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.

  • Veraticus@lib.lgbt
    link
    fedilink
    English
    arrow-up
    113
    ·
    1 year ago

    Out of the top collections, the most common price for an NFT is now $5-$10.

    Still overpriced!

      • jmcs@discuss.tchncs.de
        link
        fedilink
        English
        arrow-up
        28
        arrow-down
        2
        ·
        1 year ago

        We have been attributing a huge value to a metal that’s mostly remarkable for being yellow and shinny for millennia, one of the biggest investment bubbles in history was over a flower, and people thought that using a loophole to profit from the arbitrage of international reply coupons was going to last forever. Hell, people paid for fake property titles for land on the Moon and Mars. It’s not that surprising that some people think that buying a random number in a distributed database is an investment.

        • eestileib
          link
          fedilink
          English
          arrow-up
          11
          ·
          1 year ago

          Yellow, shiny, and untarnishable/non-poisonous. The latter are very nice properties to have for jewelry, as your skin will eat away most metals over time.

          People like looking pretty, that has consistent value other than using it as a medium of exchange/ store of value.

        • Honytawk@lemmy.zip
          link
          fedilink
          English
          arrow-up
          7
          ·
          1 year ago

          Don’t forget the beanie babies, which just like NFTs were created to be scarce and be seen as an investment.

          Turned out the same as well.

        • kambusha@feddit.ch
          link
          fedilink
          English
          arrow-up
          6
          ·
          1 year ago

          I didn’t get the “arbitrage of international reply coupons” reference. What’s that one?

          • jmcs@discuss.tchncs.de
            link
            fedilink
            English
            arrow-up
            8
            ·
            1 year ago

            That’s what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.

            • Affine Connection@lemmy.world
              link
              fedilink
              English
              arrow-up
              1
              ·
              1 year ago

              And in the beginning he was, and it was working

              I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.

        • bobs_monkey@lemm.ee
          link
          fedilink
          English
          arrow-up
          2
          ·
          1 year ago

          True, but to be fair, them shiny metals for the longest time were reasonably rare and couldn’t be made, and served well for a means of currency. NFTs are pretty ridiculous all things considered. People also “bought” stars too, so yeah, many will buy dumb shit.

        • merc
          link
          fedilink
          English
          arrow-up
          1
          ·
          1 year ago

          remarkable for being yellow and [shiny]

          Yes, but also very rare, and effectively impossible to create or destroy.

      • negativeyoda@lemmy.world
        link
        fedilink
        English
        arrow-up
        2
        ·
        1 year ago

        I’d pay $10 to clown on some tech bro if I cared enough. $10 doesn’t even buy you a sandwich these days

      • merc
        link
        fedilink
        English
        arrow-up
        1
        ·
        1 year ago

        Things only have a price when two people are willing to do the transaction.

        Say 99% of NFT owners have given up and mentally written off their NFTs as a complete loss. If the remaining 1% are selling at a 90% loss and some sucker is still buying at that 90% discount, the “average price” will be whatever those two agree on.

        This is a bit different from physical goods because those can’t just be deleted out of existence. If someone had a warehouse of beanie babies they might choose to give them away (setting the price at zero) or maybe there’s some tiny value of the cloth so they sell them for a few cents per kg.

    • Hamartiogonic@sopuli.xyz
      link
      fedilink
      English
      arrow-up
      5
      ·
      1 year ago

      If you want to give me an NFT, I won’t accept it unless you sweeten the deal with an additional 20 €.