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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 1 year ago by [email protected] to c/[email protected]

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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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[–] [email protected] 3 points 1 year ago (3 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.

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[–] [email protected] 3 points 1 year ago (1 children)

Someone check on Seth Green

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[–] [email protected] 2 points 1 year ago

95% are worthless...so far

[–] [email protected] 2 points 1 year ago

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

[–] [email protected] 2 points 1 year ago

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

There are only very few that hold real world value.

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