Watch Out For NFT Scams

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Are NFT’s a scam? Or are they tickets to get rich? Let’s explain what they are and how they may or may not be a scam!

A couple thoughts:

1. I wasn’t paid to make this // The examples I share were meant to illustrate the utility of NFTs. I think NFTs are here to stay and far too many people are buying ones with zero utility. I simply wanted to address that and warn others.

2. I’m Not Shilling for NFTs // I say in the video that you shouldn’t buy something just because someone else says its cool. I also say that you shouldn’t buy something that doesn’t provide you value. My examples were meant to draw a comparison between useful NFTs and useless NFTs. I talked about winning a Nintendo Switch and now I realize that feels awkward and promotional. I regret including that.

3. NFTs Have an Environmental Impact // It’s true. Blockchain transactions consume a lot of energy. I didn’t mention this because my video was meant to focus on utility and scams. In hindsight, I should have. I am encouraged by the attempts to reduce energy consumption in NFTs, though. For example, the NBA and Defi Kingdoms examples are running on a proof-of-stake model that uses 99.9% less energy than the typical “proof of work” model. I won’t go into detail but you can look up the difference. All industries MUST get cleaner if they want to have a future.

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Responses (35)

  1. Pleasant Green

    Thanks for all the comments on this video. I thought I would respond with a couple thoughts and then NEVER make another NFT video again 🙂

    1. I wasn't paid to make this // The examples I share were meant to illustrate the utility of NFTs. I think NFTs are here to stay and far too many people are buying ones with zero utility. I simply wanted to address that and warn others.

    2. I'm Not Shilling for NFTs // I say in the video that you shouldn't buy something just because someone else says its cool. I also say that you shouldn't buy something that doesn't provide you value. My examples were meant to draw a comparison between useful NFTs and useless NFTs. I talked about winning a Nintendo Switch and now I realize that feels awkward and promotional. I regret including that.

    3. NFTs Have an Environmental Impact // It's true. Blockchain transactions consume a lot of energy. I didn't mention this because my video was meant to focus on utility and scams. In hindsight, I should have. I am encouraged by the attempts to reduce energy consumption in NFTs, though. For example, the NBA and Defi Kingdoms examples are running on a "proof-of-stake" model that uses 99.9% less energy than the typical "proof-of-work" model. I won't go into detail but you can look up the difference if you're interested. All industries MUST get cleaner if they want to have a future.

    I know some people appreciate the explanation I give here so I've decided FOR NOW to leave this video up and keep this comment pinned. Some subscribers feel like this is out of place for a channel dedicated to scam-baiting….and I get that. I'll be taking extra time to make sure the content I upload is in line with what you've come to expect from me. Thanks again for all the feedback.

    -Ben

  2. Riverside 1114

    I once got a scam not email a google chrome window so it goes like: You're gonna computer is gonna encryot all of you're files in three minutes it wanted me to bay a lot of bitcoin but then i found out it's a scam and i calmed down

  3. Nictorious NZ

    I haven't taken the time to figure out what NFTs even are so I don't gotta worry about these scams.

  4. Happy G

    Mr. Green may I work for you please?! Tired of stealing food from grocery stores!

  5. FrankieOnBeastMode

    Scam ad. DISLIKE!

  6. Trollge

    For a regular nft some YouTuber said if you buy a ape nft you get to be a ape, Go to ape con 2022 probably and be on a luxury yacht

  7. Finnpro6969 Blooket

    Nfts are scams

  8. This was the best explanation I’ve ever heard

  9. Golden heart

    Hello Mr Ben, I sent you a message on your new post a few hours ago. I don't know if you have read it, but I'm in seriously need of your help. can you please reach out to me.

  10. Kavera Johannes

    Green if you're seeing this comment
    Have a great deal with you broh

  11. tomstickland

    My conclusion: NFTs are pretty dumb.

  12. FollyFox

    It's… Just like getting points you can only spend in one game. And why not just have a card system you can trade? It's … Not a system that needed it if they allowed trade.

  13. Russell Brown

    NFTs are a scam and a way to scam stupid people out of their money.

  14. Some people unsubscribe,leave angry comments just for 1 mistake ben made. And don't realise all the good things he has done. People always see the bad side in other people.

  15. Total Goofball

    Where’s the damn Ben Dover nft?!

  16. My UtooB

    Thank you for this video, Ben! I had no clue what NFTs were all about, and you did a great job explaining them. I deeply appreciate your teaching and guidance.

