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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 [email protected] to c/[email protected]

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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.

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[–] [email protected] 8 points 1 year ago

Except, much like crypto, they were heavily marketed to be just like stocks and other legitimate securities (but the future, because internet stocks!), instead of just speculative gambling on completely unregulated assets. Sure, you could do a modicum of research and see that they did include in the fine print they were explicitly NOT regulated securities, but your Average Joe has no clue what that means and just sees someone he trusts (don't ask me why, but people absolutely do), telling him he'll be super rich if he buys some C-list celebrity's monkey JPEG.

Do I still think people like Average Joe are idiots for buying them? 100%. But that doesn't make it okay that people are taking advantage of their financial naiveté either.