maybe they’re just having fun. People purchase status items all the time and no one has a problem with it. There is nothing fundamentally different between showing off your 100k monkey picture with showing off your 100k watch.
Take less than five minutes out of your day to compare the impact of a rolex watch with the impact of a blockchain interaction. It sounds like you don’t understand how wildly different those two things are, either physically (one does not exist, the other does) or in an environmental context (one uses grid power with every verification, one is mechanical). “Buying status symbols for fun” would make a good album title for a boy band a decade ago.
I hate to say this but cricket is right. The item being physical or not do not matter for this kind of show off purshase. A Rolex or Birkin has pratically no construction cost, same as an nft (relative to their selling price).
And I don’t understand the point about the environnement, are you saying nft are negative because of their environnemental impact while a Rolex is positive ?
If so you I’m sure you can find plenty of status symbol item that pollute more than nft…
Nft are still stupid and people at this party are probably insufferable tho.
Uninformed take. The lowball for construction cost on a 2,000 euro rolex is ~700 euro. You also don’t understand the power draw of blockchain verification. You are 100% talking out of your ass.
You also don’t understand the power draw of blockchain verification
Sounds like you don’t understand. The blockchain that these monkey pictures are on do not use proof of work mining anymore, so there is no “wasting energy” anymore in the form of GPU/ASIC mining.
A supercar cost a lot to construct but I’m pretty sure it’s worse for the environnement than a single nft (and don’t tell me it’s useful, in most case it will stay rotting in a garage)…
A Birkin bag can cost 100.000+ which is league out of it’s construction cost…
Heck, a signed baseball cost 5 bucks to make and can sell for 600.000.
.
Not everything has more fake value and effect on the environnement, but you can find worse thing for each aspects. Not saying nft are good, nft are trash, but it’s not a special kind of trash.
Something physically existing or not is not what makes a status symbol. Are you implying something about energy consumption of blockchains? The network these are on (ethereum) no longer uses PoW mining, so the energy argument does not work here.
Yeah but you need an ape to get in. I don’t even know why you are arguing. There are non physical status symbols people use all the time. That’s literally what nft’s are, status symbols. Or at least were during their hayday.
maybe they’re just having fun. People purchase status items all the time and no one has a problem with it. There is nothing fundamentally different between showing off your 100k monkey picture with showing off your 100k watch.
Take less than five minutes out of your day to compare the impact of a rolex watch with the impact of a blockchain interaction. It sounds like you don’t understand how wildly different those two things are, either physically (one does not exist, the other does) or in an environmental context (one uses grid power with every verification, one is mechanical). “Buying status symbols for fun” would make a good album title for a boy band a decade ago.
I hate to say this but cricket is right. The item being physical or not do not matter for this kind of show off purshase. A Rolex or Birkin has pratically no construction cost, same as an nft (relative to their selling price).
And I don’t understand the point about the environnement, are you saying nft are negative because of their environnemental impact while a Rolex is positive ? If so you I’m sure you can find plenty of status symbol item that pollute more than nft…
Nft are still stupid and people at this party are probably insufferable tho.
Uninformed take. The lowball for construction cost on a 2,000 euro rolex is ~700 euro. You also don’t understand the power draw of blockchain verification. You are 100% talking out of your ass.
Sounds like you don’t understand. The blockchain that these monkey pictures are on do not use proof of work mining anymore, so there is no “wasting energy” anymore in the form of GPU/ASIC mining.
A supercar cost a lot to construct but I’m pretty sure it’s worse for the environnement than a single nft (and don’t tell me it’s useful, in most case it will stay rotting in a garage)…
A Birkin bag can cost 100.000+ which is league out of it’s construction cost… Heck, a signed baseball cost 5 bucks to make and can sell for 600.000.
.
Not everything has more fake value and effect on the environnement, but you can find worse thing for each aspects. Not saying nft are good, nft are trash, but it’s not a special kind of trash.
Something physically existing or not is not what makes a status symbol. Are you implying something about energy consumption of blockchains? The network these are on (ethereum) no longer uses PoW mining, so the energy argument does not work here.
It quite literally is lmao
Not at all. Membership to a country club can be a status symbol, as an example.
Membership to a country club grants you… physical access to a country club.
And this monkey picture gives you access to events.
No, buying a ticket to the event got you access to the event
Yeah but you need an ape to get in. I don’t even know why you are arguing. There are non physical status symbols people use all the time. That’s literally what nft’s are, status symbols. Or at least were during their hayday.