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Hackers steal NFTs worth millions. In other news, NFTs worth millions. (www.theblock.co)

submitted 11 months ago* (last edited 11 months ago) by yesman@lemmy.world to c/technology@lemmy.world

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The way I read the article, the "worth millions" is the sum of the ransom demand.

The funny part is that the exploit is in the "smart" contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.

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[–] Womble@lemmy.world 8 points 11 months ago (3 children)

The vast majority of NFTs are worthless now

“MacContract on Ethereum has a floor price of $13,234,204.2, but its all-time sales is only $18,” the report said, adding: “This stark discrepancy between listed floor prices and actual sales data exposes a significant issue in the NFT market – inflated valuations that don’t reflect genuine buyer interest or real-world transactions.

“It becomes clear that a significant portion of the NFT market is characterized by speculative and hopeful pricing strategies that are far removed from the actual trading history of these assets,” it said.

And this is a report from a crypto website with a vested interest in pretending crypto has uses.

[–] merc@sh.itjust.works 2 points 11 months ago

Those are the transactions that are actually happening.

I'm sure there are lots of transactions that aren't happening because people have given up, and decided that a 99.9% loss in value is basically a 100% loss in value, so they've just walked away.

[–] ImFresh3x@sh.itjust.works 2 points 11 months ago

It’s like people who think their Beanie babies are still priceless.

[–] CaptainSpaceman@lemmy.world -5 points 11 months ago

Its hard to be definitive, especially from one data point, but theres no doubt that lots of NFTs are just copycats trying to ride the coattails of other succesful projects, and end up flooding the market with garbage.

But that doesnt mean all projects are garbage, nor that the tech is bad or unutilized.

I had a feeling id get flamed by even mentioning NFTs, so im not surprised a the downvotes or derision. Anyways, have a good one 😃