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.
They did. For like a week last year. Then everyone realized it was a scam.
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.
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.
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.
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.
My favorite is Murakami, who after selling NFTs he made paintings after all all of them. So which one is the “original”? The actual physical painting, or the digital NFT?
Technically, the NFT. In reality, the physical. Is a lot harder to brag about your art assets if you have to log into your pc to show them off.
I do see potential use for them, but not in the way they are currently being used. I could see uses like door keys, tickets, memberships, etc being of practical value, but not stupid little pictures.
Besides the obvious of your door lock needing to be connected to the internet, and that could be a problem, what else do you see as being an issue with using it for door keys?
Im sure you dont keep up, but NFT market cap still pretty big rn at 5.5bn
I think of it like timeshare values. They’re really high …. Until you try to find someone who will actually buy it
The person talking out of their ass is voted up.
The person bringing up facts is voted down.
The person posting dismissive nonsense is voted up.
Gross.
The vast majority of NFTs are worthless now
“MacContract on Ethereum has a floor price of $13,234,204.2, but its all-time sales is only $18,” the report said, adding: “This stark discrepancy between listed floor prices and actual sales data exposes a significant issue in the NFT market – inflated valuations that don’t reflect genuine buyer interest or real-world transactions.
“It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets,” it said.
And this is a report from a crypto website with a vested interest in pretending crypto has uses.
Its hard to be definitive, especially from one data point, but theres no doubt that lots of NFTs are just copycats trying to ride the coattails of other succesful projects, and end up flooding the market with garbage.
But that doesnt mean all projects are garbage, nor that the tech is bad or unutilized.
I had a feeling id get flamed by even mentioning NFTs, so im not surprised a the downvotes or derision. Anyways, have a good one 😃
Nah, that is what the NFT owners want the greater fools to believe it is worth.
