Since Loopring has got to be the best place to do business, it attracts a lot of reputable players in the NFT space. These players probably started out legit, but as things do, good will is overpowered by greed. “Artists” create followings and sell you NFTs with “utility”, and you get to be part of the “passive income” club. They tell you to login to Discord and they’ll perform a wallet check to ensure you do, in fact, own the right NFTs to “qualify” to receive your passive income allotment.

They don’t say when they’ll pay you. Sometimes they actually say when the monthly snapshot is. A "snapshot” is a term borrowed from other Cloud Systems language that describes taking a “backup” of the disks or files at a particular time. There are various types of backups and disks, but none of that is relevant for this discussion. What they are describing is a public information request for all addresses that have particular NFTs or NFT IDs so they can establish who is an “owner” of the collection. On Opensea, they list who the individual owners are for an NFT collection. Pay attention to that number. The smaller it is-number of unique owners, the more likely the collection is being manipulated and wash-traded.

Wash-trading is a term describing ‘selling’ an asset to myself so that I can jack up its price. You’ve heard about this in the news already no doubt. “X Celebrity just paid $650k for this stupid NFT that just has a single dot in the center of the image!” Influencers: ermahgerd guys, but it’s so avant garde.

The price is literally, fake. Just like GME, and the fact that Epstein killed himself.

I own two wallets. Somehow, I have access to a shitload of Eth because I’m an asshole and steal from everyone. I “work” with, or create, an NFT collection that is literally useless and worthless. The best kind. I “list” the NFT on Opensea using lazy-minting(Fee-free creation for the artist) for 100 Eth. It is completely useless. I already know this.

I use my other wallet to go to Opensea and “buy” my NFT listed from another wallet. I pay Opensea a fee, ofc, but the rest is escrowed through OpenSea to my other wallet at the end of the month. I get 98% of my money back, let’s say.

The Floor price for my collection just became 100 Eth. The art and utility is still worthless. But now I “own” an asset I created, and I can prove the price is real. After all, it’s right there on OpenSea. 100Eth. Look at it!

I then take this NFT that is now worth $200k and I find someone who is ignorant to how this works to buy it from me. Or, if I can’t find someone to do that, I can “loan” it, or use it as “collateral” for other crypto loans and assets. Or eventually, I can sell fractional ownership over it, because that can’t go wrong either.

I lazy-minted 10,000 NFTs. I suck at math, but that sure looks like lots of millions to me. I said I cant math.

No one is safe.

If “artists” can prey on people and not actually deliver this easily, this is anti-innovation. An NFT platform should use data that everyone has access to and a shared set of rules. Instead of just a shared orderbook.

If you intend to make your NFT have “utility” by followers being a “member” in a “passive income” club, but you don’t actually deliver, you deserve to find a new career(NFT Fighting, Mutant Pixel). If I have to purchase two NFTs to “burn” to get another, this is a scam(Wagmi). I realize it’s important that the image and where it’s stored be decentralized, but then it shouldn’t also be able to be changed by the original owner after purchase. Or is the art(the value of the asset) really immutable?

There needs to be an NFT burning service. One for artists and businesses, to create scarcity, and one for users to get rid of garbage. “airdropping” should have a security or acceptance mechanism. The blockchain can run its own scheduled task for snapshots, for everyone. My blockchain oracle is only as accurate as everyone else thinks it is. It shouldn’t be easy to get everyone’s information. It shouldn’t. Parachains are a great start.

This is why everyone is building their own NFT platform. Because smart businesses don’t negotiate with terrorists.

Because there needs to be rules, but they want to make them. Not live by them.

Since Loopring has got to be the best place to do business, it attracts a lot of reputable players in the NFT space. These players probably started out legit, but as things do, good will is overpowered by greed. “Artists” create followings and sell you NFTs with “utility”, and you get to be part of the “passive income” club. They tell you to login to Discord and they’ll perform a wallet check to ensure you do, in fact, own the right NFTs to “qualify” to receive your passive income allotment.

They don’t say when they’ll pay you. Sometimes they actually say when the monthly snapshot is. A "snapshot” is a term borrowed from other Cloud Systems language that describes taking a “backup” of the disks or files at a particular time. There are various types of backups and disks, but none of that is relevant for this discussion. What they are describing is a public information request for all addresses that have particular NFTs or NFT IDs so they can establish who is an “owner” of the collection. On Opensea, they list who the individual owners are for an NFT collection. Pay attention to that number. The smaller it is-number of unique owners, the more likely the collection is being manipulated and wash-traded.

Wash-trading is a term describing ‘selling’ an asset to myself so that I can jack up its price. You’ve heard about this in the news already no doubt. “X Celebrity just paid $650k for this stupid NFT that just has a single dot in the center of the image!” Influencers: ermahgerd guys, but it’s so avant garde.

The price is literally, fake. Just like GME, and the fact that Epstein killed himself.

I own two wallets. Somehow, I have access to a shitload of Eth because I’m an asshole and steal from everyone. I “work” with, or create, an NFT collection that is literally useless and worthless. The best kind. I “list” the NFT on Opensea using lazy-minting(Fee-free creation for the artist) for 100 Eth. It is completely useless. I already know this.

I use my other wallet to go to Opensea and “buy” my NFT listed from another wallet. I pay Opensea a fee, ofc, but the rest is escrowed through OpenSea to my other wallet at the end of the month. I get 98% of my money back, let’s say.

The Floor price for my collection just became 100 Eth. The art and utility is still worthless. But now I “own” an asset I created, and I can prove the price is real. After all, it’s right there on OpenSea. 100Eth. Look at it!

I then take this NFT that is now worth $200k and I find someone who is ignorant to how this works to buy it from me. Or, if I can’t find someone to do that, I can “loan” it, or use it as “collateral” for other crypto loans and assets. Or eventually, I can sell fractional ownership over it, because that can’t go wrong either.

I lazy-minted 10,000 NFTs. I suck at math, but that sure looks like lots of millions to me. I said I cant math.

No one is safe.

If “artists” can prey on people and not actually deliver this easily, this is anti-innovation. An NFT platform should use data that everyone has access to and a shared set of rules. Instead of just a shared orderbook.

If you intend to make your NFT have “utility” by followers being a “member” in a “passive income” club, but you don’t actually deliver, you deserve to find a new career(NFT Fighting, Mutant Pixel). If I have to purchase two NFTs to “burn” to get another, this is a scam(Wagmi). I realize it’s important that the image and where it’s stored be decentralized, but then it shouldn’t also be able to be changed by the original owner after purchase. Or is the art(the value of the asset) really immutable?

There needs to be an NFT burning service. One for artists and businesses, to create scarcity, and one for users to get rid of garbage. “airdropping” should have a security or acceptance mechanism. The blockchain can run its own scheduled task for snapshots, for everyone. My blockchain oracle is only as accurate as everyone else thinks it is. It shouldn’t be easy to get everyone’s information. It shouldn’t. Parachains are a great start.

This is why everyone is building their own NFT platform. Because smart businesses don’t negotiate with terrorists.

Because there needs to be rules, but they want to make them. Not live by them.