Technology

59118 readers

6622 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

786

Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless. (markets.businessinsider.com)

submitted 1 year ago by L4s@lemmy.world to c/technology@lemmy.world

240 comments fedilink hide all child comments

Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.

you are viewing a single comment's thread
view the rest of the comments

[–] Syrc@lemmy.world 1 points 1 year ago (1 children)

So it’s a matter of being relatively easy to scam people with it? Is it an issue only when the NFT is “made” for the first time or for every transaction too?

I personally thought the appeal was that you can sell them as regular items, whereas if they were in a traditional database you still would’ve needed the transaction to be approved by the database itself.

At least that’s what I figured, I know nothing of how selling an NFT works so I could be just talking out of my ass.

[–] LexiMax@lemmy.blahaj.zone 1 points 1 year ago* (last edited 1 year ago)

So it’s a matter of being relatively easy to scam people with it?

That is merely a side-effect of one of the original sins of programmable blockchains - the fact that there is a delegation of responsibility of data management from a database administrator to whoever happens to have control of that data, and the controller can only manage that data according to the underlying code of the NFT.

This only sounds appealing if you've never actually touched a database in your life. There are too many points of failure, and said mistakes are much harder to correct.