Originally published at: Why that $30 million CryptoPunks auction was called off at the last minute | Boing Boing
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My mind after I read almost any of the NFT stories…
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The “audible gasps at Sothebys”-tier event was brushed off by the seller as “nvm, decided to hodl”
Keep HODLing clapping and everyone in the audience will suddenly believe there’s real value to these digital purchase receipts.
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With the NFT market having crashed, I wonder what Beeple’s $69 million NFT would go for today?
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Oh well.
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me too. but then i manage to remind myself of this simple assertion made on a nearby bulletin-board:
NFTs seem like a really strange thing to pay for, unless you think someone else might pay more.
this is exactly the psychology which lead to the earliest well researched case Tulip Mania; and the mechanism behind how all Ponzi schemes work. get in early or don’t bother with it. “early” as in you had better invent it or skip it, sez i.
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Well, this is devastating. I don’t know if I want to live in a world where a digital receipt that confers “ownership” of a piece of shitty MS-Paint-quality “art” can become suddenly worthless.
Oh, wait. Yes I do. I absolutely do.
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So ahead of his time.
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I have 2 questions about NFTs. What? Why?
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Is the bottom now falling out of the NFT market? Or at least the bubble is seriously deflating? Because if that means it’s the end of having to hear about NFTs - or at least a huge decline in hearing about them - I’d be very happy. I’m getting eye strain from all the rolling I’ve done in response to the stories.
Although it seems like there would be a sweet spot - selling just after it gets enough hype to reach a mass awareness (and maximum prices), but before it’s been around long enough that some sales are radically less than what people paid and the marks start realizing there’s no actual value involved. So not necessarily first - the first adopters, before most people had even heard of NFTs, probably saw their NFTs sold on for orders of magnitude more than they got for them - but quite early, anyways.
It’s the kind of dynamic that by themselves would keep me out of this kind of speculation (if my moral objections to it didn’t already).
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Nah, see, even if the NFTs have run out of value, stories about NFTs are still a rich vein of material that can surely provide clickbait and engagement far and wide for, oh, at least another few months. Gotta stock up on those zingers!
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That’s still AT LEAST $139,529 too high
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Who saw this coming?
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A Zimbabwean bank note at least makes an interesting conversation piece and can be put in a shadow box and hung on the wall of your living room.
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It might also increase in value.
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I don’t know how well made the Zimbabwian notes are, but I found that a dollar bill made a great bookmark.
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They are inherently worthless electronic receipts for poorly-drawn digital caricatures. If you can get anyone to pay anything for the damn things you should just take the money and run while you still can.
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