Wednesday, November 6

NFTs: Why a Tech Entrepreneur Considers They're a Scam

The indie video game platform Itch.io issued strong criticism against Non-Fungible Tokens (NFT) and the companies that have supported them because they consider that this type of assets is to say the least a scam.

Through a Twitter thread published by the official Itch.io account, they explained that their comments arose as a result of some users asking about the official position of the website with regarding NFTs.

“NFTs are a scam. If you believe they are legitimately useful for anything other than the exploitation of creators, financial scams, and the destruction of the planet, we ask that you re-evaluate your life choices,” the Twitter account posted.

A few have asked about our stance on NFTs:

NFTs are to scam If you think they are legitimately useful for anything other than the exploitation of creators, financial scams, and the destruction of the planet we ask that please reevaluate your life choices.

Peace ✌️

— itch.io (@itchio) February 6,

They pointed out that those companies that have taken it upon themselves to support the use of NFTs or that have expressed their intention to enter this market only have in mind to make money, regardless of whether they exploit the creators behind them. tokens.

“Also fuck any company that says it supports creators and also supports NFTs in any way. They only care about their own benefit and the opportunity for wealth above anyone else, ”added the Itch.io account.

Also f̸̗̎ú̴̩c̷̖͌ḳ̵̀ any company that says they support creators and also endorses NFTs in any way. They only care about their own profit and the opportunity for wealth above anyone else.

Especially given the now easily available discourse concerning the problems of NFTs.

— itch.io (@itchio) February 6, 2022

What are NFTs?

This type of non-fungible token allows its holders own a unique digital asset and that can then be sold through online platforms such as opensea.io.

The boom that has been registered in this type of digital assets has generated that some of these pieces have been sold for prices of up to $91, 8 million, as was the case with the collection called The Merge.

Celebrities, companies and content creators on the Internet have tried to capitalize on this new digital trend to create NFT collections that can easily generate millions in profits .

Added to this is the fact that some platforms allow creators of works to receive royalties in perpetuity, between 7% and 15%, for all future sales of your pieces. This means that if an NFT appreciates and is sold months after it was minted, its creator can still receive money for it.

This may also interest you:
– NFT: You can now create your own collectible tokens on Shopify
– What does it mean that the NFT sale on OpenSea would have earned more than $1,000 millions in the last 30 days
– Nayla Hayes, the girl of 12 years he earned $1.6 million from his NFT collection