The biggest L in history
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- čas přidán 4. 09. 2023
- NFTs crashed and are now worth nothing who could have predicted that
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Let’s face it NFTS were shite from the start but I think we all enjoyed watching it slowly decay in its own asylum cell.
Yep
Freddy Factsbear
Fdaddy fazbaby
Not the ones that bought them 😂😂
Not really.... NFTs work great as start up for web 3 projects as well as those that provide genuine utility, revenue share or even just a way for a digital art to get out there, the problem was every con artist jumped in as crypto defi is still the wild west with next to no regulations.
When NFTs first happened I actually thought it was a good way for digital artists to make money. It’s a shame none of them had any real artistic value.
It wasn't the artists who made the money, though. Basically anybody was (or still is) able to turn a picture into an NFT, they don't even have to own the copyright.
Artists make money by selling pictures to people who want to buy those pictures. Turning the pictures into NFT's is an unnecessary step in the process. It doesn't make it easier for the artist to make the picture and it doesn't make the picture better for the person buying it.
The technology has some interesting uses if developed correctly but none of those uses revolve around shitty computer generated pictures of monkeys.
@@Subjagator Traditional paintings hold more value because they are an individual item. I thought NFTs would give creators of digital art that same opportunity. Clearly I was wrong but that was how I viewed it when they first appeared.
@@wozzywick
Of course, I imagine a lot of people thought the same.
Value really depends on what the person buying it wants to pay. A good painting by a famous artist can be worth a lot of money if someone wants to pay a lot for it. A good painting by a nobody could be worth next to nothing. Likewise a random poster that is mass produced could be even more expensive than an individual painting by an artist if nobody wants to really pay anything for that painting.
'Uniqueness' as a property isn't actually intrinsically valuable.
@@Subjagator Of course the value of anything is what someone will pay for it. My comment about individual items having more value is fair though. An original painting is worth substantially more than an almost identical forgery. This is because its the original. With digital art, there is no original- I had thought NFTs could fulfil that purpose.
It's almost impossible to believe that someone actually paid $115 for that.
This.
Yeah, it's like paying for porn.
I would have happily paid $115 for that. It will likely be resold for 40K+ at some point. It might have also been the person selling it to himself via a different wallet.
@@pfpchad2747 Lmfao.
@@pfpchad2747Please say this is sarcasm.
There is a guy at my work that is still convinced that NFTs are the future. Hats off to whoever scammed these idiots.
NFT's are part of the blockchain. your friend is not wrong.
@@ChickenMcThiccken Yep more reason why blockchain is worthless.
I told my son I was going to buy him an NFT for his birthday. He told me he would disown me. I've never been more proud to be his mum 😢
As someone who used to work for an investment company I will say this: Always try to buy something that produces wealth (e.g. shares in a profitable company). Never pay more than the instrinsic value for something (i.e. avoid paying £300,000 for a picture worth about £5) and never ever buy something you don't understand.
gurl/boi, i swear to god, the first thing i saw in NFT'S was "how the heck does that even generate value?" and when they told me it was mostly about innovation i asked "how that innvoation works?" and they said the whole metaverse thing, i already saw the scam. No one would want to go to this dystopian nightmare.
@@AlexLangerak just say "bro" ti's universal👍🤝
@@AlexLangerakI asked myself the same question, and then I tried to view it as fine art. I still couldn't justify how NFTs could hold value.
Same advice applies to collectibles: only buy what you understand, don't buy just to speculate, buy what you'd be OK with owning even if the price dropped to zero
I understand that when over half of a community are lazy scammers that the product probably isn't worth it.
The real money maker in NFTs was marketing. Gary Vee and Andrew Tate and all those guys are just expert promoters and have no real business skills
it was a fraud
I mean, Andrew tate *does* have business skills, they just involve human trafficking
tbf id call marketing a pretty major business skill
When did Andrew promote nfts?
i made 100k marketing them on discord lol
I remember my dad was doing an investment kick and asked me whether he should by an NFT I’m so relieved I managed to talk him out of it 😭
As a rule of thumb I never invest in anything I don't understand. I understand crypto and NFT, and I still don't invest into it. Both are basically a pyramid scam.
Thank you for helping him not buying one
So glad for you, my friend was not as lucky - he got into NFTs on the advice of one of his sons, and the stuff he was buying made absolutely no sense
W
@@MyRegardsToTheDodo Worse than a pyramid scheme, a bubble
I think telling a commercial airline company that they're "going to fall" is ominous af and that guy should be put on a list lmao
I don't think most people realise that when you buy an NFT, you aren't buying the art, you are buying a token that says you own the the art but because the NFT buyer isn't buying the image, taking a screenshot or using save image as doesn't have anything to do with the actual token. However, the fact that an NFT doesn't contain any sort of art makes it worth even less and even more stupid that people bought them.
