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Chaosium Suspends NFT Plans
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<blockquote data-quote="macd21" data-source="post: 8550018" data-attributes="member: 6683793"><p>First of all, you are, because you were overcharged for your artwork. You paid a premium because your artwork was an NFT. It’d be like someone charging you double for your limited edition book because they included a receipt written in neon green ink. You may still be happy with your purchase, but that doesn’t change the fact that you were scammed.</p><p></p><p>Second, part of the scam pertains to the idea of NFTs as investments. The NFT scam isn’t just the idea that NFTs are worth more than other forms of digital art, it’s that NFTs are being promoted as things that will inevitably rise in value. Products like your limited edition book have potential investment value because people like you want those books in and of themselves. Someone might buy one, then wait for demand to go up and sell it to you. But NFTs have investment value because people have been told they have investment value, not because of the inherent value of the product themselves. People have been buying them because they’ve been told that people like you will in the future want to buy them to show off in your metaverse apartments, but there’s no evidence such a market exists. It’s basically a pump ‘n dump: convince people that a worthless product has investment value because it has real inherent value, the price shoots up, you cash out and then the poor sucker is left with the worthless product.</p></blockquote><p></p>
[QUOTE="macd21, post: 8550018, member: 6683793"] First of all, you are, because you were overcharged for your artwork. You paid a premium because your artwork was an NFT. It’d be like someone charging you double for your limited edition book because they included a receipt written in neon green ink. You may still be happy with your purchase, but that doesn’t change the fact that you were scammed. Second, part of the scam pertains to the idea of NFTs as investments. The NFT scam isn’t just the idea that NFTs are worth more than other forms of digital art, it’s that NFTs are being promoted as things that will inevitably rise in value. Products like your limited edition book have potential investment value because people like you want those books in and of themselves. Someone might buy one, then wait for demand to go up and sell it to you. But NFTs have investment value because people have been told they have investment value, not because of the inherent value of the product themselves. People have been buying them because they’ve been told that people like you will in the future want to buy them to show off in your metaverse apartments, but there’s no evidence such a market exists. It’s basically a pump ‘n dump: convince people that a worthless product has investment value because it has real inherent value, the price shoots up, you cash out and then the poor sucker is left with the worthless product. [/QUOTE]
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