We could discover that NFTs are a horrible idea in 2023 since 2022 most certainly wasn’t the year.
Has there ever been a benefit from NFTs? I mean, except for the Christopher Moltisanti meme, of course. Really, I’m at a loss for words. Although the functionality they offer is technically different from what has long been available through traditional microtransaction sales, it is essentially the same for those who don’t play games to be financial speculators, and the entire industry of making, purchasing, and selling them is rife with corruption and criminality. I don’t have notes, but the French trade union Solidaires Informatique called it “a pointless, expensive, ecologically mortifying technology.”
Personally, I take a rather straightforward stance on the matter: Thanks but no thanks. So far, it’s worked out nicely for me because neither have I lost money to quick-witted con artists peddling subpar clipart, nor have I missed out on any remotely exciting gaming experiences. cards (opens in new tab) tfue? little numbers on my Tom Clancy helmet(opens in new tab)? (Opens in new tab) Atari? Not at all. See, it’s simple.
However, it seems to keep happening. Heartbreak results from the investment of money for a number of reasons, including illegal activity, ineptitude, and the reality that NFTs are intrinsically worthless digital detritus similar to the horse armor(opens in new tab) that incited fury in the gaming community in 2006. 2022 was no different.
Unofficial play-to-earn Minecraft game Blockburst sells out its inaugural NFT offering before splitting
The year began with a bang, albeit it was more of a poof: In February, Blockverse, an unauthorized play-to-earn Minecraft NFT game, vanished with more than $1.2 million(opens in new tab), just a few days after it completely sold out of its original offering of 10,000 NFTs in less than eight minutes. A few days later, the creators of Blockverse reappeared to say that everything was OK and there was nothing to worry about, but of course, there was a lot to worry about. Both the promised money and the assurance that development would soon “get back on track” were never fulfilled.
North Korean hackers profit from a security flaw to steal $617 worth of cryptocurrency
Just one month later, when an Axie Infinity technological flaw let hackers make off with more than $617 million(opens in new tab) in bitcoin, Blockverse’s million-dollar rug pull would seem like child’s play. The simplified comparison is that after an NFT giveaway promotion, someone neglected to modify the access permissions, and soon after that, a tonne of money left the building.
Although it was a mistake rather than a heist, the end effect was the same: Many individuals lost a lot of money because some crooked d-bag decided he wanted it. North Korea was ultimately blamed by the US government; some of the stolen money was paid back, and Axie Infinity resumed operations; however, the token price is now significantly lower than it was before the robbery.