So does that mean nft bros cant even be mad at people screenshotting their nft bc they dont even actually own the art?
@@dowhatmakesyouhappiest198 exactly, nft bros are so stupid
@@dowhatmakesyouhappiest198Copyright says nope. NFT holders don't hold the attached image. "Smart contracts" don't inform consent.
So basically Nfts are the recipets you get when you finish shopping.
Or in simplest explanation: buying NFTs is just buying receipts.
I criticized this when it first came out, and they kept saying, "stay poor."
Now I have my money, and they lost all theirs.
After the NFT thing came out I sold all my ETH, basically betting against the whole thing. Needless to say I was right LOL!
The craziest thing was that the creator of nft’s came out on multiple occasions to try and tell people that he never figured out how to actually make it work the way he intended and that he was never able to include the image in the blockchain (which is the whole point) and instead was only able to include the link to an image. So all these dudes spent thousands and thousands of dollars to own a link to an image which you can just have for free.
I feel sorry for the people who share finances with NFT buyers. Imagine one day your partner says 'Hey babe, you know that money we were saving for house? Guess what! I spent it on an NFT! We can sell it next year and buy an even bigger house!'
It’s actually insane though, these people will pay thousands of pounds for some shit images but if you want art that bad there are thousands of talented artist you can commission for like £50??? It’s just stupid 😭
They didn't want the art though, they wanted to get into a get rich quick scheme.
An NFT isn't art, it's a token so unlike buying digital art NFTs quite literally don't exist
It's not even the art you buy.
It's the coupon that you own the image. And not even that is entirely correct because it's not copyright. ...ask Legal Eagle.
@@JoshSweetvale Insane how they spend that money without checking if they even get legal ownership of the image.
@@OmniversalInsect It's deliberate, willful ignorance. A half-hour CZcams video about blockchains and copyright should explain it.
My only regret when it comes to NFTs is not having jumped in early and making a few mil off like $50
Yep. But having made that and not knowing the future, would you have sold at the right time?
This is how they sucker you. This exact thought is why these pyramid schemes work. Everybody wants to make that quick buck, everybody is willing to sell out the net guy, never stopping to think what if they are the next guy.
Just like all pyramid schemes
Hey you're either there to catch the wave or you're not.
Of all things, the 'Bored Ape' concept could not have been more well-chosen to capture the sentiment that went into creating this product.
Man I felt insane during the NFT and crypto hype when I was telling people that it was all worthless.
To me, NFTs singled out the rich that gained their wealth by pure chance, no tack or intelligence, just pure luck
I knew that NFTs were a pisstake idea and would never work. What concerns me more is the mindset of those who honestly thought otherwise.
you unironically know that much about nfts. sad life
3:30 - don't forget the muppets who bought a book and thought they owned the copyright to it: "An anonymous NFT group called Spice DAO (decentralized anonymous organization) made waves earlier this year when they triumphantly tweeted about their acquisition of a rare art book: Jodorowsky’s Dune, the guidebook to an ambitious but ill-fated film adaptation of Frank Herbert’s Dune. These spiceheads had big plans to convert the book into NFTs, burn the physical copy, and adapt the story into an animated series. There’s just one problem: little did they know, the purchase didn't mean they actually own the copyright to Dune. All they own is one very, very expensive book."
They are now looking to sell the book to raise funds: "The group [now] plans to sell its Dune bible during the fourth quarter of 2023 when Dune: Part Two is expected to hit theaters, but recouping their $3 million investment in the currently dismal cryptocurrency climate seems unlikely." Of course, Dune Pt 2 has been delayed, which will obviously scupper their own plans.
Morons.
Imagine if those people just bought gold or any other rare mineral with the money they spent on nfts.
Yeah like some of the money spent on nfts could've been spent on some really cool tech or sumin like that
@@jenniferdunstan5065 yet they spent it on a picture of a monkey they dont even own they just own a link to the image the person who made the nft can change the image at anytime and they cant do anything about it
Made 45k usd from 400 flipping whitelist on NFTs during bullrun, what I will made from 400 usd in last 2-3 years in gold, fuck all?
@@CS2Universe no one cares about your nfts most people want stability not volatility And there’s nothing more volatile than NFTs which are genuinely valueless
at least your csgo gambling addiction grants you items with some value
@@CS2Universe so what you are saying is you took 45k from some gullible fools.
Thank you George for making videos everyday.
