It’s not for anyone with a shred of sense. Lighting aside, anyone still being conned by the NFT image market is unfortunately probably willfully ignorant, impossibly stubborn, and unable to learn from their mistakes or the mistakes of others. There are plenty of working ways to tokenize images for an actual purpose, blockchain verification is worthless for individual images and literally always was.
maybe they’re just having fun. People purchase status items all the time and no one has a problem with it. There is nothing fundamentally different between showing off your 100k monkey picture with showing off your 100k watch.
Take less than five minutes out of your day to compare the impact of a rolex watch with the impact of a blockchain interaction. It sounds like you don’t understand how wildly different those two things are, either physically (one does not exist, the other does) or in an environmental context (one uses grid power with every verification, one is mechanical). “Buying status symbols for fun” would make a good album title for a boy band a decade ago.
Something physically existing or not is not what makes a status symbol. Are you implying something about energy consumption of blockchains? The network these are on (ethereum) no longer uses PoW mining, so the energy argument does not work here.
I hate to say this but cricket is right. The item being physical or not do not matter for this kind of show off purshase. A Rolex or Birkin has pratically no construction cost, same as an nft (relative to their selling price).
And I don’t understand the point about the environnement, are you saying nft are negative because of their environnemental impact while a Rolex is positive ?
If so you I’m sure you can find plenty of status symbol item that pollute more than nft…
Nft are still stupid and people at this party are probably insufferable tho.
homicidalrobot@lemm.ee 1 year ago
It’s not for anyone with a shred of sense. Lighting aside, anyone still being conned by the NFT image market is unfortunately probably willfully ignorant, impossibly stubborn, and unable to learn from their mistakes or the mistakes of others. There are plenty of working ways to tokenize images for an actual purpose, blockchain verification is worthless for individual images and literally always was.
cricket98@lemmy.world 1 year ago
maybe they’re just having fun. People purchase status items all the time and no one has a problem with it. There is nothing fundamentally different between showing off your 100k monkey picture with showing off your 100k watch.
homicidalrobot@lemm.ee 1 year ago
Take less than five minutes out of your day to compare the impact of a rolex watch with the impact of a blockchain interaction. It sounds like you don’t understand how wildly different those two things are, either physically (one does not exist, the other does) or in an environmental context (one uses grid power with every verification, one is mechanical). “Buying status symbols for fun” would make a good album title for a boy band a decade ago.
cricket98@lemmy.world 1 year ago
Something physically existing or not is not what makes a status symbol. Are you implying something about energy consumption of blockchains? The network these are on (ethereum) no longer uses PoW mining, so the energy argument does not work here.
ByGourou@sh.itjust.works 1 year ago
I hate to say this but cricket is right. The item being physical or not do not matter for this kind of show off purshase. A Rolex or Birkin has pratically no construction cost, same as an nft (relative to their selling price).
And I don’t understand the point about the environnement, are you saying nft are negative because of their environnemental impact while a Rolex is positive ? If so you I’m sure you can find plenty of status symbol item that pollute more than nft…
Nft are still stupid and people at this party are probably insufferable tho.
rhizophonic@lemmy.zip 1 year ago
The year is 2043, and Chumlee has been uploaded to the Metaverse.
“I remember those,” Chumlee said, his voice echoing through the virtual space. “Let me run this by my valuation expert, the all-knowing singularity.”
A moment later, Chumlee’s eyes widened in surprise. “Fourteen trillion?” he repeated.
“That’s what it says,” the singularity replied.
Chumlee shook his head. “I can’t believe it. I’ll give you two.”