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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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[–] Meowoem@sh.itjust.works 2 points 1 year ago

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.