NFTs Are – Finally – Worthless

https://www.rollingstone.com/culture/culture-news/nfts-worthless-researchers-find-1234828767/

by gmays • 3 years ago

53 51 3 years ago

rollingstone.com

southwesterly• 3 years ago

Yaaaaaay. We took the long way round to work this out.

Now do AI.

palata• 3 years ago

Well NFT was completely useless from the beginning on. Cryptocurrencies, on the other hand, are very useful for a whole lot of blackhat use-cases (and it seems like they are mostly useful for that, unfortunately).

Same applies for AI. There is a whole lot of lucrative bad stuff that can be done with them, so they won't become worthless. Not clear yet if they will bring any good to the world, or if the balance will be mostly on the evil side (like cryptocurrencies).

worksonmine2• 3 years ago

Don't have to be a blackhat to enjoy having control of your own funds. Plenty of people don't trust their banks.

I know someone who got his account shut down simply for moving his salary to his home country, where he was building a house. And that causes all kinds of problems, now he's not able to take a legit work, and even identify himself on government websites since that service is also controlled by and connected to a bank account.

Now it's up to him to prove that he's not funding terrorism (we're close enough that I'm positive this claim is ridiculous) for moving his own money between his own bank accounts. People do fall between the cracks in these automated systems and it will only get worse with time.

Unfortunately people are retarded and can't see the true benefit of cryptocurrencies and are only looking to get rich quick and it ruins the entire ecosystem.

_chu1• 3 years ago

Don't get my hopes up man

famahar• 3 years ago

What specifically about AI do you want to be worthless?

chpatrick2• 3 years ago

The only thing crypto and AI have in common is hype. But not everything that's hyped up is worthless.

andrewflnr2• 3 years ago

Mindless dismissal of hyped technology is no smarter than mindless adoption. Generative AI demonstrably has utility. It's here to stay, no matter how much we hate it.

nomel• 3 years ago

People hate it? What are some reasons?

mehphp• 3 years ago

Why AI?

biccsdev• 3 years ago

hmmm I'm not sure about this claim: I'm as surprised as you are tbh

Exhibit A (15 hrs ago) sold for $81,187: https://twitter.com/DegenerateNews/status/170462244577940731...

Exhibit B (21 hrs ago) sold for $162,795 USD: https://twitter.com/DegenerateNews/status/170453517598236304...

Exhibit C (3 days) sold for $221,590 USD: https://twitter.com/DegenerateNews/status/170391046378291222...

Exhibit D (4 days ago) sold for $682,361 USD: https://twitter.com/DegenerateNews/status/170345129005804759...

Exhibit E (6 days ago) sold for ~$181,506 USD: https://twitter.com/DegenerateNews/status/170287100698810383...

and I could go on and on, but I think you get it now...

chpatrick2• 3 years ago

Anonymous speculators buying stuff back and forth doesn't mean they'll have value in the end.

dimal• 3 years ago

But the article says that they have no value now. Someone is still buying and selling some of these things, for some reason.

lazycog512• 3 years ago

Seems like it'd be feasible to fake sales or use NFTs to hide laundering/transfer schemes. Getting even one rube to buy one of these would easily pay for gas?

remram• 3 years ago

It's also easy to buy your own for $x, to try and convince the world it has a value of $x. For assets that are not for sale, the price point of the last trade is often taken as its dollar value without question.

gmerc3• 3 years ago

Money laundering is always in demand.

moralestapia5• 3 years ago

People always parrot "money laundering" when they see (what for them are) large amounts of money moving around.

Can you explain how does one launder money w/ NFTs? Because it's absolute nonsense.

pornel• 3 years ago

How do you know these aren't wash trades?

baobabKoodaa4• 3 years ago

When nobody sells an NFT, "journalists" write articles like this one claiming their "market cap" is "zero dollars". When somebody does sell an NFT, shrug it off as a wash trade.

sixthDot• 3 years ago

no shit sherlock

barrad0s• 3 years ago

finally what they always were?

NFTs Are – Finally – Worthless

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