Article by Kotaku: It reports on the results of a market research that has concluded that the majority of NFTs has no value whatsoever anymore.

  • squirrel@lemmy.blahaj.zoneOPM
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    1 year ago

    No, they do not. Value is derived from supply and demand and determined by trade in the market place. If there is an oversupply, but no demand, value drops and can drop to the point where value cannot be determined anymore. At that point things are essentially worthless. That’s how the free market works.

    • peopleproblems@lemmy.world
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      1 year ago

      I’m not about the price of the image, I’m talking about the value of a non-fungible token to computer software. A non-fungible token itself can’t have a price tag, it’s essentially a number.

      Same with cryptographic private keys. They are numbers. To a computer a private key and nft have no value, but to the software they have function.

      The images are not the nft.

      • vrek@programming.dev
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        1 year ago

        You are correct and if we as a society said “this land/material/resource has a value and legal ownership of that is determined by the nft” then yes.

        But the actual object behind the nft in most cases is just a picture.

        The deed of a parcel of land is essentially worthless except we all agree the person who owns the deed owns the land and the land has value. The issue with most nfts is even if we all agree the who owns the nft owns the art, and the art had no value… The nft has no value.