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.
Why does everyone need to point out how “they were always worthless”? It’s a collector’s “item”, it only has value if someone wants to buy it, nothing new.
The only difference is that this one’s value if the market completely crashes is absolute zero, but does that change much if regular collectible items are physical and can be sold for 1 cent instead?
I never bought NFTs and never will, but as a collector this pisses me off because it’s the same as those people who mock card collections because “it’s just cardboard”. You’re completely missing the point.
If I buy a lot of baseball cards for 1 cent, at least they don’t suffer from the oracle paradox.
NFT’s were nakedly a solution in search of a problem that weren’t even a very good solution to the problem they were purporting to solve. That’s what pisses people off.
Sorry, I tried to understand this Oracle Paradox you’re talking about but every explanation I found had so much jargon that it fried my brain at the third line. Do you know where can I find an ELI5?
And yes, I get why people dislike the concept of NFTs, but mocking their value (or lack thereof) seems dumb when it’s “obtained” the same way as pretty much every other collectible.
https://en.wikipedia.org/wiki/I_know_that_I_know_nothing
This saying is connected with the answer to a question Socrates is said to have posed to the Pythia, the Oracle of Delphi, in which the oracle stated something to the effect of “Socrates is the wisest person in Athens.”[3]
Socrates, believing the oracle but also completely convinced that he knew nothing, was said to have concluded that nobody knew anything, and that he was only wiser than others because he was the only person who recognised his own ignorance.