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Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)
submitted 2 years ago* by to c/technology@lemmy.world
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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.

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[–] 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.

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  • [–] 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.

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  • [–] 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.

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  • [–] 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.

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