The NFT plague. Don’t get scammed by con artists.

If you don’t use AD block then you probably already saw at least one AD promoting NFT with words like “Join this AMAZING OPPORTUNITY to get your own NFT and OWN something UNIQUE”.

Or you might have heard about “Tweet that was sold for 2.9M $“.

Or saw any of the “influencers” promoting some kind of NFT.

Or saw any of these people that sold some form of NFT for a huge stack of cash: Snoop Dogg, Lindsay Lohan, Grime, William Shatner, Paris Hilton, Ellen DeGeneres, Shawn Mendes, Eminem, Mark Cuban, Edward Snowden.

So what the fck actually is NFT?

A way of scamming people
Quick and easy way to get rich
A pump and dump scheme

Ekhem. “Non-fungible token” is a digital sign that you own something without ever owning it.
Usually, NFTs are placed on Blockchain technology (the same thing as Bitcoin, ethereum, or any other cryptocurrency).
NFTs are unique (or that’s what they state) so they create virtual scarcity of products.
NFTs are usually some sort of digital art (and there lie many problems).

Rules of making money on NFT as creator and seller:

First rule of NFT is that it should be unique or heavily limited in quantity. This creates a false scarcity of product.
Second rule is that price must be high as you buy “unique art that puts you in this group of scammed people NFT holders” (I talked about wanting to be part of a bigger group HERE.
Third (and most important) is to promote your own NFT with ADs or celebrity.

Rules of making money on NFT as a consumer:

Don’t waste money as you probably will not get it back. If you already got some sort of NFT then find idiot and sell it to him. There is no other way.

Problems with NFTs:

Some NFTs that are being sold are stolen arts from random creators that won’t get any compensation for this. So let’s say you buy an NFT of art that was stolen from the artist. So who owns rights to this art? Artist or random who got scammed?

As most of NFTs are digital art you can right-click them and click on “save as”. 1 and 0 are the same in your file and his file. So… was it worth thousands of $?

NFTs are only digital. If you lose your key, you lose your NFT. Fun fact: Hackers can also steal your NFT.

NFTs works on blockchains. So they require a lot of processing power. So they require a lot of electricity. Do we really need new useless thing that uses electricity in times when electricity generation wastes precious water and pollute planet?

Please don’t buy NFTs. Choose something like garlic bread instead.

Leave a Comment

Your email address will not be published. Required fields are marked *