NFT Conference Founder Predicts 97% of Current Projects Will Lose Value Through 2024 (twincities.com) 60
"Serial entrepreneur" Gary Vaynerchuk launched a four-day conference "exploring digital ownership and the way emerging technologies could interact with art, sports and entertainment," reports the Pioneer Press:
It's billed as an event "featuring icons of business, sports, music, arts, Web3, and popular culture in conversation to build lasting relationships, share ideas, and connect with the community." VeeCon is expected to draw over 10,000 visitors from around world who will hear from 150 speakers, from New Age guru Deepak Chopra to filmmaker Spike Lee and the ubiquitous rapper Snoop Dogg. [Also speaking: Randi Zuckerberg, Mark Zuckerberg's sister]
Tickets were sold in the form of NFTs, which are non-fungible tokens sold on the blockchain, a digital ledger of transactions. Much of the conference will dive into the potential applications for NFTs.
Ami Barzelay, chief product officer of Crinkle, a shopping rewards optimizer, described NFT ownership as "digital bragging rights." An NFT, which could be an image, song or video, can be copied and enjoyed by anyone in the world, but it may have just one owner. The NFT market, still in its infancy, has seen wild swings in what people are willing to pay for digital assets, which Barzelay has experienced first-hand. He said that for fun, he paid $100 for a video clip of Tiger Woods and later sold it for $5,000.
There is inherent skepticism and fear around buying and selling things that don't exist in the physical world, which VeeCon aims to address.
The article quotes Vaynerchuk as saying "Education and communication solve everything," adding later that "NFTs are really fun for collectability, but it is a tiny part of the consumer blockchain."
CNBC points out that holders of the NFT-format tickets "also are given exclusive access to the annual event for three years after the NFT's purchase." Though they also end on a skeptical note: "Right now the overwhelming energy of the space is very short term. I would call it greed. Many are not spending their time on education," Vaynerchuk said.
"The reality is that all that behavior is going to lead to 97-98% of these current projects losing value over the next 24-36 months because the supply and demand curves will not work out."
The event's schedule included happy hours that were officially hosted by Johnnie Walker and Captain Morgan.
On Twitter one attendee reported from the festival that digital artist Beeple "just got caked in the face in front of 7,000 people by Steve Aoki and it was incredible."
Tickets were sold in the form of NFTs, which are non-fungible tokens sold on the blockchain, a digital ledger of transactions. Much of the conference will dive into the potential applications for NFTs.
Ami Barzelay, chief product officer of Crinkle, a shopping rewards optimizer, described NFT ownership as "digital bragging rights." An NFT, which could be an image, song or video, can be copied and enjoyed by anyone in the world, but it may have just one owner. The NFT market, still in its infancy, has seen wild swings in what people are willing to pay for digital assets, which Barzelay has experienced first-hand. He said that for fun, he paid $100 for a video clip of Tiger Woods and later sold it for $5,000.
There is inherent skepticism and fear around buying and selling things that don't exist in the physical world, which VeeCon aims to address.
The article quotes Vaynerchuk as saying "Education and communication solve everything," adding later that "NFTs are really fun for collectability, but it is a tiny part of the consumer blockchain."
CNBC points out that holders of the NFT-format tickets "also are given exclusive access to the annual event for three years after the NFT's purchase." Though they also end on a skeptical note: "Right now the overwhelming energy of the space is very short term. I would call it greed. Many are not spending their time on education," Vaynerchuk said.
"The reality is that all that behavior is going to lead to 97-98% of these current projects losing value over the next 24-36 months because the supply and demand curves will not work out."
The event's schedule included happy hours that were officially hosted by Johnnie Walker and Captain Morgan.
On Twitter one attendee reported from the festival that digital artist Beeple "just got caked in the face in front of 7,000 people by Steve Aoki and it was incredible."
lol (Score:5, Insightful)
Anything including NFTs or Deepak Chopra is provably bullshit. Having both is just about perfect. Deliberately booking "Mark Zuckerberg's sister" makes it a trifecta.
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digital artist Beeple "just got caked in the face in front of 7,000 people by Steve Aoki and it was incredible."
It's like that other rocket. [youtube.com]
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This whole NFT business is starting to feel more and more like a cult.
Re: lol (Score:3)
When i first yeard about nft's i got excited. Then i realized the truth you dont own a digital asset. You own a link to a digital asset. That can be taken away from by anyone with admin rights on that server.
At first i thought the nft made some sort of hash like sh1 of the file to prove its orginial . No nft is a link. Links that can be wiped easily.
Re: 20 years (Score:2)
Been commenting hete for 20 years and slashdot still doesnt have a damn edit button
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Been commenting hete for 20 years and slashdot still doesnt have a damn edit button
Yep, I complained about this for 15 years but it turns out the owners could give a shit about the usability of the site.
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On the other hand, Slashdot comments are much more durable than any NFTs.
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You own a link to a digital asset.
Lol, you don't even own that.
What you "own" is the idea that you can claim to "own" a row in a database somewhere (whatever the fuck that even means).
The digital asset itself doesn't even exist, and the placeholder image you see has no actual connection to that row. That's why it's called a "placeholder" because it isn't the real thing. And if you dig a little deeper, you'll find that there is no "real thing."
