Sweet, can I mint these as NFTs? I don't know how to multiply 43252003274489856000 by 50 USD but I think it could make me a lot of money, and I like money.
You do understand this is exactly how property taxes work, right?
* Public image
* Borrowing power
* Atttacting investors
But a pawper when it comes to:
* Paying tax
The other 50%... those people are working!!!! Can't avoid paying people unless we go back to slavery.
Regardless it is one of the rich tricks to borrow against unrealized gains. And other shenanigans.
> Initially pitched in 2017 as a new class of investment asset, NFT trading increased from US$82 million in 2020 to US$17 billion in 2021. Its market was occasionally compared to an economic bubble or a Ponzi scheme. In 2022, the NFT market collapsed; a May 2022 estimate was that the number of sales was down over 90% compared to 2021. By September 2023 one report claimed that over 95% of NFT collections had zero monetary value.
https://en.wikipedia.org/wiki/Non-fungible_token
/s
We have people wasting money on jpegs and people wanting to own things outside of game inventory screens even today. Something akin to NFTs could still become a part of the economy.
useful
- Having a beneficial use; serviceable: "a useful kitchen gadget."
- Being of practical use: "a useful job; useful members of society."
- Full of use, advantage, or profit; producing, or having power to produce, good; serviceable for any end or object; helpful toward advancing any purpose; beneficial; profitable; advantageous: "vessels and instruments useful in a family; books useful for improvement; useful knowledge; useful arts"
I'd bet that most stories of NFTs translating to material wealth come from minters or the inner circle of early adopters, because they made something useless and valueless, and somehow convinced enough people that it was worth buying it for hard-earned cash. Many lost so a few could make bank.
They convinced fools to enter a rigged gamble.
Many people lost some money. Maybe they gained from the experience. Many people made money. Maybe they lost some on other things. Many people got their knickers in a twist over things with such perceived (by themselves) low value selling for high value. Maybe they forgot that fiat money is a construction as well. Conversely, maybe they gained something intangible from the whole experience.
The bubble never inflated, so the nominal value crashed back down to the real value almost immediately.
Fairly sure there was some money laundering happening too.
Horrible comparison, because people buying hats or reskins, let alone unique game items, are actually enjoying their purchases before the game is sunsetted and it all dissolves into the digital IP void. NFTs offer no value besides moral ownership; if Capitalism and Greed could make jokes, NFTs would be among their best.