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.
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.
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.
Is a fantastic analogy. Well put.