Reddit Posts
A great beginners guid to the JPG Store. A review of the largest NFT platform
OCEAN protocol overview. use the blockchain for store/transfer data
OCEAN protocol. how to bring NFT technology in real life use.
You can no longer see someone’s specific collectible Reddit avatar on their profile, at least on mobile. Will this kill the hype?
You can no longer see someone’s Reddit Avatar NFT on their profile, at least not on mobile. Will that kill some hype?
Cardano News Update (ADA) 24HR Insight - Decentralization report, JPG store huge offer, Linux + more
15 Extremely Hard-to-Swallow Truths about Crypto
Getting pretty tired of the crypto market
Want exposure to blue-chip NFTs but don’t have enough capital? JPG index is here
Mentions
For those saying that it's already been done before years ago; I'm afraid you don't understand how it's different this time. This is how images worked before ordinals. The data is stored in the blockchain by encoding hex values into the addresses. Below is an excerpt of one of the transactions storing the Mandela information. In this transaction, tiny amounts of bitcoins are being sent to fake addresses such as 15gHNr4TCKmhHDEG31L2XFNvpnEcnPSQvd. This address is stored in the blockchain as hex 334E656C736F6E2D4D616E64656C612E6A70673F. If you convert those hex bytes to Unicode, you get the string 3Nelson-Mandela.jpg?, representing the image filename. Similarly, the following addresses encode the data for the image. Thus, text, images, and other content can be stored in Bitcoin by using the right fake addresses. Source: https://www.righto.com/2014/02/ascii-bernanke-wikileaks-photographs.html?m=1 So if you didn't know the address were made up, and didn't have the software to read and display the image you never would have known it was there. This isn't like a JPG that you click on to see your Christmas photos. But with ordinals, it is. It's literally a file on the blockchain that you can click and view. I love me some Bitcoin, and hate unrealistic FUD like everyone else, and I understand that Bitcoin would recover from even this, but this is still bad, bad, bad for Bitcoin.
Technically true but also not true? I don't even know how to interpret this.... "The data is stored in the blockchain by encoding hex values into the addresses. Below is an excerpt of one of the transactions storing the Mandela information. In this transaction, tiny amounts of bitcoins are being sent to fake addresses such as 15gHNr4TCKmhHDEG31L2XFNvpnEcnPSQvd. This address is stored in the blockchain as hex 334E656C736F6E2D4D616E64656C612E6A70673F. If you convert those hex bytes to Unicode, you get the string 3Nelson-Mandela.jpg?, representing the image filename. Similarly, the following addresses encode the data for the image. Thus, text, images, and other content can be stored in Bitcoin by using the right fake addresses." It's not a JPG in the same sense of what you would click on to open a family picture. If you didn't know it, and did not have software to interperate and display the imagine you wouldn't even know it existed. This is not the same level of storage that we are now entering.
No, with taproot and ordinals the JPG is actually on the block chain. OP had to link to the ordinal because downloading the imagine and posting it directly within reddit is not an accurate representation of the imagine within the Blockchain. Posting a link is like saying go see it yourself; while posting a picture is literally just showing someone a picture.
Not quite true. A miner could always put whatever data they want (or whatever data you want, if you pay them enough) in a transaction and it would be stored in the same way as this JPG
Not quite true. You could post a URL linking to anything, but you couldn't post a uncensorable imagine where the actual JPG is now stored on every node around the world.
It's not actual JPG they can send through nodes? It's not a cloud service.
I'd be watching from sidelines till NFTs becomes more than just a JPG.
FOR THE LAST TIME.. ITS A .JPG!! /s
Because NFT and a JPG is not the same thing. A link to a JPG of a monkey is not an NFT, but it has become synonymous with NFTs, alienating NFTs from Crypto. A NFT is just a propf of ownership on a secure network, but that’s way less sexy than an JPG of a ape that increased 1000x value.
That JPG tells me the bottom is in. Sound the victory bell, everyone.
tldr; Charles Hoskinson, the founder of Cordano, has been criticized for using someone else's NFT as his profile picture on Twitter and Facebook accounts. The CEO of NFT marketplace JPG Store, Blakelock Brown, said Hoskinson should at least buy any other NFT he wishes to use as a PFP next time. Todd Brenn, a self-acclaimed owner of the NFT, defended Hoskinson's action. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Considering all games are sold via launchers and you don’t actually *own* anything yourself, it’s kinda funny how NFT’s, AKA digital ownership of an asset that fully belongs to you and can’t be taken away, was so thoroughly hated by PC gamers when the tech could’ve been used to mint copies of PC game licenses that people actually own rather than license of steam etc. Don’t get me wrong - JPG NFT’s are ridiculous and definitely employ the “greater fool” - but done correctly PC gamers could’ve had good benefits for this tech.
