Monday, August 28, 2023

NFTs Are Cratering. We All Predicted This

Remember when those pieces of digital art people claimed they could, "Own," via the blockchain were popular with a number of gullible rubes? They were called NFTs and they combined the worst aspects of cryptocurrency with the art World. The whole market fell apart, but one saving grace was at least artists would make some money from their NFTs getting bought, sold, and traded, right? Apparently not, with the idea of giving artists royalties fragmenting the so-called NFT market even more and leading to a bunch of lawsuits. 

You've got NFTs that have lost 95% of their so-called value, artists getting nothing for their work, and the one NFT line that seems to be selling is Donald Trump-related. I guess scamming suckers is pretty on-brand for him. Everyone with some sense warned against cryptocurrency and really raised red flags about NFTs. Seeing they are faltering reminds me of that one Loki meme I shall now share:

I mean, really, it is sad folks have lost money, but they should've known better than to invest in something so foolish. Some people made a lot of money on cryptocurrency and NFTs, but those same people seem to have quickly gotten out of the market before it crashed. Everyone left, "Holding the bag," discovered their sack full of gold was actually pyrite (fool's gold) and that's the best metaphor I can offer for crypto and NFTs.

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