What, exactly is a NFT?
Discussion
thegreenhell said:
Got to be a mistake, surely? I find it hard to believe that someone would pay $200 for a computer-generated picture of an ape. Seems overpriced to me.
Yeah but it has a pizza slice, a motorcycle helmet, and a bone necklace. Easily worth 200k.I think I am getting too old for this life.
https://www.cnbc.com/2022/06/15/bill-gates-says-cr...
Bill Gates calls it right - GREATER FOOL THEORY
Bill Gates calls it right - GREATER FOOL THEORY
cb31 said:
thegreenhell said:
Got to be a mistake, surely? I find it hard to believe that someone would pay $200 for a computer-generated picture of an ape. Seems overpriced to me.
Yeah but it has a pizza slice, a motorcycle helmet, and a bone necklace. Easily worth 200k.I think I am getting too old for this life.
Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
robsa said:
But you totally get why someone would pay $300m for Kooning's Interchange? Or something by Rothko?
Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
Kooning didn't produce 1000s of similar paintings with very slight differences using a computer and no talent.Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
I don't agree with the price (there are idiots with money everywhere) but it's still a completely different thing.
robsa said:
cb31 said:
thegreenhell said:
Got to be a mistake, surely? I find it hard to believe that someone would pay $200 for a computer-generated picture of an ape. Seems overpriced to me.
Yeah but it has a pizza slice, a motorcycle helmet, and a bone necklace. Easily worth 200k.I think I am getting too old for this life.
Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
BAYCs and its ilk are procedurally generated, and often lifted straight off of places like DeviantArt or websites that sell them in batches. They are as low effort as you can imagine, which actually tracks with the extreme grifting that surrounds them.
Fine art sales are basically public money laundering.
FourWheelDrift said:
robsa said:
But you totally get why someone would pay $300m for Kooning's Interchange? Or something by Rothko?
Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
Kooning didn't produce 1000s of similar paintings with very slight differences using a computer and no talent.Much art looks utterly ridiculous and yet sells for vast sums. I wonder why...?
I don't agree with the price (there are idiots with money everywhere) but it's still a completely different thing.
"Facebook Metaverse In Disarray & NFT Sales Are "Falling Off A Cliff" According To Reports
https://www.youtube.com/watch?v=PjbFU4L9VgA
https://www.youtube.com/watch?v=PjbFU4L9VgA
NFTs small fry when it comes to scams.
$4bn fraud with One Coin crypto scam - https://www.breezyscroll.com/world/u-s-adds-crypto...
"OneCoin is one of the largest Ponzi schemes in history”
$4bn fraud with One Coin crypto scam - https://www.breezyscroll.com/world/u-s-adds-crypto...
"OneCoin is one of the largest Ponzi schemes in history”
NFTs drop to record lows. Huge losses reported - https://www.coindesk.com/web3/2023/04/20/nft-marke...
Meta winding down NFTs on Facebook and Instagram - https://techcrunch.com/2023/03/13/meta-winds-down-...
Metaverse collapsing - https://qz.com/meta-microsoft-disney-are-reversing...
Oh dear, what a shame, how sad.
Meta winding down NFTs on Facebook and Instagram - https://techcrunch.com/2023/03/13/meta-winds-down-...
Metaverse collapsing - https://qz.com/meta-microsoft-disney-are-reversing...
Oh dear, what a shame, how sad.
NFTs are a pretty perfect distillation of "what if capitalism, but too much?". Despite all the promises in whitepapers, etc no actual utility came of them except "members only" passes - an already solved use case.
Bored Apes actually look ste in pure objective terms, so it's even more surreal that there was a period of time that people genuinely thought they had artistic merit (not that art is some pure thing).
Bored Apes actually look ste in pure objective terms, so it's even more surreal that there was a period of time that people genuinely thought they had artistic merit (not that art is some pure thing).
The whole thing was a cleverly orchestrated scam in market manipulation. The "value" of these NFTs was massively driven up by a small group of people selling them to each other for millions of dollars.
Then create loads of hype about how an NFT sold for millions and suddenly a lot of people want some free Internet money.
Add in a few celebrities being paid to say they bought a picture of an ape eating pizza with laser beams for eyes to add to the hype.
Then you get FOMO suckers buying any old crap without thinking about what they are actually buying because they don't want to miss out on the free money.
NFTs then go back to their true value of zero, the people who sold them and convinced everyone they were worth millions with a few trades between themselves to drive up the price laugh and count their money.
Everyone just thinks "because crypto", a new scam is born and a new line of crypto suckers line up to hand over their money.
Then create loads of hype about how an NFT sold for millions and suddenly a lot of people want some free Internet money.
Add in a few celebrities being paid to say they bought a picture of an ape eating pizza with laser beams for eyes to add to the hype.
Then you get FOMO suckers buying any old crap without thinking about what they are actually buying because they don't want to miss out on the free money.
NFTs then go back to their true value of zero, the people who sold them and convinced everyone they were worth millions with a few trades between themselves to drive up the price laugh and count their money.
Everyone just thinks "because crypto", a new scam is born and a new line of crypto suckers line up to hand over their money.
Joey Deacon said:
The whole thing was a cleverly orchestrated scam in market manipulation. The "value" of these NFTs was massively driven up by a small group of people selling them to each other for millions of dollars.
Then create loads of hype about how an NFT sold for millions and suddenly a lot of people want some free Internet money.
Add in a few celebrities being paid to say they bought a picture of an ape eating pizza with laser beams for eyes to add to the hype.
Then you get FOMO suckers buying any old crap without thinking about what they are actually buying because they don't want to miss out on the free money.
NFTs then go back to their true value of zero, the people who sold them and convinced everyone they were worth millions with a few trades between themselves to drive up the price laugh and count their money.
Everyone just thinks "because crypto", a new scam is born and a new line of crypto suckers line up to hand over their money.
I was having a semi-argument with someone on Twitter when they were saying since the value has evaporated from them that now is the time the teams behind them will starting building utility....Then create loads of hype about how an NFT sold for millions and suddenly a lot of people want some free Internet money.
Add in a few celebrities being paid to say they bought a picture of an ape eating pizza with laser beams for eyes to add to the hype.
Then you get FOMO suckers buying any old crap without thinking about what they are actually buying because they don't want to miss out on the free money.
NFTs then go back to their true value of zero, the people who sold them and convinced everyone they were worth millions with a few trades between themselves to drive up the price laugh and count their money.
Everyone just thinks "because crypto", a new scam is born and a new line of crypto suckers line up to hand over their money.
I mean dude, the only reason utility was even touted in the first place was because it was perfect VC bait during an insane period of free money and FOMO. There has been zero utility developed out of NFTs in the 3+ years they have been the zeitgeist, why would that suddenly happen now the money has dried up? All NFTs have managed to achieve in 3+ years of "innovation" is "members only" club passes, which is an already solved problem.
The most surprising thing for me about it is not so much that - like art - they are an effective mechanism for money laundering, but that the "art" itself is so terrible. Bored Apes - the market leader - look like complete st, in objective "this is art" terms.
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