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.

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.

  • Yokozuna@lemmy.worldEnglish
    932·
    9 months ago

    Sounds a lot like the banking system today lol.

    Edit: Idk why all yall turds down voted me. The u.s. dollar is literally not backed by any physical asset… look up fiat money and do research on the dollar.

    • Adderbox76@lemmy.caEnglish
      51·
      9 months ago

      Yes it is. It’s backed by the US’s economic power on the world stage. That’s how economies function.

      Crypto can be created or of thin air by literally any tech bro with a GPU. By definition that is literally worthless

    • merc@sh.itjust.worksEnglish
      2·
      9 months ago

      The u.s. dollar is literally not backed by any physical asset

      It doesn’t need to be, it’s backed by the need to pay taxes in USD.