From millions of dollars to under a grand: The dramatic fall of the NFT : technology

[–] lechekaflan@lemmy.world 8 points 11 hours ago

That was the most goddamn awful thing ever seen. Where are those shitheads who first sold the fucking idea?

[–] sveltecider@lemmy.ca 25 points 16 hours ago (1 children)

This is the least surprising thing ever

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[–] BarneyPiccolo@lemmy.today 54 points 21 hours ago (1 children)

If you weren't using them to launder money for a criminal enterprise, then you were doing them wrong.

[–] NotAnonymousAtAll@feddit.org 17 points 20 hours ago

... ~~doing them wrong~~ falling for a scam.

[+] Lemming6969@lemmy.world -27 points 6 hours ago (11 children)

Ya'll are fucking stupid. There is no fall of nfts and they aren't useless. If there is an authority who recognizes the nft, then it has the utility value of the authority. End of story. It doesn't matter if some people traded them for outrageous amounts of money and it has nothing to do with the ability to copy a picture. All it does is tie a digital item to a hash to an owner on a ledger, for purposes of authentication. If a hash of a monkey picture gets you on a yacht, then if you don't have one you aren't getting on that yacht. In the future, if the nft of your house deed isn't in your wallet, then if a judge looking at a specific ledger says you don't own your house, you don't own it.

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[–] billwashere@lemmy.world 42 points 23 hours ago

The whole NFT thing was one giant pump and dump.

[–] ExLisper@lemmy.curiana.net 140 points 1 day ago (4 children)

Everyone comment how much did they lose on NFTs.

I will start: $0.

[–] YesButActuallyMaybe@lemmy.ca 57 points 1 day ago (2 children)

Also I made: 0$

[–] BassTurd@lemmy.world 58 points 1 day ago (3 children)

I found value in shitting on people buying them. $0 monetary gain, but at least $10 in schadenfreude.

[–] Wilco@lemmy.zip 41 points 1 day ago (4 children)

I trolled people by setting their NFT as my avatar in the chat rooms they were in. Im going to value that at $100.

[–] Trigger2_2000@sh.itjust.works 9 points 21 hours ago

Best use of an NFT I've ever heard of!

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[–] Simulation6@sopuli.xyz 5 points 20 hours ago

Damn, I lost twice as much as you did.

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[–] bonenode@piefed.social 223 points 1 day ago (4 children)

Isn't it pretty obvious this was 99% a money laundering scheme?

[–] Lucidlethargy@sh.itjust.works 2 points 12 hours ago

Only to people with brains.

[–] timroerstroem@feddit.dk 306 points 1 day ago* (last edited 1 day ago) (4 children)

That's easy to say with the benefit of hindsight in 2026. However, back in 2021, it was easy to say without the benefit of hindsight.

[–] darkdemize@sh.itjust.works 99 points 1 day ago

Had me in the first half, not gonna lie.

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[–] Sam_Bass@lemmy.world 8 points 19 hours ago

Its not worth a single cent in reality

[–] fierysparrow89@lemmy.world 30 points 1 day ago (42 children)

As with everything crypto this was a huge scam. Besides the obvious profiting from gullable idiots, the other use case is to illegally funnel money.

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[–] Siegfried@lemmy.world 12 points 22 hours ago

Who could have thought it?

[–] galoisghost@aussie.zone 83 points 1 day ago (2 children)

Under a grand. Is there anyone really stupid enough to think this is still worth anything at all?

[–] WhatAmLemmy@lemmy.world 43 points 1 day ago* (last edited 1 day ago) (8 children)

I would actually pay like $100 to say I own the EFT some moron paid millions of dollars for. I've bought dumber things. I paid real money for a 100 trillion dollar zimbabwe bill that is completely worthless. Great for cocaine! I've also paid hundreds of dollars for 1 night of cocaine, dozens of times, and have nothing to show for any of them.

[–] Goodlucksil@lemmy.dbzer0.com 48 points 1 day ago (2 children)

Pro tip: don't do cocaine while you still can choose.

[–] redditmademedoit@piefed.zip 29 points 1 day ago (1 children)

The dude literally has a 100 trillion dollars, it's fine

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[–] ozoned@piefed.social 61 points 1 day ago (9 children)

What? You mean digital art that infinitely reproducible, can't actually be owned, WASN'T the next big thing? Oh jeez. I hope the metaverse succeeds and if not then AI surely will RIGHT?!?!

[–] BananaIsABerry@lemmy.zip 3 points 8 hours ago* (last edited 7 hours ago)

Hey! You be fair to the NFT owners.

They never owned digital art, just a link to a specific instance of one!

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