this post was submitted on 21 Sep 2023
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)
submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world
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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.

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[–] hark@lemmy.world 13 points 1 year ago (2 children)

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 16 points 1 year ago (1 children)

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.

[–] uid0gid0@lemmy.world 4 points 1 year ago

And as LegalEagle had pointed out "You can't own that"

[–] MotoAsh@lemmy.world 7 points 1 year ago* (last edited 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.