The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.
You must log in or register to comment.
The way someone explained NFTs to me was, imagine that you’re married and everyone is fucking your wife, but you get to hold the marriage certificate.
I get what you trying to say but
You get to hold a marriage certificate. She could also be married to someone else in France, California, Australia and Germany. All those marriage certificates would be equally valid.
You missed the NF part of NFT
You missed the part where literally anyone can make an NFT and declare that it’s for a thing, even if there are already multiple NFTs that people say are for a thing.
You missed the “decentralized” part of “decentralized web”.
deleted by creator
NFTs are not a terrible idea it’s just another way of adding a signature to something. If a famous artist made a beautiful work of art and made an NFT of it and said “this is the only one I am selling” then I can understand how it might hold some value to collectors because it’s just like how their signature adds to the value of their artwork.
My dog just took a shit outside and if I put my signature on it the value would still be that of a pile of dog shit. Dumb pictures of apes generated for the sole purpose of making more pictures of apes to sell that hold no value to begin with don’t magically become more valuable after they have a signature on them.
An NFT is a way of pretending something is unique when it’s not at all unique.
If you want unique art, buy a physical piece and put it on your wall.
Pretending you own a JPEG image just because there’s a token somewhere in the blockchain is idiotic, and a complete waste of the electricity used to maintain it. Anyone can save that same JPEG to their hard drive the second it’s displayed anywhere. Masturbatory technobabble nonsense with no real-world significance.
You are missing my point. It’s more like a pile of photos. If some artist took a picture and printed a shit ton of copies of it and sold those but signed one of them the one they signed might hold more value to collectors. That is what an NFT is like, the single copy of the photo that is signed. It’s not some amazing ground breaking thing that makes something so amazingly unique that nothing else compares to it… it’s just like a signature on a photograph.
I also never said anything about ownership of the image. A signature doesn’t imply that either.
Its not though, the signature and the digital art are stored separately. Their association only exists within a controlled a system. So that, you don’t actually have a signature attached to art, you have a signature associated with art, and only when viewed through a website such as OpenSea. You’re not investing in the infallibility of math. Your “investing” in some joker with an httpd server, who pointed two records at each-other in a database, the same way any other database works. Imagine someone giving you a number, and saying somewhere there’s some art that this number means you own. You can check to see what art you own, only by plugging your number into my software… that’s what you’ve purchased.
Its not though, the signature and the digital art are stored separately.
They don’t have to be. That is just how it was done to sell thousands of stupid pictures of Apes, Cats, more apes and whatever else stupid crap they made thousands of iterations of.
I’m not missing your point, I just disagree with it. A signed print is physically distinct from a copy. If an artist personally spent extra time with a particular piece to sign it, adding another personal touch on their creation, I would think that legitimately adds value.
An NFT does not do that. All an NFT does is cause somebody’s GPU to spin up and generate carbon emissions associated with the same literal string of zeros and ones that accompanies every other copy of the print. It doesn’t represent any additional attention on the part of the creator. It’s just a substandard copy that comes with excess waste.
All an NFT does is cause somebody’s GPU to spin up and generate carbon emissions associated with the same literal string of zeros and ones that accompanies every other copy of the print. It doesn’t represent any additional attention on the part of the creator. It’s just a substandard copy that comes with excess waste.
None of that is true. You don’t need a GPU to spin up to do anything. You are conflating mining crypto currency with NFTs. A NFT is just a cryptographic signature kept on some sort of blockchain that is associated with an image or file or unique pointer. You can use a preexisting blockchain or even make your own. Blockchains don’t have to be mineable and blockchains themselves are actually a good idea… mineable crypto currency is just a really shitty use case for them. It has nothing to do with mining and is just another form of cryptographic signature.
Edit: The fact that you think a physical signature has value while a unique digital signature (yes… the signature is unique) has none is personal preference and once again not the point I am making. I am saying it is a type of signature and some collectors might find value in it.
No, NFTs are absolutely a stupid idea. Putting a few bytes of data on the block chain does not add any value whatsoever to whatever art is involved, nor does it prove any sort of ownership or legitimacy.
Whether the artist only sells one copy of their art or not, making an NFT is about the worst possible way to facilitate single ownership. This is because there’s no practical way to store the entire artwork on the block chain. The images associated with NFTs “live on the block chain” in the same way that the a website “lives in” the URL that points to it - not at all.
That’s a small price to pay for such a valuable insight. I know too many people who have lost tens of thousands of dollars chasing returns that will never happen.
