this post was submitted on 17 Aug 2023
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Leopards Ate My Face

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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.

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[–] Varyk@sh.itjust.works 31 points 1 year ago (19 children)

You're vastly overestimating the reasoning ability of prospective NFT buyers.

They couldn't accurately identify a picture. Instead of concluding "I can just copy and paste this", they overrode their common sense to convince themselves that a digital picture of a monkey was unique. Unerringly, truly, exceptionally unique. A digital monkey picture.

It's pretty great. NFT dimbulbs are the flat earthers of crypto.

[–] Reliant1087@lemmy.world 5 points 1 year ago (4 children)

It would be cool if each buyer has a unique hash and elements of the art are AI generated (like the background or texture) using some chaotic process with the hash as the seed, so that everyone gets a unique version. I would pay maybe a couple of bucks for something like that.

[–] Varyk@sh.itjust.works 3 points 1 year ago (2 children)

That is a good idea, having a dynamically generated portion of the art dependent on a hash. That would actually be an NFT then, haha.

I still don't think I would pay a couple bucks for one, but I like your idea.

Shoot. Maybe I'd sell them for a couple bucks? Let's get on this.

[–] Reliant1087@lemmy.world 0 points 1 year ago (1 children)

That's the spirit 🤣 The challenge is building a team with both technical and artistic know-how to build something like this.

[–] Varyk@sh.itjust.works 3 points 1 year ago

From what I've learned about online digital currency, we only need one exceptional department, and that is marketing.

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