Here’s a thought exercise:
When you’re hungry, can you eat an NFT?
Or at least exchange it for some food?
Better question; in the complete absence of electricity, does an NFT even still exist?
3 Likes
So “crypto is like X but worse” is true for the tulip rush too…
1 Like
There is, of course, a youtube video of some being burnt (under pure oxygen).
2 Likes
Yes, but how much of that market cap actually exists, and how much of it has been artificially and fraudulently blown up by manipulation and outright lying? I would bet that the amount of real, actual money in the crypto ecosystem is just a minuscule fraction of the nominal market cap.
3 Likes
What happens if you win the Megamillions jackpot of $1.3 billion, make an NFT of the winning ticket, and then burn the ticket?
2 Likes
This is like some Simulacra and Simulation level weirdness here. Seriously, commodifying the idea of commodification is… odd.
2 Likes
Hasn’t that been done for a long time with derivatives? Of course, see how well that all worked out.
3 Likes
It’s why I don’t grasp capitalism as a concept. It’s a ridiculous fiction. Imagine saying you own an object because someone sold you a piece of paper saying you own it. You never use it, you loan it out to others who in turn pay you interest for the use of that item despite you not adding any further value to the use of said object and its products. That’s how a capitalist do.
1 Like
I’ll trade this valuable weasel beanie baby for that destroyed diamond NFT.
2 Likes
I can’t wait for the call to police or insurance, where all the thief took were pictures of the diamonds, and then made NFTs of them, making the diamonds worthless.
5 Likes
That’s not entirely correct
Real capitalists put real money into real things like infrastructure, training and equipment which lead to productivity gains benefitting everyone (potentially) and run the risk of losing their money
This could also be done by the government through the mechanism of sovereign wealth funds or whatever
NFTs are an entirely different thing.
1 Like
This is true of the profit losses for the NFT owner. The difference is that they have physical goods but the key issue is the fact the so-called investors of infrastructure demand interest (economic rent) on the gains despite themselves doing no work. Being a holder of funds in itself should not constitute a valid claim to the labor of others.
1 Like
A Youtube video about burning diamonds is actually an interesting parallel study about real vs. virtual value. People often make Youtube videos about risking or destroying tangibly valuable things (including their own lives) because there is an monetary value in the likes, subscribes and ad impressions they’ll get. The fact that this is a Youtube short adds another layer. I don’t even know how those are monetized. I would guess TikTok knows…
3 Likes
1 Like
This topic was automatically closed after 5 days. New replies are no longer allowed.
