855
Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
this post was submitted on 21 Sep 2023
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correction... always were worthless.
It's always been a con game.
Their so-called "value" was always determined by the ability of the person shilling it to make up bullshit. Literally the definition of a "confidence" game. Same problem as crypto in general. It's only has value if you have confidence in the person shilling it. The moment that person loses the confidence of their marks, the entire thing crumbles to nothing because it isn't backed by any real tangible assets.
So like art. No tangible assets, but the value is derived by the highest bidder.
No, because with art, there's still a literal piece of art.
With NFTs, it's just a shitty jpeg some tech bro photoshopped up in five minutes.
With NFTs there aren't even any art. The NFT is a receipt for the art, not the art itself. You didn't buy the copyright for the actual art with an NFT, you bought a link to a specific copy of the art.
I mean, there are ways to tie them together, though the point still stands that NFTs add nothing to art. Copyright works fine without an overly complicated digital receipt.
Not even photoshopped, that would be too much effort. Nah, the most infamous NFTs are a few different elements (different mouths, eyes, accessories, etc) and then a whole bunch of permutations generated from those elements. For a technology with a supposed selling point of scarcity, you'd think they'd try to make the art special instead of procedurally-generated trash, but of course the real purposes were scams and money laundering.
Actually you're still a bit overestimating it.
Most NFT's are literally just hyperlinks, where the hyperlink could suffer link rot and stop working OR the image on the other side of the hyperlink could be changed.
And as LegalEagle had pointed out "You can't own that"
Yea, it's truly amazing anyone fell for those stupid things... Sooo little effort was supposed to magically generate real value!? Give me a break... It was sooo obviously just a way to get people to pool money in an unsafe way so it could be pocketed.
Who ever donated to those scams didn't deserve the money, as much as their losses are still a tragedy. Still, the scammers deserve that money even less. Bunch of idiots all around.
What about regular digital art?
It is art and doesn't need NFTs to give it value. People comission digital pieces all the time and don't need NFTs to get it done.
...is not an NFT
The thing with art is that even if the art itself is completely worthless, the materials used are not.
You can sell a "worthless" painting to be used as firewood.
Same with digital assets, they can be sold to be used as templates or even to train an AI.
But a location in some useless database (which is essentially what an NFT is) does not.