Fax
Convincing people that crypto currencies were a valid replacement for real currencies was the greatest scam, when they were originally meant to be essentially the authentication pass to let you make changes to the blockchain database.
Can't believe someone would waste 115 dollars like that.
The moment I learned that NFTs are basically a way to make people pay to “own” a digital picture that everyone else can get for free, I was like, “That is the most blatant scam I’ve ever heard of. No one deserves to lose all their money, but anyone who buys into this, you brought that on yourself.”
Deadass metaverse is just roblox with a price tag
The funniest thing about NFTs is the fact that you don't actually own them. If you buy one of those stupid ass monkey pictures, you don't even own it. You own a specific, numbered spot on a digital list filled with other numbered spots, which have pictures associated to them to distinguish between each other, but nothing actually stops anyone from using the picture your spot is associated with, since you don't own that picture. It's like if a museum offered you a painted circle on the ground in front of a priceless work of art that no one else but you could stand in, but you didn't actually own the work of art, or the museum, or the piece of property that circle was painted on, and nothing would stop other museum patrons from standing next to your circle and looking at the art piece, or the museum from moving the art piece somewhere else and have you stare at a blank wall. You own nothing
An NFT is like buying the certificate to prove the art is real, but not the art itself. The worst part is, it turned oit you didn't even own the certificate even. You bought nothing, own nothing and deserve nothing because it was all greed.
Best thing is, the NFT itself is immutable but it's just an immutable pointer to mutable data. Nobody goes through the hassle of storing monke jpegs on-chain, they're just tucked away on a server somewhere and the server owner can just change them
I love how he reacts to things he has done before but seems to have completely forgotten the last time, multiple new reactions to the same thing
i do that often
I spent $3 on bananas and when 2 went bad overnight i was Devastated it felt like I lost $10,000 can't imagine what these nft loses feel 😂
The whole concept of web 3.0 is a bunch of rich people looking at the internet and saying, “what if this was exactly the same, but everyone gave us more money”. And shockingly, it wasn’t a very popular idea.
And even funnier is how rich idiots and the idiots that thought it'd get them rich kept thinking there had to be some kind of value to the monkey jpeg they kept screeching about in how it'd make them rich enough to buy some stupid Italian luxury car.
"Price doesn't matter because ill never sell"
But he will ALWAYS cope
NFT's were made for twitter users, they're some of the only people willing to buy something so dumb
Reading out the thumbnail would make a little Victorian child pass out
Always know it’s a good day when silly george posts EDIT: I know he posts everyday. Every day is a good day. George memeulous is oxygen.
Stupid "hey wassup im here to slay" profile picture
he posts daily
0 creativeness
@@ThebiggestCraig 🤧
@@Hearts4Celestiaax have you read your own comment 😍
At least the money laundering industry got something out of this fad. Well, that and our entertainment.
When 99% of the people buying the product in a market are only investors looking to sell it to get rich, eventually the bubble will burst and the whole system will come crashing down hard. The whole NFT market was just a bunch of investors gassing each other up on how rich they’re all going to get.
I didn't think it was going to fail, I KNEW this was a nothing-thing.
I had a handyman come round who was in his late 40s and talked about NFTS, he showed me he had a dozen images of cartoon swords and they all cost £100's each, he said which ones his boys picked and I told him to please stop buying them as they are just images with no intrinsic value but he didn't get it. I even showed him a way he could invest which was safer and better but he for some reason felt that in the future people will pay 1k's for his cartoon sword pictures....
The whole NFT episode, Elon Musk and the Afghanistan pullout really solidified for me over a short time that rich people and governments really do just make it all up as they go along and havnt got a clue what they are talking about or doing. Any success they get is down to luck and prexisting wealth
That's all life is. With billions of people certain ones will be in that spot where everything just works out. The "living dead" in a way as they're just NPCs anyway 😂
Mathematically, probability is a real thing. 🤷♂️. Was bound to be some lucky morons failing their way to some success.
That’s inherently not true in the universal sense you posited. Yes, luck is inherently involved with many money-making ventures, but that doesn’t mean all rich people got literally all their wealth from blind luck, as if only lottery winners got wealthy. They have done studies on this topic, and most rich people actually reach the upper classes (as measured by socioeconomic status or total family income) after beginning their lives in the middle or lower classes. Most rich people do not have the silver spoon backstory of someone like Donald Trump. That is a myth created and perpetuated by politicians running the classic populist vote-buying scheme (Vote for me, and I’ll take money from those evil rich people who were all born wealthy and give it to you!), a la Bernie Sanders, AOC, etc. Classic socialist strategy.
