The first is grammatically incorrect because the noun and verb don't agree. Should be "it seems". Neither of these would be commonly used in English. You will more commonly see something like "it seems (or seemed) like a waste of my time." You would say this about an activity that you didn't think was worthwhile.

I wlouldn't use either of them. I might say: It seems like a waste of (my) time. Or It seems to be a waste of (my) time.