This video is a tour de force; 2 hours of jam packed info that covers the entire spectrum of something I had brought up regarding game companies jumping on the blockchain and NFT wagon; but this takes a look at it from a macro point of view as to what is really going on.
The video starts off seemingly far off topic from the title of the video (the housing bubble), but it’s required to understand that since it provides an actual example of how bubbles are created, and how they end up bursting (and how some folks, are left holding the bag with a huge loss; the classic pump and dump where the early folks who put in less, pump it to inflate the value, and dump it when they’ve made a huge profit). For people unfamiliar, this sort of thing has been happening for a long time (look up tulip mania which was a 17th century version of what is happening with the crypto market right now with Bitcoin leading the crash, and what is going to happen with NFT’s). This is the greater fool theory in action.
In a nutshell, there are a lot of bad actors associated with blockchain technology, and this video is also great because it drops the names of some of these scumbags early on with some sarcastic shade thrown in (my “favorite” is Vitalik Buterin, a crypto enthusiast and butthurt warlock main).
I also have to give props to this YouTube content creator for actually going down deep into the rabbit hole when he was deluged with direct messages on Discord of bot invites for NFT’s.
This should actually be mandatory viewing so that people can see what is coming to the gaming industry (where as I mentioned previously, is them throwing out newer buzzwords that sound like the bleeding edge of gaming tech, but are meant as another monetization scheme). The video gets into the whole play to earn aspects a third of the way in (but again, there’s a lot of foundational stuff that needs to be understood, which is the earlier two thirds of the video).
If you thought Kickstarter scams were bad, wait until blockchain and crypto based projects being hyped (again, the major studios are willing participants in this to get in on the action). And there will be a lot of suckers throwing money at this. It is disgusting to be clear because it opens so much security and privacy issues given how poorly coded existing games are (and these development studios will not suddenly and magically, do a better job with their blockchain technology MMO’s).
Basically, I’m not installing these type of games on my system. And game studios and publishers that are ok with this, should be shunned and publicly chastised for taking part in this grift.
