792
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
Now? Probably?
this post was submitted on 21 Sep 2023
792 points (96.5% liked)
Technology
71759 readers
3527 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 2 years ago
MODERATORS
Anyone with the ability to read who bought one deserves what happened to them. The sellers are probably still laughing.
99 times out of 100, it was the seller selling it to himself to artificially inflate transaction numbers and nudge the price up.
Yeah, but that's the thing with scams. They make thousands of attempts, but they only need that one sucker.
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.
Mostly used for money laundering
I'd say there's a fair number of people just speculating.
And a couple people get lucky and make it big. And that's promoted. Cuz it looks great.
But like a lot of the big movements, are money laundering as you said, or a way to bribe people. This politicians wife's cousins son sold an NFT for 4 million that's amazing!
But we get this with traditional art too. Any market where there isn't commodity pricing, price discovery is flexible, so it can be used for lots of social reasons
Isn't most art for money laundering. You move money and purchase a piece or "art" for 4 million. Art isn't worth it. But because it's been bought it now has a value. If you sell it. Now you've created money from nothing. Fucked up
load more comments
(3 replies)
Tell me you don’t know anything about the blockchain without telling me you don’t know anything about the blockchain
…is what Techbro Legion (for they are Many) would say if they didn’t have to put all their stuff in hock to recoup their losses
Turns out it was "not knowing anything" all the way down.
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
Probably?
It's a free market. Anyone can come up and say that they are willing to pay millions for an indifferent_insect_boat_club.jpeg at any moment.
Oh no….anyway.
A load of rich stupid people got fucked over. Beautiful.
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?
Don't spread knowledge of grifters, the sooner they fade out of collective memory the better. The opposite gives them views and helps them.
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.
👨🚀🔫👨🚀