I remember someone bought a piece of art, like actual bespoke art, that was NFT’d, for some millions of dollars. This created the dumbest speculative bubble I’m aware of when people were paying actual money for ugly randomized monkey pictures they could prove ownership of on the blockchain.
It’s my understanding that NFT technology could be used for things like proving copyright ownership; a creator creates an NFT of his work as published, and then anyone attempting to plagiarize it can’t provide the NFT, kind of like PGP signatures. But it didn’t get used for that and that dumbass monkey bubble probably poisoned that use case for a generation at least.
Gambling / FOMO. The more informed people at least realized they were gambling. The less informed thought they were missing out on a big money-making scheme and that everybody else was getting rich except them.
It is my understanding that’s how all speculation bubbles work. Same thing happened to beanie babies. “People are buying these because they’re going to be worth something someday…somehow; we better buy some too.”
NFTs just slide out of my brain.
I remember someone bought a piece of art, like actual bespoke art, that was NFT’d, for some millions of dollars. This created the dumbest speculative bubble I’m aware of when people were paying actual money for ugly randomized monkey pictures they could prove ownership of on the blockchain.
It’s my understanding that NFT technology could be used for things like proving copyright ownership; a creator creates an NFT of his work as published, and then anyone attempting to plagiarize it can’t provide the NFT, kind of like PGP signatures. But it didn’t get used for that and that dumbass monkey bubble probably poisoned that use case for a generation at least.
Wasn’t it just money laundering for the most part?
and/or gambling that was shaped in such a way as to be difficult to prosecute.
Gambling / FOMO. The more informed people at least realized they were gambling. The less informed thought they were missing out on a big money-making scheme and that everybody else was getting rich except them.
It is my understanding that’s how all speculation bubbles work. Same thing happened to beanie babies. “People are buying these because they’re going to be worth something someday…somehow; we better buy some too.”
Yep. I mean the whole blockchain thing kind of rode on the promise of “trustless contracts” which would be amazing.
All we got was just overpriced bits though, for the price of the health of our planet ¯\_(ツ)_/¯