Sheldon Shared: Anyone still calling NFTs a “scam” has no idea that the technology behind the NFT is what makes it important. Not the arbitrary image attached to them. Yes, in the current form NFTs have shown a proven use case in digital ownership. But this is just the tip of the iceberg.

Community Response: 

NFT’S are just Hyperlinks, essentially NFT’s are just directions to a treasure map, that leads to the treasure, the majority of NFT’s aren’t on the blockchain at all, it would cost an immense amount of money and Storage to store all the NFT’s on the blockchain.

Well said, I was thinking exact same while watching all those NFTS being centralized on open sea.

If you know coffeebreak_YT he made a video with the creator of the NFT Bay, you should check it out. It explains what I was talking about.

Digital ownership is a simple concept, many people I talked to get it pretty easily.  What people don’t get is buying an ownership of a simple image for millions and yes many people will be scammed and lose money, the same people lost money on meme coins.

NFTs is more than the arts attached to it , it has now being integrated to different utilities especially gaming, Metaderby is bringing horse racing to the Metaverse through NFTs, players will be able to Playtoearn by racing with this horses

People still think crypto is a scam so yea, NFTs are far more likely to be misunderstood.

The NFT technology is not a scam. Paying 500 ETH for a picture of a monkey is.

You mean to tell me that a digital monkey picture is a sane investment?

NFT tech isn’t a scam and can be used for other things that makes better sense.

Shortly, after the last celebrity or athlete with too much cash to burn buys their monkey NFT. The price will come crashing back to earth. It’s doesn’t mean it’s a scam. It’s just a bad investment at that point. There are plenty of other projects that are reasonably priced.

Paying millions for a FERRARI and ROLEX also a scam? Rich ppl like to flex, a bored ape is the ultimate social media and metaverse flex. We live in a digital online world, the birth of highly valuated digital assets was inevitable.

They use wash trading to bloat the value too. But whatever, let the greater fool theory play out- it’s entertaining.

Whoever I come in contact with and I get the opportunity to explain why NFT’s are great, they always walk away amazed and understand its value. If explained in an easy manner, people would understand why it’s such a good space right now.  And, where it’s going.

How do you justify thousands of $ for an NFT? What’s the use case, to get into someone’s white list to flip more NFT’s? Seems like a pyramid scheme. I believe in the tech for validation of authenticity & transfer of IP – through IPO’s but currently it’s just a pump & dump.