JPG File Sells for $69 Million, as ‘NFT Mania’ Gathers Pace (Beeple)

New York Times ^ | 03/11/2021 | Scott Reyburn

[Responsibility2nd]

Non Fungible Token.

I've learned something today. An NFT is like a bitcoin. And someone paid $69 Million for an encrypted token.

Read the rest of the article about CryptoKitties and NBA Top Shot and see how NFT is the new dotcom craze.

Billionaires are being made as we speak.

[Responsibility2nd]

Informative video

[outofsalt]

"Billionaires are being made as we speak."

And idiots are cheaper the more they multiply. Someone could have built a bunch of schools or fed a small country for a long time.

[rfp1234]

Another sign of a declining civilization.

[Vermont Lt]

An NFT is NOT anything like a bitcoin.

And buying a JPEG is pretty dumb. A JPEG, by definition is an image that has been compressed—and thus has let than perfect quality.

There are other images that can be created digitally that have less loss—but they are BIG.

None of them are worth $65m.

[DannyTN]

[LibertyWoman]

insane isn’t it?

[dfwgator]

Barnum was right!

[notted]

Money laundering

[Eagles6]

Good point!

[ClearCase_guy]

TTIWWP

Now you’ve added the picture.

This thread is now worth $69M. Or perhaps it is still worthless.

[DannyTN]

It’s art without urine. So it’s got that going for it.

[Responsibility2nd]

An NFT is NOT anything like a bitcoin.

___________________________________________

You need to read up more.

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

[DannyTN]

Money laundering

That might actually be the case. What other explanation makes sense?

[ctdonath2]

Strikes me as a great way to launder money.

[Responsibility2nd]

And idiots are cheaper the more they multiply. Someone could have built a bunch of schools or fed a small country for a long time.

And someone could have been forced to build a bunch of schools or feed a small country.

But I prefer capitalism over socialism.

And not many idiots have $69 Million.

[Responsibility2nd]

Money laundering may indeed be the reason for this crypto art.

It certainly is a valid reason why so many buy into crypto currencies.

[Robert DeLong]

Looks like a sound investment to me. /sarcasm

[ETCM]

Money laundering

Could be. Which explains why Hunter Biden has taken up painting. I'm sure CCP members will be paying top dollar for his "art".

[Pollard]

Hope the buyer isn’t using ETH to pay. Imagine the gas fees.