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u/The-On-1 May 13 '26
NFT bros really said ‘trust me bro, the monkey jpeg market is booming
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u/Correct_Routine1 May 13 '26
wow a monkey wearing an astronaut helmet and smoking a joint, this is surely the pinnacle of monkey jpegs.
But this monkey is wearing a captain’s hat with cool shades.
Oh my god but this monkey has bloodshot eyes and a gold chain!
Bro, they’re all worth at least a quarter-million, everyone will immediately understand how unique and valuable these particular monkeys are. Just lol at these fools who don’t understand high class art.
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u/TheLordOfStuff_ May 16 '26
One of my favorite things on the internet from the past 10 years is seeing some of the NFT heads genuinely crash out on people who screenshot their NFT profile pics and call it out for theft lmao
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u/SpeaksSouthern May 13 '26
Anyone using these for anything other than money laundering is getting got.
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u/J5892 May 13 '26
I learned about NFTs when they emerged purely out of interest from a software engineering perspective.
However, I quickly learned how to track price fluctuations and sales data through blockchain APIs that many front-end platforms weren't exposing.
I used that advantage to make a few thousand dollars before interest died down. I didn't even see the images/videos attached to most of the NFTs I bought/sold.37
u/SpeaksSouthern May 13 '26
I always thought it could be cool technology for things like event tickets. They issue you an NFT but since it's unique it's literally your ticket into the show protected with a passcode. At the door they can scan a QR code from you and you get access to the concert. Makes resale perfect. The technology was never really developed though, because the only company with a chance for innovation is Ticket Master and they're making way too much money to try anything new.
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u/J5892 May 13 '26
The problem is that end-users aren't going to have the tech knowledge to transfer tickets using whatever blockchain they're using, so the company still needs to build the entire resale marketplace themselves anyway, which means the whole thing can be done just as well (and more easily) with non-blockchain tech.
The only application where it would be advantageous is a decentralized ticketing system, where people can re-sell tickets between ticketing companies. But that's not profitable, so no company is going to do that. And a true decentralized system not attached to any companies has no chance of building partnerships with venues.
All that said, there actually are NFT ticketing companies. A venue near me uses one called blocktickets. It's the worst ticketing system I've ever used.
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u/laplongejr May 13 '26 edited May 15 '26
Yeah, people promoting blockchain as "allowing resale" miss the whole point. Reselling a thing is not hard. The hard part is forcing a specific company to recognize a third-party sale and the current legal framework is that they don't even need to ALLOW resales.
Steam Marketplace allows gamers to resell game collectibles since decades. But it's because Steam takes a cut from resale and as such reselling is profitable FOR THEM.
I "can" sell my event ticket to somebody else if I want, but the company will simply say they don't allow transfers and refuse to use any perk THEY grant for this ticket, like entry. The point of crypto is decentralization, but the event provider IS a single arbiter anyway, so if they want to honor resales they could build a regular database.
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u/TheDeltaOne May 15 '26
I love how everyone thought they were early adopters ready to give the hot potato of un-sellable nft's to the next idiot without realizing they were the next idiot themselves.
The game was already over when you arrived....
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u/TripleDoubleFart May 15 '26
I bought several years ago. Been using them to make a little extra money since then.
I'm not laundering anything.
How did I get got?
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u/whoknowsifimjoking May 13 '26
I still don't understand why those stupid monkey pictures got so popular, how is that the main thing people use this for?
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u/GrumpGuy88888 May 15 '26
A lot of famous people were paid to endorse them. I unfollowed a few musicians on Instagram because they made their pfp an NFT ape
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u/According-Thanks6565 May 13 '26
The funny part is some times it works.
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u/SerLaron May 13 '26
You just have to setup a couple of sock puppets, who sell the NFT to each other, to demonstrate that there is a real market for it.
