Honestly I’m ok with them keeping their money, afaik everyone knew where they were buying they were just dumb enough to think it would ever be worth something. If we want to claw back money from people we should start with the ones ruining the environment to make the line go up

That’s the whole point of legitimate auction houses like Sothby’s. They pay experts to provide some legitimacy and sanity. It’s one thing for me to say that a kids finger painting is worth 50k, it’s a different thing for a trained art appraiser at an auction house to set that price.

Sotheby sets the initial prices and provides estimates of value. They were supposed to be the responsible adult in the room. Now if they values them at say $1000 and they sold for 100,000k that’s on the buyer. If the value was set for 80k and it sold for 90k that’s a different story.

This is the part about wealthy people that I just love. If muh investment pays off, f-off society, I was smart and made a wise investment. I deserve to keep 100% of the proceeds. But when things go south, “Save meeeeeeeeee, you [society/regulators] shouldn’t have let me go through with it”. Then we’re back to the socialism they say they hate so much and that they lobby their own money to deny to the common folk.

Oy vay

Nah man, pogs are where it’s at. Pogs!

Back in the mid-90s I had a friend who inherited $40,000 from her grandmother and spent all of it on $75 Fossil watches, the kind that were based on old cartoons like Popeye etc. And it took her a while to do it since she would drive to malls within a few hours of her and clean out the department stores that carried them. That’s over 500 watches, a few at a time.

She was adamant that this was an excellent investment, but these are on eBay now for $50 to $60. At parties she would pull out the collection and start showing them to people (no touchy, of course) as if there was something intrinsically interesting about a cartoon Fossil watch. The sad thing is, with $40,000 in hand she probably could have bought two or three times as many from a wholesaler and maybe eventually actually have made some money.

At least with beanie babies there was a physical object.

A lot of those transactions is just to up the price so dumb asses think they are worth it. The other half is just dumb asses ofc.

I all but guarantee you that those are getting shuffled around between owners to keep the price inflated.

Well, it’s not that convoluted, it’s basically just a hashmap.

There was the bit about Sotheby’s misrepresenting FTX as a buyer, but that doesn’t make me any more sympathetic to their situation. Which, now that I’ve typed that, is extremely cynical when I like to think of myself as empathetic. I’m gonna try to change my take here. I like @db2’s take that the money should be invested in public education.

The 50k value is itself propped up by fake transactions anyways. Since these sales are public, they can just push some around between two paid off clients to give the impression this is their worth.

Wait until you realize money is worthless.

You’re vastly overestimating the reasoning ability of prospective NFT buyers.

They couldn’t accurately identify a picture. Instead of concluding “I can just copy and paste this”, they overrode their common sense to convince themselves that a digital picture of a monkey was unique. Unerringly, truly, exceptionally unique. A digital monkey picture.

It’s pretty great. NFT dimbulbs are the flat earthers of crypto.

Collective delusion of people who still think they’re holding onto something worth anything

It just means some moron is willing to pay that much

Yup!

My vinyl collection is “worth” $50k. I just have to find someone deluded enough to believe me and buy it.

In reality it’s worth ~$1k because they’re old and play music instead of being ugly pictures of monkeys.

Presumably they’re still useful for money laundering. Makes sense to keep some kind of price floor.

These silly things, according to the article, are still selling for $50k each. There are still greater fools to sell to, they just aren’t as rich. The current owners can still walk away with about 20% of their initial “investment”. They themselves will be the greater fool if they don’t unload them onto someone else.

NFTs are not a terrible idea it’s just another way of adding a signature to something. If a famous artist made a beautiful work of art and made an NFT of it and said “this is the only one I am selling” then I can understand how it might hold some value to collectors because it’s just like how their signature adds to the value of their artwork.

My dog just took a shit outside and if I put my signature on it the value would still be that of a pile of dog shit. Dumb pictures of apes generated for the sole purpose of making more pictures of apes to sell that hold no value to begin with don’t magically become more valuable after they have a signature on them.

That’s a small price to pay for such a valuable insight. I know too many people who have lost tens of thousands of dollars chasing returns that will never happen.

I get what you trying to say but

You get to hold a marriage certificate. She could also be married to someone else in France, California, Australia and Germany. All those marriage certificates would be equally valid.

How much are NFTs worth? Not a Fucking Thing!

Nonono you didn’t read the article, the company behind says these are unique, and they were promoted by famous people, and auctioned at Sotheby’s.

Trust me, clearly they are very valuable, honest! Somehow they are claimed to still be worth $50,000!! I bet in another couple of years they’ll still be worth way over erh let me think, they may still be worth something, maybe a couple hundred? It’s the future, it’s a sure thing!!

I spent a lot of time coding some NFTs for a unique use case / idea I had. It doesn’t involve trading / speculative cryptocurrency or drawings of apes. If I ever finish it I definitely will not advertise it as using NFTs. The interesting thing to me is using them as contracts and/ or programmable money. Currently the banking system and credit card companies have a chokehold on payments/purchases/etc. But, NFTs and smart contracts in general provide an alternative to that. That to me has value inherently. Now, I’m aware that bad actors have been using crypto to circumvent laws/regulations, and I’m not in favor of that. But I also do not like the credit card system, and think there’s value in exploring alternative paradigms.

they are only greater fools if they come from the greater fool plains of the US, otherwise it’s just sparkling bagholders.