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.
Lol, classic. Where’s Ubisoft’s NFT collection they were selling so hard last year?
IIRC they backpedalled on that before they released due to the massive backlash
Now? Always were.
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
All my apes, gone
You wouldn’t right click a car would you…
Bored Apes Yacht Club is run by nazis prove me wrong
Don’t know, don’t care. NFTs are a scam, and that’s enough reason for me to avoid them. Well, that and the art is fugly.
Idk man I liked my tomagatchi and that bitch was worthless as fuck but it was still neat to me 🤷🏻♂️
Why not prove yourself right first?
I don’t care about BAYC, but…
Because it’s been done over and over and I’m not gonna take the time to explain nazi symbols to people almost a hundred years later lmfao.
Now? Probably?
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.
Yes, its largely inexpensive to spin up a new batch of collectibles, so the vast majority of them are indeed worthless because anyone can just make one.
The small handful that are actually collected by the public at large and are considered worth something… continue to be worth something.
It’s like grouping thousands of meaningless mass produced collectable trading cards made by game companies that no one actually gives a shit about, in with the likes of MTG/Pokemon/Hockey/Baseball/etc
Like yeah if you look at it as a whole, no one gives a shit about 99% of them, because its literally just ink on paper, so its not exactly that hard to shit out yet another “collectible” no one cares about.
But the public will latch onto the very small handful that actually hold some form of appeal, and those will absolutely continue to hold value.
99.9% of Magic the Gathering cards aren’t worth the ink and paper they are made of.
Doesnt have any bearing on whether your mint condition Black Lotus is worth $$$$
Which NFTs continue to hold value? What’s the Black Lotus of NFTs?
As far as I know, the “MTG” or “Baseball/Hockey” cards of NFT backed images continues to be bored apes and crypto punks. The consistently stay at the top by volume and make up very large portions of trade volume each month.
I couldn’t tell you what the “Black Lotus” is of those collections as I don’t actually care that much about Image NFT trading, I know of it but Im not like, integrated with the community. Im sure there are a handful of items that are prized though.
Overall, this study and article imo just confirms Sturgeon’s revelation and thats about it.
It’s about as useful as saying that 90% of websites on the internet continue to be crap, or that 90% of youtube channels aren’t popular.
Doesn’t matter because the top 1% are all people really care about anyways, and the nuggets of value naturally float to the top through market selection.
The small handful that are actually collected by the public at large
So none of them. Got it.
It’s one thing to dislike the concept.
It’s another to ignorantly ignore the indisputable fact that hundreds of millions of dollars worth of transactions happen every month, and the market caps for each collection are easy to look up.
Last 24h alone, as of writing this post, Bored Apes alone had almost 1.8 million dollars in transactions.
I don’t even collect nfts myself but I’m not going to deny the tens of billions of dollars that move around on that platform this year.
Is it less than 2021? Oh God yes, way lower, major cooling off.
But calling billions of dollars moving around “dead” is foolish at best.
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.
A load of rich stupid people got fucked over. Beautiful.
So did poor people.
Yeah that part sucks.
Dumb poor people who were obsessed with greed.
I have no sympathy.
Rich or poor, they were all stupid.
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.
It was just another form of money laundering though ‘art’.
That’s exactly what it was. If I wanted to wash money, the easiest way to do it would be to create some bullshit digital pic and then buy it myself from an alt dummy account.
GOT EM! They were all confused and excited that it might be the next Bitcoin…All I need is one good con like this and I can get off this fucking hamster wheel!!
Oh no….anyway.
👨🚀🔫👨🚀
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.
Probably?
shocked Pikachu
.com boom in the 90s, NFT boom in the 20s.
Dot com wasn’t worthless or useless
Not many people had their own website in the late 90s, same as today. Domain names are useful to some just like how some see NTFs are being useful.
Yeah people visit websites more than looking at NFTs. However some will prefer NFTs over physical collectiables. Just a preference.
Yeah, it was a bubble. Dot com companies were worth less than investors hoped, but not worthless.
Many of the dot-com companies that survived the crash exceeded their bubble valuation. Amazon, for example is worth far more than it ever was in the bubble days. Same with eBay, Priceline, etc.
Yahoo is widely considered one of the biggest flops, but it survived the dot-com crash, dropped to just a few dollars a share, then eventually climbed back up over $40/share. Despite being massively overvalued in the bubble and then massively mismanaged after, it fundamentally had some value and people used it for years.
pretty sure the 20s is for AI
not f’n there
I will sleep well tonight.
*Are
Yes, I do remember when Russia came up with a new money laundering scheme after crypto died out.
… crypto didn’t die out
I’m just gonna plug The Great Crash 1929 by John Kenneth Galbraith. Really clear, funny, sarcastic writing that is highly relevant here. The kind of economics I wish there was a whole lot more of; the Samuelson program with its assumptions of rationality and perfect knowledge has been a disaster.
Free at
static.fnac-static.com/…/9780241468081.pdf
Mackay’s Extraordinary Popular Delusions and the Madness of Crowds is also a great on-topic read:
www.gutenberg.org/files/24518/…/24518-h.htm
The chapter about asset bubbles obviously, but there’s also a chapter about the historical catchphrases of London that shows that circlejerk shitposting has always been part of humanity… Yesteryear’s “What a perfectly dreadful hat” is today’s Stroganoff.
What is today’s Stroganoff? This is like the third time I’ve heard a reference to Stroganoff this week, but they don’t seem connected, just like everyone’s talking about Stroganoff all of a sudden.
Just a fad going around Lemmy right now. Like the beans, if you were here for that one.
My, what a perfectly dreadful hat.
“Now”?
95% are worthless…so far
At what point do they turn the servers off?
Saltblue@lemmy.world 1 year ago
The biggest operation of money laundering in the history of the world.