Most people use Nami wallet or Eternl wallet. Nami is open sourced. For DEXs you can check out Minswap or Muesliswap. For NFT marketplace check out JPG.Store. For lending and borrowing and synthetics we have AADA, Indigo Protocol, Optim Finance, and some other smaller projects like Yamfore and Guchi.io. If you want a list of all projects on Cardano there’s a website called Cardano Cube with all of the projects.
JPG store is great. I use it frequently.
CC is a very user friendly way to onboard new users. JPG store on Cardano did this also
I think bitcoin is kind of like the JPG or MP3 formats. They weren't the first image or music format, but they were the first to be *good enough*. Once that happens, it quickly becomes the standard format. There are better music formats and better image formats, but there are usually some trade offs (bigger file size or longer compression times). If its good enough for most applications, and standard enough that every device and server can read it, why use something else? It kind of fits under the idea of [pareto optimization](https://en.wikipedia.org/wiki/Pareto_efficiency). It seems bitcoin is pretty close where improving any one aspect of it comes at the cost of another.
I’ve got NFTs for both, check my profile on JPG
Oh is it down that much already since a couple of days ago? I mean I’m astonished that anyone was stupid enough to buy a link to a JPG of a laughably badly photoshop for $99 in the first place! The only winner here is Trump. Whole thing is a money laundering cover anyway.
Can someone explain to me like I'm five why anyone would willingly pay $590 for a fucking .JPG? Please, before someone starts ranting about MAGA and "Trumpanzees", he wasn't some kind of genius who thought up this scam all on his own. I honestly want to know how this ridiculous trend started in the first place.
I wonder how they made him think they'll need access to his apes to make a movie about them. You can just save the JPG
I think bitcoin is similar to other protocols or standards that were game changers when they initially were invented, there are better alternatives now, but they have tremendous staying power because they are still "good enough" and have become standards. Think of MP3's, JPG's, or possibly PDF's. There are much better file formats but these still dominate even thirty years later. Bitcoin isn't quite "perfect" but it is "good enough" that it will stick around. The fact that it moves at a glacial pace is a feature. You can rely on it staying the same and maintaining it's value.
>They didn't get rich being an idiot. Justin Bieber was asked if he knew that his name means "Beaver" in German and his response was "what's german?". Of course he bought that stupid Ape JPG
Book.io - An NFT marketplace place for ebooks … Of course, it has its own token. Ground breaking innovation here. JPG Store - An NFT marketplace. Cool. WMT - Claims Chainlink is a parter under partnerships page. Any project can integrate Chainlink Oracle feeds … Huge red flag. Atala Prism - DID projects already exist on Ethereum.
The current crop of JPG NFTs (BAYC, etc.) are unlikely to regain their original value. It's not that NFTs wouldn't have real world utility like intellectual property rights and real estate. It's just kinda dumb that it's now associated with ugly pictures in people's minds.
Exactly this. The NFTs that I've seen that are deeds to virtual property in online worlds haven't changed price much at all, unlike these JPG/PNG NFTs that were (IMO) a joke from the start.
I would pay a lot of money to see Sam's face today or yesterday. One JPG would do it
The NFT space is full of scams and frauds but keep the SEC out of it ffs. If you’re dumb enough to think you’ll get lambo money from a JPG you deserve to get scammed. A fool and his money are soon parted as they say.
If I were to sell a JPG to someone and mail them a USB stick of said to another country, would it have a larger or smaller carbon footprint than minting an NFT and transferring it to the buyer's address? Just a thought experiment.
There is no need to breach any code or so. Just printscreen and mint again in opensea. Minting NFT is the easiest thing to do. You just need a JPG or other type file and that’s it
So I went to your website. The whole idea of us paying your legal fees is fucking stupid. For a dog JPG at that.
