[ SECRET POST #5490 ]

[case]

⌈ Secret Post #5490 ⌋

Warning: Some secrets are NOT worksafe and may contain SPOILERS.


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Notes:

Secrets Left to Post: 02 pages, 32 secrets from Secret Submission Post #786.
Secrets Not Posted: [ 0 - broken links ], [ 0 - not!secrets ], [ 0 - not!fandom ], [ 0 - too big ], [ 0 - repeat ].
Current Secret Submissions Post: here.
Suggestions, comments, and concerns should go here.

Comments

Re: NFTs

[(Anonymous)]

I don't think it's a bitcoin, it's some other kind of cryptographic token, but yeah, pretty much.

The thing that no one has ever been able to explain to me is: why should the NFT have a higher value than the underlying value of the thing that it points to? It doesn't make any sense to me so it seems like the whole thing is just pure hype and bubble.

Re: NFTs

[(Anonymous)]

NAYRT

From my limited understanding, the value is really only hype. It's not the inherent value of a piece (see the ugly apes thing) vs some other oiece of digital art that an artist really worked on; all that to say, it's, to a certain degree, a racket. The item has value because hype is created around it, not because it is in fact valuable in and of itself. It's a good way to launder money.

Like I'm all here for artists getting paid and what not (I'm an artist too who has a regular 9-5 lol), and there are clearly people profiting from it, but there are plenty of people with $$$ and power who are just making more. Shuffling cash around. Honestly, to me it sounds like the stock market with extra steps and abstraction. And in the end, who is deciding the value of any of these things (from the value of a particular pixelated piece to the valuation of a company -- which to some degree has tangible/intangible services/goods). And none of this is even touching the environmental nonsense that NFTs create (I haven't done much research on data mining, I'm sure that doesn't fall terribly far from that either).

Sorry for the rant.

Re: NFTs

[(Anonymous)]

THIS.
The value is hyped by those who beging minting (creating the algorithm attached to the media) the NFTs first and began selling them to each other to hyper inflated prices. There are a lot of stories of people passing each other's NFTs just to prove that they can sell them to a value, while in fact there is no inherent value in NFTs. It's just hyped bullshit.
The funny thing is that this practise of selling amongst a small group and thus inflating prices is written in the block chain (the "cloud" for cryptos and NFTs) so everyone has access to those datas. Everyone knows that it's money laundering and MLM schemes. It's an inflated marked full of scammers and easily scammable people who buy into the hype just to have some bragging rights on a usually awful jpeg.

Think of the more traditional art money laundering, but without the art piece itself, so there is not even the value in the material used to create the art in the first place! At least if you buy an inflated piece of art with no real artistic value, you still have something you can show as yours on your house's wall. With NFT it's just your name on the digital receipt of a stupid jpeg.

Jesus. Explaing NFTs is a nightmare. There really fucking awful and stupid. I have no faith in humanity left.