Comment on Hackers steal NFTs worth millions. In other news, NFTs worth millions.

Sheeple@lemmy.world ⁨1⁩ ⁨year⁩ ago

• shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

  As crazy as it sounds, some people do.

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  • AbidanYre@lemmy.world ⁨1⁩ ⁨year⁩ ago

    They did. For like a week last year. Then everyone realized it was a scam.

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    • IWantToFuckSpez@kbin.social ⁨1⁩ ⁨year⁩ ago

      Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return.

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      • triptrapper@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers.

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      • merc@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        That’s not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too.

        That convinced a lot of idiots to “invest” in NFTs, then eventually the bottom fell out of the market.

        As for artists, some made some money, but most of the money went into shit like “bored apes” which were algorithmically generated.

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      • lunarul@lemmy.world ⁨1⁩ ⁨year⁩ ago

        My favorite is Murakami, who after selling NFTs he made paintings after all all of them. So which one is the “original”? The actual physical painting, or the digital NFT?

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    • shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

      I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.

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      • silverbax@lemmy.world ⁨1⁩ ⁨year⁩ ago

        Tickets, yes, door keys, no.

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      • notthebees@reddthat.com ⁨1⁩ ⁨year⁩ ago

        I thought of it as a good way for artists to earn a living by more tokenized artworks, but then it gets hijacked by this shit.

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      • ICastFist@programming.dev ⁨1⁩ ⁨year⁩ ago

        Just like with everything else, all those things you suggested are already done much more reliably without NFTs.

        If you still want to see a more “pratical” use of it, look no further than Decentraland, where it’s used as “ownership” of digital “land” and other “goods”.

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    • CaptainSpaceman@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Im sure you dont keep up, but NFT market cap still pretty big rn at 5.5bn

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      • AA5B@lemmy.world ⁨1⁩ ⁨year⁩ ago

        I think of it like timeshare values. They’re really high …. Until you try to find someone who will actually buy it

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      • Womble@lemmy.world ⁨1⁩ ⁨year⁩ ago

        The vast majority of NFTs are worthless now

        “MacContract on Ethereum has a floor price of $13,234,204.2, but its all-time sales is only $18,” the report said, adding: “This stark discrepancy between listed floor prices and actual sales data exposes a significant issue in the NFT market – inflated valuations that don’t reflect genuine buyer interest or real-world transactions.

        “It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets,” it said.

        And this is a report from a crypto website with a vested interest in pretending crypto has uses.

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      • Honytawk@lemmy.zip ⁨1⁩ ⁨year⁩ ago

        Nah, that is what the NFT owners want the greater fools to believe it is worth.

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  • TWeaK@lemm.ee ⁨1⁩ ⁨year⁩ ago

    It’s a great way to launder money.

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    • CaptainSpaceman@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Better than the current money laundering techniques? Using art appraisals to inflate assets and move dirty money, or straight up using banks like Deutsche or Credit Suisse (RIP) to move dirty money?

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      • Socsa@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

        The smart criminal understands the value of diversity.

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      • kautau@lemmy.world ⁨1⁩ ⁨year⁩ ago

        I mean yeah, it’s better to launder money using a difficult to trace digital ledger. But no, the things you mentioned won’t go away, because there’s also money in the laundering, and double dipping is the name of the game

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    • shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

      Mmm, considering NFTs are all on transparent blockchains, I don’t know that I would choose that particular method to accomplish that.

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      • Starbuck@lemmy.world ⁨1⁩ ⁨year⁩ ago

        The transparency is the feature that makes it great. I can buy drugs or whatever, and exchange you buy an NFT from me of equal value. Now when the bank comes and says “where did this >$15k transaction come from?” I can point to the blockchain and say that I sold my fancy monkey pic.

        This has been a thing in the physical art world for a while, complyadvantage.com/…/art-money-laundering/, this just made it easier.

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  • ripcord@kbin.social ⁨1⁩ ⁨year⁩ ago

    *did

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    • shortwavesurfer@monero.town ⁨1⁩ ⁨year⁩ ago

      wouldn’t the above article still point out that people do?

