Article by Kotaku: It reports on the results of a market research that has concluded that the majority of NFTs has no value whatsoever anymore.
Biggest surprise of the century: shitty jpegs aren’t worth hundreds of dollars anymore
NFTs are cryptographically authenticated links on the blockchain to shitty jpegs hosted on some website.
It’s like how a boy scout troop can volunteer to clean trash off the side of a highway, and in exchange the city puts up a sign saying “Next 2 miles sponsored by Troop 123”. Except instead of volunteering, you pay $100k. And instead of a sign, it’s a huge granite wall in front of city hall on which they etch your name, a latitude, longitude, and elevation. And instead of a highway, it’s 1 cubic foot of garbage buried in the municipal solid waste dump. And instead of sponsoring or owning the garbage cube, you are paying for the right to be the only name on the wall associated with that specific volume of trash.
I’m not sure your analogy really captures the sheer amount of waste blockchain is. Even a granite slab has some value, whereas the huge expense to create a blockchain entry gives you … a receipt. Something that normally is completely free and which can be disposed of without a second thought.
Anyone who thought NFTs were good out of all the stupid blockchain ideas has to be beyond stupid. Stupid or desperately greedy … which is also stupid.
“anymore” is the funny part.
Some of us saw this coming and held onto our Pog investments instead.
Edit: I’m not saying my Pogs have matured in value yet, I’m just saying my Pogs collection continues to be worth more than any NFTs.
Edit 2: Haha. I’m not even close to the first person to bring up Pogs here. I love this community.
They were worthless when they came out
They got their value out of them; they provided a means for money laundering, they got dollars out of the banks of suckers and into the crypto economy where it was promptly removed by those looking to hand off the bag to a bigger fool. It all worked if you were a scammer.
Majority of
That’s underselling it, of 74k analyzed, 69k had literally $0 market cap