EA Backtracking on NFTs

[Steve_OS]

It was just three months ago when EA CEO Andrew Wilson mentioned NFTs were the future...

Written By: Steve Noah

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[CujoMatty]

I'm old. NFTs are so beyond the scope of what makes sense to me* I understand digital value from an artists perspective but in terms of a video game world it seems like a darker derivative of loot boxes. I dunno maybe I kisunderstand it. Don't get me started on crypto currency. Someone basically made up money that has no value other than supply and demand and its actually working out? Ya im super old.

[CM Hooe]

Quote: Originally Posted by CujoMatty

I'm old. NFTs are so beyond the scope of what makes sense to me* I understand digital value from an artists perspective but in terms of a video game world it seems like a darker derivative of loot boxes. I dunno maybe I kisunderstand it. Don't get me started on crypto currency. Someone basically made up money that has no value other than supply and demand and its actually working out? Ya im super old.

I highly recommend this video on the subject by Dan Olson on this YouTube channel Folding Ideas: Line Goes Up. It explains how and why cryptocurrency and digital assets came into existence and why they are problematic.

I warn you that this video is over two hours long, so buckle up. But it is highly informative and worth the time invested. If you want an easy answer in under two hours, though? Crypto and NFTs are a reimagined digital Ponzi scheme conjured by greedy wealthy people who wish to assign a dollar value to literally everything.

I am relieved to hear EA has backed off of NFTs for now. I do not expect that they will resist the financial lure of crypto assets by the end of 2023. If they do, color me surprised.

[stocksy]

EA should be commended at this stage for listening.

Many companies are merely saying “gamers aren’t intelligent enough to understand the benefits”

What they mean is gamers are more intelligent than they thought….

[bukktown]

I can 2nd the video recommendation from Dan Olsen.*

[JayhawkerStL]

The only reason money has value is the trust you have in it. I don't have to convince you my dollar is worth a dollar.

NFTs and cryptocurrency are attempts to create value out of nothing, like every con.

edit:
Also, thanks so much for sharing that video, CM! That's such a good resource to share on something everyone hears about, but no one really understands.

[Bloodfart]

NTF's are a queue spot in a blockchain. That's what you buy, you are not buying the art that's attached to it.

[scagwi]

Good

Crypto and NFTs are a scam game of BS