5 ms·

12-year-old has made nearly $6M with NFTs

10 points by harambae 5y ago

stevenalowe 5y ago
https://time.com/collection/timepieces-nft/6115094/introducing-the-long-neckie-women-of-the-year-by-nyla-hayes-12-year-old-digital-artist/ https://time.com/collection/timepieces-nft/6115094/introduci...
troon-lover 5y ago
The quote from this girl is not how a 12year old would speak. The words are straight from a PR person involved in America’s weird ideology. Congrats to whichever family member managed to succeed in this project using a child as the face of it!
- fivea 5y ago
  It's also important to keep in mind that fraud is rampant in NFTs, such as the same person faking transactions by essentially buying his own asset with a flash loan. This means that the paper trail is left behind but no sale actually happens. The most expensive NFT to date was the result of such a fraud. https://www.cnet.com/news/why-this-cryptopunk-nft-sold-for-532-million-sort-of/ https://www.cnet.com/news/why-this-cryptopunk-nft-sold-for-5... Relevant link: https://en.wikipedia.org/wiki/Wash_trade https://en.wikipedia.org/wiki/Wash_trade I'd bet that if someone bothered to trace the wallets used in the transaction, they'll find out they start and end at the same person.
Flankk 5y ago
This is a testament to the dumb money being invested into crypto. Mark my words, the Bitcoin crash is going to be brutal and will be remembered as one of the largest bubbles the market has ever seen. The complexity of blockchain technology is nothing more than an obfuscation of a Ponzi scheme. It's no different than any other scheme claiming to use quantum technology.
- rfd4sgmk8u 5y ago
  What do NFTs have to do with Bitcoin?
  - 1_player 5y ago
    The Venn diagram of NFT investors and Bitcoin enthusiasts is almost a circle.
    - rfd4sgmk8u 5y ago
      Actually, this is not correct at all. Every Bitcoiner I know thinks (most) NFTs are a scam, a grift, a fad... If you said "Cryptocurrency" enthusiasts, sure. But Bitcoin.. Bitcoin is something else.
- dvngnt_ 5y ago
  I'm not too sure, most NFT trades are done on the ethereum blockchain. Though other blockchains with lower gas fees are starting to be used more. Most people who aren't wealthy do not participate in NFT trades, and most adults don't even know what it is. At this point, there's too much institutional money and development momentum to go back two years ago. If Bitcoin was to drop below 20k, it would probably be bought instantly as it would be considered a great deal.
- 1_player 5y ago
  The blockchain itself is nothing bad or wrong, it's an interesting piece of technology in fact. The issue is that the current valuation of the whole crypto market is based on future, hopeful and unrealised potential, based on shaky foundations and questionable politics, not on actual value. Which is fine, but it starts to be an issue when laymen buy into it because they see a high price and think this must mean high value. And thus it increases, and more hopefuls and people with more money than sense keep the party going and more suckers are pulled in. But while the price has increased a million-fold over the years, the value has remained the same. Yes, it certainly feels like a Ponzi scheme.
  - 5y ago
zibzab 5y ago
This could be 1. Completly made up, written by a company involved in NFTs. The image is generated by AI 2. Real, but actually a money laundering scheme 3. Real, and people are really stupid 4. Real, but nowhere near $6M was actually collected Can't tell which one it is, but neither would really surprise me.
- beirut_bootleg 5y ago
  I'll take 1. Imagine the FOMO when someone tells you a child made more money that you ever could in your entire life. This is textbook NFT hype.
- Minor49er 5y ago
  I definitely thought the photo was AI-generated when I saw it.
- _jab 5y ago
  1 is almost certainly false. She's been fairly involved with TIME magazine for at least two months.
_jab 5y ago
I'm gonna at least offer the possibility that this story doesn't have much to do with NFTs at all. Rather, it's just the story of a young BIPOC artist whose art and story are resonating people. After all, she has gotten a lot of recent publicity. I don't purport to know much about art, but it wouldn't be the first time I've been bewildered by its valuation. That said, "NFT-hype" is almost certainly causing at least some price inflation here, but I don't think the levels of fraud suggested by other commenters are likely.

