I work in tech and know just enough to not be an enthusiast about any of it, so while I understand the concept of NFTs, I don't really understand how any of it works in practice.

I keep seeing these pictures, like a monkey cyborg or the ugly cartoon lions, that have sold for huge amounts. I understand people are paying in Ethereum or whatever, so it's not exactly like they're selling for millions of dollars, but what is stopping me from making a bunch of crappy art, turning it into NFTs, selling it all for Ethereum, and cashing out the Ethereum? Is there some special significance to the NFT art I'm seeing that makes dumbasses want to buy it? Like the artists are well known, or the images are well-known memes or something? I'm guessing I can't just start doing it too because if it were that easy everyone would already be doing it. Help me understand

  • save_vs_death [they/them]
    ·
    3 years ago

    nobody's making money out of it per se, it's all "greater fool theory", that's why any asset no matter how obviously dumb and overpriced will eventually be bought with the expectation that foolishness has not been maximized yet