Leopards Ate My Face

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Purchasers of worthless digital monkeys sue worthless digital monkey auction house after realizing that worthless digital monkeys are worthless (arstechnica.com)

submitted 1 year ago* (last edited 1 year ago) by LeanFemurs to c/leopardsatemyface

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The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.

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[–] Eranziel 8 points 1 year ago* (last edited 1 year ago)

No, NFTs are absolutely a stupid idea. Putting a few bytes of data on the block chain does not add any value whatsoever to whatever art is involved, nor does it prove any sort of ownership or legitimacy.

Whether the artist only sells one copy of their art or not, making an NFT is about the worst possible way to facilitate single ownership. This is because there's no practical way to store the entire artwork on the block chain. The images associated with NFTs "live on the block chain" in the same way that the a website "lives in" the URL that points to it - not at all.