this post was submitted on 21 Sep 2023
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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)
submitted 2 years ago by L4s@lemmy.world to c/technology@lemmy.world
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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.

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[–] eestileib@sh.itjust.works 3 points 2 years ago (1 children)

I'm just gonna plug The Great Crash 1929 by John Kenneth Galbraith. Really clear, funny, sarcastic writing that is highly relevant here. The kind of economics I wish there was a whole lot more of; the Samuelson program with its assumptions of rationality and perfect knowledge has been a disaster.

Free at

https://static.fnac-static.com/multimedia/PT/pdf/9780241468081.pdf

Mackay's Extraordinary Popular Delusions and the Madness of Crowds is also a great on-topic read:

https://www.gutenberg.org/files/24518/24518-h/24518-h.htm

The chapter about asset bubbles obviously, but there's also a chapter about the historical catchphrases of London that shows that circlejerk shitposting has always been part of humanity... Yesteryear's "What a perfectly dreadful hat" is today's Stroganoff.

[–] pomodoro_longbreak@sh.itjust.works 3 points 2 years ago (2 children)

What is today's Stroganoff? This is like the third time I've heard a reference to Stroganoff this week, but they don't seem connected, just like everyone's talking about Stroganoff all of a sudden.

[–] samus12345@lemmy.world 3 points 2 years ago

Just a fad going around Lemmy right now. Like the beans, if you were here for that one.

[–] eestileib@sh.itjust.works 2 points 2 years ago

My, what a perfectly dreadful hat.

[–] randon31415@lemmy.world 3 points 2 years ago (1 children)

Yes, I do remember when Russia came up with a new money laundering scheme after crypto died out.

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[–] ace_garp@lemmy.world 2 points 2 years ago

The great Tiny Tim has a comment about this digi-swindle.

[–] CookieJarObserver@sh.itjust.works 2 points 2 years ago

Most of them have been worthless all the time but people like gambling.

There are only very few that hold real world value.

[–] Railcar8095@lemm.ee 2 points 2 years ago

95% are worthless...so far

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