NFT - Nothing For Tons (of Cash)
September 9, 2021 11:37 AM Subscribe
If you thought the NFT mania was nutty before..... As Matthew Levine put it: "Another model is that the value in an NFT comes from a concept, and the value in a fractionalized NFT comes from, like, two concepts. “Take an object / Do something to it / Do something else to it,” Jasper Johns wrote. The essential transaction in an NFT is: Seller: I will sell you a unique pointer to an image of a dog for $4 million. Buyer: Ahahaha good one, that joke is worth $4 million to me, here you go. In a fractionalized NFT you have a slightly richer context: Owner/securitizer: I bought this unique pointer to an image of a dog for $4 million. The public: Ahahaha good one, congrats, money well spent. Owner/securitizer: Also I will sell fractional ownership interests in it for like $225 million. The public: Ahahaha another good one, that joke is worth $225 million to us, here you go. It’s two jokes so it’s worth 55 times as much. I don’t know!" The fractionalized asset would go on to double in value to about $500 million before subsiding. Note - article may be paywalled, open in incognito mode worked for me.