▲ 526 ▼ Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co) submitted 2 years ago* by yesman@lemmy.world to c/technology@lemmy.world 121 comments fedilink hide all child comments The way I read the article, the "worth millions" is the sum of the ransom demand. The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.
[–] shortwavesurfer@monero.town 29 points 2 years ago (69 children) As crazy as it sounds, some people do. permalink fedilink source parent hideshow 69 child comments replies: [–] AbidanYre@lemmy.world 65 points 2 years ago (37 children) They did. For like a week last year. Then everyone realized it was a scam. permalink fedilink source parent hideshow 37 child comments replies: [–] IWantToFuckSpez@kbin.social 5 points 2 years ago (5 children) Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return. permalink fedilink source parent hideshow 5 child comments replies: [–] triptrapper@lemmy.world 26 points 2 years ago (3 children) Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers. permalink fedilink source parent hideshow 3 child comments replies: [–] glimse@lemmy.world 12 points 2 years ago (1 child) Beeple made a lot permalink fedilink source parent hideshow 1 child comment replies: [–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent [–] IWantToFuckSpez@kbin.social 1 point 2 years ago There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire. permalink fedilink source parent [–] merc@sh.itjust.works 14 points 2 years ago That's not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too. That convinced a lot of idiots to "invest" in NFTs, then eventually the bottom fell out of the market. As for artists, some made some money, but most of the money went into shit like "bored apes" which were algorithmically generated. permalink fedilink source parent load more comments (31 replies) [–] TWeaK@lemm.ee 18 points 2 years ago (25 children) It's a great way to launder money. permalink fedilink source parent hideshow 25 child comments replies: [–] CaptainSpaceman@lemmy.world 5 points 2 years ago (1 child) Better than the current money laundering techniques? Using art appraisals to inflate assets and move dirty money, or straight up using banks like Deutsche or Credit Suisse (RIP) to move dirty money? permalink fedilink source parent hideshow 1 child comment replies: [–] Socsa@sh.itjust.works 4 points 2 years ago The smart criminal understands the value of diversity. permalink fedilink source parent load more comments (23 replies) [–] ripcord@kbin.social 7 points 2 years ago (2 children) *did permalink fedilink source parent hideshow 2 child comments load more comments (2 replies) [–] MonkderZweite@feddit.ch 4 points 2 years ago Those who buy art and pack it in a safe until it's worth more? Im glad that doesn't work as well in digital. permalink fedilink source parent [–] Wollang@sh.itjust.works 2 points 2 years ago Seth Green has entered the chat permalink fedilink source parent
[–] AbidanYre@lemmy.world 65 points 2 years ago (37 children) They did. For like a week last year. Then everyone realized it was a scam. permalink fedilink source parent hideshow 37 child comments replies: [–] IWantToFuckSpez@kbin.social 5 points 2 years ago (5 children) Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return. permalink fedilink source parent hideshow 5 child comments replies: [–] triptrapper@lemmy.world 26 points 2 years ago (3 children) Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers. permalink fedilink source parent hideshow 3 child comments replies: [–] glimse@lemmy.world 12 points 2 years ago (1 child) Beeple made a lot permalink fedilink source parent hideshow 1 child comment replies: [–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent [–] IWantToFuckSpez@kbin.social 1 point 2 years ago There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire. permalink fedilink source parent [–] merc@sh.itjust.works 14 points 2 years ago That's not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too. That convinced a lot of idiots to "invest" in NFTs, then eventually the bottom fell out of the market. As for artists, some made some money, but most of the money went into shit like "bored apes" which were algorithmically generated. permalink fedilink source parent load more comments (31 replies)
[–] IWantToFuckSpez@kbin.social 5 points 2 years ago (5 children) Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return. permalink fedilink source parent hideshow 5 child comments replies: [–] triptrapper@lemmy.world 26 points 2 years ago (3 children) Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers. permalink fedilink source parent hideshow 3 child comments replies: [–] glimse@lemmy.world 12 points 2 years ago (1 child) Beeple made a lot permalink fedilink source parent hideshow 1 child comment replies: [–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent [–] IWantToFuckSpez@kbin.social 1 point 2 years ago There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire. permalink fedilink source parent [–] merc@sh.itjust.works 14 points 2 years ago That's not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too. That convinced a lot of idiots to "invest" in NFTs, then eventually the bottom fell out of the market. As for artists, some made some money, but most of the money went into shit like "bored apes" which were algorithmically generated. permalink fedilink source parent
[–] triptrapper@lemmy.world 26 points 2 years ago (3 children) Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers. permalink fedilink source parent hideshow 3 child comments replies: [–] glimse@lemmy.world 12 points 2 years ago (1 child) Beeple made a lot permalink fedilink source parent hideshow 1 child comment replies: [–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent [–] IWantToFuckSpez@kbin.social 1 point 2 years ago There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire. permalink fedilink source parent
[–] glimse@lemmy.world 12 points 2 years ago (1 child) Beeple made a lot permalink fedilink source parent hideshow 1 child comment replies: [–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent
[–] FlyingSquid@lemmy.world 1 point 2 years ago And, sadly, that has led to his posting a lot less content. But I can't say I blame him. permalink fedilink source parent
[–] IWantToFuckSpez@kbin.social 1 point 2 years ago There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire. permalink fedilink source parent
[–] merc@sh.itjust.works 14 points 2 years ago That's not really what happened. Some people who had invested in companies that would make money if NFTs went up in value chummed the waters by buying NFTs for huge amounts, convincing a lot of people that NFTs were going to be great investments. Then celebrities with an interest in the scheme pumped up the value too. That convinced a lot of idiots to "invest" in NFTs, then eventually the bottom fell out of the market. As for artists, some made some money, but most of the money went into shit like "bored apes" which were algorithmically generated. permalink fedilink source parent
[–] TWeaK@lemm.ee 18 points 2 years ago (25 children) It's a great way to launder money. permalink fedilink source parent hideshow 25 child comments replies: [–] CaptainSpaceman@lemmy.world 5 points 2 years ago (1 child) Better than the current money laundering techniques? Using art appraisals to inflate assets and move dirty money, or straight up using banks like Deutsche or Credit Suisse (RIP) to move dirty money? permalink fedilink source parent hideshow 1 child comment replies: [–] Socsa@sh.itjust.works 4 points 2 years ago The smart criminal understands the value of diversity. permalink fedilink source parent load more comments (23 replies)
[–] CaptainSpaceman@lemmy.world 5 points 2 years ago (1 child) Better than the current money laundering techniques? Using art appraisals to inflate assets and move dirty money, or straight up using banks like Deutsche or Credit Suisse (RIP) to move dirty money? permalink fedilink source parent hideshow 1 child comment replies: [–] Socsa@sh.itjust.works 4 points 2 years ago The smart criminal understands the value of diversity. permalink fedilink source parent
[–] Socsa@sh.itjust.works 4 points 2 years ago The smart criminal understands the value of diversity. permalink fedilink source parent
[–] ripcord@kbin.social 7 points 2 years ago (2 children) *did permalink fedilink source parent hideshow 2 child comments load more comments (2 replies)
[–] MonkderZweite@feddit.ch 4 points 2 years ago Those who buy art and pack it in a safe until it's worth more? Im glad that doesn't work as well in digital. permalink fedilink source parent
[–] Wollang@sh.itjust.works 2 points 2 years ago Seth Green has entered the chat permalink fedilink source parent