Anyone who unironically invested in an NFT project solo was a mark. NFTs are a simple scam: To plan this game you loan crypto to your friends, you all "buy" the same NFT from each other multiple times so that the price appears to go up astronomically, then you wait for a sucker to buy it from you or any one of your friends. When that happens you all laugh, split the money, and start the grift again with the next NFT. Nobody risked their money, and if you don't get a bite at the "top" price everyone just returns the money back to the original friend and nobody gets hurt.
You just keep the NFT that is still "worth" whatever you last paid for it, but it's basically free to you. So what do you do? Loan it to a celebrity and announce it as if it's a sale! This generates news articles about celebrity adoption, they get your bored ape that you couldn't sell, and suddenly a new wave of suckers floods into the market.
The fact that it's so simple to do this and scam people makes NFTs a great scam vehicle. Add in the fact that crypto tends to attract true believers (aka fantastic marks) and you elevate the grift from great to all-time.
If anyone from a VC fund is reading this, yes this is actually what's happening with your Web3/crypto investments lmao.
I might nitpick you on the tone and exaggerations, but on the substance of your post I mostly agree with you. However, none of this answers the very simple question I asked GP: ""Why does that sound to you like they're wishing they were born "retarded"?"" Now I know you are not GP, so you can't answer on their behalf, but I'm just pointing out that you wrote a very long answer to a question and your answer didn't even try to relate to the question that was asked.
I could buy a starter pack of pokemon cards for something like $20 USD. It's a game, I can find a friend and play it. I can play almost any normal video game for $10 to $60 USD.
To play Axies, you need to buy around $900 worth of "starter axie" NFTs.
People are buying ugly pictures of apes for prices like $11,000 USD.
NFTs produce artificial hierarchy and scarcity over functionally useless, objectively worthless, and materially non-existing assets. It is the claws of a dystopia reaching in to take away the free and open internet we've all learned to love.
Ponzi schemes and scams are so ubiquitous in the crypto space (presumably mostly NFTs) that they coined a new term "rugpull" for talking about it.
NFTs featuring unauthorized art is so common that Deviant art implemented a feature to help artists get notified when someone tries to mint and sell your art.
Did you read the parent post you just replied to? I guess not. It's ok, I'll copypaste it for you:
> I'm just pointing out that you wrote a very long answer to a question and your answer didn't even try to relate to the question that was asked.
This is the post that you're replying to. I find it ironic that you replied to this post with a run-of-the-mill crypto-is-bad rant that still doesn't answer the question that was asked.
You just keep the NFT that is still "worth" whatever you last paid for it, but it's basically free to you. So what do you do? Loan it to a celebrity and announce it as if it's a sale! This generates news articles about celebrity adoption, they get your bored ape that you couldn't sell, and suddenly a new wave of suckers floods into the market.
The fact that it's so simple to do this and scam people makes NFTs a great scam vehicle. Add in the fact that crypto tends to attract true believers (aka fantastic marks) and you elevate the grift from great to all-time.
If anyone from a VC fund is reading this, yes this is actually what's happening with your Web3/crypto investments lmao.