Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
correction... always were worthless.
It's always been a con game.
Their so-called "value" was always determined by the ability of the person shilling it to make up bullshit. Literally the definition of a "confidence" game. Same problem as crypto in general. It's only has value if you have confidence in the person shilling it. The moment that person loses the confidence of their marks, the entire thing crumbles to nothing because it isn't backed by any real tangible assets.
Well I am shocked!
No not actually.
Does anyone else think that NFTs are an allegory/miniature version of how art is easily commodified by capitalism? IIRC, NFTs were there to help finance artists who work on a purely digital medium, but then grifters coopted the NFT space and try to sell sets of same-looking artwork. Complete with "fandoms" and drama, as well.
The whole point was to get dollars into crypto so the holders could cash out. The value was never meant to stay.
Started laughing when nfts were introduced, still chuckle today.
It's great. Love it.
Grab the tulips! Grab them!
It is all worthless?
Always has been
Shocking
Whomever named them NFTs instead of grift cards missed an opportunity.
Wowie gee whiz, no one in the universe could have seen that one coming. /s
Permanently Deleted
Ponzi schemes have an oversaturation problem like every other one.
Oh no.
Anyway.
The biggest operation of money laundering in the history of the world.
Now? Always were.
Not dissimilar to money laundering or MLMs.
All my apes, gone
This is even funnier in retrospect
Remember? Fuck no.
It was what for like 5 minutes during a year with a million other more important things going on to pay attention to that thing that kids with only somewhat rich parents used to try and scam their way to being as rich as the kids with really rich parents.
Now? Probably?
You wouldn't right click a car would you.......
pushes glasses up I believe what you meant to say is that its a buyer's market. /s
Oh no….anyway.
GOT EM! They were all confused and excited that it might be the next Bitcoin..All I need is one good con like this and I can get off this fucking hamster wheel!!
Clever assholes convinced fools that they had "the next big thing". The "smarter fools" realized the problem and offloaded their losses onto greater fools, a considerable portion of which are now wondering how to catch an even greater fool than themselves.
There's a reason these things are called bubbles. They pop.
👨🚀🔫👨🚀
What happened to the influencer guy. He started out selling alcohol or something and then had random videos where he bamboozes someone doing a house clearance and got excited for making 36 dollars off a box of toys, then went on to shill the ever fuck of fungible tokens, it's the future.
Gary z? Gary V?
shocked Pikachu
not f'n there
*Are
"Now"?
I'm just gonna plug The Great Crash 1929 by John Kenneth Galbraith. Really clear, funny, sarcastic writing that is highly relevant here. The kind of economics I wish there was a whole lot more of; the Samuelson program with its assumptions of rationality and perfect knowledge has been a disaster.
Free at
https://static.fnac-static.com/multimedia/PT/pdf/9780241468081.pdf
Mackay's Extraordinary Popular Delusions and the Madness of Crowds is also a great on-topic read:
https://www.gutenberg.org/files/24518/24518-h/24518-h.htm
The chapter about asset bubbles obviously, but there's also a chapter about the historical catchphrases of London that shows that circlejerk shitposting has always been part of humanity... Yesteryear's "What a perfectly dreadful hat" is today's Stroganoff.
I will sleep well tonight.
Most of them have been worthless all the time but people like gambling.
There are only very few that hold real world value.
The great Tiny Tim has a comment about this digi-swindle.
Good.
95% are worthless...so far
At what point do they turn the servers off?
Hey at least we got that asshole Beeple.
Still waiting for that Seth Rogen TV show...
now
Weird word usage.
Why does everyone need to point out how “they were always worthless”? It’s a collector’s “item”, it only has value if someone wants to buy it, nothing new.
The only difference is that this one’s value if the market completely crashes is absolute zero, but does that change much if regular collectible items are physical and can be sold for 1 cent instead?
I never bought NFTs and never will, but as a collector this pisses me off because it’s the same as those people who mock card collections because “it’s just cardboard”. You’re completely missing the point.
That was only the first wave of NFTs, it's normal for this to happen with any technology. The oldest first generation of televisions and radios also became worthless as newer better ones came out. The next generation of NFTs is going to be more impressive and earn even more profits for their creators, mark my words. If anybody wants to get in on the ground floor of NGNFT (next gen NFT) drop me a line and I can help you make 1000x your initial investment.
Yes, its largely inexpensive to spin up a new batch of collectibles, so the vast majority of them are indeed worthless because anyone can just make one.
The small handful that are actually collected by the public at large and are considered worth something... continue to be worth something.
It's like grouping thousands of meaningless mass produced collectable trading cards made by game companies that no one actually gives a shit about, in with the likes of MTG/Pokemon/Hockey/Baseball/etc
Like yeah if you look at it as a whole, no one gives a shit about 99% of them, because its literally just ink on paper, so its not exactly that hard to shit out yet another "collectible" no one cares about.
But the public will latch onto the very small handful that actually hold some form of appeal, and those will absolutely continue to hold value.
99.9% of Magic the Gathering cards aren't worth the ink and paper they are made of.
Doesnt have any bearing on whether your mint condition Black Lotus is worth $$$$