Everquest NTF ?

Discussion in 'The Veterans' Lounge' started by Fishlips_Jones, Jan 21, 2022.

  1. Treage_Imminent Elder

  2. Xianzu_Monk_Tunare Augur

    It's not the people who are selling NFT's fault that the people buying NFTs are stupid and do not bother to read the big print that buying the NFT doesn't actually give you any rights at all to what you are buying.
    Nennius and Khat_Nip like this.
  3. Triconix Augur

    Spider-man

    Respect the hyphen.
    Jumbur likes this.
  4. Xianzu_Monk_Tunare Augur

    Depends on the title.
  5. Triconix Augur

  6. Treage_Imminent Elder

    I was referring to the artists that are having their work sold without being compensated. The second link in the post I quoted went into some detail about that. I know I would be livid if that were happening to me, and I would be seeking legal counsel.

    The brokers are selling stolen goods, and it's just as illegal as when a pawn shop does it. That's why pawn shops are required to collect information on the seller including ID and other paperwork to protect their interests. Bulk NFT sellers just say the volume is too high to do that while taking a percentage of the sale price.
  7. Xianzu_Monk_Tunare Augur

    They don't have any legal standing. NFTs are not selling the art, they are selling a number on the blockchain. No licensing, no ownership rights.

    The pawn shop's generally are not doing anything illegal when they sell goods that were stolen. The pawnshop has to have actual knowledge of the item being stolen for them to be doing anything illegal. Further, pawnshops are required to take all that information because the people are not actually selling the items in question. The items are taken as collateral for a sum of money, if you want the item back you have a set period of time to pay back the loan and get the item back or the shop is allowed to sell the time. The information about the borrower/seller is required so if/when they wish to reobtain the item at the negotiated amount they can prove who they are.

    The issue that most artists have is that they have posted their art on platforms like Facebook,Twitter, etc., and those platforms are where others obtained the images which are being sold as NFTs. These platforms almost universally include explicit language which says that you are granting a license in perpetuity for the use of anything that you post.

    Bulk NFT sellers are not selling any kind of rights or licenses related to the NFT. They are only selling a number that can be traced and verified on the blockchain. Any kind of ownership, licensing, or other rights would have to have separate contract which covers such ownership. Further, proving the ownership of most art on the internet at this point is so difficult at this point that to prove it to a legally applicable standard would result in more in legal fees than the value of the art in question.
    Khat_Nip likes this.
  8. Absor Developer

    This. It's like certain members of my family that have to be warned that this or that thing is a scam. Just assume most of the time it is, indeed, a scam. Nobody out there is trying to make anonymous/random people on the internet rich. They are trying to make themselves rich at your expense. If nobody buys in, then they lose money. Also, a lot of them are not only ripping off the people that buy this stuff, but the people that made the art in the first place. Just, just don't.
    Faelthos, Zanarnar, Lluianae and 17 others like this.
  9. Spacemonkey555 Augur

    It is when they're doing wash trades selling it back and forth to themselves to create an appearance of skyrocketing value then dumping it onto a sucker, which seems to be 99.99% of the trading in NFTs at the moment. They have no actual value, and their perceived value is being manipulated to scam the people who are afraid to miss out on the next bitcoin.
  10. Iven Antonius Bayle

    It is like the crypto currencies that do get owned with about 95% by about 1% big investors that make profit by just selling when the price is high and then rebuying the cryptos when the prize dropped down because of the sales. Like with all currencies (including dollars, euro, yen, reminbi, etc) that are not bound onto substantial stuff like gold the real value is zero.
  11. Skuz I am become Wrath, the Destroyer of Worlds.

    Blockchain tech or the theory nehind it is an interesting technology, which claims to solve a lot of problems with fiat currencies & actually does not solve any, and even introduces new probelms masked by the complexity of the underlying technology.

    There have been "alternative currency" schemes since the middle-ages, bitcoin et al are just an extension of the same proposition with a pseudo-techno layer that is supposed to make it look more plausibly workable.

    NFT are in effect just a way for large crypto holders to cash out at the expense of another wave of fools, the bubble has lasted longer than it should have already, but its stilla bubble & it will eventually burst - just like the schemes of the mdidle ages did.

    TL;DR it's still a scam, and after NFT's there might be another idea rooted on the same tech which is designed to entrap the next wave of fools to allow the people suckered in by NFT's to cash out.
  12. Xianzu_Monk_Tunare Augur

    Anyone at all expecting NFTs to have any kind of investment value like BitCoin or any crypto currency are delusional. Regardless of anything that the specific creator of any NFT might be doing to make them look like they have value, NFTs are only designed to be a digital equivalent of a certificate of authenticity and has no value outside of that. It is still the buyer's responsibility to know and understand what they are supposed to be buying.

    I may be wrong, but I don't believe that these block chains include how much the NFTs on them have been traded for just that they were traded. As such, I don't see them being traded back and forth a lot demonstrates they have skyrocketing value, just that they have been moved around a lot.
  13. Tarvas Augur

    Bitcoin has no intrinsic value other than what speculators says it has. The funny thing is people are buying these things with real money. Fortune does indeed favor the bold. I hope everyone who is investing in these things times the market right to get out before the house of cards falls.
  14. Iven Antonius Bayle

    Only a few insiders would be able to do so. For 99% of the "investors" it will be like....

    Skuz and Treage_Imminent like this.
  15. OldTimer Journeyman

    NFT = Tulip bulbs
    Skuz likes this.
  16. Faelthos New Member

    If you want to "own" something on the internet, I have an island to sell you in Arizona for the low low cost of $5,000,000 USD.
    OldTimer likes this.
  17. Zanarnar Augur

  18. Bullwyf Journeyman

    Someone please squash the "good-idea-fairy" before it strikes again.
    OldTimer likes this.
  19. Cuuthbert Augur