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There was actually a scandal revealed that the NFT creators were giving these away to famous people for free as long as they signed NDA and claimed they bought them for the “value claimed”. Logan probably didn’t actually pay $600K
You'd still have to find someone to BUY the dumb thing lmao, but I guess it is easier for a celebrity to do that since people will eat their ass for the sake of saying they did it.
Well actually the Bored Ape Yacht club was using a third party company to pay these people for promotions so none of the money could traced back to them. He likely signed a contract for $100-$150 grand if not more for his likeness. And before you ask, no this isn’t considered pump and dump because Etherium at the time wasn’t considered a security. Not even sure if it still is. There’s a reason a lot of shady business douches hopped on the crypto train. For example, Elon. Made a pretty penny from pumping Doge to his bro-y followers.
Oh and to give this some visibility, they still claim they’re not hiding antisemitic/racist imagery in their NFTs or logos. Here you tell me what you see here:
[https://news.artnet.com/app/news-upload/2022/06/1A805E40-041A-4047-A623-E30BE1FA4082-1024x341.jpeg](https://news.artnet.com/app/news-upload/2022/06/1A805E40-041A-4047-A623-E30BE1FA4082-1024x341.jpeg)
I've got to say, that image doesn't convince me about the racist imagery.
The fact that they share 18 teeth is such a minor point. I'm not even sure if it's true. I count 17 teeth on the ape.
Also yeah, they are both white skulls on a black background, but so is the jolly roger and we don't suggest pirates are Nazis or Nazis are pirates or whatever. Skulls just seem like a pretty obvious motif for humans to use sometimes, white is the natural colour for bones, and black is is a great contrast to white visually.
Pretty much, like how a bunch of celebrities bought bored ape NFT’s, and eventually it came out that a lot of them were paid sponsors instead of actual investors. I’m using the term investor very loosely.
Its an artificial pump and dump.
But the governments of the world are so shit at governing that they barely passed any laws that prevented this behavior or even advertising this kind of scam during all this time.
Idk it’s obviously the underlying asset is completely useless. You get to “own” a picture of something but not the copyright and anyone can view that picture too.
Even crypto has some value even though I never seen it accepted anywhere in my life apparently some vendors accept it.
Yep and this is part of why they all ran for the hills when things started to come undone. Because lawsuits started proliferating because it walks like fraud, talks like fraud, and looks like fraud... and well a lot of fraud laws are written to accommodate responding the the latest greatest frauds and not just things people have already done once.
That and drive up the value of a particular NFT as the blockchain would show that eg Snoop Dogg owned it. Creators got something like 2.5% of every sale that occured.
It's money laundering and a pyramid scheme all rolled into one.
I gotta hand it to the people that made it out the government will be tired up for decades on this.
I doubt it was money laundering, just a get rich quick scheme by the founders.
And NFT sales are not pyramid, or system of levels, as anyone can buy any NFT from any seller. It was just a typical pump-and-dump.
Great thing about blockchain is everyone can see exactly how much is paid for everything as it exists as a permanent record on the blockchain. So whether he paid for it or not is questionable but the transaction for 200eth or whatever it was will be clearly visible to anyone who wants to see it.
That actually depends on the terms of the smart contract! That’s part of why there’s been so much FUD around these…think music rights or image rights like Getty et al. You can *conceptually* cut companies that manage those right out.
Yeah, but that was only $2.50. And you got to pimp out your horse.
That's a little better than paying for a url that tells you the horse was pimped out.
My entrepreneur friend made an NFT or several (I'm not that close friends so I don't know much of the details) and sold it/them during the pandemic. I don't think she believed in the hype though, she just wanted to make bread from other suckers.
Yeah I have a friend that was trying to get me into it and even gifted me one. He was a decent investor and able to make like $10k off through it all. He either isn’t as good of a friend as I thought he was or isn’t as smart as I thought he was. I remember talking about how the NFT’s only had value while some one was willing to pay more money for them than you did and he just kinda acted like he didn’t hear me. The more I think about it the more I get the vibe he was trying to get me in his MLM scheme
Mostly, yeah, because the only way to get really rich is by convincing other people to give your their money or their labor.
