Technology

59568 readers

3896 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

622

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

163 comments fedilink hide all child comments

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.

you are viewing a single comment's thread
view the rest of the comments

[+] CaptainSpaceman@lemmy.world -21 points 11 months ago (3 children)

Im sure you dont keep up, but NFT market cap still pretty big rn at 5.5bn

[–] AA5B@lemmy.world 16 points 11 months ago (1 children)

I think of it like timeshare values. They’re really high …. Until you try to find someone who will actually buy it

[–] 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.

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

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

[–] 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.

[–] 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 😃

[–] Honytawk@lemmy.zip 1 points 11 months ago

Nah, that is what the NFT owners want the greater fools to believe it is worth.