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1. Woggy's Zeonic Frolicks (washedoutgundampilot@poa.st)'s status on Thursday, 18-May-2023 05:00:57 JST Woggy's Zeonic Frolicks

   in reply to

   • Moon
   • chjara :hakasenyan: :verified:

   @chjara @Moon The NFT addition unlocked a new fountain of currency that wasn’t there before. Lots of nerds bought shit tokens for cents and watched them appreciate hundreds of times over. Now they sit on top of a pile of treasure that they don’t even want to convert into money. Sure, to them, bitcoin is $20,000, but what if they bought in when it was a dollar?

   Opening up NFTs allow that money to enter the artisinal ecosystem. It’s a good fit, because a lot of those silly crypto projects have very few ways to actually enjoy their gains without losing a significant portion to taxes. So they get an off ramp, a way to spend a little bit of that cheap (to them) crypto and support work they enjoy (theoretically at least). Artists unlock access to money that’s effectively non-existant any other way.

   • Moon (moon@shitposter.club)'s status on Thursday, 18-May-2023 05:01:02 JST Moon

     in reply to

     • chjara :hakasenyan: :verified:
     @chjara from my point of view it's primarily being used as an art patronage system now, if people can't look beyond the worst uses it's on them at this point.
   • chjara :hakasenyan: :verified: (chjara@snowdin.town)'s status on Thursday, 18-May-2023 05:01:02 JST chjara :hakasenyan: :verified:

     in reply to

     • Moon
     @Moon or you can also pay people, like as donation or whatever, as the internet has enabled for a few decades, and it doesn't need to use a strange worthless digital token thing
   • chjara :hakasenyan: :verified: (chjara@snowdin.town)'s status on Thursday, 18-May-2023 05:01:08 JST chjara :hakasenyan: :verified:
     the concept of immutable, non-fungible, transferrable digital tokens wouldn't have been so ridiculed if its main use wasn't art fraud for middle class people, with the most visible such thing being low-effort racist caricatures