Quote:
Originally Posted by Inso0
I think it'd be faster to explain what's not wrong with them, because that's probably a very short list in the current iteration. It seems to be a truly genius way to extract money from simpletons, but beyond that, not so useful.
Don't get me wrong, there are plenty of ridiculous things to spend your money on in life, but NFTs are at or near the very top of useless list.
We're at "pet rock" levels of whack.
holy **** do i agree with an inso0 post?
NFT's are ridiculous
for how much they are hyped for a lot of very obvious reasons. One of which the artist or creator retains all of their copyrights. Second, and this is a big one, the place where the content the NFT refers to is stored is hosted by another party, which means if it's ever taken offline, you could be legit ****ed. See how many dead images are on older threads of this site if you want an example of how often that happens.
Regarding the metaverse, I see it much overhyped for similar reasons. One major problem is no one can really seem to define or agree on what the metaverse is, and I think that was on purpose.
A big component of it is peer to peer, decentralized data flow (supposed web 3.0). This is actually kind of hilariously devious, because it sounds nice on the surface, and would take your valuable data out of the hands of the 4 or 5 companies that own all of it. That's good, right?
This also means that as a consequence you are taking your data
everywhere with you if I'm understanding the peer to peer concept correctly, and I may not be. This means that in this model you'd be exposing your information/data to basically anywhere on the internet you visit, which isn't that far from the dystopian hellscape we live in now, but it's obviously problematic. Not to mention, your "peer" could just store and use your data however they want (depending on what country you live in) which is the exact situation we're already in, except your exposure surface is way more massive.
There's other tertiary issues like the likely massive increase in internet bandwidth usage. I'm not convinced this would even scale with our given infrastructure.
I smell a lot of red flags here - it's purposely vague, poorly defined, and uses a lot of hot buzzwords like blockchain, AI, VR, and NFT's. This is usually a 100% sign that someone is selling you a load of ****.
Note: I want to make a caveat here, that my argument so far is based on this concept of "web 3.0," not so much the metaverse idea itself, because I do think it has interesting and likely massive implications in the gaming space. I don't think a company like microsoft is gonna throw a $90 billion hail mary at something completely dumb.