NFTs ARE NOT a scam!
NFTs are NOT a scam! While every financial instrument holds opportunities for criminals, guess why…? We are opportunistic by our very nature. Think way the way back to Eve and the Apple 🍎. It certainly doesn’t take much.
Non Fungible Tokens are not needed, but nor is a cashless society and yet, Governments are taking us there and fast!
These tokens however, can provide a highly efficient and autonomous logistics system for products. Things like concert tickets will be issued as an NFT, Charity fund-raising NFTs, home and car keys as NFTs. Why but?
Well, probably the same reason we ditched cash for the card, simplicity and to make our lives easier. For Company’s, it’s all about profits and efficiency. Welcome to web3, the internet of things and Artificial Intelligence.
But back to scams. Scams are the ONLY way criminals can take money from you on a blockchain based network. Because the underlying fact is that your information would all have to be on the same computer for you to be HACKED, but due to the decentralized nature of blockchain there are many copies of each transaction. Which means that you can only GIVE it away or be MANIPULATED or TRICKED into giving it away.
Unless you have access to someone’s password, key phrase or biometrics and device…you ain’t getting ANYTHING!
Now scams in NFT are not everywhere. People are often calling scam because they are losing money on an NFT Art peice that has been sold to them under the impression of profits 📈.
Lack of reporting for crypto based entrepreneurs and companies are the determining factor on crypto scams. While we wait for rules on trading NFTs and crypto, many are falling for shady tricks by dodgy people.
I want to finish on a positive note. Some of the most genuine people I know are in the world of NFTs and crypto. Many are here for life. In 3 years I have seen EVERYTHING blockhain has to offer and I wouldn’t change a thing. The markets will decide when utility for cryptocurrency become more apparent.
Just wait until Amazon have a crypto token!
Thanks for reading 📚