Not really just this, basically no one knew what an NFT was. Redditors are also incredibly lazy so they read an article or watched a video once that told them a rock got sold for 4 million dollars in ETH or that NFTs are burning down the amazon personally, and made it their position on NFTs. This is how most of the internet works, people love being told how to think. So Reddit decided to show them. They introduced free avatars and gave them to everyone. Even then, Redditors are super lazy. You saw all the posts about *"Reddit tricked me into taking an nft!"* and all the other nonsense - The truth is that people don't read, think, or do any sort of research into anything they ever do in their lives. Reddit officially released avatars - Round 1. They were cheap, they were limited, they had neat art. Artists got paid (and some made BIG bank) and became celebrities if their art was good. They built up a reputation over time, which is **exactly what should happen on social media** and Reddit set the stage for drop 2. Drop 2 was much more hyped and sold out in under a day. This drove demand through the roof - $10 avatars were selling for 0.5 ETH - Everyone wanted something out of it. It's not just money though - People know that they can customize their avatars and started being creative with what they can do. The artists took great care to be able to mix and match vector art with other avatars to create some truly cool looking things. Reddit Avatars are way cooler than some static JPG of a rock, or a bird, or a monkey. It's a combination of everything - But most important is they were normalized. Narrative is a powerful thing.
No, this just means you can get governments out of the ID issuing business and just have them be in the ID verification business. IDs don’t “prove you exist”, they just prove that at some point someone convinced an authority that a new person came into existence and and identity was created for them. Cryptographic signatures are far more secure than a JPG of your face holding a plastic card with 8 digits lol
Personally, I don't see any utility to any NFTs that aren't the Reddit avatars right now. It's only a JPG, was a totally valid meme, until you could buy the avatars and swap parts, attributes, and color styles. The rest are just a picture, or something that has a hidden GIF like element. I dunno. Perhaps I'm biased, and I'm sure I am, but Reddit has changed the game for NFTs and Twitter etc is taking notice.
I really wonder if buying and NFT could be a tax write off, or other money tying up scheme. Is it classed as Art so the owner can get a $4m loan and the bank think's they're good for it as they can prove their NFT ("Art") is worth $8m etc.... Is it a tax write off as i'm donating the NFT to charity in the form of a .JPG?
I never believed in NFT's and called all people crazy. Today I spend $550 on these "JPG'S".
Obviously moons. NFT is just JPG. Moons atleast got some use.
We will go from stupid JPG's to documenting everything trough blockchain, mark my words ! NFT's right now are what PONG was for gaming in 1972 but NFT's will evolve much faster.
I predict some storage-solution project (Filecoin, Storj, Arweave) will absolutely melt faces next bull run. These services help to pin and store backups of all the NFT media files on IPFS across pretty much every blockchain. Once some big collection has their JPG images go dark on IPFS, people will flock to services like these
Please do. Stupid JPG is the biggest scam ever. That being said the SEC has been asked many tumes to provide legislatikn for crypto and has failed to do so. Imagine being told no there are no laws, but we can arrest you later.
You're not alone, this is something that's bothered me for a while too. Crypto has been around for over a decade now and despite all the development and constant improvements and newer shinier coins, I still have yet to see a single real life use case for any of it. And if somebody mentions NFTs I will lose my rag. I get that there's potential uses for them, but so far it's nothing but worthless JPG shit. Genuinely embarrassing to watch people spend real money on an image that I can just screenshot. I'm heavily invested in crypto because I believe that one day I'll be able to sell it to some other chump for more than I paid for it. I also like the principles, the ideas, and the ideology of crypto. I am all for decentralisation and taking control of our money instead of letting lucky individuals print as much as they want. But it's all too volatile to use as actual currency, and Ethereum has literally hundreds of tokens now and still none of them actually do anything. Frictionless International transfers of wealth without middle men and ridiculous fees. That's one real genuine use case I will admit crypto has, and I understand the finance industry are quite keen on it. But we don't need 1000 different tokens for that.
What useful things can ETH do for me as a regular person right now? The majority of activity seems to be ICO pump and dumps, Monkeyface JPG sales and exchanging one dogememecoin into another dogememecoin.
a lot of what this space needed was the ass whooping it's been receiving. Obviously absolutely moronic takes like cyrpto being a hedge against anything needed to get this reality check to shut these people up, or the imbeciles that try to tell people it's a lifeboat from the current system. For all the shit NFT's got, at least it gave ETH a cool utility for all the "you wouldn't download a JPG would you?" memes, something was done with it. Can be used for proof of purchase of exotic shit in the future. Like a Gucci bag with a barcode and NFT that a database owned by Gucci has listing you as the buyer of that bug could be cool in a limited edition sense. ​ Anyways yes. Let the ponzis die, and the scammer be slowly tortured. Let's get utility.
