3 ms·
> “… it doesn’t seem to be the starving artists making money on NFTs” Starving artists are the marks for this scam. They spend $50 on Ethereum and other fees t
by pavlov 5y ago
> “… it doesn’t seem to be the starving artists making money on NFTs”
Starving artists are the marks for this scam. They spend $50 on Ethereum and other fees to mint some NFTs, nobody buys them, and they remain starving — but the crypto ecosystem has extracted another chunk of real money from hopefuls at the base of the pyramid.
- willcipriano 5y agoA few of them have to make money, otherwise the ponzi scheme blows up right away. Some of the artists involved likely understand that dynamic and they are betting on being a early adopter, getting paid and getting out before the flames consume the house. Some of the victims are merely aspiring coconspirators, if not most.
- findalex 5y ago> aspiring coconspirators I feel like this describes the majority of "victims" here.
- rchaud 5y agoWe saw the same thing with the dropshipping craze. The real money was made after one got in early, made some money, then began selling dropshipping courses to other hopefuls.
- nickthegreek 5y agoAgreed. I have had several artists reach out to me to help them mint NFTS and I explained to them why its a bad idea and how they will most likely lose money. Only one of them ended up minting an NFT and are still in the red.
- raxxorrax 5y agoBut at least he always will have a non-fungible token of appreciation and maybe some allegedly unique cat picture.