From millions of dollars to under a grand: The dramatic fall of the NFT

Comments

• heiligerbimbam@lemmy.wtf ⁨1⁩ ⁨day⁩ ago

  Haven’t heard anything in a while. So things aren’t going so well? 😂

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• fubarx@lemmy.world ⁨1⁩ ⁨day⁩ ago

  The way money-laundering works, you take ill-begotten funds and somehow churn it into legal tender in ways that can’t be traced back to the source. Another angle is to create corporate entities that show loss against gains, so you can deduct and don’t have to pay taxes on your windfall profits.

  In the olden days, these were physical, degrading assets. Like strip malls, real-eestate, and dodgy, money-losing businesses that somehow stuck around forever. At the end, you were stuck with physical entities you couldn’t unload.

  Crypto and NFT were just digital variations of the same financial model, minus the hassle of having to manage the property.

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• GutterRat42@lemmy.world ⁨1⁩ ⁨day⁩ ago

  Oh, they caught their money laundering scheme!

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• one_old_coder@piefed.social ⁨1⁩ ⁨day⁩ ago

  It’s not dramatic if it’s funny!

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• tacocollector2@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago

  Oh no! I’m shocked!

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• MehBlah@lemmy.world ⁨1⁩ ⁨day⁩ ago

  Silly monkeys.

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• heyWhatsay@slrpnk.net ⁨1⁩ ⁨day⁩ ago

  Just stick that stuff on a canvas next time

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• HubertManne@piefed.social ⁨1⁩ ⁨day⁩ ago

  a grand for some bits is not bad. its like the high priced works of art where the artist wipes their ass on a canvas.

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• Klox@lemmy.world ⁨1⁩ ⁨day⁩ ago

  NFTs as a mechanism for exchanging and authenticating contracts is pretty revolutionary. But the only thing that reached public awareness were the dumb NFTs of a single image. The closest breakout was probably the effort for ticket sales and club memberships – your “ticket” is the NFT itself, and you can move it around (sell, exchange) as you want before the event. There are still human-errors/logistical problems but in the end whomever has the NFT gets the seat. For club memberships, you were a member as long as you held the NFT. If you wanted out, you could sell it to someone else that wanted to join the club.

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  • frongt@lemmy.zip ⁨1⁩ ⁨day⁩ ago

    I still don’t see how the NFT is a benefit over existing digital ticket platforms.

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    • Klox@lemmy.world ⁨23⁩ ⁨hours⁩ ago

      “Digital ticket platform” is literally the poster boy of middle-man grift. Are you not familiar with Ticketmaster? Even smaller platforms are taking 15-30% fees for very little value-add. They “exist” to reduce the operating expenses of venues, but if there was wider infrastructure of NFTs these venues wouldn’t need to contract it out.

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  • dylanmorgan@slrpnk.net ⁨1⁩ ⁨day⁩ ago

    My thought was concert tickets. An artist could set an absolute maximum for how much a ticket could be resold for, and the energy costs of maintaining the blockchain would be time-limited to after a show or tour completed.

    Of course, Ticketmaster would never allow that because it effectively nukes the scalper market, which they also run through stubhub.

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  • HubertManne@piefed.social ⁨1⁩ ⁨day⁩ ago

    this is true about block chain in general. I usually get from folks its a solved issue with databases and its like but its significant that you don’t need it and that everyone along the chain has the information they need. Not just the database owners. I would still love a qr code on everything I buy. including fruit. that gives me everything about the item. where grown/manufactured, how its been processed since, what hands it went through to get to me, etc.

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• TwilitSky@lemmy.world ⁨1⁩ ⁨day⁩ ago

  I see this and wish I’d taken advantage of it for the exact period of time.

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  • RememberTheApollo_@lemmy.world ⁨1⁩ ⁨day⁩ ago

    It’s like bitcoin. A shitty idea I wanted no part of yet I wish I’d been willing to take advantage of at the time it took off.

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    • TwilitSky@lemmy.world ⁨20⁩ ⁨hours⁩ ago

      So many crazy opportunities I passed up. Many of them turned out to be bad. Some, like Bitcoin, if you get out at the right time, you’re set for life.

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