The vast majority of NFTs are now worthless, new report shows
The vast majority of NFTs are now worthless, new report shows
Two years after tech trend that swept up artists and celebrities, researchers estimate 23 million people hold worthless investments
🌍👨🚀🔫👨🚀
🔫️ Always have been
Of no surprise to anyone.
NFTs were the perfect technology to identify people who didn't understand crypto. The only reason Bitcoin et al. even almost work is that nearly anything can be a medium of exchange... so long as it's fungible. Which is the F theses Ts are N.
But if all you saw was numbers going up, and you don't know what a Ponzi scheme is, yeah sure it makes total sense to buy a genuine commemorative plate of the Brooklyn Bridge. Why's everyone on your case? It must be worth money! It's (a receipt for a link to a picture of) the Brooklyn Bridge!
Fanbros compare stocks, but stocks are slices of a real company. You control one-zillionth of an actual business. If you own enough, that company will do what you say, because you are literally their boss. No amount of "authentic" Brooklyn Bridge tokens will ever mean you get the bridge.
Everything signifying that the exchange was worth your money is a fiction created by the people who took it. That's how scams work.
Pumped, dumped, done.
Wait. They were actually worth something!?
But y'know, everyone who rightfully decried those fuckin things were just FUDing, right?
Guess not!
They always were.
Who would have thought?
O rly! 🦉
Now?
Always have been
Permanently Deleted
Grass is green...
This is the best summary I could come up with:
Tens of thousands of NFTs that were once deemed the newest rage in tech and dragged in celebrities, artists and even Melania Trump have now been declared virtually worthless.
NFTs, or non-fungible tokens, are a form of crypto asset that is used to certify ownership and authenticity of a digital file including an image, video or text.
The report comes nearly two years after the craze for NFTs swept up celebrities and artists alike, with many rushing to purchase NFT collections of the Bored Ape Yacht Club and Matrix avatars.
The drastic downward market shift surrounding such crypto assets “underscores the need for careful due diligence before making any purchases, especially one of high value”, the report said.
Researchers identified 195,699 NFT collections with no apparent owners or market share and found that the energy required to mint the NFTs was comparable to 27,789,258 kWh, resulting in an emission of approximately 16,243 metric tons of CO2.
In order to survive market downturns and have lasting value, NFTs need to be either historically relevant such as first-edition Pokémon cards, true art or provide genuine utility, they said in the report.
The original article contains 650 words, the summary contains 189 words. Saved 71%. I'm a bot and I'm open source!
It must have been really hard for the underpaid researcher to put this report together while doubling over in laughter.
Given that they can be generated effectively for free, this is hardly surprising or particularly meaningful. I can generate ten thousand new images with my AI art generator for basically zero cost and I don't expect any would be economically valuable, but that doesn't mean there aren't some images that are valuable.
Oh no.......... Anyway.
I can imagine being desperate to hit it big, but at least but a lottery ticket or something. That way, the school system (or whatever) gets a few bucks, instead of the fucking Trumps.
69,795 out of 73,257 NFT collections have a market cap of 0 Ether
LMAO!
I hope someone got paid a lot of money for this ground breaking report.
Actually their value is completely unchanged. Price and money are made up and do not reflect value.
Cryptobois be like
Not Fart Token
NFT's never made much sense to me, at least in the way people attempted to use them.
Maybe they'd be useful as additional proof of ownership of a physical object? Like if they issued one when you bought a car, and you could use it as proof of ownership if you lost your title. That's probably a bad example as I imagine there's already safeguards in place for this in most places. And probably some other issues that haven't occurred to me. Still, conceptually I think it makes sense.
This kind of nft is like slot gambling: you might win something small but in the end if y
It must have been really hard for the underpaid researcher to put this report together while doubling over in laughter.
How to say, "I'm a rube," without saying it out loud. Not a tear will be shed for these doofs.
Ehhh. The ones that were always worthless are now actually valued. The ones with some purpose for existing, I assume not as much (see: none that are just simple files).