What perceptions have changed though? They are effectively still just a JPG which is what most people hate about them currently
Magic Eden - Solana JPG Store - Cardano Rand Gallery - Algorand World of V - VeChain Objkt - Tezos
I think you're confusing the word expensive with overvalued. 10 Eth is expensive, but not overvalued if you sold it for 15. 15 eth for a fucking JPG is overvalued *and* expensive lol
NFTs as JPG "art"?: well, let me think... Do they have any real value? No. Will enough people fall for the same scam again? Unlikely. Is it funny to make fun of people who think they are or were valuable in anyway? Very much so. Based on those answers, my guess is: their golden age is gone and that's a very good thing for crypto and for the world.
My approach with NFT's is to only buy the ones that provide a use that non-owners can't have. I thought reddit avatars had this but then I realised what's stopping me copying the JPG from opensea and setting my profile pic to the same thing on reddit the old way? Nothing right so it feels like it kinda fails there. You can tell whether if it's genuine or not by clicking on their profile BUT it fails the non-owner usage test it seems.
People are paying thousands and thousands of dollars for mediocre NFTs, that's what my message I was implying with my message. You are wasting money on the hope it will blow up to thousands of dollars in many years to come (which won't happen). That's why I said "good luck". ;-) If it makes you happy to buy a JPG for $40 and have it sit around and collect dust, go for it. I don't care. Just pointing out that they are worthless within the next few years.
This holds true if we lived in a world where the centralized exchanges were willing to make principled stands against the government, but as Tornado Cash shows, they're only too willing to do the opposite, and the logical leap from freezing out anyone whose address even interacted with a service whose only crime was being popular with criminals, to freezing out anyone that dares defy whatever batshit tyrannical directive you have to hand down today, is so small that it's less a leap and more of a step. As for the success rate of starting a fork when the main chain has been taken over, well, you need only look as far as Eth Classic and ETHW to see how well that works out. The monkey JPG buyers and the degens are going to stick with the main chain and they're not going to jump ship just because of principles.
That’s mostly correct except I would say there is a nuanced difference between using a JPG as your avatar and using an actual NFT avatar. It’s kind of like having a fake baseball card that you print out versus a genuine one. It’s the genuine card that has value and likewise it’s the limited NFT avatar thay has value because people can flex it as a collectible being displayed. You can argue that has no meaning to you, but to many others it cleary does. You also can’t link the NFT to imgur. It has to be through IPFS. The advantage of IPFS is that it adds resilience. There’s no worry of Reddit or Imgur or any server hosting the image going down because of the multiple built-in redundancies. Even if a node goes down the file is still recoverable.
Not sure about new but I imagine the usual... ​ For crypto in general: "Speculative" "Gambling" "No use cases" "Fad" "Pump and dump" "Scam" "Ponzi/Pyramid scheme" These can be applied to a lot of other things and I actually agree that these apply to quite a bit of crypto. There are some crypto that are interesting in good ways and do present use cases. ​ For NFTs: "Greater fool" "Tulip mania" "JPGs" "Just a link to a JPG" ​ More interestingly for NFTs: "Solution looking for a problem", "What can NFTs do/solve that isn't already being done by..."/"Why use NFT/blockchain to do what is already being done by..." I've seen this usually argued by people who are supposedly in tech/development who I imagine feel threatened/rivaled by blockchain. You'd think they would at least maybe have some sort of intellectual/technical curiosity but they appear to have fallen to biases or maybe to past experience where they fell victim and lost money etc. There's no point in trying to even have a discussion with these people since they seem set in what they see and know now. They have pre-conceived notions. They seem to lack creativity/imagination, or are close-minded or ignorant. I think they fear what they don't understand and are clinging to their experience and knowledge. The world can change right before your eyes and you won't notice. It's human perception, like with glaciers. To them it's like you are trying to shill or like you are a door to door sales person trying to 'sell it to them'. Some people just resort straight to saying, "copium!" or "vaporware!" ​ There are people who are already disadvantaged due to being technically illiterate or not 'tech savvy' so it is going to get worse. You know, 'Boomers' or uneducated/uninformed people who don't know how to use a computer? Imagine that but with crypto. Being informed/educated can reduce vulnerability and prevent becoming a victim to scams. Knowledge can also provide opportunities. It would benefit people to be educated about this technology because it is going to be a part of their lives whether they like it or not, like when computers or the internet first came out.
