No one is gonna buy any NFTs for millions lmao
this post was submitted on 17 Dec 2023
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As crazy as it sounds, some people do.
They did. For like a week last year. Then everyone realized it was a scam.
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They're priced like police drug busts.
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Sounds like a great way to make an insurance claim on a bunch of NFTs worth "millions" that you could not convince anyone to buy.
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
Let me get this straight, you can steal an nft but you can't own an nft?
You very much do own an NFT you purchase, what you don't own is the asset the NFT represents (the shitty RNG generated monkey for example).
I never had a jpeg stolen from me.
What a time to be alive.
No no, they stole the link to a jpeg, careful you will make them angry
Here, take my link to get a feeling
https://slrpnk.net/pictrs/image/db03eae9-a3a9-42df-8cf2-f2aa8bfa2d95.webp
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Another interpretation is that it's all an insurance scam were something worthless is "stolen by hackers" and then claimed to be worth millions for the insurance claim.
But surely nobody in the "well known as impeccably honest" NFT world would ever do something like that!
I guess the millions are in the transaction fees
"Potential losses". I get the feeling that NFT owners got bit by the same bug that bit RIAA executives.
Think of it like this, when people make drug busts and they find huge amounts of cocaine or whatever and they say oh this is 300 something mod a million is worth of stuff. No it's not. It's maybe like not even half that not even a quarter of that, they just make it up just to make their bust even bigger
I remember it used to be calculated on the lowest value extrapolated out so a gram of smoke was 20/25 bucks so a kilo of smoke "had a street value of 20,000 - 25,000."
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One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
ITT: a handful of people starting to sweat about their NFT retirement strategy
I'm having difficulty with the word "worth". It appears to be doing an awful lot of heavy lifting
Just because the suckers that bought them paid millions doesn't mean that the NFTs are worth millions.
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Did they steal all NFTs?
People trying to discuss the topic have their posts pushed down while "lmao nfts" are voted up. How do you see someone saying, respectfully, "I think there's a benefit to this." and try to push down their contribution?
Anyone who wants a good discussion about news in this community, must leave this community. If you want to add context or opposing perspectives, better go elsewhere. You build a community like this and you get people who know Hans had a vibrator, because jokes and legit opinions are treated as interchangable.
NFTs are a joke, so it's totally fine for a topic like this.
Like what is there to discuss? The entire concept is stupid. With NFTs the object isn't even on the blockchain, the image isn't there. It's pretty much just some random information that says image x belongs to you (but you have to store image x somewhere else and can lose it).
When it comes to owning art either physical media or the rights to the image already do a much better job.
The only area where NFTs sound useful (but they aren't) is things like trading card games. Where you can have a card in a game and you own it, but because it's an NFT you could sell the card to another player outside the game. But the whole concept again breaks down, the game can simply block the card from being played later on or remove the card and you're left with nothing (besides "proof" that you own the NFT for a card that existed in the past). It adds nothing of value that a normal entry in a database couldn't provide.
One thing I'm still positive on: Crypto currency was a great idea, at least until Bitcoin was sabotaged with the 1 MB block size and transacting with it died along the way.
I seem to recall digital trading card games existing long before NFTs were ever thought up, so not even that works. In fact, every "use" for NFTs I've ever seen suggested has been something we already had that is actually easier without involving the things.
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Maybe it's because majority of people think that NFTs are a joke and don't agree that there are any benefits to this? Maybe they don't want to engage in a discussion because they already heard all the arguments and still think it's BS? I don't know, I'm just guessing.
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