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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 3 years ago by [M, B] 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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[+] -22 points 3 years ago (11 children)

So like art. No tangible assets, but the value is derived by the highest bidder.

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  • [+] 37 points 3 years ago* (last edited 1 year ago) (9 children)
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  • [–] 13 points 3 years ago (3 children)

    Not even photoshopped, that would be too much effort. Nah, the most infamous NFTs are a few different elements (different mouths, eyes, accessories, etc) and then a whole bunch of permutations generated from those elements. For a technology with a supposed selling point of scarcity, you'd think they'd try to make the art special instead of procedurally-generated trash, but of course the real purposes were scams and money laundering.

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  • [–] 15 points 3 years ago

    The thing with art is that even if the art itself is completely worthless, the materials used are not.

    You can sell a "worthless" painting to be used as firewood.

    Same with digital assets, they can be sold to be used as templates or even to train an AI.

    But a location in some useless database (which is essentially what an NFT is) does not.

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