10 points by harambae 5y ago

https://time.com/collection/timepieces-nft/6115094/introducing-the-long-neckie-women-of-the-year-by-nyla-hayes-12-year-old-digital-artist/ https://time.com/collection/timepieces-nft/6115094/introduci...

troon-lover 5y ago

The quote from this girl is not how a 12year old would speak. The words are straight from a PR person involved in America’s weird ideology. Congrats to whichever family member managed to succeed in this project using a child as the face of it!

fivea 5y ago
It's also important to keep in mind that fraud is rampant in NFTs, such as the same person faking transactions by essentially buying his own asset with a flash loan. This means that the paper trail is left behind but no sale actually happens. The most expensive NFT to date was the result of such a fraud. https://www.cnet.com/news/why-this-cryptopunk-nft-sold-for-532-million-sort-of/ https://www.cnet.com/news/why-this-cryptopunk-nft-sold-for-5... Relevant link: https://en.wikipedia.org/wiki/Wash_trade https://en.wikipedia.org/wiki/Wash_trade I'd bet that if someone bothered to trace the wallets used in the transaction, they'll find out they start and end at the same person.

Flankk 5y ago

This is a testament to the dumb money being invested into crypto. Mark my words, the Bitcoin crash is going to be brutal and will be remembered as one of the largest bubbles the market has ever seen. The complexity of blockchain technology is nothing more than an obfuscation of a Ponzi scheme. It's no different than any other scheme claiming to use quantum technology.

rfd4sgmk8u 5y ago
What do NFTs have to do with Bitcoin?
- 1_player 5y ago
  The Venn diagram of NFT investors and Bitcoin enthusiasts is almost a circle.
  - rfd4sgmk8u 5y ago
    Actually, this is not correct at all. Every Bitcoiner I know thinks (most) NFTs are a scam, a grift, a fad... If you said "Cryptocurrency" enthusiasts, sure. But Bitcoin.. Bitcoin is something else.
dvngnt_ 5y ago
I'm not too sure, most NFT trades are done on the ethereum blockchain. Though other blockchains with lower gas fees are starting to be used more. Most people who aren't wealthy do not participate in NFT trades, and most adults don't even know what it is. At this point, there's too much institutional money and development momentum to go back two years ago. If Bitcoin was to drop below 20k, it would probably be bought instantly as it would be considered a great deal.
1_player 5y ago
The blockchain itself is nothing bad or wrong, it's an interesting piece of technology in fact. The issue is that the current valuation of the whole crypto market is based on future, hopeful and unrealised potential, based on shaky foundations and questionable politics, not on actual value. Which is fine, but it starts to be an issue when laymen buy into it because they see a high price and think this must mean high value. And thus it increases, and more hopefuls and people with more money than sense keep the party going and more suckers are pulled in. But while the price has increased a million-fold over the years, the value has remained the same. Yes, it certainly feels like a Ponzi scheme.
- 5y ago

zibzab 5y ago

This could be 1. Completly made up, written by a company involved in NFTs. The image is generated by AI 2. Real, but actually a money laundering scheme 3. Real, and people are really stupid 4. Real, but nowhere near $6M was actually collected Can't tell which one it is, but neither would really surprise me.

beirut_bootleg 5y ago
I'll take 1. Imagine the FOMO when someone tells you a child made more money that you ever could in your entire life. This is textbook NFT hype.
Minor49er 5y ago
I definitely thought the photo was AI-generated when I saw it.
_jab 5y ago
1 is almost certainly false. She's been fairly involved with TIME magazine for at least two months.

_jab 5y ago

I'm gonna at least offer the possibility that this story doesn't have much to do with NFTs at all. Rather, it's just the story of a young BIPOC artist whose art and story are resonating people. After all, she has gotten a lot of recent publicity. I don't purport to know much about art, but it wouldn't be the first time I've been bewildered by its valuation. That said, "NFT-hype" is almost certainly causing at least some price inflation here, but I don't think the levels of fraud suggested by other commenters are likely.