this post was submitted on 19 Jun 2023
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Technology
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I don’t know why NFTs ever took off
@Silviecat44 @peanuts4life they really didn't, no normal person bought them. It was just venture capitalist pushing it. It was the complete opposite of grass roots, which is why it crashed 97% when VCs pulled out. Very normal!
The Beeple sale got a lot of press. That was the extent of the novelty, but then the money-eyed scammers figured they had a new grift in the making. But it started with the media surprise and interest over how big the Beeple sale was.
Idiots saw the explosion of speculation on crypto and a few people got lucky and got rich. They jumped on the next new buzzword in tech expecting it to have an equivalent speculative boom, which obviously never happened.
Negative interest rates do funny things to capitalism.
Folding Ideas did an incredibly good documentary about NFTs that goes into this: https://www.youtube.com/watch?v=YQ_xWvX1n9g