Originally published at: People who paid a fortune for Bored Apes are now suing Sotheby's, Paris Hilton, Justin Bieber, and others as NFT prices plummet | Boing Boing
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HOW? How is it that anyone still thinks it’s worth ANYTHING AT ALL? The mind boggles.
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Say what you will about the rubes that bought the the right to say they own certain URLs pointing to JPGs, if the above is true, Sotheby’s absolutely should be sued for it. They clearly lied to make the URL sale sound more legitimate.
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If there’s some way for everyone involved to lose I’m onboard.
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Oh man I can’t believe I was TRICKED into buying this overpriced jpeg that everyone warned me not to buy! Who can I blame?!
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I know people in the video game industry who are still talking about the value of NFTs in the future. NFTs have slightly more value/utility in games, but collectibles of any kind only have the value that someone is willing to pay for it. Almost all collectibles are worthless. When my MIL died I found out that most jewelry is only worth the melt down price. My childhood baseball cards are worth about the same as what I paid for them. (No big stars had rookie seasons in the years I collected.)
The people who were scammed deserve to be scammed because a digital “NFT” is worthless at face value.
…and IMHO the same goes for crypto.
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Who could’ve seen this coming eh?
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NFTs worthless?
In other breaking news, Water is WET!
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This is something we discovered too. And that diamonds are worth even less than I thought they would be. Because diamonds are super freaking common and price fixed by a major company.
Collectibles are a scam in general is the conclusion I’ve come to. Oh, sure, if you want something for your own personal enjoyment (or friends and family’s enjoyment), that’s one thing. But if you’re buying to “hold future value”, just understand that what you’re buying was overpriced from step one.
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Anything is valuable only so long as it’s desirable: you need people who want to buy it. I don’t think anyone who bought NFTs truly wanted them for what they were, nobody really wanted the digital image (which in theory you might find somewhere for free just without blockchain), they wanted to make a profit. The people pushing NFTs knew this, it was a classic pump and dump scheme.
You can’t even really compare it to buying stock in a company that ultimately goes under, even if your intent was to sell at a profit, because at least the company existed and did something tangential to the stock-- the whole time they were buying and selling nothing, just a “verified rare nothing.”
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Every digital asset associated with the blockchain existed independently of the blockchain. It was never anything other than a fancy version of a receipt for buying something everyone else already had for free.
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Fuck that noise. I’m putting all my money into Cabbage Patch Kids and Beanie Babies! I’m gonna be RICH! Wahooooooooo! (Nothin’.)
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Turns out silver is quite valuable though. And I cashed out mine decades ago. Can I sue anyone other than myself?
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My screengrabs of the Ugly “art” are worth exactly what they were last year.
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Fools and their money, something something …
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my reaction exactly. So i clutch to a (here paraphrased) quote from a BoingBoing commenter c2022:
“seems like a really strange thing to pay for, unless you’ve convinced yourself that someone else might pay more.” --Nosaj
That is, this all depends on a gamblers’ psychology.
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Remember when scammers had to sell you a fake Brooklyn Bridge, instead of just a picture of fake Brooklyn Bridge?
Good times…
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They don’t even own the URLs. The owner of the URL can change the images out from under them, or delete them entirely.
They “own” a digital token with the text of the URL in the token.
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