.

The goal would be to create a proof and record of original footage, to which media publishers and people who share can link towards to verify authenticity/author.

If the media later gets manipulated or reframed you would be able to verify this by comparing to the original record.

It was never a finished idea but when i first read nft i thought this is the right direction.

And then capitalism started selling apes and what the actual disgusting money possessed fuck was that.

[–] [email protected] 69 points 1 week ago (9 children)

The certificate/signature part seems okay for verification.

It's the transferable virtual deeds being sold that are the scam. I could sell you a virtual deed to the Golden Gate Bridge right now, you could buy it but it doesn't really mean anything.

[–] [email protected] 54 points 1 week ago (1 children)

Wait just a second! You have a bridge for sale? Tell me more.

[–] [email protected] 17 points 1 week ago (10 children)

Well first of all, it allows travel between point A and point B, usually above the ground

[–] [email protected] 14 points 1 week ago

I'm in! Name your price.

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[–] [email protected] 16 points 1 week ago (1 children)

I could sell you a virtual deed to the Golden Gate Bridge right now, you could buy it but it doesn't really mean anything.

Yeah, that's possibly the most famous scam in history (people selling deeds to the Brooklyn Bridge), enough to where "I've got a bridge to sell you" is a figure of speech for calling someone gullible or naive.

And then despite the world knowing about the Brooklyn Bridge scam, the cryptobros actually went and found a bunch of suckers to fall for the exact same scam, only with blockchains instead of notary seals.

[–] [email protected] 8 points 1 week ago

It's kind of like selling a website that redirects to Facebook, and thinking that therefore you own Facebook.

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[–] [email protected] 27 points 1 week ago (12 children)

Wouldn't a code signing be a simpler way to achieve that? The video camera can produce a hash code with each video and you can always run the same hash function against the video file to confirm that it wasn't tampered with.

[–] [email protected] 19 points 1 week ago* (last edited 1 week ago) (1 children)

I guess the problem NFTs try to solve is authority holding the initial verification tied to the video. If it’s on a blockchain, theoretically no one owns it and the date/metadata is etched in stone, whereas otherwise some entity has to publish the initial hash.

In other words, one can hash a video, yeah, but how do you know when that hashed video was taken? From where? There has to be some kind of hard-to-dispute initial record (and even then that only works in contexts where the videos earliest date is the proof, so to speak, like recording and event as it happens).

[–] [email protected] 9 points 1 week ago (1 children)

If it’s on a blockchain, theoretically no one owns it

This is such a funny thing to say since NFTs were all about "owning" stuff on the blockchain.

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[–] [email protected] 21 points 1 week ago (10 children)

This still fundamentally suffers from the oracle problem like all blockchains solutions. You can always attack these blockchain solutions at the point where they need to interact with the real world. In this case the camera is the "oracle" and nothing prevents someone from attacking the proposed camera and leveraging it to certify some modified footage. The blockchain doesn't add anything a public database and digitally signed footage wouldn't also achieve.

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[–] [email protected] 19 points 1 week ago (2 children)

This is actually a pretty decent idea considering what's coming now with AI video. I have no idea if it could be implemented, or if media even cares anymore, but I sure would appreciate it.

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[–] [email protected] 61 points 1 week ago (3 children)

When my these first arrived my brother was all about them. Dude was stoked and thought he was the next billionaire. I then asked him what's to stop someone from copying the image? He shrugged and idk man man but im going all in. It was on that day that I knew my brother was tarded

[–] [email protected] 23 points 1 week ago (4 children)

Tbh I get it from a certain point of view. We all made fun of bitcoin at first but now it's pretty common for people to wish they could tell their younger self to get as much as they can afford.

I get the idea of not wanting to miss out on the next thing that did that.

[–] [email protected] 34 points 1 week ago (2 children)

Bitcoin is still fucking shit. That just amounts to "I wish I was there first in this this pyramid scheme". It doesn't change what it is.

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[–] [email protected] 15 points 1 week ago (2 children)

My first wife was tarded. She's a pilot now.

[–] [email protected] 10 points 1 week ago (1 children)

Yep! Don't worry, scrote. There are plenty of 'tards out there living really kick-ass lives!

[–] [email protected] 9 points 1 week ago

Why come you don't got a tatoo??

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[–] [email protected] 55 points 1 week ago (3 children)

It's so funny looking back at it (though it was funny while it was happening too), these new-flavor cryptobros tried so hard to convince themselves that they were in the right, they made "cartoons," games, I think they even planned like an island resort or something around their monkey pictures.

[–] [email protected] 16 points 1 week ago (2 children)

The national news media got behind it big, which I really don't understand.

It never made any sense.

[–] [email protected] 16 points 1 week ago

Pump and dump deep state. It’s still happening. New sucker born every minute.

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[–] [email protected] 14 points 1 week ago

My coworker had a virtual NFT gallery full of Marvel NFTs, all laid out like a showroom. He literally spent thousands, now it's worth close to nothing.

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[–] [email protected] 31 points 1 week ago (2 children)

Near the peak of the NFT craze I was gifted (as part of an initial mint) an NFT, which I turned around and immediately sold for $3k. Last I looked it was worth about $200. That's the extent of my experience with NFTs.

[–] [email protected] 10 points 1 week ago (1 children)

Still surprised it's worth $200. I thought it'd be worth a few cents or maybe a few dollars at most

[–] [email protected] 8 points 1 week ago (1 children)

It's worth what someone will actually pay for it. I suspect that $200 is the price at which it is listed...

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[–] [email protected] 22 points 1 week ago (1 children)
[–] [email protected] 44 points 1 week ago

NFT's used to be stupid.

They still are, but they used to be, too.

[–] [email protected] 22 points 1 week ago (16 children)

How do you know a crypto scheme is a scam?
You already know, the answer is "yes". It's always "yes".
The only question is, can you hold the tiger's tail just long enough to make a mint and still let go in time that you aren't the last one holding it.

[–] [email protected] 9 points 1 week ago

can you hold the tiger’s tail just long enough

The answer to this is also usually "no" because the people who set up the scamcoin usually don't like to leave things to chance and have a plan for when to time their rug-pull.

Trying to get in on these grifts is like spotting a bank-robbery in-progress and trying to join the crew and get paid. Sure it can happen, but you're not exactly playing with the best odds of success.

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[–] [email protected] 19 points 1 week ago* (last edited 1 week ago) (2 children)

You know, I feel bad for the people who were conned by the Super Bowl commercials. Celebs added legitimacy to the con. Everyone else who actually got into it because of whatever other reason, I don't give a fuck about. And SBF? Fuck that guy. I'm glad he's in prison. (I know he was selling a crypto-currency, not NFTs. Don't correct me.)

Oh, and the late night guy and the celeb blond lady who had an awkward conversation about it (was it the hotel sex tape lady?) can also fuck right off. Someone paid them to shill and they went for it. Assholes.

But, all that being said, I'll sell you a jpeg for $1000. Or two for $1999.

Edit: Paris Hilton, don't @ me. Edit: missing "the"

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[–] [email protected] 18 points 1 week ago (1 children)

When they were first blowing up, I thought sure, I'll turn a couple old unreleased tracks of mine into NFTs. I signed up to some site I forget the name of, uploaded the tracks, and then then found out I had to pay something like $500 a track to turn them into NFTs. It was a pretty duh moment for me. Of course the content doesn't mean shit, it's just the money. I never paid them a dime and deleted my stuff.

[–] [email protected] 9 points 1 week ago (3 children)

When I first heard of NFTs I thought the media was encoded within the blockchain - in that case sure, I wouldn't necessarily buy one but I understand how that'd be interesting.

Ten minutes later when I was told they are just proof of purchase that points to a URL hosting your monkey image somewhere, I knew they were a total scam

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[–] [email protected] 16 points 1 week ago (1 children)

You've heard of landlords, but have you heard of NFT-Land landlords? 🤭

[–] [email protected] 13 points 1 week ago (3 children)

"Kids, if you really want to piss off your parents, buy real estate in an imaginary place."

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[–] [email protected] 16 points 1 week ago

I remember seeing the monkeys and thinking, "heck I can draw that maybe I can make NFTs to sell to people who are sucked in by this."

[–] RamblingPanda 15 points 1 week ago (1 children)

Is it over? I stopped watching.

[–] [email protected] 11 points 1 week ago (1 children)

Fifa is selling world cup nfts right now...

[–] [email protected] 11 points 1 week ago

Fifa is pretty fucked up and behind the times. I am not surprised.

[–] [email protected] 10 points 1 week ago (9 children)

NFTs are just beanie babies for millenials and gen z

[–] [email protected] 13 points 1 week ago (1 children)

Beanie babies were beanie babies for millennials. I still have some.

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[–] [email protected] 10 points 1 week ago (2 children)
[–] [email protected] 8 points 1 week ago

A plague upon humanity.

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[–] [email protected] 10 points 1 week ago (2 children)

I remember reading a proposal how music artists could somehow use nfts as digital record keeping so when digital tickets are resold they could get a percentage of the sale each time it was resold. Making more money for artists and disinsentivising resale but you know ticket places would never let it happen. I'm sure you could do it without nfts but it seemed like a really great idea.

[–] [email protected] 18 points 1 week ago (1 children)

I'm sure you could do it without nfts

Yup! There were no technical problems that weren’t already solved, but NFT bros made grand claims unrelated to reality.

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