No one will convince me that there isn’t money laundering going on there. There’s just no way an actual person looked at that and thought it is worth that kind of money
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.
I’d love to print out that shitty pixel art and wave it at the person who spent $17M on that garbage… Unfortunately I’m sure it’s someone $17M doesn’t mean much to.
Hundreds of millions collectively, when people were dumb enough to buy them. The problem is that eventually dumb people ran out of money and the worth plummeted to zero.
Were they worth anything to begin with?
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No one will convince me that there isn’t money laundering going on there. There’s just no way an actual person looked at that and thought it is worth that kind of money
Yeah, $17M USD. It would be interesting to see the real bidders and their history
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.
I’d love to print out that shitty pixel art and wave it at the person who spent $17M on that garbage… Unfortunately I’m sure it’s someone $17M doesn’t mean much to.
Hundreds of millions collectively, when people were dumb enough to buy them. The problem is that eventually dumb people ran out of money and the worth plummeted to zero.
Cost vs worth. Their pricetag may vary; but they’ve been worth nothing since their inception.
Elon musk is worth 250B (source Forbes, idk how legit)
He’s like a piggy bank - gotta break it open to make a withdrawal.
no