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NFT art was likely a bubble, not a Ponzi. Many investments are bubbles, but not Ponzis.
by gasull 4y ago
NFT art was likely a bubble, not a Ponzi. Many investments are bubbles, but not Ponzis.
- deleted 4y ago[deleted]
- TheOtherHobbes 4y agoNFT art was a scam intended to create a bubble. The art market itself is a bubble. Famous art is primarily used for investment, tax avoidance, and sometimes money laundering. Occasionally someone will hang it on a wall and look at it, but it's more likely to end up in storage. NFTs were designed as a microcosm of the art investment market, sold on the promise of increasing resale value - like the real thing. Of course that didn't happen. But some artists made a lot of money, some dealers made even more, and some people made significant savings on their tax bills.
- gasull 4y agoNo. Some NFTs are definitely art, like the ones by @beeple on Twitter. There are also NFTs that work as a membership card for a community, like BAYC. And of course there are scams too. You're oversimplifying.