  17. Shonduras

    just enjoyed this video and came to drop a comment….. was confused to see how many people are finding ways to complain about what he didn’t say or didn’t talk about??

    the video was well done and shared information on what is an NFT.
    followed by best practices or things to consider if you want to learn more.
    followed by scams and red flags to look for if you decide to get involved.

    anyway, as a frequent pleasant green viewer and a youtube creator and an owner of one of the example projects he mentioned I wanted to share my opinion. not here to argue and won’t be returning to read any comments. just seems like all us repeat viewers could be more supportive rather than assumptive.

  18. John Smith

    I have been creating Wax nfts on Atomic Assets for almost two years. I learned one thing…. they are stupid. The entire concept is absolutely horrendous, but yet they sell like hotcakes. I personally would never buy an nft, unless to help out a friend. It was the easiest way to gift Wax for awhile.

  19. Jjust wondering when the channel will be made Child Friendly – I don't wanna show kids Batman boinking Robin in the background

  20. edgarho007

    Just to make things clear. You are not buying the art when you buy the nft, you buy the url that points to the art haha

  21. Mohsin Modan

    some dude from "home depot" emailed me to verify me for winning a craftsman tool cabinet, indian name in the email, sketchy website, $500 thing for $10, gonna pull a pleasent green on him

  22. dtpEX YT

    nft is a scam

  23. lala wala

    This is a video I just really need to see the dislike ratio on

  24. Seagull

    NFT to me is so dumb and not worth a dollar to me

  25. George Kouts

    I'm an up and coming artist from Greece who is looking for a collab, or rather an investor to help mint my art work, in exchange for 10% of all profits made via my future sales. No, this is not a NFT scam! I'm serious! I simply lack the funds needed to purchase the ETH needed to mint my 100 image collection.

  26. Taj The hedgehog

    Imagine going in debt because you bought a poorly drawn picture of a monke

  27. BladeBloodreaver

    NFTs when it comes to "art" is BS. The NFT is by no means linked to the art itself. It isn't a certificate of authenticity, it is receipt of purchase. And if a receipt holds value to you, then WTF is wrong with you.
    Now that doesn't mean ALL NFTs are bad. Plenty are OK/GOOD, especially if the linked asset is unique. In certain games, the NFT is linked to a unique item, this gives the digital item worth through the NFT. So that I can get behind; no one else can have that item, they need to buy the NFT to get it.

    And that is why 99% (probably more) of NFTs are BS. They are receipts of things that can be copied and with or without the NFT there is NO DIFFERENCE between them. If the digital asset is not unique, then why do people give it value. Like all those stupid ape things. The picture itself is computer generated crap that hardly anyone will ever use, yet the NFT (THE RECEIPT) for it is worth money? Why?

    I hope somehow an end comes to this because of the impact it is having on the environment and computer parts world. It is detrimental to the progress of the blockchain technology and itis a bubble that will burst eventually (at least for most NFTs).
    I aint buying into it. I don't have FOMO.

  28. RockinRobbins13

    Speaking of scams and scammers, you have 9 spammer/scammer posts from three different scammer/spammers on this video alone. I found and reported them with ThioJoe's YouTube Spammer Purge program. But of course I'm unable to delete them on your channel.

  29. JustAMilkyCow Moo

    I have been going through the comments and I have been seeing a warzone of opinions with people hating on each other because they have different points of views.

    Well, I would like to say, I would never purchase or own an NFT because I don't support the way the market is being run, all the art stolen from talented artists, and all of the cons that come with NFTs.

    But at the same time, I feel like you should respect other people that don't share your opinion. I mean, if they want to purchase NFTs, it's their choice. But before purchasing anything, I believe you should do your research to see both the pros and cons of a product. From my research, I strongly believe that the cons outweigh the pros significantly. So I won't be purchasing any. What you can do is inform people around you about NFTs and encourage them to do their own research before considering buying any.

  30. Scammers Reclined

    This market is too big and people are blindly falling for it using celebs now

  31. Copyright Invalid

    That one dude was seriously like, "Y'all just got scammed" and dipped.

  32. Brendan Mundy

    Anyone here know how I can buy jewel or what defi kingdoms is

  33. SKJ PRODUCTIONS 1

    Good job on your videos. So I've been getting all those calls saying that I'm under arrest for this and that and it's an Indian on the other side and I was thinking it would be so funny to act if I had been robbing banks and to beg for their forgiveness and ask if I could just return the money maybe tell them I have kids blah blah blah

  34. Derek Helm

    Are you related to Mr. Saltwater Tank TV??🤔

  35. ➡️GRINDTECHIE ON INSTAGRAM ⬅️

    I lost my hard-earned $5570 to crypto scam
    recently. I was very fortunate to meet someone
    who helped me get it all back. You can get to
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