Watch Out For NFT Scams

Thanks for all the comments on this video. I thought I would respond with a couple thoughts and then NEVER make another NFT video again 🙂

1. I wasn't paid to make this // The examples I share were meant to illustrate the utility of NFTs. I think NFTs are here to stay and far too many people are buying ones with zero utility. I simply wanted to address that and warn others.

2. I'm Not Shilling for NFTs // I say in the video that you shouldn't buy something just because someone else says its cool. I also say that you shouldn't buy something that doesn't provide you value. My examples were meant to draw a comparison between useful NFTs and useless NFTs. I talked about winning a Nintendo Switch and now I realize that feels awkward and promotional. I regret including that.

3. NFTs Have an Environmental Impact // It's true. Blockchain transactions consume a lot of energy. I didn't mention this because my video was meant to focus on utility and scams. In hindsight, I should have. I am encouraged by the attempts to reduce energy consumption in NFTs, though. For example, the NBA and Defi Kingdoms examples are running on a "proof-of-stake" model that uses 99.9% less energy than the typical "proof-of-work" model. I won't go into detail but you can look up the difference if you're interested. All industries MUST get cleaner if they want to have a future.

I know some people appreciate the explanation I give here so I've decided FOR NOW to leave this video up and keep this comment pinned. Some subscribers feel like this is out of place for a channel dedicated to scam-baiting….and I get that. I'll be taking extra time to make sure the content I upload is in line with what you've come to expect from me. Thanks again for all the feedback.

-Ben

But there are some weirdos out there. 😂😂😂

😂 beanie babies are cute 🥰

The only NFTs that I’ll probably buy is the “NFT Garage” from Hot Wheels because you can get a physical copy of it that I can actually feel and see in person

The main reason NFTs failed? Theres no emphasis on compensating artists for their work

Late to the party on this but rare Pleasant Green “L” promoting NFT’s. Also pretty funny to hear someone promoting NFT’s call beanie baby collectors weirdos.

My problem with NFT’s is also like if it was a “one of a kind digital art” that would be one thing but all these things are just thousands of procedurally generated images (like the bored apes) that all vary just slightly. Why not use this for actual one of a kind art, ya know, the thing everyone says NFTs are for “digital art”

These days many people use AI to make pictures and then they try to sell these pictures, which I'm sure is totally illegal.

From California Your work in fighting scams is invaluable. I was scammed twice last year, totaling losses over $120,000. It was a lengthy process involving federal intervention to get her money back. We need more people like Prophecytrace taking a stand against these criminals. Much love and support from California’s……

This is so stupid, I can't believe you support this.

Easy to remember, NFT = No F*cking Thanks

The thing with NFTs is that it really depends on the person thats looking at it, just like art. Just that its more extreme. I am quite confident more people will say the monalisa is valuable, than a nft. Even tho both exist only once and are worth millions of euros (in this example the nft is worth so much)

NFTs are pointless and its essentially owning a reciept. People lose so much to them. I respect if people like them, but not only are they pointless, incredibly expensive, and easy to lose money, but they're harmful to the environment in all the energy used for them, which wastes resources and outputs things harmful to our environment. The utility is unnecessary and even some microtransactions in games have more value. Not everyone has bad intentions with them, but it feels like such an unnecessary and expensive receipt that's more of a blockade to what you could achieve without them. Its also so unregulated that scams are easy to run, though again, not everyone's using them for scams.

3:02 this aged well…

Didn’t age well.

Probably a better explanation: you can print out a picture of the mona lisa painting and you can hang it up like you own it, but you don't actually own the real one.

Why buy an nft when you could pay a very talented person on fiver to make art for you and you get to own it, because I could maybe get it if you buy an nft you own it , but you dont own it

Returning to watch this video multiple times and I still don't see the problem with the video. No where in this video have I seen you promoting anything, yet somehow, people in your comment section think you are selling out? Real big stretch.

1:00 and you could! LOL

Ye get pointless things for it 😂

NFT is not a picture you buy, it's a link you pay for. Every NFT picture is actually free online.