Lee DunaThe vast majority of NFTs are now worthless, new report shows
Altima NEOWere they worth anything to begin with?
GradenkoThey have no intrinsic value, but they’re worth what people will pay for them I guess. The only problem is that entire thing was a hype bubble conjured up scammers. The insane thing is that for a brief moment they even had famous auction houses buying into the scam.
www.christies.com/lot/lot-6316969?ldp_breadcrumb=…
That shitty set of randomized pixel art sold for more than anything else in that particular show, aside from a Basquiat.
Well, no piece of art has an intrinsic value. And auction houses exist to make money, not because of some divine purpose to connect true art to its worthy new owner. Of course they’re going to jump on the hype train if they think it’s worth it. I fully agree that NFTs are a scam, like almost all crypto crap. But so is the current art market. Money laundering and investments for the rich.
It’s crazy how interlinked black market dealings and money laundering have been to the art world. I shudder to think the amount of artists careers that were made because a couple guys needs to pay each other millions of dollars for something worthless to easily make some clean money on illicit exchanges.