What you've supposedly bought is the "right" to claim that you have some connection to something.
Go
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Re: lol (Score:2)
I thought an NFT was like a deed. For instance you own a car and your deed proves you own it. You can give that deed away for money and someone else holds that deed until you pay the money back (or not). In the meantime that deed can and does changes hands usually for profit. Sometimes the property the deed represents is lost (car crash, car fire, car stolen/loss) and now the deed is worthless.
What am I missing here?
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Yes and a deed that has no standing in law, and the person in possession of the site, can destroy it at will with no consequence.
So an unenforceable deed, where do I sign up. /s
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only 97%? (Score:4, Informative)
I would have expected about 99.9999% or so
You an optimist too? (Score:3)
Oh my!
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I can't wait for link-rot to set in on NFTs.
It's already happening [theverge.com]
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True, it implies that 3% may even increase in value.
Which would be a sort of proof-of-concept.
Why only 97%? (Score:3)
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Last line says it all (Score:3)
Trying to sell a viral "moment" that has absolutely nothing to do with the idea in questions to make people feel as though they are missing out on something.
A guy getting a cake in the face hasn't been "incredible" since vaudeville, even their hype is a pyrmid scheme.
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Gotta have some to lose some (Score:2)
And (Score:2)
in other breaking news it was disclosed that water is wet.
Ah, yes - the magical 97% (Score:5, Interesting)
97% is the number that someone picks when they want to show just how overwhelming something is, without actually proving it.
100%? Nobody believes that.
99%? DItto.
98%? An even number, will be disregarded.
96%? Not overwhelming enough.
But 97%? It's the magic "believe me" number. It's a prime, but also has that nice tie-in with 3 to make 100. It seems scientific. Sort of.
It's the statistical equivalent of rounding $5.00 to $4.99, or "four out of five doctors recommend."
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Other numbers:
10,000 (years ago) :D
80/20 (statistics)
7 (religion)
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If you ask 100 people to pick a number between 1 and 10, you will find that 3 and 7 are the most popular choices.
3 and 7 are not too close to the lower and upper bounds, not the obvious mid point of 5. They are inconspicuous.
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It's like they say: 73% of statistics are make up on the spot.
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It's like they say: 73% of statistics are make up on the spot.
More like seven thirds of statistics are made up.
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3 and 7 are not too close to the lower and upper bounds, not the obvious mid point of 5. They are inconspicuous.
I choose 3 or 7 each and every time particularly because their inherent inconspicuousness makes them completely conspicuous.
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97% is the number that someone picks when they want to show just how overwhelming something is, without actually proving it.
NFTs are used to facilitate Human trafficking sales. 3% might just be the number of survivors after 2 years.
"Education and communication solve everything" (Score:2)
I agree. We need more education to raise this 97% figure to 100%. The NFT scam consists on selling URLs to otherwise widely available computer files. It only works because some people remain uneducated and believe that they can somehow become millionaires by "investing" in this scam.
Here's a brilliant prognostication for you: (Score:1)
I predict they were already worthless before people started buying them.
NB (Score:3)
That's NFT in essence for you. Tens of millions of dollars spent on ... literally nothing [forbes.com]. End of story.
You don't say? (Score:2)
Digital-only assets that are easily copied losing value... imagine that.
He's milked it already (Score:3)
Definition of a "Serial entrepreneur" (Score:2)
Serial Enterprenour - an individual with a self-proclaimed success story who has nothing real to show for it, but who is good enough words to bullshit people into pumping more money into their imaginary business, and who, when their business inevitably collapses, blames it on 3rd parties rather than own failures. Subsequently, the serial enterprenour starts promising to new potential investors to deliver value in their next great idea which never comes, and so the circle of self-delusion continues.
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1) Start a business that has hype potential.
2) Hype much, deliver little.
3) ???
4) Sell Business to suckers
5) Profit!
6) Rinse and Repeat
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Pretty much, yeah.
Franklin Mint (Score:4, Insightful)
The Franklin Mint is worth trillions and trillions today because certificates of authenticity are a big deal and everybody needs some.
Along with the rest of art (Score:2)
NFT aRe thE NExt biG thiNg (Score:5, Insightful)
NFT are so obviously not worth anything that I cannot be bothered to type more than one sentence about them.
because there is no value (Score:2)
Riiiiight (Score:2)
"NFTs are really fun for collectability"
No they're not, but keep hyping this shit until you can unload your .JPG to some other sucker.
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that's the best part, put an NFT in photo editor and now it's a *completely different and unique* NFT.
I'm going to go out on a limb here and say the "97 percent losing value" prediction for 2024 is an underestimate that is 3 percent off.
NFT == emperors' new clothes (Score:2)
Rebrading required... (Score:2)
Can we please rename this crap to NOV ("Nothing Of Value").
Every time I read about any of this crudola I feel like I'm playing an unwelcome part in an involuntary remake of Idiocrary. I hope everyone connected with this pure 100% B.S., frauduelent, ponzi shitfest loses the shirt off their backs, their kidneys and their first born.
Come back P.T. Barnum.. All is forgiven...
Fallicy (Score:1)
Don't items need to have worth before they can lose value?!
NFTs are... (Score:1)
where to invest your money (Score:1)
Online coaching classes (Score:1)