The truth, as always, comes in shades of gray, not an easy-to-understand black-and-white narrative lens to view the world with. Some rich people became rich because of primarily hard work and/or skill/talent, and some rich people became rich because of primarily luck and/or elitist family connections.
All the NFT craze reminds me of the Pepe meme. People would go to great lengths to collect all of the most rare pepes on the internet, occasionally somebody would create a new one and it would make the rounds. Except they weren't selling them for hundreds of thousands of dollars. They were but mere jpeg files, dispersed freely throughout the internet. Times were simpler back then. Before the great dumbening.
You have to capitalize such a perfect phrase!! 'The Great Dumbening' how perfect!
I don't believe "the dumbening" happened *after* people tried to collect meaningless pictures of a green frog. It sounds pretty similar to NFTS, but harmless. A collectible, worthless, fad.
Honestly the video game x NFT market was doomed to fail. People already were making money off of in game items WITHOUT NFTS so why tf would they want them?
I still to this day don’t understand why people were buying virtual pictures for thousands
Money laundering
They weren’t even buying the actual pictures.
As soon as people like Garry Vee start taking about something being huge... It's time to back out and never look at it ever again.
Unless it’s his ego because he would be correct about that
So the question is, cryptographically-based distributed ledger systems find a use where their main function is not speculation-driven investments on essentially valueless tokens, but rather efficient application of their trustless or distributed security model without creating enormous overhead, where the security model itself is the appeal rather than gambling on worthless items?
Love to see NFT bros taking L 😂
You just reminded me of the painfully sad existence of these NFT bro's
That’s still $115 too much 😂😂😂
I bet Eminem and other celebrities feel very stupid now for buying them infinitely generated images of monkeys. 💀
I'm actually surprised someone paid 115 for it
I don't care about the NFT clownery, i laugh more at that Metaverse news thinking their ego worth 1.2 Billion but only managed to lure in 30 users.
Can’t see why anyone is interested in the metaverse I’ve got a front door, walking through that introduces me to more experiences the metaverse ever could!
the house thing is funny because houses have consistently proven to be one of the most reliable means of storing and growing long term wealth. Since 2014, my family home has gone from 246k to 623k in value with nothing more than a paint job and basic maintenance.
The other day, someone asked to buy my art as NFTs
Sell them for £3,000 each. Then wait two weeks and buy them back again for £30.
I'm pretty sure even majority of people that promoted NFT's at the start knew they are shit. It just they hoped that this mess will somehow end up in them becoming richer.
What a delightful bank robber.
NFTs are like the picture your kid drew and you have to put up on the fridge, until enough time has passed that you can discreetly throw it in the bin.
I always thought that they were the stupidest blockchain idea to come from the internet … so far.
I’m glad I stayed away from NFTs and saw them for what they were at the beginning.
Few people in my town I used to be friends with in HS got into NFTs when they started popping up, now I can point and laugh at them because while I was busting my ass for $20 an hour and makin bank, they were buying JPEGs. Dawg, that's the funniest fucking shit ever.
Imagine thinking a PNG would have and hold value 😂
7:03 "This is the Monalisa of the digital world."
Me: *Prints the Monalisa and hangs it on his wall for free.*
That's funny. When I bought my first inkjet printer back in the 90s, I did the same thing to test the printer. I hung a copy of it in my office cubicle.
Your unfettered, gleeful belly cackle genuinely gave me Life Force points 🙏🏽
Thanks for posting George
I find it funny that Video Games aren't considered art by most people but NFTs are bought at that ridiculous price.
The Largest L's of all time.
im still certain nfts were just the greatest gaslight of all time
They should make an NFT that's a picture of money burning.
1:45 ryanair ran that guy into the ground like they do with their own planes
The meta verse looks like a ROBLOX game💀💀💀
I 100% agree with George, it was SO satisfying watching NFTs die
Can't believe someone still paid 115 for it.
Nothing gives me more satisfaction than witnessing NFT owners lose everything 😂
Hey…
mmos from the 2000’s were much more in depth, detailed and fun to play
This is the greatest Canon event of all time
The metaverse was literally just VRChat in bad
at this point, i'm convinced society is trying to see how low they can make the bar-
The sad thing is, this isn't anything new. It used to be tulips some fivehundered years ago, now it's NFTs.
Seeing ppl spending 20 million dollars on a picture and then bragging about it on Twitter then getting bored of it after a month😂
The difference between Elon and other NFT fans is that thanks to his dad, Elon can afford to be an idiot.
2:32 it just looks like 'baby's first Roblox game' 😂😂
(8:30) Passports are internationally agreed upon form of identification with quite strict standard to it, including digital information and rights about said person.