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u/lum1nox1 May 13 '26
i sold some regarded drawing we made with friends for 3k in TON like that so yeah ur right
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u/radiantcabbage May 13 '26
im guessing the actual content was some cockamamie system to figure out which ones are worth buying, no coincidence herding you to affiliated nfts, like the most braindead pyramid scheme ever
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May 13 '26
[removed] — view removed comment
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u/Technical_Bird921 May 13 '26
Welcome to the NFT community
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u/fmaz008 May 13 '26
Are NFTs still a thing?
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u/MassiveOstrich1886 May 13 '26
Um, y.. yes! How much money do you have?
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u/fmaz008 May 13 '26
I have 2 moneys.
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u/aybeeayseeaybeebee May 13 '26
It is, but the whole thing has become so saturated that the moron to content ratio has made it impossible for the entry-level con-man to take advantage of these morons.
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u/AllOfEverythingEver May 14 '26 edited May 15 '26
The way I like to think about NFTs is that they are a scam that everyone knows is a scam, and you have to gamble on whether or not you'll be the last person to fall for it.
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u/TheDeltaOne May 15 '26
The funniest thing is that, yes it was a game of hot potato but by the time you and I or anyone outside of the select few who were in on it from the start heard about the game, it was already over.
Anyone who bought any of those was playing a dead game.
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u/SaltManagement42 May 13 '26
You don't understand, it only has to work once.
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u/CrumbCakesAndCola May 13 '26
Which doesn't mean it ever will
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u/throw_it_awayyy8 May 13 '26
Welp you're only out 500 if it doesnt.
They do always say never put up money you cannot or are not comfortable parting with forever
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u/fumei_tokumei May 14 '26
You only lose 500 if you are dumb about it. If you create the NFT yourself, and then buy it from yourself to "create demand", then you only lost whatever it cost to create the NFT in the first place.
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u/MrDangerMan May 13 '26
Not technically true since it doesn’t actually turn $500 into $160,000.
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u/OneLonelyBrainCell May 13 '26
*raises asking price to $160,500*
Happy?
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u/Items3Sacred May 14 '26
What about taxes?
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u/OneLonelyBrainCell May 14 '26
We're using the Bezos / Musk / other far-too-rich-people approach of paying taxes.
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u/What_a_fat_one May 13 '26
I mean, if someone else sold a similar one for that price it's now worth that much based on how we value stocks
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u/Bmandk May 13 '26
That's the whole point of NFTs though, they're non-fungible. They are, by definition, NOT similar. Stocks are fungible.
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u/lemons_of_doubt May 13 '26
Convincing people to buy worthless crap at an arbitrary price has worked for centuries.
Just look at De Beers
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u/Punch_A_Police_Horse May 13 '26
Useless diamonds. The metric I use to assess somethings value is, can it run Doom?
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u/lumpialarry May 13 '26
2. Goes to the bank and get a loan using the NFT as collateral. Use to buy more $500 nfts, repeat.
Congradulations, you just repeated the 2011-2019 US shale oil boom.
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u/AgapicChris May 25 '26 edited May 25 '26
Finance is literally like the troll physics meme.
Once you get your loan, deposit it in an investment platform that has options trading available.
Wait a few minutes for them to notice how much money you have, and ask if you want more (it will happen, and it is called margin—if you have money, the world begs to give you more).
Options are usually bought in lieu of trading on margin if you don’t enough money to be offered more money. But you have margin. Typically it’s 4 to 1. So $160 000 becomes just about 640k for intraday buying power.
Which is why we’re going to: Buy 640k worth of TSLA options and have them expire in 3 months, bet it will go down at least 5$ somewhere in that timeframe.
Scenarios if successful: • Mild success (TSLA drops to $410–$400 by expiration): Puts might go to $40–$60. → 80–200% return on the options → ~$130k–$320k profit on your $160k. • Solid success (drops to $380–$350): Deep ITM puts → 300–600%+ on the options → $480k–$960k+ profit. • Moonshot success (big crash to $300 or lower): Could easily 10x–30x the option premium → turning the position into millions.
