Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

  • hstde@feddit.de
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    1 year ago

    So like art. No tangible assets, but the value is derived by the highest bidder.

    • MotoAsh@lemmy.world
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      1 year ago

      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.

      • yata@sh.itjust.works
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        1 year ago

        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.

        • MotoAsh@lemmy.world
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          1 year ago

          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.

      • hark@lemmy.world
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        1 year ago

        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.

    • Honytawk@lemmy.zip
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      1 year ago

      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.