NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

  • OldQWERTYbastardEnglish
    72•9 months ago

    You mean to tell me that purchasing what is essentially a URL hosted on someone else’s server is a poor investment?

    Shocked Pikachu Face

    • @[email protected]English
      12•9 months ago

      I like how the url could also have the picture changed if someone wanted to lol. You don’t even own the picture that the url points to, you just have a receipt that says “this url is my url, no I don’t own the url, because someone can change what’s on that. No I also don’t own whatever is hosted on that url either”

      • @[email protected]English
        7•9 months ago

        And the receipt isn’t necessarily unique. The centralized world of Web 3 decided mostly to use Opensea(?) for NFTs, but it isn’t the authority on who owns URLs. It’s just the biggest, most commonly used “star registry” that let people claim that they owned certain stars. But, the same “stars” could be sold by other people on other platforms too.

      • TerrasqueEnglish
        1•9 months ago

        Some had ipfs links. In that case they couldn’t be changed.

        • @[email protected]English
          1•9 months ago

          Everything we create can be changed. Just because it may be difficult doesn’t mean it is impossible, no matter what those tech bros tell you.

          Same with any blockchain. Nothing is secure, everything can be hacked.

          In a matter of fact, it already has happened.

          • TerrasqueEnglish
            0•9 months ago

            You do know the hash of the file part of the address, right? Any different file would by definition be a different address.

            There could be an undiscovered bug in ipfs, but then that bug would be highlighted and fixed, and you could find a way to break the hashing algorithms, but then we’d have far bigger problems than an NFT being changed.

            Also, the article you linked to lists no attacks on the blockchain, only theft of bitcoins using normal blockchain operations. That’s like saying someone hacked the US dollar when doing a bank robbery.