Justin FItzsimmons on Nostr: nprofile1q…najfu very few starving artists actually got paid, because NFTs are a ...
nprofile1qy2hwumn8ghj7un9d3shjtnddaehgu3wwp6kyqpqnnhce86esjk5e74jyqwtwmd2r9wmzffdpxf2j7lxuvu9jkgvrrjq6najfu (nprofile…ajfu) very few starving artists actually got paid, because NFTs are a two-layer scam.
The first is the obvious part, that NFTs are dumb and don't do anything, so whoever ends up buying them is a rube.
But the second layer is that in order to make NFTs, artists had to "gas" them first - by spending ETH. So artists trying to make NFTs work for them ended up spending real money to buy ETH from established holders (causing a huge spike in the price of ETH), often to earn nothing from the NFT.
The first is the obvious part, that NFTs are dumb and don't do anything, so whoever ends up buying them is a rube.
But the second layer is that in order to make NFTs, artists had to "gas" them first - by spending ETH. So artists trying to make NFTs work for them ended up spending real money to buy ETH from established holders (causing a huge spike in the price of ETH), often to earn nothing from the NFT.