I hope the defendant loses, but the damages shouldn’t be awarded to the fools who bought the NFTs. That money should go to literally anyone else, because they’ve already proved they can’t be trusted with money. Fuck both sides of this dispute.
Nope. Too bad, they knew what they were buying. That they convinced themselves the value they attributed to it would remain or increase is entirely on them. The fact that so many others saw it through a realistic lens means they had the same ability and chose not to.
But that said, the proceeds for them should also get clawed back and 100% put toward scam identification education. Neither side in this one should walk away enriched.
Honestly I’m ok with them keeping their money, afaik everyone knew where they were buying they were just dumb enough to think it would ever be worth something. If we want to claw back money from people we should start with the ones ruining the environment to make the line go up
I mean yeah, if you make it illegal for dumb people to overpay for stupid shit, half the global economy would collapse overnight
I’m all for that. And the stock market bros too.
Just like Beanie Babies!
This is the part about wealthy people that I just love. If muh investment pays off, f-off society, I was smart and made a wise investment. I deserve to keep 100% of the proceeds. But when things go south, “Save meeeeeeeeee, you [society/regulators] shouldn’t have let me go through with it”. Then we’re back to the socialism they say they hate so much and that they lobby their own money to deny to the common folk.
Oy vay
deleted by creator
I don’t even understand how someone could fall for NFTs. It was so obviously a stupid, broken concept from the very beginning, it hurts to know that anyone actually was so dumb spent money on this.
Conmen typically target people of low intelligence in scams because it increases the chances of said scam being successful, like the classic Nigerian Prince scam littered with spelling inaccuracies aimed at duping the idiots.
Seth Green was literally going to make a TV show about his worthless scam. Like, bruh, you made Robot Chicken and have been on Family Guy for 24 years. Are you actually out of ideas?
He wanted to use it as a mascot and written off the purchase as a business expense that would also gather value because now his bored ape has a show. Tons of advertising for the ape, in the form of the show, that he flips his 300k purchase for millions would normally be a smart investment except NFTs spoil all good things.
The fact that they still sell for 50k is insane. It’s a shitty picture with a convoluted proof of ownership. The fuck.
Remember when Seth Green said he had a whole TV show ready to go based on his his Bored Ape and then someone stole it? He paid $300,000 to get it back and ever since… no TV show. I’m wondering if he’s just embarrassed at this point.
buy stupid NFT
pitch TV show about said NFT
get investors to pay for it
take out insurance on NFT and TV show
never bother to make TV show
just collect salary as passive income
“leak” private key a few days before “release”
collect insurance to repay investors
profit
No one is going to insure an NFT
I lost a ton of respect for Seth Green on that one. I hope he’s embarrassed!
They capitalized on how this happens in the art world but saves a canvas and frame by making it digital.
And yet people seem to fine framing a multi million dollar paint splat
That’s an average price of over $241,000, but Bored Ape NFTs now sell for a floor price of about $50,000 worth of ether cryptocrurrency, according to CoinGecko data accessed today.
Wait till they realize the actual value is $0.
The 50k value is itself propped up by fake transactions anyways. Since these sales are public, they can just push some around between two paid off clients to give the impression this is their worth.
Nfts could have been a revolutionary technology and we instead had a bunch of hucksters racing to reinvent scams with it.
Idk about revolutionary
A foolish monkey and his bananas are soon parted.
There’s nothing new under the sun.
Duh! NFTs are a scam.
How much are NFTs worth? Not a Fucking Thing!
GEE, WHO THE FUCK COULD’VE FORESEEN SUCH TURN OF EVENTS, HUH??? If only there were people that realized very early on that NFTs were absolutely pointless, right?
Sarcasm aside, even being the USA, I doubt there’s any law that criminalizes shit investments. Despite everything, NFTs and cryptocoins themselves still aren’t legally considered scams, so investing in them and losing money due to their price fluctuations aren’t crimes.
Yuga colluded with fine arts broker, Defendant Sotheby’s, to run a deceptive auction.
Isn’t that the modus operandi of art auctions in general? There’s always at least one or two fellas doing everything in their power to pump up prices of certain pieces or specific artists, since they have big collections.
Sotheby’s Metaverse, an NFT trading platform opened after the auction, “operated (or attempted to operate) as an unregistered broker of securities.”
Ooohh, now that could be interesting, though I highly doubt they’ll get more than a slap on the wrist, if it gets that far.
2021: “NFTs aren’t like tulips at all!!!”
2023: crickets
