Close Menu
    Cryptocurrency

    Are NFTs a Scam? | Understanding the cryptocurrency craze



    In this video, we will explore why the hype around NFTs is looking more and more like a stock bubble. We’ll tell you about the origins of NFTs – do you remember Alex Tew’s pixel website? Or how about Cryptokitties? We’ll fill you in on the details of NFT art, such as who buys it, the cost of the NFT of the very first tweet ever and what to expect from governments in the field of market regulation. And, for the cherry on the top, we’ll try to analyse a new direction in the NFT- move-to-earn market. Who are the guys from the Australian startup Stepn, how can virtual sneakers make you rich and why in fact is the average player is still in the red?

    Sound interesting? Then get on and watch the video!

    Timecodes
    00:00 NFTs are a scam
    00:24 Explaining the history – Pixels and Cryptokitties
    06:37 NFT-Art Wave
    7:50 Three main categories of buyers
    8:22 What was the very first tweet worth?
    11:36 What are the new NFTs and what is Move-to-Earn?
    15:30 NFTs Scam predecessor – genius Charles Ponzi
    17:31 – Bill Gates vs The Industry with a turnover of $ 22 billion

    Sumsub — empowering compliance and anti-fraud teams to fight money laundering, terrorist financing, and online fraud.

    More about us:
    https://sumsub.com
    https://www.youtube.com/channel/UCSh2ew90LSmi5_101c14JLQ

    https://www.instagram.com/sumsubcom/
    https://www.linkedin.com/company/18232778/admin/

    #nfts #nft #nftscam #sumsub #nftsexplained

    View 36 Comments

    36 Comments

    1. Nolram on

      I am actually impressed how balanced this view is. I expected it to lean more into the pro-NFT direction for some reason (considering that its the viewpoint I would expect would profit Sumsub as a company more) but I am very glad to have been proven wrong.

    8. Ryan GString on

      Yeah too bad you just don't understand the underlying technology and this was all completely scripted by a journalist and not a Crypto expert.
      It's easy to see from anybody inside the NFT and Crypto community that can tell you that you are wrong.
      It is 100% more then just a link.
      First off IPFS is immutable, the point is you can't get rid of that information or that link or that picture in the link or the ID attached to it that gives you the access to other policy ID's within the project. Like gaming DLC NFTs or metaverse avatar inventory and ect…

      Another thing.
      The problem with the dirty money bit… Try getting dirty money into Crypto without already having gotten it through the bank first. How else do you buy the Crypto Currency??? You can't use cash unless someone else is willing to do so, but never has or ever will need Crypto to work. Lol
      Get pwnd no0b.

    10. Charon 73 on

      long story short, NFT = scam, the so called 'projects' are nothing and it's all a multi level ponzi. if you win any money it's collateral for all the people that lose money. there is no intrinsic value and everybody know today, after a few years of being lied to that NFtS are a scam, cryptos are a scam, only a few of the coins have real use in terms of being traded on certain markets.

    13. Jake on

      NFTs represent proof of ownership, this is something that will be useful in the future. It just have too much rugs, scams, ponzis in the space, just like crypto to make it have a tainted name. Another thing is, most buyers are not just buying for the art, they also buy it for the certain "utility" they put in the project- (for legit projects) and some people just buy it for flipping it, they can flip it because its all just the greater fool theory. In conclusion yes NFTs are a scam, but the technology behind NFTs is revolutionary.

    15. M9lC KO on

      Thanks for the video Have you seen Farcana mini? In general, the project is a p2e battle royale. The project is still in development, but now you can play a mini-game and win prizes. Would be interested in a review from you

    16. Noah Schlüter on

      I'm not sure, I understood the message of this video, cause the first thing I did was to download and put money into STEPN. Also little hint: i got the entrance code by copy pasting a used one and changing digits til it worked …idk might have been insanely lucky, but worked for me within maybe 5-10mins.

    17. Hazard mark on

      I'm new to trading and I've been watching some videos but I'm still not aware of how to trade Cryptocurrencies what is the best way to start trading because I've been doing my personal research for a while now

    19. Hybrid Life on

      We boomers don't need to be Bill Gates to spot a Ponzi scheme. Every generation learns the hard way. When I was a teenager, I remember snail-mailing $5 postal money orders to complete strangers because their names were at the top of a chain-letter list, to put my name on the bottom and hope I'd get exponentially more money when my name reached the top. But that never happened, of course.

    26. Low Waste, High Melanin on

      My issue with all of this is the problem with the people benefiting the most from this. There are some very dubious people with extremely questionable beliefs in the NFT space and friends creating art and working in the web3 programming space have been quietly shut out for having morals to a point.

      The whole situation is giving Enron to me lol

      Maybe someday a more reasonable use case can be made but at present it all feels like a grift and the SEC seems to be leaning into that POV of it as well.

    28. Indigo on

      This season has been really great, I've been making massive profits on my crypto investment all thanks to my Expert Frederick Joseph

    Leave A Reply
    Share via