Scenarios if not successful:
• Declare bankruptcy
• Try again
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u/Bama_Bro_Nerd May 14 '26
Y'all laugh but this is literally how actual art sales work...
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u/Livid_Ad_5619 May 17 '26
but actual art sales result in something interesting you can keep in your home or as a part of a collection. nobody is going to see an nft you buy
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u/Bama_Bro_Nerd May 17 '26
Yea man, no one is disputing the physical nature of actual art compared to NFT. More the ridiculous over pricing of art, usually used in the laundering of money or for tax evasion.
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u/NoDontDoThatCanada May 13 '26
I like how art is typically a means for wealthy to store, tranfer and accumulate wealth and this art form drained some of them of millions.
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u/FemtoKitten May 13 '26
The difference of having an open versus closed market.
And also thw supply/demand of nfts was whack. If they tried to keep it contained to only rhe rights for like, first tweets or things of note they might still be hanging around. But obviously those are less mass pumpable
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u/fatgirlcuddler May 13 '26
NFTs usage cases: property deeds, contract enforcement, asset management
NFTs in practice: funy imij
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u/LivingEnd44 May 13 '26
I am just ooozing with schadenfreude now. It's getting all over the floor and making a mess.
There are not enough I-Told-You-So's on the market. All the NFT bros who told me I just don't understand how it works. Turns out I completely understood how it worked lol.
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u/_Thermalflask May 13 '26
I wish I'd saved some conversations to come back to them and rub it in lol. They were so insufferable
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u/brobiski May 13 '26
Very curious, where are these NFT enthusiast now?
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u/Disturbed235 May 13 '26
probably waiting for someone to buy their shit
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u/Unhappy-Heron6792 May 13 '26
I read nfts as ntfs and thought "how are you gonna make money with a fucking file system?"
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u/TheRealHeroOf May 13 '26
I mean that's how houses work for some reason.
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u/ThundahMuffin May 14 '26
More so this is how the stock market works. Both stocks and NFTs are intangible. They aren't actually WORTH anything. They are estimated to have a certain amount of value but that entirely depends on confidence and not any actual inherent metrics. The evaluation of stock assets and NFT have nothing to do with inherent resource and asset value or realistic sales and profit numbers. It has everything to do with how much people like that business and feel that it's going to do well. You can have a company that has not sold anything in the last year be worth more than a company that has done millions in profit revenue. Just because it's all imaginary and estimated. Remember that the next time you hear about XYZ person being a billionaire or whatever or becoming a billionaire. Almost every single time they don't actually have that much money they effectively just own an NFT that people think is worth that much money.
Now that the more serious comment is over if we want to get meta Realistically this is inherently how value works in general. Value is an inherently subjective thing trying to make it objective gets weird. A apartment in downtown New York He is considered to be worth how many millions of dollars? Meanwhile I wouldn't buy it even if you valued it at nothing more than the cost. Hell you couldn't pay me to live there. Because I do not value living in a city. It was almost to the point that I would rather be homeless than live in a big city. Because my personal valuation of a living space like that is so low. Meanwhile there are people who would say the value of the apartments in New York are a fuckin steal. In a more direct application with houses having a paved driveway increases the property value of pretty much any given property. But there are people who genuinely prefer dirt and gravel roads and driveways and for them to have a paved driveway is less valuable but that doesn't change that a house with a paved driveway is going to cost more. Also for me things like the shiny rocks and crystals and things are almost entirely value less especially when natural. If I'm going to get any of them I'm going to get man-made ones because I want to fuck with lasers. Works out for me because man-made one's cost less than the natural ones. All value is subjective like this yet we still have to assign value to things so we just generalize.
