News for hackers. Stuff that matters.

A comment on OpenSea product chief accused of flipping NFTs with insider information. Parent comment

Re:OpenSea product chief accused of flipping NFTs with insid... by dreyfan on Wednesday September 15, 2021 @05:34PM (#28544671)
Because it's all a sham and the monetary success of a particular drop is contingent upon how well it's advertised. By knowing when and what drops would be featured, that was the information asymmetry he was exploiting. There is nothing fundamentally useful about a single NFT so far. It's all speculative bullshit in every sense of the imagination. This is just the ICO scams of 2019 regurgitated [1].

[1] https://en.wikipedia.org/wiki/Greater_fool_theory

[ Parent | on HN ]
Re:OpenSea product chief accused of flipping NFTs with insid... by vkou on Wednesday September 15, 2021 @06:34PM (#28545252)
> There is nothing fundamentally useful about a single NFT so far.

If NFTs were useful, they'd be securities, and would be regulated by the SEC.

The entire point of NFTs is that they are naked, useless, purely speculative instruments. It's a big blackjack table, except unlike in Vegas, the house has an edge.

[ Parent | on HN ]
Re:OpenSea product chief accused of flipping NFTs with insid... by notJim on Wednesday September 15, 2021 @07:11PM (#28545639)
> There is nothing fundamentally useful about a single NFT so far.

Do people promise there is? NFTs essentially seem like digital collectible cards. It seems stupid to me, but so does collecting little pieces of cardboard with pictures printed on them.

[ Parent | on HN ]