Lost money on NFT

in Savings & Investments
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  • edited 12 January at 11:31AM
    solidprosolidpro Forumite
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    edited 12 January at 11:31AM
    My analogy about NFT is Banksy goes back to art school and pees in a bottle, sticks a QR code on it (that goes nowhere) and calls it a RWA (rare work of art).

    A few other students look over his shoulder and do the same thing and suddenly there are 100 RWAs for sale. Each one of a kind. Banksy's one sells for £1500, and the crowd rush in paying £2k, £5k, £10k for RWAs.

    Once everyone actually works out that an RWA is a bottle of piddle, the bottom falls out the market and all but one RWA is worth anything. 

    The person who bought Banksy's successfully sells it on for £10k thanks to the hype, prestige of Banksy and the fact there is only 1. Everyone else is left with a worthless bottle of pee wee.

    If someone is selling Nyan Cat NFT, I'll buy. 4000 monkeys - no thanks.
  • lozzy1965lozzy1965 Forumite
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    No different to buying the big toe bone of a saint.  It has no value but makes the owner feel good about owning it.
  • tr7philtr7phil Forumite
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    lozzy1965 said:
    No different to buying the big toe bone of a saint.  It has no value but makes the owner feel good about owning it.
    I didn't know you could do that, I thought they were only available in full sets of ten...
  • lozzy1965lozzy1965 Forumite
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    tr7phil said:
    lozzy1965 said:
    No different to buying the big toe bone of a saint.  It has no value but makes the owner feel good about owning it.
    I didn't know you could do that, I thought they were only available in full sets of ten...
    Don't be foolish!  No one has 10 big toes!!!!
    :)
  • Gary1984Gary1984 Forumite
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    I bet Andre the Giant did. 
  • kuratowskikuratowski Forumite
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    According to John Calvin, who tallied up the saints' bones stored in various reliquaries across Europe, several saints were blessed with more than the usual number of limbs, torsos, and no doubt toes.
  • edited 12 January at 1:05PM
    MalthusianMalthusian Forumite
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    edited 12 January at 1:05PM
    Competition time: if anyone can tell me why the potential implications of NFTs for video gaming are discussed on boards like "MoneySavingExpert Savings & Investments" and not on forums about video games, they will win a link that currently points to a picture of a cookie.
    Hint: the answer includes the words "rich" "quick" and "getting".

  • dunstonhdunstonh Forumite
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    According to John Calvin, who tallied up the saints' bones stored in various reliquaries across Europe, several saints were blessed with more than the usual number of limbs, torsos, and no doubt toes.
    Most saints most have come from Norfolk.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Scottex99Scottex99 Forumite
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    lozzy1965 said:
    Scottex99 said:
    I also have bought some stupid cartoon mushrooms where the dev team had a cool website, had all this cool utility planned and then they just disappeared, the value went to 0 of all them. Few hundred quid down the drain, no biggy. I'd rather have fun looking at all this stuff and crypto in general than sit on the sidelines saying its all useless and a scam.
    Of course some people have fun by calling out things that don't logically make any sense :)  And that costs nothing.
    Don’t logically make sense… to them.

    But yeah valid point 
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