{"id":36043,"date":"2022-05-25T18:23:09","date_gmt":"2022-05-25T23:23:09","guid":{"rendered":"http:\/\/huewhite.com\/umb\/?p=36043"},"modified":"2022-05-25T18:23:09","modified_gmt":"2022-05-25T23:23:09","slug":"random-nft-views-8","status":"publish","type":"post","link":"https:\/\/huewhite.com\/umb\/2022\/05\/25\/random-nft-views-8\/","title":{"rendered":"Random NFT Views"},"content":{"rendered":"

For a feel of the scale of collapse we’re seeing in NFTs<\/strong><\/em> (non-fungible tokens, or how you can “own” a digital something that can be easily copied):<\/p>\n

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An NFT of Twitter founder\u00a0Jack Dorsey\u2019s first tweet<\/a>, purchased last year by an Iranian crypto investor for $2.9 million, was put up for auction in April, with bids toppingout at $280. A token of a\u00a0pixelated man with sunglasses and hat<\/a>\u00a0that sold for roughly $1 million seven months ago brought just $138,000 on May 8. A digital token of an\u00a0ape with a red hat, sleeveless T-shirt and multicolored grin<\/a>\u00a0\u2014part of the popular Bored Ape Yacht Club \u2014 purchased for over $520,000 on April 30, was sold for roughly half that price 10 days later. [WaPo<\/strong><\/a>]<\/em><\/p>\n<\/blockquote>\n

And<\/p>\n

Transactions since last summer have come in \u201cfits and starts,\u201d according to a report from Chainalysis, with two spikes probably driving most activity: The late-August release of digital tokens from the Mutant Ape Yacht Club, a different collection of images of apes with colorful disfigurations, and a period between January to early February this year were probably driven by the launch of a new NFT marketplace, LooksRare.<\/p>\n

Since then, transactions have declined significantly, the report found, dropping from $3.9 billion the week of Feb. 13 to $964 million the week of March 13, with increases recently coming from the Bored Ape Yacht Club\u2019s project to sell land in the metaverse, which garnered $320 million in sales over two weeks ago.<\/p><\/blockquote>\n<\/div>\n

Meanwhile, from the same article:<\/p>\n

\u201cI think of NFTs as pure froth,\u201d said Peter M. Garber, an economist and author of \u201cFamous First Bubbles: The Fundamentals of Early Manias.\u201d \u201cIt is more of a pump-and-dump, Wolf-of-Wall-Street operation than anything else.\u201d<\/p><\/blockquote>\n

Garber seems to have a good head on his shoulders, to use an old, old saying.<\/p>\n

Ya know, I wonder what Professor Turchin<\/a> would have to say about this phenomenon, what parallels he’d draw to old Roman Empire corruption and decay.<\/p>\n

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Deepak Thapliyal, the chief executive of the cryptocurrency company Chain,\u00a0<\/b>who purchased a rare NFT of a\u00a0pixelated alien<\/a> in February for $23.7 million, isn\u2019t afraid. \u201cMy decision to purchase a rare Alien Crypto Punk remains the same as it is today,\u201d he said in a statement to The Washington Post. \u201cIt is a rare piece of digital art which will have a lifetime of value to the beholder.\u201d<\/p>\n<\/blockquote>\n

Really? REALLY? REALLY?<\/strong> I have to wonder if he’s just kidding everyone, or if Thapliyal is really that lost.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

For a feel of the scale of collapse we’re seeing in NFTs (non-fungible tokens, or how you can “own” a digital something that can be easily copied): An NFT of Twitter founder\u00a0Jack Dorsey\u2019s first tweet, purchased last year by an Iranian crypto investor for $2.9 million, was put up for \u2026 Continue reading → <\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-36043","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/comments?post=36043"}],"version-history":[{"count":1,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36043\/revisions"}],"predecessor-version":[{"id":36044,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/posts\/36043\/revisions\/36044"}],"wp:attachment":[{"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/media?parent=36043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/categories?post=36043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/huewhite.com\/umb\/wp-json\/wp\/v2\/tags?post=36043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}