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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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[–] 14 points 3 years ago (6 children)

"Bull run"

More like Bullshit run. Literally nobody fell for the grift. Celebrities bought into it because it was a pump and dump scheme and they can afford it. There is literally no use case for NFTs and even basic normies saw that.

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  • [–] 17 points 3 years ago (2 children)

    literally nobody fell for the grift

    Someone somewhere has an NFT instead of a bunch of money. Even if everyone participating knew this was a very expensive game of hot potato someone had to be holding the potato when the buzzer went off.

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

    Yeah, a lot of the NFT craze was pump and dump where people were selling NFTs to themselves. Even that famous digital artist who got super rich did it because the guy who paid him was trying to inflate the market. But, like any con game, there are suckers. Many of them aren't rich, just stupid.

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  • [–] 1 point 3 years ago* (last edited 3 years ago) (2 children)

    The use case for NFTs is to provide a bulletproof cryptographically secured registry for arbitrary content. Such as deeds or titles. Legally recognized, that would represent a marked improvement on the current system. You can have it represent digital goods also, that's just more of a toy than a useful tool.

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

    "bulletproof"

    Blockchain can be hacked, just like any other digital technology. In fact, it has already happened.

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  • [–] 0 points 3 years ago*

    If you write smart contracts with vulnerabilities, they'll be hacked, that is not the same thing as a blockchain being hacked though. Also, smart contracts can be fully audited and provably correct, a lot of companies just half ass it. ERC721 spec (NFT) has drop-in contract code which no doubt has been audited and not hacked on its own.

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