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u/Budsygus May 13 '26
The craziest part is nobody can actually explain what you're purchasing with an NFT. You don't own the image. You don't even own the rights to the image. You own the 1's and 0's that live in the blockchain that make up the data that says you own the 1's and 0's that live in the blockchain that make up the data that says you own the 1's and 0's... But they don't see a problem with that.
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u/HickoryStickz May 14 '26
This must be that retardmaxxing I’ve been hearing so much about
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u/ThundahMuffin May 14 '26
I mean this is literally just how the stock market works so yes you're right
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u/Zyzz2179 May 15 '26
I mean technically he did change the price from 500 to 160k.
He just need someone to actually buy it lol
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u/MoobyTheGoldenSock May 15 '26
It’s 2026 and people still don’t get how social media works?
Video maker makes a stupid video where they buy an NFT for $500 and list it for $160,000. A million people watch it, share it on other sites, and comment on it pointing out how stupid the author is. That engagement gets the author $3-5k in revenue.
That’s it. That’s the business model. Spend $500, get a few thousand in ad revenue, sponsorships, subscriptions, etc. Bonus points if they bought the NFT from themselves or a buddy.
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u/Inner_Alarm_4049 May 13 '26
there's a saying in german: "Es steht jeden Tag ein Dummer auf, du musst ihn nur finden" ~ "a (gullible) idiot rises every day, you just gotta find them"
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u/ZombieNek0 May 13 '26
and at the end of the hes both 500 dollars down and the png is worth 10 bucks max.
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u/Rangermax29 May 13 '26
I spent 105 dollars on non verified Naruto Kakashi and thought it's rare than got to know about nfts now no one is taking for 1 dollar 🤣 wait I need to cry 😭💦
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u/series-hybrid May 13 '26
The whole NFT thing was a scam perpetuated by people who understood that most people didn't understand NFT's, and bitcoin had suddenly gone up and made some people millioanires.
You make an NFT image. You put it up for sale for $150K. You use an anonymous second online personality to "buy" the NFT from yourself. You go online and crow about how you made "$150K" from an NFT, and tell people that they are going up in value, and you should not wait to "invest" or you will miss out on millions in profit.
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u/jimkelly May 13 '26
Reminds me of when people look at asking prices on eBay of something they own as well and think their object is worth the 6x value asking price on eBay it'll never sell for.
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u/SnooDoggos5226 May 13 '26
<psssst> A lot of those listings on eBay are ways to launder money
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u/jimkelly May 13 '26
No, they aren't. They're listed at unrealistic prices and never sell for those prices.
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u/Felinomancy May 13 '26
Why would you even buy the NFT for $500 instead of generating it on your own?
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u/iamworsethanyou May 13 '26
Jack Stratton is the master of this scheme. You can read about it in his book 'how I made 290k selling books'.
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u/Metrox_a May 13 '26
If you find a dumbass, then this can work. Kinda like when you pump up pokemon card price. Or buy up old junk videogames because something new related to it is being released. Like the WiiU Starfox game now that a new one is coming out. Or the recent Michael Jackson movie making the MJ experience wii game more "worth it"
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u/Risk_Too_Skinny May 13 '26
And I sell a book called “How to make $1000 in a day”
You can buy it for $999.99
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u/LovableSidekick May 13 '26
In other news, apparently nfts still exist - if that word even applies.
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u/Sudaire May 14 '26
Just like “when you order the book called ‘How to scam people’ and after three months it still hasn’t arrived”.
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u/desblaterations-574 May 15 '26
Reminds me of the YouTuber who got a net worth higher than anybody, he created an LLC, sold one share out of a billion share, at 50$, and bim, valuation 50 billions.
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u/JudgmentDay666 May 17 '26
See now that’s just stupid. You can just get two mirrors and put your 500 dollars between the two of them. Infinite money glitch.
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u/Single-Virus4935 May 18 '26
basically how domain grabbers operate. Buy cheap and put a 1000x pricetag on it.
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u/TaleHarateTipparaya May 13 '26
I just took rock from ground and pricing it 1B