Leopards Ate My Face

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Purchasers of worthless digital monkeys sue worthless digital monkey auction house after realizing that worthless digital monkeys are worthless (arstechnica.com)

submitted 1 year ago* (last edited 1 year ago) by LeanFemurs@lemmy.world to c/leopardsatemyface@lemmy.world

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The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.

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[–] Hairyblue@kbin.social 27 points 1 year ago (3 children)

Duh! NFTs are a scam.

[–] UKFilmNerd@feddit.uk 23 points 1 year ago

How much are NFTs worth? Not a Fucking Thing!

[–] Buffalox@lemmy.world 20 points 1 year ago

Nonono you didn't read the article, the company behind says these are unique, and they were promoted by famous people, and auctioned at Sotheby's.

Trust me, clearly they are very valuable, honest! Somehow they are claimed to still be worth $50,000!! I bet in another couple of years they'll still be worth way over erh let me think, they may still be worth something, maybe a couple hundred? It's the future, it's a sure thing!!

[–] BobbyBandwidth@lemmy.world 8 points 1 year ago

I spent a lot of time coding some NFTs for a unique use case / idea I had. It doesn’t involve trading / speculative cryptocurrency or drawings of apes. If I ever finish it I definitely will not advertise it as using NFTs. The interesting thing to me is using them as contracts and/ or programmable money. Currently the banking system and credit card companies have a chokehold on payments/purchases/etc. But, NFTs and smart contracts in general provide an alternative to that. That to me has value inherently. Now, I’m aware that bad actors have been using crypto to circumvent laws/regulations, and I’m not in favor of that. But I also do not like the credit card system, and think there’s value in exploring alternative paradigms.