Five years ago I pointed out nearly all NFT's were going to break when the startup who minted them goes bust, causing people to get *extremely* mad at me until everyone concluded that I was correct.

[tomw@mastodon.social]

@jonty These bankruptcy messages still manage to have the "our incredible journey" tone

[cursedsql@hachyderm.io]

@gme @jonty given the nft part is just a pointer, the answer is because the hosters are cheap and want the maximum return and hosting large images can be expensive, if you know you are a grifter might as well host trash anyway

[gme@bofh.social]

@cursedsql@hachyderm.io @jonty@chaos.social
Just as abstract art is essentially a money laundering scheme, I suspect NFTs are, as well.

[patrick_h_lauke@mastodon.social]

@jonty "We will take our friendships and memories with us" and the money, mostly the money, you idiots paid

[cursedsql@hachyderm.io]

@gme @jonty no need to suspect its backed by a currency that's either speculating or money laundering, depending on your personal choice

[m3t00@app.wafrn.net]

nft = 'not f'g there'

[gme@bofh.social]

@cursedsql@hachyderm.io @jonty@chaos.social
I'm not a crypto bro but I definitely see the utility in certain cryptocurrencies especially for creators in embargoed countries, or those that create things that the mainstream financial services companies have embargoed on their own. Ever since the first bitcoin was mined (oh how I wish I still had those) I always said this (BTC) should never be used for investment since the proof-of-work effort goes up exponentially through time. It's literally been a sunk cost fallacy from day one. Open Bazaar was revolutionary, but sadly too ahead of its time. I really wish someone would bring it back. I think it would be much more successful today.

[gimulnautti@mastodon.green]

@jonty ”Trust me, bro!”