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      • ripcord@kbin.social ⁨1⁩ ⁨year⁩ ago

        Nope!

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  • MonkderZweite@feddit.ch ⁨1⁩ ⁨year⁩ ago

    Those who buy art and pack it in a safe until it’s worth more?

    Im glad that doesn’t work as well in digital.

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  • Wollang@sh.itjust.works ⁨1⁩ ⁨year⁩ ago

    Seth Green has entered the chat

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• Fermion@mander.xyz ⁨1⁩ ⁨year⁩ ago

  They’re priced like police drug busts.

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• SCB@lemmy.world ⁨1⁩ ⁨year⁩ ago

  People buy them for miillions or there value would not be in the millions

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  • andrewrgross@slrpnk.net ⁨1⁩ ⁨year⁩ ago

    First, DO people buy them for millions, in the present tense? I know that people did in the past, but I thought the price on most of these took a huge hit.

    Second: do people BUY them for millions, in the sense that they trade things of well-measured value (like fiat currency or gold) for coins to buy these? Or do they buy them for millions of dollars in equivalent coins that they already have, and don’t want to actually sell for real goods or money because they’d realized huge losses if they actually cashed out, so they have to keep them circulating within the blockchain to maintain a hope that they’ll return anywhere near their previous value? Because if you have 10 million dollars worth of etherium that you bought at 20 million and an NFT of questionable value, can’t you just buy and sell it to a few wallets you own to make it look like it’s recently been purchased for a few million to create the illusion of value without actually ever giving or receiving anything?

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    • xep@kbin.social ⁨1⁩ ⁨year⁩ ago

      I'll get my friend to buy it from me for millions, then he can give the money back to me and when it sells again, we can split the profit. It's win-win!

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    • SCB@lemmy.world ⁨1⁩ ⁨year⁩ ago

      This seems like kind of a meaningless distinction when the comment was speaking about the relative value of these. How some pays is irrelevant.

      This feels like you’re trying to shit in them so just refuse to believe that the concept of value has any meaning. Things are worth whatever someone will pay for them.

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      • andrewrgross@slrpnk.net ⁨1⁩ ⁨year⁩ ago

        I’m sorry it feels that way, that’s not my intention.

        I think it’s a meaningful distinction because my understanding is that many large matter holders are early adopters who acquired coins at at basement prices that them became highly valued when crypto took off. These people, as I understand it, have a different spending pattern than we associate with conventional wealth. They may shuffle their coins between digital assets with limited conversion into real world good and services, because inside the block chain they’re billionaires, but if they tried to buy a house or a vacation they’re forced to find buyers at prices that are reflective of the value among crypto holders, but not nearly as high to those outside the system who they’d need to complete cash transactions.

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      • Theharpyeagle@lemmy.world ⁨1⁩ ⁨year⁩ ago

        The distinction isn’t meaningless, it’s actually vitally important. The thing is, we’ve been here before, hundreds if not thousands of times, with the stock market and other speculative bubbles. Once a big enough entity decides to cut their losses and bail with whatever they can get, all that “value” disappears and there’s no inherent value of the asset itself to fall back on. So it has been with other crypto crashes in the past few years.

        Granted, this is generally true of fiat as well, we just have a lot more people and hopefully some safeguards holding up that value.

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  • crashoverride@lemmy.world ⁨1⁩ ⁨year⁩ ago

    No

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    • SCB@lemmy.world ⁨1⁩ ⁨year⁩ ago

      That is literally what the concept of value is.

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  • Honytawk@lemmy.zip ⁨1⁩ ⁨year⁩ ago

    No, and that is exactly the problem.

    They artificially inflate the price to make it seem more worth than it actually is.

    It is a type of fraud

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    • SCB@lemmy.world ⁨1⁩ ⁨year⁩ ago

      Things are worth what people will pay. People pay out the nose for diamonds and they are just shiny rocks and not particularly rare.

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  • Heresy_generator@kbin.social ⁨1⁩ ⁨year⁩ ago

    Wash trading doesn't count.

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