Submitted 1 year ago by L4s@lemmy.world [bot] to technology@lemmy.world
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.
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 don’t own NFTs and never will, but as a collector this pisses me off because it’s the same as those people who mock card collectors because “it’s just cardboard”. You’re completely missing the point.
If I buy a lot of baseball cards for 1 cent, at least they don’t suffer from the oracle paradox.
NFT’s were nakedly a solution in search of a problem that weren’t even a very good solution to the problem they were purporting to solve. That’s what pisses people off.
Sorry, I tried to understand this Oracle Paradox you’re talking about but every explanation I found had so much jargon that it fried my brain at the third line. Do you know where can I find an ELI5?
And yes, I get why people dislike the concept of NFTs, but mocking their value (or lack thereof) seems dumb when it’s “obtained” the same way as pretty much every other collectible.
Good.
During the shitcoin hype, bought $100 chunks of various projects. Only 1 coin 🚀 to the moon for a nice $20K profit (it crashed 2-3 weeks after selling). If it had shed another 0, would have had a nice chunk of money.
Yeah you could make a lot of money during that bubble if you knew what you were doing. Aka, if you were cognizant of it being a bubble.
Cool send them all to me for free then. Later…oh weird nobody sent me anything.
I mean in your hypothetical their options would be to either spend effort to send you something worthless or not spend the effort and experience zero difference on their end.
Not zero difference, doing nothing means they still have their goofy useless monkey to use on X!
Sure, here’s one, totally free.
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.
Hey at least we got that asshole Beeple.
Still waiting for that Seth Rogen TV show…
CryptoPunks still going strong though.
What’s with the downvotes? They are trading for ~$80k a piece currently and have been around since 2017. I’m not saying it’s a solid investment, far from it actually. But I don’t believe they will be “worthless” any time soon.
Cause they don’t add any value to the world. They are like parasites.
now
Weird word usage.
CookieJarObserver@sh.itjust.works 1 year ago
Most of them have been worthless all the time but people like gambling.
There are only very few that hold real world value.