The NFTs are worth nothing really,it's just an image at the end of the day,it does nothing...
Fr
It's not even an image. It's the bragging right that you own the original of a digital image, while everybody else is just using a copy.
As the saying goes, "A fool and his money are easily parted."
I never understood how these random dudes had the money to spend that much on these monkey pics and other random drawings like what
budget kwite spitting facts
I knew nfts were a scam for the start I laughed at everyone
This is the only NFT video I’ve watched other than the invading NFT discord video
It really is funny how adamant people where they where something
dude definitely has some regrets but this purchase was most likely to a wallet they own to capture the tax write off, so they're probably winning somewhat for being down so bad
Now thats what I call entertainment
The best Mona Lisa is the biker chick one from the pilot episode of Cybergirl, an old 2000s australian action show. She has a modern hairstyle and denim jacket and it owns. She's only in a couple of shots but it's great set design.
Thank god for that
Still 110 dollars too expensive
The biggest L for NFT users is the realisation that NFTs do not hold any inherent legal position anywhere. Of course there are those like the last guy in the video who doesn't understand how anyone is legally allowed to use the picture inside the NFT as their profile picture despite not having bought the NFT. They've been told by crypto bros "that's how they work" and just accepted that at face value.
Just to be super duper clear on this: First of all, the NFT is NOT the picture itself, the NFT is a virtual box on the respective blockchain. You can put whatever you want into that box, but once it's minted you cannot alter the contents of said box anymore. The box itself is the Non Fungible part, the box itself is unique and cannot be duplicated. But the contents very much can be. But second of all: If you want to own the copyright to a picture that is stored inside of an NFT, then first of all, whoever minted the NFT must have had the copyright to the picture in the first place and then must've signed a legal contract with you stating that they transfer the copyright to you. And if you then decide to sell the NFT and grant whoever buys the NFT the copyright, you must also sign a legal contract with the buying stating that you transfer the copyright. If you do not do that, whoever bought the NFT won't be the copyright holder of the picture and thus cannot transfer the copyright over to whoever owns the NFT next. And no, a smart contract on a blockchain does not count, those are no legally binding documents.
This is especially funny considering the story of a group of crypto bros who were also fans of Dune and bought concept art and whatnot regarding a shelved Dune movie project from the 90's or something. They then proceeded to scan all the pages and mint those as NFTs for the sole purpose of turning that concept stuff into an actual Dune movie. Because they thought this would somehow grant them the copyright to all of this allowing them to make it into a movie.
Everything related to crypto is an attempt to solve problems nobody had. The first problem it solved is making digital goods scarce, which is impossible in the digital world. A jpeg cannot be scarce, you can just copy it willy nilly till you run out of disc space. The other problem it solved is by allowing mostly tamper proof decentralised record keeping. That's basically what the block chain is, record keeping accessible by everyone but in theory alterable by noone. It is used to decentralise stuff that can much easier be handled centralised in an attempt to strip power from centralised record keeping agencies and giving it to the people instead. That didn't really work given that we now have crypto exchange platforms which very much are centralised systems, but also just... why? Why would I want this? It takes way more effort to protect the integrity of the records by doing it the decentralised way, than by doing it in a centralised fashion.
It'll be like living in a house with 49 other people and having an inventory list of who owns what in the house, but that list is not hung up in the living room, but rather everyone has their own inventory list, which is identical to the other lists and when one person borrows another persons jacket everyone has to convene in the living room, pull out their list and add "A gave their jacket to B" at the bottom to make sure everyone's list is the exact same. All so that B can't just alter their list to say "I own the jacket previously owned by A" in order to claim ownership over the jacket, because then everyone else can check the list and say "no, that jacket belongs to A" and adjust B's list to correct that "error".
Also that whole process takes 2 hours everytime someone gives something to someone else.
And then crypto bros will tell me, that I don't understand crypto at all, even though I understand very well what is going on there.
2:23 if you told me this was a UI from roblox I would not doubt you
this makes me very happy
Why even bother selling it for $100? At that point just keep it in a fractional chance that it will be worth anything near what it use to be.
Half of these are ironic. Especially the one about that metaverse house for a small price of 290K.Didn't even caught that one 💀😭
What happened to people who bought real estate in the metaverse? People were paying a lot to live near celebrities.
One thing i absolutely loved in the new series of iasip (small spoiler warning for season 16 ep 1) is that at one point charlie talks about making an investment and you think its crypto, but then he actually bought these like tmnt sewer pies from the 90s
Even charlie kelly is smarter than a crypto bro XD
0:26 the genuine ELATION😭
the nft bubble has finally popped