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Posted by
Message
Turns out that NFTs weren't the future of finance and art
Posted by Big_Sur
on 9/22/23 at 6:38 am
86
4 https://dappgambl.com/nfts/dead-nfts/
How are y'all's NFT investments doing?
Really hard to believe NFTs didn't catch on.
How are y'all's NFT investments doing?
quote:
Of the 73,257 NFT collections we identified, an eye-watering 69,795 of them have a market cap of 0 Ether (ETH).
This statistic effectively means that 95% of people holding NFT collections are currently holding onto worthless investments. Having looked into those figures, we would estimate that 95% to include over 23 million people who’s investments are now worthless.
Of the collections we identified, only 21% were fully spoken-for, in terms of having 100%+ ownership. This means that 79% of all NFT collections – otherwise known as almost 4 out of every 5 – have remained unsold.
Really hard to believe NFTs didn't catch on.
quote:
we would estimate that 95% to include over 23 million people who’s investments are now worthless.
I honestly believe it to be more than 95%. Obviously there will be some that will be worth something (mostly for prestige reasons), but seems like almost all of them would worthless.
And of course, certain people got away with whatever money laundering schemes they were executing, and the world just keeps on spinning.
This post was edited on 9/22 at 7:48 am
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re: Turns out that NFTs weren't the future of finance and artPosted by TexasTiger89 
on 9/22/23 at 8:11 am to Big_Sur
on 9/22/23 at 8:11 am to Big_SurI have to admit as I age I don’t get a lot of the latest trends but this one seemed really hokey from the start. Not surprised.
re: Turns out that NFTs weren't the future of finance and artPosted by SuperSaint 
on 9/22/23 at 8:16 am to Big_Sur
on 9/22/23 at 8:16 am to Big_SurTiny weee little Jones will be here soon to enlighten you that it was never intended to be an investment, rather just a fun hobby.
re: Turns out that NFTs weren't the future of finance and artPosted by RedHawk 
on 9/22/23 at 8:25 am to TexasTiger89
on 9/22/23 at 8:25 am to TexasTiger89quote:
I have to admit as I age I don’t get a lot of the latest trends but this one seemed really hokey from the start. Not surprised.
I've been told a hundred times and have even tried to research how crypto works and I'm still at a loss and have no clue how it actually works.
This post was edited on 9/22 at 8:26 am
re: Turns out that NFTs weren't the future of finance and artPosted by LegendInMyMind on 9/22/23 at 8:30 am to Big_Sur
It was never about that first sale of the NFT. It was always about the second and subsequent sales, that is what was always going to determine real value. People were throwing around large sums of money, digital or not, on the first generation of NFTs. I kept asking the logical question, "Have any of these sold a second time, post-creator, and if so, did they appreciate in value?" That's all that matters to determine if something has collector value.
Photography was what I was interested in. Seemingly overnight we saw photographs that were worth relatively little, a large portion of which only had value as stock type photos which garnered little income for the artists, start selling for thousands of dollars. I questioned if that value was real. I never faulted photographers for making bank while they could, but I had big questions for "collectors". Then, there was that little "10% cut of every resale in the future" bit that so many fell in love with. Well, what is 10% of $0.00?
Photography was what I was interested in. Seemingly overnight we saw photographs that were worth relatively little, a large portion of which only had value as stock type photos which garnered little income for the artists, start selling for thousands of dollars. I questioned if that value was real. I never faulted photographers for making bank while they could, but I had big questions for "collectors". Then, there was that little "10% cut of every resale in the future" bit that so many fell in love with. Well, what is 10% of $0.00?
re: Turns out that NFTs weren't the future of finance and artPosted by blueridgeTiger on 9/22/23 at 9:11 am to Big_Sur
on 9/22/23 at 9:11 am to Big_SurMany NFTs look like my grandchildrens' art we post on the refigerator door with magnets.
THis is one of the few things that I did not get at all and thought was beyond stupid, and turned out to be right.
Just fricking dumb and I still laugh at the people spending millions on fricking jpgs
Just fricking dumb and I still laugh at the people spending millions on fricking jpgs
re: Turns out that NFTs weren't the future of finance and artPosted by Spelt it rong on 9/22/23 at 9:14 am to Smeg
on 9/22/23 at 9:14 am to Smegquote:
You would have to be an absolute moron to think they're would be value in a .jpg
quote:
they're
Sometimes the jokes write themselves
This post was edited on 9/22 at 1:12 pm
re: Turns out that NFTs weren't the future of finance and artPosted by Tbonepatron on 9/22/23 at 9:17 am to Big_Sur
on 9/22/23 at 9:17 am to Big_Surquote:
made my fortune during the beanie baby boom actually
My trust fund was made up entirely from proceeds made during the Dutch Tulip craze of 1636.
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