There are more trees on Earth today than there were 100 years ago. Also, there are for less forest fires today than there were 100 years ago. https://www.nasa.gov/feature/goddard/2016/carbon-dioxide-fertilization-greening-earth https://web.archive.org/web/20151219011613/https://www.fs.fed.us/ne/delaware/biotrends/trends33.JPG I provide an archived link since this data is being actively erased.
Yeah that’s great but he’s asking about a JPG NFT.
Can someone tell me why the fuck I would want a JPG that can easily be gone with the website taken down, and wtf am I going to do with an NFT? Genuine question, I’m not trashing this is just how I talk.
Look I will say I appreciate your general candidness but we clearly have a huge difference in opinion I really would be here all day explaining why I dont see them winning in the gaming sector (boils down to each platform already has a established online store which have moats). The NFT marketplace hasnt touched the revenue of OpenSea which is the true benchmark and paid JPG's in general are disliked in the general public, and there ahead of most other companies who dont do blockchain but behind massively on the the real competitors in the space. With the custodial wallet I'm quite uninformed but my first impressions would be is there alot of money in producing a wallet for crypto which is free? Also why would I choose this over the bunch of open source more trusted players in the space? Maybe they might in the future turn these both around but at the minute there is no evidence they are trending upwards exponentially (in NFTs or general sales) which they need to catch up. I was around when the OG GME short squeeze occurred, learned about it and all the accusations of naked shorting yada yada, I understand fully how brutal and generally immoral hedge funds are but I need evidence, most people who post about GME dont give it and that really bothers me, especially the more crazy stuff. I havent even touched about the general goalpost moving I've seen and weird Ryan Cohen worship. I genuinely dont mean to offend but it seems like a cult to me.
I always shouted they're just JPG's, but yesterday I bought 2 from the Reddit store.
Well you do have a valid point but still seriously wrong. Some JPG NFT are complete BS but Utility NFTs are game changer’s.
BINGO more useful not just JPG.
Yeah but when you start applying technical applications you realise it can all be done better in existing ways anyway. But you can’t sell a JPG for thousands any other way than slapping NFT on it.
Well, "crypto" is quite a broad term. If you stick with the OGs (for example btc, or xmr, or eth) you're not going to get rugged/scammed. If you mint a JPG for $5000 based on a pretty website and a "roadmap" that either doesn't make sense, or is so unreal that a child wouldn't believe it, and put your money in shibamarsrocketinumoon, then it's quite likely you're going to lose it all. But, on the other hand, you kind of had it coming, because no living person "invests" in these bullshit projects because of utility or innovation or whatever, everyone is racing to be first in these shit stain projects so that they can dump their bags on the poor bastards who get in later.
If you invested in this, or Pudgy Penguins, or any other fucking stupid anthropomorphic alliterated-name JPG NFT projects constantly being shilled on Twitter then you deserved to lose your money. Zero sympathy.
Yeah I was never arguing the value of the current pfp NFTs, which it does vary whether you own the copyright for, but the bored apes do include a broad copyright with the ownership of the NFT. But most JPG NFTs are worthless or atleast will be eventually its a hype train with little substance. Most artist are desperate to make NFTs of their artwork but the actual value comes from knowing that this artwork is from a certain artist, not because this random artwork looks good. Yeah, tickets, collectiables, music/albums, games, movies and TV shows could all be done as NFTs and allow a resale option that entitles the original seller a guaranteed income from the resale aswell. I reckon this will also extend to some physical objects as well, in which when reselling the object you might want to keep the receipt or with cars storing info the NFT for each car that can then be shared for things like services or possible trades.
I'm about to right click and paste a JPG nft Reddit 😡
We still don't own anything, an NFT is literally just a cryptography secured receipt that might point to a website with a JPG. Right clicking on a JPG and downloading it literally gives you far more ownership than an NFT. I guaranty that if Reddit closes its doors, 99 % of us will not be holding our avatar's keys, and the other 1 % will either have less value than the gas cost to move, or the NFT will point to a 404 file not found dead link.
