this post was submitted on 21 Sep 2023
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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* (last edited 1 year ago) (1 children)

It is an allegory for the whole financial system ... it's all made up imaginary money, funds and amounts that don't exist and never will .... it's all based on trust, faith and belief. If enough people wake up tomorrow and stop believing in a segment of this entire system, it can all quickly collapse.

I remember reading about ten years ago that if all debt was stopped all over the world and all of it was to be repaid ... it would take the world several million years to do so.

There is wealth in the world but we've created very complicated, imaginary ways to make it seem that wealth is worth millions of times more than there actually exists.

I see it as a modern day religion ... it exists because we all believe in it .... if the faithful ever lose faith, the religion dies.

[–] [email protected] 4 points 1 year ago (1 children)

God I cannot wait for the religion of capitalism to die. Markets are rough enough without greedy fucks institutionalizing their greed.