855
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
855 points (96.3% liked)
Technology
59656 readers
3028 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Does anyone else think that NFTs are an allegory/miniature version of how art is easily commodified by capitalism? IIRC, NFTs were there to help finance artists who work on a purely digital medium, but then grifters coopted the NFT space and try to sell sets of same-looking artwork. Complete with "fandoms" and drama, as well.
NFTs are simply a straightforward con, without the financial hullabaloo of cryptocurrency. The con is simple: convince someone that something is valuable when it's not. Selling a brass ring as gold to a mark too naïve to check, has been around as long as there have been gold rings.
Nah, NFTs were always about the grift first and the art second.
After all, all an NFT token is is a digital receipt which links to an image hosted somewhere off-chain, not the image itself. All the "art" does is help to persuade people that the tokens are actually worth something and hype up the price even further.
It is an allegory for the whole financial system ... it's all made up imaginary money, funds and amounts that don't exist and never will .... it's all based on trust, faith and belief. If enough people wake up tomorrow and stop believing in a segment of this entire system, it can all quickly collapse.
I remember reading about ten years ago that if all debt was stopped all over the world and all of it was to be repaid ... it would take the world several million years to do so.
There is wealth in the world but we've created very complicated, imaginary ways to make it seem that wealth is worth millions of times more than there actually exists.
I see it as a modern day religion ... it exists because we all believe in it .... if the faithful ever lose faith, the religion dies.
God I cannot wait for the religion of capitalism to die. Markets are rough enough without greedy fucks institutionalizing their greed.
Really, it's impossible. Most children are very selfish. Only some never grow out of it. Distinguishing between the two would be a very good way to appear to be far worse than a few greedy pieces of sh*t to the uneducated who do not realize the grief greed brings to others.
That's not true at all. They were a con from their inception. The "helping artists" bit was something they made up to further that con. Just like when they claim cryptocurrency is an actual viable currency alternative to fiat.
Yeah it was huge in the art world, all the art magazines had articles about how it was the next big thing and how to mint your own nfts - which of course all turned out to be 'pay my buddy $200 and we'll turn your jpg into an nft!' which was a scam within a scam.
Artists generally aren't tech minded and honestly often pretty surface level in their understanding of things because that's where their focus is, they're looking at the visual not the mechanical. There's nothing wrong in that because life needs a wide range of people.
I'm curious if you have a source for this. I haven't heard it anywhere else...