this post was submitted on 17 Dec 2023
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The way I read the article, the "worth millions" is the sum of the ransom demand.

The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

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[–] AbidanYre@lemmy.world 71 points 10 months ago (3 children)

They did. For like a week last year. Then everyone realized it was a scam.

[–] IWantToFuckSpez@kbin.social 6 points 10 months ago (2 children)

Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return.

[–] triptrapper@lemmy.world 26 points 10 months ago (2 children)

Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers.

[–] glimse@lemmy.world 13 points 10 months ago (2 children)
[–] modifier@lemmy.ca 1 points 10 months ago

He was the first big one I remember. When it still had an air of legitimacy.

[–] FlyingSquid@lemmy.world 1 points 10 months ago

And, sadly, that has led to his posting a lot less content. But I can't say I blame him.

[–] IWantToFuckSpez@kbin.social 1 points 10 months ago* (last edited 10 months ago)

There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire.

[–] lunarul@lemmy.world 7 points 10 months ago (1 children)

My favorite is Murakami, who after selling NFTs he made paintings after all all of them. So which one is the "original"? The actual physical painting, or the digital NFT?

[–] yeather@lemmy.ca 0 points 10 months ago (1 children)

Technically, the NFT. In reality, the physical. Is a lot harder to brag about your art assets if you have to log into your pc to show them off.

[–] lunarul@lemmy.world 9 points 10 months ago

That's why I feel like he just trolled all the buyers of his NFTs.