All the crypto stuff starts making sense if you assume that most of the people involved are stupidly rich. Like an Etherium transfer takes four hours to clear and costs a random amount from $15 to $300, but if you're sending $10k+ overseas, that starts being a better deal than you would've gotten from a bank. NFTs are awful art that nobody cares about, invested in purely as a speculative asset or store of value, but you don't need to hire an expert to validate their authenticity or manage their storage conditions, and the transaction fees are competitive with what you'd get at an art auction, so they have advantages over physical art (as a purely speculative asset or store of value).
It's like the financialization of rich fucks being so rich that they're fully disconnected from physical reality.
From what I read, everyone under the sun is trying to get in on the scam so on top of a galaxy of shady practices (buying your own NFT yourself to hype them and make people believe they're worth something, running massive bot campaigns on twitter, paying off people with a large follower base to pretend they bought one, etc.), one of the things these people do is try to pretend it's not completely useless to own a bunch of pixels by connecting it to an actual use to be implemented in the future. Having the NFT be an exclusive avatar of your character in an "upcoming" video game is one of the more popular angle.
This is the case with these ugly ass generic lions, they're promising a game. Of course eventually, this happens.
one of the things these people do is try to pretend it’s not completely useless to own a bunch of pixels by connecting it to an actual use to be implemented in the future. Having the NFT be an exclusive avatar of your character in an “upcoming” video game is one of the more popular angle.
So this is what Grimes meant when she said crypto and gaming
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All the crypto stuff starts making sense if you assume that most of the people involved are stupidly rich. Like an Etherium transfer takes four hours to clear and costs a random amount from $15 to $300, but if you're sending $10k+ overseas, that starts being a better deal than you would've gotten from a bank. NFTs are awful art that nobody cares about, invested in purely as a speculative asset or store of value, but you don't need to hire an expert to validate their authenticity or manage their storage conditions, and the transaction fees are competitive with what you'd get at an art auction, so they have advantages over physical art (as a purely speculative asset or store of value).
It's like the financialization of rich fucks being so rich that they're fully disconnected from physical reality.
Yes... a lot of money too.
I don't understand NFTs, but the "Lazy Lions" ones are one of the more famous types.
https://www.lazylionsnft.com/
The site is the most vapid shit
From what I read, everyone under the sun is trying to get in on the scam so on top of a galaxy of shady practices (buying your own NFT yourself to hype them and make people believe they're worth something, running massive bot campaigns on twitter, paying off people with a large follower base to pretend they bought one, etc.), one of the things these people do is try to pretend it's not completely useless to own a bunch of pixels by connecting it to an actual use to be implemented in the future. Having the NFT be an exclusive avatar of your character in an "upcoming" video game is one of the more popular angle.
This is the case with these ugly ass generic lions, they're promising a game. Of course eventually, this happens.
That's fuckin hilarious, didn't realise the exit scams had started already.
So this is what Grimes meant when she said crypto and gaming