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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[โ€“] ram@lemmy.ca 32 points 1 year ago (1 children)

You can use this logic to explain away any other ponzi scheme too.

[โ€“] brsrklf@jlai.lu 17 points 1 year ago* (last edited 1 year ago)

It's not really logic, and I don't think it's defending anything, it's just the definition of monetary worth.

For better or for worse, stuff is always as valuable as people consider it to be. Which may be related to how useful that stuff is, but often is not.