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.

  • hstde@feddit.de
    link
    fedilink
    English
    arrow-up
    11
    arrow-down
    36
    ·
    1 year ago

    So like art. No tangible assets, but the value is derived by the highest bidder.

    • MotoAsh@lemmy.world
      link
      fedilink
      English
      arrow-up
      40
      arrow-down
      3
      ·
      1 year ago

      No, because with art, there’s still a literal piece of art.

      With NFTs, it’s just a shitty jpeg some tech bro photoshopped up in five minutes.

      • yata@sh.itjust.works
        link
        fedilink
        English
        arrow-up
        37
        ·
        edit-2
        1 year ago

        With NFTs there aren’t even any art. The NFT is a receipt for the art, not the art itself. You didn’t buy the copyright for the actual art with an NFT, you bought a link to a specific copy of the art.

        • MotoAsh@lemmy.world
          link
          fedilink
          English
          arrow-up
          2
          arrow-down
          2
          ·
          1 year ago

          I mean, there are ways to tie them together, though the point still stands that NFTs add nothing to art. Copyright works fine without an overly complicated digital receipt.

      • hark@lemmy.world
        link
        fedilink
        English
        arrow-up
        13
        ·
        1 year ago

        Not even photoshopped, that would be too much effort. Nah, the most infamous NFTs are a few different elements (different mouths, eyes, accessories, etc) and then a whole bunch of permutations generated from those elements. For a technology with a supposed selling point of scarcity, you’d think they’d try to make the art special instead of procedurally-generated trash, but of course the real purposes were scams and money laundering.

        • nbafantest@lemmy.world
          link
          fedilink
          English
          arrow-up
          16
          ·
          1 year ago

          Actually you’re still a bit overestimating it.

          Most NFT’s are literally just hyperlinks, where the hyperlink could suffer link rot and stop working OR the image on the other side of the hyperlink could be changed.

        • MotoAsh@lemmy.world
          link
          fedilink
          English
          arrow-up
          8
          arrow-down
          1
          ·
          edit-2
          1 year ago

          Yea, it’s truly amazing anyone fell for those stupid things… Sooo little effort was supposed to magically generate real value!? Give me a break… It was sooo obviously just a way to get people to pool money in an unsafe way so it could be pocketed.

          Who ever donated to those scams didn’t deserve the money, as much as their losses are still a tragedy. Still, the scammers deserve that money even less. Bunch of idiots all around.

    • Honytawk@lemmy.zip
      link
      fedilink
      English
      arrow-up
      1
      ·
      1 year ago

      The thing with art is that even if the art itself is completely worthless, the materials used are not.

      You can sell a “worthless” painting to be used as firewood.

      Same with digital assets, they can be sold to be used as templates or even to train an AI.

      But a location in some useless database (which is essentially what an NFT is) does not.