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An NFT of Jack Dorsey's first tweet bought for $2.9M is now valued at less than $4
Posted on 7/22/23 at 8:03 pm
Posted on 7/22/23 at 8:03 pm
LINK
NFTs were, no joke, the dumbest bubble in history. Dumber than tulips or even Beanie Babies. They were literally digital receipts that said you alone owned something that everyone did.
It’s so embarrassing that Silicon Valley was pushing these so hard.
This post was edited on 7/22/23 at 8:05 pm
10
Posted on 7/22/23 at 8:50 pm to euphemus
quote:
NFTs were, no joke, the dumbest bubble in history.
And still worth more than Game Coin.
Posted on 7/22/23 at 9:38 pm to go ta hell ole miss
idiots online are still pushing these, especially in games
Web3/NFT games are going to be the next “big thing” (play to “earn”) … yada yada. There’s just no value or utility and it’s too niche.
Web3/NFT games are going to be the next “big thing” (play to “earn”) … yada yada. There’s just no value or utility and it’s too niche.
Posted on 7/22/23 at 10:01 pm to euphemus
Can't believe someone still paid 4 dollars
Posted on 7/22/23 at 11:38 pm to UltimaParadox
I’m not sure anyone paid anything, are those not just offers?
I mean clearly $2.9M is stupid, but I’m more interested in what that data actually means.
I mean clearly $2.9M is stupid, but I’m more interested in what that data actually means.
Posted on 7/22/23 at 11:51 pm to DeathValley85
Yeah, I can offer 5 bucks for a Ferrari, doesn’t mean the Ferrari is worth 5 bucks.
Posted on 7/23/23 at 12:18 am to TheWalrus
quote:
Yeah, I can offer 5 bucks for a Ferrari, doesn’t mean the Ferrari is worth 5 bucks.
Yeah exactly. It's not worth as much as it used to. But a reverse Dutch auction would obviously sell well before we hit $4
Posted on 7/23/23 at 7:30 am to euphemus
Upon research, I still don’t understand what exactly is the purpose of an NFT.
Posted on 7/23/23 at 7:33 am to Mariner
quote:
Upon research, I still don’t understand what exactly is the purpose of an NFT.
This. It seems like the dumbest thing ever
Posted on 7/23/23 at 7:46 am to euphemus
quote:
Beanie Babies
I'd rather a box full of these.
Posted on 7/23/23 at 8:42 am to euphemus
quote:
$4
Bidding starts at $3.50
Posted on 7/23/23 at 8:47 am to Mariner
quote:
Upon research, I still don’t understand what exactly is the purpose of an NFT.
The stated purpose is to be a certificate of authenticity that is time stamped and can be verified on a decentralized network so that it doesn’t need some centralized authority to issue it.
I believe there can be some use cases with this idea, although it may need a new acronym at this point because the bad digital art and all the other crap people traded these certificates for was indeed very silly
Posted on 7/23/23 at 9:14 am to Mariner
quote:
Upon research, I still don’t understand what exactly is the purpose of an NFT.
NFTs are the foundation of trying to create a new virtual economy. This idea depends on people rapidly and rabidly adopting VR/AR into daily life. Within such an environment, having an NFT would (eventually, if those pushing them get their way) be considered ownership of that image in whatever (or all) virtual/augmented worlds.
So if you have a Mona Lisa NFT hanging in your virtual home, you visit my virtual home and I have a Mona Lisa hanging there as well, long-term idea is that the NFT aspect of your image would mean you own the "original". This could mean you could sue me for having a "fake", demand I have to put some sort of watermark on it (or the company hosting the world will remove it), etc.
A lot of people bought NFTs not because of this, but because it was new, bright and shiny. At this stage, having an NFT means nothing to most people since pretty much anyone can copy/paste it and there are no repercussions for doing so (and it looks to remain this way for the foreseeable future).
Posted on 7/23/23 at 12:25 pm to Bard
Basically a way to “show” your wealth in a digital world.
Any financial products and/or assets that have advertising using celebrity endorsements is a good tell that might not be a wise investment.
Any financial products and/or assets that have advertising using celebrity endorsements is a good tell that might not be a wise investment.
Posted on 7/23/23 at 12:41 pm to euphemus
quote:
They were literally digital receipts that said you alone owned something that everyone did.
Well, in the Twitter example you provided, that's what it was, which is proundly stupid since the Tweet is still publicly available. NFTs are supposed to be the only digital print of a work, however--like if van Gogh only ever made one digital print of The Starry Night. As with any art, value is prescribed by the buyer/market. The NFT market could've launched skyward, but obviously it crashed after the initial hype wore off. Probably not completely dead, though, as I think there will always be a market for a "one-off" work made by people considered significant enough.
Posted on 7/23/23 at 4:04 pm to shutterspeed
quote:
NFTs are supposed to be the only digital print of a work, however--like if van Gogh only ever made one digital print of The Starry Night
Except it supposed to be the receipt that you bought that digital print. Not the print itself.
Posted on 7/23/23 at 4:54 pm to UltimaParadox
sold for $23.4 MM in '22
Posted on 7/23/23 at 7:11 pm to TigerintheNO
a fool and his money are soon departed
Posted on 7/23/23 at 10:07 pm to euphemus
Some NFTs actually sell for alot but I think there's alot of fake sales also.
If I sell a NFT to myself for 10k you'll think you're getting a steal when you see me list it for 5k
If I sell a NFT to myself for 10k you'll think you're getting a steal when you see me list it for 5k
Posted on 7/23/23 at 10:08 pm to Ross
quote:
The stated purpose is to be a certificate of authenticity that is time stamped and can be verified on a decentralized network so that it doesn’t need some centralized authority to issue it. I believe there can be some use cases with this idea, although it may need a new acronym at this point because the bad digital art and all the other crap people traded these certificates for was indeed very silly
it is indeed even more ridiculous than I originally thought 
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