Redditors get all of their opinions from headlines and top comments. Somehow the "NFT's are JPG's" narrative got pushed awhile back and now everyone shares the same opinion without any knowledge of NFT's
I don't mind people who admit that they are into NFTs because of money, it's all the "but all the incredible uses it has!!" people I can't stand.. Yes, there **could** be some good uses for it in the future, but at the moment it's 99% monkey JPG's and other low effort MS Paint projects
Not entirely true. The NFT tech is being used for event tickets and other real world stuff not just collectible JPG links
If you give a loan on the value of a fucking JPG you deserve to lose.
They took out a loan against an overpriced JPG? Fucking clown world.
NFTs are cool if we use them for/as copyright claims/Access keys/Crypto Gaming/ID's and Certificates... NFTs aren't cool if you buy a stupid monkey JPG with no actual use case, or just to get into some "VIP discord" or whatever. Honestly it's the same with shitcoins... There is good crypto, and ponzis... You just gotta find the right one
Wow I'm so excited!!! Never have I ever wet myself hoping someone sends me JPG.. What a times to be alive...
Buy this JPG of a guy who you can look at for free on the internet!
Lucky you. I’m saving up to be able to see a low quality JPG of a crab on Geocities. Enjoy your riches.
Except artificial scarcity is the basis of the whole crypto economy - coins, NFTs, etc. If Bitcoin only has 21 million coins and that makes it "scarce" and valuable, a VR company could say "our world will only ever have 21 million plots of land" in just the same way. The direct comparison is Second Life, in which virtual land is valuable *because* people want to play the game, and different plots of land have different qualities within the game that make them more or less valuable to different people. The trick is going to be building a blockchain-integrated game or virtual world that people want to use for non blockchain related reasons, not just gamble on to get rich quick. That's where NFTs failed - people were willing to pay $100k for a monkey JPG *only* because they thought they could resell it. Nobody thought a monkey JPG was really worth $100k. So once the fad died down the market collapsed.
For the first one, in JPG right?
You gonna mint that JPG as an NFT for me or what? Upvoted for visibility.
I think we are still very early in the NFT market as people still think that these are just normal JPEG. But they are more than the JPG and we need to read about these things before throwing random judgment.
LoL, Domain names, tickets, even games will probably turn into nfts, i doubt people won't buy nfts, even to support a startup as a form of equity or such, like Limewire and Angelblock did JPG's are not nfts.
LoL, Domain names, tickets, even games will probably turn into nfts, i doubt people won't buy nfts, even to support a startup as a form of equity or such, like Limewire and Angelblock did JPG's are not nfts.
IT Crowd http://hideyourarms.com/wp-content/uploads/2007/09/PICT6477.JPG
Why? Don’t you see the immense value of an immutable reference link to a mutable JPG of a bored ape pic?
Or hear me out , JPG NFTs are a joke and people are starting to realise that.
Bro how the hell is this a source? Lmao. This is a google doc of emails that are all just you speculating. Immutable X having a business relationship with the likes of Disney does not mean Disney is creating exclusive content for the GameStop JPG shop.
You are Harkin NFTs with the JPG index down 75% and in a recession and I'm the troll Okay buddy
How is 50$ for an JPG considered cheap? Genuine question, what is the business model here?
Crypto-related? It totally isn't because a fucking JPG costs $75-$100......
>.what’s that do for his monetary cut of something he owns versus traditional ways of distribution. He makes less as he gets fucked transferring coins and cash around in a confusing, annoying practice, gets fucked again by insane volatility, gets fucked again by the non-stop hacks and security exploits. >traditional ways of distribution. What distribution? Who is actually distributing anything? This JPG shop sure isn't. I mean honestly what the fuck are you guys even talking about? You all circlejerk about ownership, yet no one has any fucking issues with ownership. There are no huge ownership crises that need addressing. I own my home, my medical records, the title of my vehicles, and I've never once in my life, or the lives of anyone I know, and the totality of the collective experience of all members of my family, had an issue with "ownership". Just as Dan Olsen said, this shit is all created by the same people who put vending machines in front of grocery stores and claim that they've solved the issue of shopping. There was never an issue with shopping for groceries, you didn't solve anything, and all they've done is inserted themselves as value-draining middle men.
NFT technology is cool. Paying a million dollars for a JPG that you could just screenshot isn't.
Yup, most people talk about and think that NFTs are just silly receipts for JPGs and GIFs, looking at you YongYeah on youtube. I completely agree that JPG NFTs and even the way some companies are monatizing NFTs is ridiculous but the underlying tech of an NFT could have really great practical uses, it's not the tech that's the problem it's the way a lot of people are using it currently.
