The Ugly Side of NFTs
Your first instinct is to probably assume that this is yet another post about the environmental impact of NFTs. That seems to be one of the big themes these days. If you made that assumption, you would be wrong.
I have already covered the options holders and creators have for environmentally friendly NFTs (WAX and HIVE). This is a entirely different rant on an ugly aspect of NFTs that has come to the forefront of my attention lately.
It appears there are a growing number of people who have zero interest in NFTs or the overall potential they hold. The only thing they care about is what they can flip them for, or if they can stake them in RPlanet to earn Aether to then sell for something else.
I shouldn't be too shocked, I have seen hints of it over the past several months, but the reality of what is going on was really brought to my attention last night during the first launch of an NFT set via a new creation and distribution platform on WAX.
The launch went amazing, probably one of the smoothest I have seen so far on the WAX blockchain. Any issues I am sure will be promptly addressed by the team. It was an amazing day, something to be proud of.
Unfortunately, if you spend any time in Telegram, you might never realize just how awesome it was.
Trust me, I am not saying I am perfect. I have been known to purchase NFT packs solely for the purpose of reselling them at a higher value in the future. I think I have even written posts about it in the past (I'm looking at you Street Fighter).
The difference is, I would never go into a Telegram channel and bash on the entire project simply because I had an error in judgement or I took a gamble and lost. That is exactly what people were doing though. Attacking the art, the project, the company, simply because they (the purchaser) made an error in judgement.
Let me be clear, the art was impeccable. I hope those behind the scenes have much thicker skin that me, because my blood was literally boiling last night. The admins and team in Telegram were handling it with a grace beyond measure. Kudos to them.
I just think it is sad that people feel it is okay to use the veil of virtual anonymity to say things that should really just be kept to yourself. The fact that people are so brazen and bold with their vile, baneful thoughts makes me a bit sad.
This whole ordeal is certainly going to make me think twice about exactly why I am purchasing an NFT in the future. Does it have utility? If yes then that is one thing. Is it solely art and do I appreciate that art? Am I buying this because I want to quickly flip it or do I really appreciate it?
Don't get me wrong, I totally understand that flipping and the whole secondary market is part of the game. I am not suggesting that should go away. What I am suggesting is that if you are spending money you need for your livelihood on an NFT that may have no utility and you get burned, that is on you.
It has zero to do with the quality, integrity, or validity of the project that you invested in. Leave your personal failures out of Telegram and place the blame where it squarely belongs. Likewise, it is insanely tacky to hop into the Telegram for a new NFT project and immediately ask if they will be stake-able in RPlanet. What better way to tell the team that you have absolutely zero interest in their project.
Please, if you are or were one of those people, try to exhibit a bit more tact, grace, and humility in your future Telegram interactions.
People put a lot of blood, sweat, and tears into some of these projects. I am not saying they are all beyond reproach (some are just money grabs), but the legitimate ones deserve a little more respect.
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Nice article! This has been a recurring issue on wax. Not only the bots grabbing up all the packs but also the collusion between the released companies driving the prices down. I've been an adopter since the first WAX was dropped. This seemed to be the perfect blockchain for profit until recently it was. Now it seems if your not a whale. Then your not gonna gain traction. keep up the great work.
I think some of the projects are working to change that. I was an investor in WAX too which has put me in a favorable position now. I think that people just get too wrapped up in the money and they forget about everything that WAX has the potential to be. It is unfortunate that the majority of launches have not gone smoothly. That needs to be fixed immediately.
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Oh, I'm completely confident that it's a great project with excellent potential. But there's a lot of collusion amidst. It's evident, or at least I think so. I'm not knocking it. I even think the mining potential for profit and reinvestment is great. A lot don't see that. Again it could be the leading NFT market. We''ll see. Thanks.
This is not really the ugly side of NFTs but just the regular "I am allowed to say anything, I am anonymus" mentality of some fucked up people. This is just the normal ugly side of human beings, who are envy jellous and greedy...
True, but the NFT projects and their companies end up being the ones that suffer. It's just shameful.
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It's really a shame how little accountability a majority of people have anymore. For some reason they feel they can just throw their money anywhere and expect instant riches and when they don't get it they go out and start blaming others. What's more disappointing some people are getting kick backs for these mistakes. Seriously people need to start owning up to their errors and working on fixing the mistake they made or poor judgement.
With that being said though the Mars cars look freakin awesome I picked a few up myself in anticipation of using them when the game launches. I seriously love wax and the games built on there.
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Yeah, totally! I agree with you on the Mars cards. They turned out really well. I am looking forward to the game as well. Yeah, people are just about the worst sometimes. It really reminds me why I hate everyone :)
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I haven't really been bothering with the telegram or discord channels as much. But I didn't realize that people were doing so many of those things. Its unacceptable and I see no reason to bash projects because its not a winner because not every single stock/crypto you buy will be a winner. By buying into the issues, you are accepting the risks.
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That's very true and whether a project is a winner is a very subjective thing. What holds value for me doesn't necessarily hold value for someone else. Just because a project doesn't 10x, that doesn't negate its worth.
Definitely takes a think skin to be a community manager. Everyone is happy when they're making money, and when they make bad decisions it's all too common to see people not holding themselves accountable, and looking to take it out on another person or organization, or CM.
Unfortunately I am finding more and more over the years that accountability is lost on the majority people. All that aside I'm a big fan of WAX and happy that they're enjoying some success.
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Yeah, and I hate to call it a bad decision because that almost makes it sound like the project was bad. Which isn't the case. These people just expect a 10x on everything and that isn't realistic for more niche projects.
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Oh yes.. A sad story indeed. What ever happened to realizing risk? Invest what you can easily walk away from. Any sort of investment comes with a bit of risk. Even the money you put in the bank comes with risk! I read the complaints and anger in an entertaining sort of way. There are a few instances where I could agree with the outrage, but glad I wasn't involved.
Yeah, I think some people just need to complain. Then there are the trolls and they just need attention I guess.
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