![]() NFTs are basically the Amway of the art world, with Madonna playing the role of your brother-in-law trying to sell you a ton of dietary supplements and pressuring you to do the same with your network of contacts. When the market crashed in October’s “cryptowinter,” a lot of people were pissed, and a class-action suit against celebrities like Madonna and Justin Bieber hit the courts this month. Then it turned out that these celebrities, by virtue of buying these tokens, became investors in the enterprise and profited madly off the hyperinflated prices. The collection topped $1 billion in value. But the price of these NFTs started to rise when celebrities began to buy them and then promote them to their fans. You might pay $20 max for such a drawing on paper. But consider the fate of Bored Ape Yacht Club NFTs, which are nothing more than cartoon representations of an ape face with various expressions and accoutrements. That might just seem like a single appalling financial miscalculation. When the purchaser of his NFT tried to resell it in April 2022 for $50 million, the highest bid was a paltry $280. Dorsey donated the proceeds to charity, but most others have taken the money and run. Jack Dorsey, the founder of Twitter, turned an image of his first tweet into an NFT in December 2020 and auctioned it off for $2.9 million a few months later. ![]() These are collectibles-some might call them art-created by the same block-chain technology as cryptocurrencies like bitcoin. The rest of us are left holding the bill.Ĭonsider NFTs, or non-fungible tokens. Those who got in on the ground floor of crypto-currencies and NFTs and the like-and then left when the going was good-have made out like bandits. ![]() It should be obvious to pretty much everyone at this point that anything crypto is an old-fashioned grift, a scam, a Ponzi scheme.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |