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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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[–] 6 points 3 years ago (3 children)

I didn't get the "arbitrage of international reply coupons" reference. What's that one?

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  • [–] 8 points 3 years ago (1 child)

    That's what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.

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  • [–] 1 point 3 years ago

    And in the beginning he was, and it was working

    I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.

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