They're both clowns. I only respect BTC maxis. JPG peddlers can suck my sats
A brief history of popular [scams](https://nakamotoinstitute.org/mempool/everyones-a-scammer/): 2013: Shady mining manufacturers: ‘Buy your ASICS with Bitcoin! We’ll ship them out a year late once they’re obsolete. Oh no way, they look heavily used? That’s weird!’ 2014: Altcoins. 'Bitcoin's totally already peaked, but you can still get in early on the next big thing!’ 2016: Smart contracts. 'You're definitely going to want a piece of this 'Bitcoin killer, Turning complete world computer! Look at the bazillion tokens we generated!' 2018: ICOs. 'Web 3.0 croudsourcing! Now you can fund a project *before* it even proves it's a valid business model! What? No, of course we're not a security!' 2020: NFTs. 'This cartoon ape JPG is totes going to be worth millions one day! Trust me bro!' 2021: DEFI. 'Just give us your Bitcoins, and we'll give you back 15% a year! Paid out in this new token we created, naturally.' 2022: Exit Scam Exchanges. 'We've just uh, temporarily disabled the 'give me back my money' button until you guys all calm down. It's for your own good.' Those are the big ones I remember. Am I missing any other ~~scams~~ sorry, 'ways of getting the newbies to voluntarily part with their Bitcoins'?
> 2020: NFTs. 'This cartoon ape JPG is totes going to be worth millions one day! Trust me bro!' I think you are mostly on point with your post. However, I think the concept of NFTs is legit. Not just in his current form. Maybe NFTs tied with the Bitcoin blockchain on a upper layer could make sense for real use case.
2014: Altcoins. 'Bitcoin's peaked, but you can still get in early on the next big thing!' 2016: Smart contracts. You're definitely going to want a piece of this 'Bitcoin killer, Turning complete world computer! Look at how many tokens we've generated!' 2018: ICOs. 'Web 3.0 croudsourcing! Now you can fund a project *before* it even proves it's a valid business model! What? No, of course we're not a security!' 2020: NFTs. 'This cartoon ape JPG is totes going to be worth millions one day! Trust me bro!' 2020: DEFI. 'Just give us your Bitcoins, and we'll give you back 15% a year! Paid out in this new token we created, naturally.' 2022: Exit Scam Exchanges. 'We've just uh, temporarily disabled the 'give me back my money' button until you guys all calm down. It's for your own good.' Those are the big ones I remember. Am I missing any other ~~scams~~ sorry, 'ways of getting the newbies to voluntarily part with their Bitcoins'?
It's amazing to see how bi-polar the average person is about crypto. A year ago, people were way too hyped up about crypto. They were so blindly over-confident, they were willing to pour all their money into meme coins and were like "if you don't think Doge will go to $1, you mus be a dumb-dumb and hate money". Worse, they were even willing to pay $2,000 for a shitty JPG. Now we're seeing the same blind overreaction. Average Joe now thinking crypto is dead or a failed technology, just because the price is volatile and has corrected once again. I've seen people not only predict $10K, but even going back to $6K and $3K to 2018 bottom prices. And many who think this is over. It's the big tulip or dot com crash like they say, that puts an end to this market.
selling a JPG for hundreds of thousands, what can go wrong
* until they shutdown a server where JPG is stored. Then you own just a link. Sounds great.
Have you ever actually seen a $50 million Piet Mondriaan? It's not a Van Gogh or Mona Lisa, it's a bunch of lines and squares that even I could replicate and you would not see the difference. Almost all art is a scam, no difference between a shitty JPG or a shitty canvas with some oil paint.
> while the price floor on Bored Ape Yacht Club’s (BAYC’s) blue-chip NFT collection has also fallen nearly 33% in the same time, data from NFT Price Floor shows. Meanwhile, the JPG NFT Index, which tracks a handful of blue-chip NFT projects, is down by more than 70% since its inception in April. Not surprisingly, the "smaller" everday-Joe-NFTs dumped a lot more.
No no, you misunderstood. The short squeeze is guranteed 10 000x, but it isnt even needed. After GameStop launches their monkey JPG store, all revenue in the gaming industry will belong to GameStop, and also the gaming industry will increase in size exponentially.
NFTs are doomed. A JPG of a monkey is not worth the same as an artwork by Michelangelo, but some people thought it was. Now they are learning otherwise. LOL