Is that Lauren Chen, the Russian agent?

TIL: NFT's are/were the modern equipment of beanie babies

Or it wasn't. Very possible he was simply gifted the NFT and lied about the price.

A bunch of the early 20s NFT sales were wash sales

Odd, I always thought they were a means to launder your money.

But the Metaverse!!!!

$155 looks a little high to be honest.

The very idea of NFTs were wild. You don't own a physical image, you own something kind of like a copyright to an image but you don't in fact own the actual copyright. But it's gonna cost you alot of money and somehow make you even more money someday.

Beanie babies were a thing, a real physical thing. You could hand one to a child and they could play with it for years, or you could use it as a weapon and knock one of your siblings unconscious. But it was a thing. Nfts are a digital link to something. They are not even the thing that they link to.

Wouldn't even pay for his jaw repairs these days

No, literally nobody cares so nobody’s going to pay.

the Pauls so thier grift was dying "targeting children for views" so they pivoted to maga.

Or aliens descended from space and messed with everybody's minds so we all think that he's a real person.

C'mon, stick to reality.

Thank you! Now for the first time, i finally see the slightest sense in NFTs. I really didn't get it from the start. I heard various explanations and they never made any sense to me. Left me confused every time until now.

Its just a mask for a deal in the background. Ok now i get it.

It's like a tax on stupidity.

Can confirm, I took one look at NFTs back in 2021 and immediately said "that's fucking stupid."

Believe me, there's a guy out there willing to pay $250

His annual income is estimated at around $20 Million, so it was probably less.

Also you can write realized losses off of your taxes.

Yep.

My buddy once went to a farmer’s market where they weren’t allowed to sell beer, but they were allowed to give it away. So he did the oldest trick in the book: scooped up a bunch of rocks in a box, put up a sign that said “Rocks $5,” and “Free beer with purchase of rock.”

NFTs are just the rock.

"Today it is worth $155."

LMAO. No.

If it was easy to buy, I would pay $5 for this thing, so I could tell the three people in my life that would be amused by my owning it. That's the floor on the market, for this particular one - so it still has a long way to fall.

Also tax evasion

You own a sign with a link to the image.

I'm very sure it's the same kind of shit with the retro game ratings https://youtu.be/rvLFEh7V18A

It is also important to mention that you don't actually own any art with NFTs. You own a link pointing to the art, but the art itself is not owned by the owner of the NFT.

I used to think Bitcoin was a ponzi scheme. I still do, dut I used to, too

Yea ... I agree, it really REALLY isn't worth $155.

Hurr-durrrr!

(Said the guy)

And there isn't even a guarantee that link will work in perpetuity.

I don't think that's actually all that important. It's fundamental to an understanding of NFTs, but not their role in any sort of money-laundering, since you can also just make NFTs using some AI-generated art or make 5000 NFT's from one low-effort art you do own.

All money laundering needs is the non-fungible part, which is easy to do, just stamp the corner with a limited-edition numbering mark and the 500 fungible digital tokens of a single art become 500 nonfungible tokens.

That scam exists because of all the deregulation. With proper regulation all the people pushing NFTs would have had to pay back all they stole.

I guess it's possible... But I'd consider the fraudster who famously committed financial frauds, participating in more financial fraud, to be a much more probable scenario.

I somehow....didn't fall for these?

Just accept the reality that dumb people make dumb "investments".

Really?

I bought for the first time a few NFTs this year. Basically that was the only way for me to buy FIFA WC26 tickets in the FIFA blockchain.

Id probably have bought it as a sticker for 0.50 or a dollar when I was 10

Humble brag.

But I wouldn't support the football-loving corrupt FIFA and the United Divided States with their fascist president dictator, no matter how much I like soccer football

Who with a clear mind and IQ above 0 would fall for that? Seriously!?

In Germany, we have a great saying for such stupid people: “As dumb as a five-meter (~5.5 yard) dirt road.”

Trends often look obvious in hindsight. What’s interesting is how every cycle teaches people something new about hype, risk, and timing.

"that's a driveway!"

A fool and their money are soon parted.

Get fucked.

We had this ruining the art world right before AI started taking its shot.

NFTs died miserably.

Now it's AI's turn.

But this looked obvious the moment it popped up. At no point did I ever think this was a good idea.

Sure, and accept that this guy has a few million dollars and can afford to pay for some "creative" accounting.

I'll make you one of these for $5.

It's all just money laundering-plus-a-scam.

Like a lot of the art world, I'm pretty sure these were mainly used for money laundering.

i fucking loved NFT startups in 2021. it was the definition of easy money. I had like 20 clients like that in 2021 alone and it was the shit. the funniest bit is that literally none of these companies or projects were around by the time 2023 started - all wiped out and most of these entrepreneur bros just moved on to do disposable AI startups instead with equally nothingburger results. what's baffling is that these motherfuckers still manage to raise investments for some bullshit pie in the sky but actual techies with ideas struggle to get a quarter worth of financing even though their ideas actually have legs

Which still means he lost more than half a million dollars from a bad investment.

Clearly, you didn't bother to read the other comments in this very thread before you posted this.

Clearly, you have an agenda and simply think that someone as dumb as Logan Paul couldn't simply have made a dumb choice. You need to come up with some kind of conspiracy theory where he did it to benefit.