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(The New York Observer)   A lotta you still don't get it. So if you have 1 Astro Ape and 3 slurp juices you can create a 97% industry-wide collapse in trading volume   (observer.com) divider line
    More: Fail, Art, art world, Arts, NFT trading volume, aspects of the NFT market, Art world, Andrea Baronchelli, Lisa Schiff  
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696 clicks; posted to Business » on 03 Oct 2022 at 8:05 AM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



21 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-10-03 8:24:32 AM  
Please don't call NFTs an "industry."
 
2022-10-03 8:31:45 AM  
It was always a greater fool situation, or maybe a ponzi, or maybe money laundering, or maybe just plain fad-idiocy... but just as commenter #1 says... please don't call it an industry
 
2022-10-03 8:32:25 AM  
NFT Trading Volume Plunges 97% Since January, Raising Questions About Their Future
The downturn has raised questions about whether there is a sustainable future for NFTs in the art world.


Maybe their purpose and future is to provide a lesson to others.
 
2022-10-03 8:39:13 AM  
At least the nonsense sounds like nonsense.
 
2022-10-03 8:40:42 AM  
Fark user imageView Full Size
 
2022-10-03 8:57:29 AM  

BizarreMan: NFT Trading Volume Plunges 97% Since January, Raising Questions About Their Future
The downturn has raised questions about whether there is a sustainable future for NFTs in the art world.


Maybe their purpose and future is to provide a lesson to others.


I'm pretty sure there were questions about NFT's being sustainable long before they had a downturn..
 
2022-10-03 9:01:08 AM  
I've mentioned this a hundred times, but in case you were not aware, much of the NFT market was a simple pump and dump by private equity:  https://www.npr.org/transcripts/1108033471

Under the guise of "sticking to the wall street fat cats and their old geezer money", NFTs enriched wall street fat cats with old geezer money.
 
2022-10-03 9:04:16 AM  
Fark user imageView Full Size
 
2022-10-03 9:04:31 AM  

Rapmaster2000: I've mentioned this a hundred times, but in case you were not aware, much of the NFT market was a simple pump and dump by private equity:  https://www.npr.org/transcripts/1108033471

Under the guise of "sticking to the wall street fat cats and their old geezer money", NFTs enriched wall street fat cats with old geezer money.


Much like Robinhood who were selling order so that HFT firms could be predators to the people who thought they were hurting wall street
 
2022-10-03 9:19:40 AM  

Metaluna Mutant: [Fark user image image 425x411]


I'm reminded of the Kids in the Hall sketch where a fashion designer is sell a 'spike through the head' hat he's priced at $1200. It's revealed it's a common household spike that anyone can buy cheap.

But he argues, even if others didn't know it wasn't the designer's, well the purchaser would know!

Fashions For Ugly Women??? LOL
Youtube lQm82GLAYaI
 
2022-10-03 9:24:34 AM  
A bit like owning the smell of the foam of a cheap glass of beer? Not unlike mortgage derivatives.
 
2022-10-03 10:43:14 AM  
"The downturn has raised questions about whether there is a sustainable future for NFTs in the art world."

I just can't believe this wouldn't have a sustainable future in the art world.

static.techspot.comView Full Size
 
2022-10-03 11:00:38 AM  

DecemberNitro: "The downturn has raised questions about whether there is a sustainable future for NFTs in the art world."

I just can't believe this wouldn't have a sustainable future in the art world.

[static.techspot.com image 850x730]


The thing that cracks me up most in the article is the person wringing their hands over the integrity of "the art world" and her concerns that it may, perhaps, all just be about making money off nonsense.
 
2022-10-03 11:04:13 AM  

COVID19: It was always a greater fool situation, or maybe a ponzi, or maybe money laundering, or maybe just plain fad-idiocy... but just as commenter #1 says... please don't call it an industry


yeap. Friend of mine recently got a job that is tech adjacent (data analyst). Just saw on linkedIn how she is now interested in learning more about NFTs.

I hope it is just a curiosity and not as an get-rich-quick-now-that-I-have-extra-money play.
 
2022-10-03 11:35:34 AM  
Of the remaining much smaller NFT trading volume, how much of that is
a) bots creating pretend-trading-volume for the first pretend assets
b) increasingly nervous money launderers pretending to pay each other off for "art"
c)  hackers flipping their stolen NFTs for something of value
e) ??
 
2022-10-03 11:38:36 AM  

Hyjamon: COVID19: It was always a greater fool situation, or maybe a ponzi, or maybe money laundering, or maybe just plain fad-idiocy... but just as commenter #1 says... please don't call it an industry

yeap. Friend of mine recently got a job that is tech adjacent (data analyst). Just saw on linkedIn how she is now interested in learning more about NFTs.

I hope it is just a curiosity and not as an get-rich-quick-now-that-I-have-extra-money play.


Can I interest her in some high value tulips? She sounds like a great mark sophisticated investor.
 
2022-10-03 12:34:37 PM  

GregInIndy: DecemberNitro: "The downturn has raised questions about whether there is a sustainable future for NFTs in the art world."

I just can't believe this wouldn't have a sustainable future in the art world.

[static.techspot.com image 850x730]

The thing that cracks me up most in the article is the person wringing their hands over the integrity of "the art world" and her concerns that it may, perhaps, all just be about making money off nonsense.


If the integrity of your industry can be threatened by the print screen key, you may want to rethink your investments.
 
2022-10-03 6:28:02 PM  
Fark user imageView Full Size
to to
 
2022-10-03 7:15:20 PM  
I briefly considered churning out a ton of AI generated images and minting them on opensea just to see if anybody was farking stupid enough to pay for them, but some sort of sense of ethics or whatever kicked in.
 
2022-10-03 10:03:04 PM  

replacementcool: I briefly considered churning out a ton of AI generated images and minting them on opensea just to see if anybody was farking stupid enough to pay for them, but some sort of sense of ethics or whatever kicked in.


This isn't even close to the cringiest  real NFT ideas that have actually been released.
 
2022-10-04 2:44:27 AM  

replacementcool: I briefly considered churning out a ton of AI generated images and minting them on opensea just to see if anybody was farking stupid enough to pay for them, but some sort of sense of ethics or whatever kicked in.


I thought about it, and I totally would have if not for those pesky gas fees and such. I'm not willing to risk real money on the off chance i could bilk Jake Paul out of some.
 
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