Can you believe OP bought all of these NFTs just to make a meme? Impressive.
@theshadosnipe, he bought NFTs
@theshadosnipe, he dropped a bag on cruddy NFTs
He bought an NFT, or a Non Fungable Token.
What this is supposed to mean is that thus particular image is tied to a position on a crypto currency block chain, which means there is no other like it due to a unique coded number represented by it point in the line of code and visually by this image.
Like all crypto, it's speculative and faith based and only as valuable as people think it is vs how much people are willing to buy it for.
Case in point: people bought these ugly monkey JPEGs for 10s of thousands but only people interested in NFTs would spend that much. Eventually they sold for higher and higher until there were no more buyers.
And now there are real examples of a person who spent $35,000 on an NFT, with no real world use, and could only sell it off at $115.
NFTs are like pyramid schemes in that you are always upwelling but eventually you will reach a point where no want to buy a useless line of code no one needs.
@Samblob, money laundering, don't forget money laundering.
@Slayer9200, yep. To me that’s the #1 reason. IRS and tax codes. Another Swiss bank account.
@MrTrivia, it sucks because if the idiots would stop using it to scam people out of their money then we could actually use NFTs for something useful.
Never hold an nft....
“NFTyCrypto go brrrrrrrrr.”