141
submitted 7 months ago* (last edited 7 months ago) by Posadas@hexbear.net to c/chapotraphouse@hexbear.net
you are viewing a single comment's thread
view the rest of the comments
[-] hauntologist@hexbear.net 21 points 7 months ago

I never did understand NFTs. What happened to them? I know everyone here clocked them immediately for the obvious scams they are, but of course there were celebrities swearing by them and talk of them was everywhere and unavoidable. Now I don't hear a peep about them. My hope is that this is because every rich fuck or cryptobro who swore by them has been driven into the kind of financial despair they always mocked. Is that true? Are all the mid-to-low level NFT connoisseurs now destitute or at least dispossessed of much of their ill-begotten wealth that they had accumulated before going all in on NFTs? Are NFTs 100% dead now (thank Allah), or is there a chance these dipshits will push hard enough that there will be some kind of a resurgence?

[-] axont@hexbear.net 20 points 7 months ago* (last edited 7 months ago)

Celebrities were swearing by them because all celebrities hire management/consultants to handle their money. There was a boom in NFTs among rich circles in California. They became both fashionable and a way to quickly scam some money together.

Since celebrity financial managers are all inbred with tech bro California money dorks, celebrities ended up endorsing whatever their management told them to endorse. Most celebrities probably didn't see it any different from doing a toothpaste commercial. They were told to buy NFTs to seem hip and to make money.

I don't think anyone has actually been driven into financial ruin from NFTs. The kind of people buying the things already had a ton of money to throw around for other useless commodities.

All crypto has been slowly dying since the whole FTX scandal.

[-] Galli@hexbear.net 16 points 7 months ago

The "value" of the NFTs was tied to the value of the coins (almost always etherium) on the chain on which they were minted. The hammer came down on FTX which was the primary company propping up the bezzle bringing down the hanger-on scams with it.

[-] Bartsbigbugbag@lemmy.ml 9 points 7 months ago

Eth is actually not far off from its all time high value im pretty sure. FTX was just one of many hype bros scamming.

[-] hauntologist@hexbear.net 7 points 7 months ago

So they really are all worthless now? che-smile After all that? If so...

stalin-feels-good

[-] LaBellaLotta@hexbear.net 3 points 7 months ago

It is a monument to the spectacularly stupid things that money is wasted on by the people who have far too much of it

this post was submitted on 29 Mar 2024
141 points (100.0% liked)

chapotraphouse

13497 readers
825 users here now

Banned? DM Wmill to appeal.

No anti-nautilism posts. See: Eco-fascism Primer

Vaush posts go in the_dunk_tank

Dunk posts in general go in the_dunk_tank, not here

Don't post low-hanging fruit here after it gets removed from the_dunk_tank

founded 3 years ago
MODERATORS