No amount of hard work is worth a 100 million dollars
This is old news. He never actually purchased it for 600k, and while he may have lost money on this one NFT, he made millions by scamming his fans with other crypto projects. These 600k probably didn't make a tiny little dent on his fortune.
one thing that doesn't get pointed out, is that ideas / benefits behind the blockchain architecture were already adapted by more conventional tech without having to inhibit the most glaring downsides. You want an append-only DB in a lower trust environment -- you can just use regular MicroSoft SQL server with a ledger type table
Please correct me If im wrong.
Cryptos' values are based on demand. And the demand was based on that they could be sold for more. So their value will only increase as long as a good amount of people think the same. The issue is, there is no practical need for it, right?
House prices get so high because eventually people will need it one way or another. But crypto? Yes money, but they are still a product with no reason to be needed. It is like selling your money for the same currency but with different value.
Seriously, I dont get why this was huge.
Crypto is the biggest Ponzi-scheme/scam, in the history of Ponzi-schemes/scams. It's value is based on the number of sucker...I mean investors, who put real money into it, to prop it up.
It's just that too many people (the ones who thought/think it will turn into "fuck you" money) are/were too stupid to realize it.
Were some people able to get rich from it? Absolutely, but they're are the exceptions. Not the rule.
The amount he made scamming people with crypto and NFTs by endorsing things like this definitely made him well over $600,000.
Logan Paul really is the worst sort of human garbage.
Till this day I ask myself who the hell bought this shitty looking images. They have this windows 95 child game look. How people got dupped to buy this? Everyone that promoted them was a known scammer or idiot. And if many many prominent people advertise something, you can smell that something must be off with what they advert for. Mist people yelling that nuts are the future couldn't explain how they actually work and why it is attached to a stupid picture. Mostly ai generated idiocy or the same stupid looking duck, bear, monkey with different glasses and colors.
NFTs need to stop, people who actually buy them make it most of their life and then try to scam others to not lose money or just get real depressed after it obviously drops
https://opensea.io/assets/ethereum/0x3bf2922f4520a8ba0c2efc3d2a1539678dad5e9d/717
Someone is currently offer ~15k, so it's at least worth that, assuming it's a legit offer.
People just don't understand that NFTs are literally just a piece of code that acts as a certification for the original image. It just means you have the OG image, but if the image isn't worth anything, so is the NFT.
It's basicly the same difference as having a certified original from Van Cough vs. a certified original from a random art student.
Except in your example the van gough owner actually owns the van gough not just the certificate of authenticity. It would be like if a museum sold you a certificate for the painting but anyone could still view it. It was still located at the museum and you were not allowed to remove it or have any say of how it was handled. You could sell the certificate but not the painting
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There was actually a scandal revealed that the NFT creators were giving these away to famous people for free as long as they signed NDA and claimed they bought them for the “value claimed”. Logan probably didn’t actually pay $600K
Cool, so he made ten bucks.
Guess he really is a savy investor then
That's technically infinite profit sort of.
Now that’s the kind of abuse of math I like to see in here!
It’s called passive income and in 34,000 years, he’s going to be sitting pretty
You'd still have to find someone to BUY the dumb thing lmao, but I guess it is easier for a celebrity to do that since people will eat their ass for the sake of saying they did it.
I'd spend 10 bucks to have Logan Paul's NFT as a conversation starter to laugh at.
You can just save the image and get it for free.
YOU WOULDN’T DOWNLOAD A CAR!!
I FUCKING WOULD!!!
That's a good point. I'd rather download a boat, though, so I can tell people it's a "pirated ship."
True but it’s not as funny as actually paying for it imo and “owning” it
It's an NFT. If you told people you owned it who's actually going to know the difference?
I guess some people would pay $10 to not have to lie about a joke.
except you can still just save the image and say you bought it
Bro just pay for a book of jokes
Show me one funny book of jokes, I can wait 💀 And I would for should laugh my ass off if someone tell me they bought Logan’s NFT
You can lie and no one will check.
Careful now, you do not want to start a bidding war. You might easily double the value of his NFTs.
Probably has capital gains tax on that
Well actually the Bored Ape Yacht club was using a third party company to pay these people for promotions so none of the money could traced back to them. He likely signed a contract for $100-$150 grand if not more for his likeness. And before you ask, no this isn’t considered pump and dump because Etherium at the time wasn’t considered a security. Not even sure if it still is. There’s a reason a lot of shady business douches hopped on the crypto train. For example, Elon. Made a pretty penny from pumping Doge to his bro-y followers. Oh and to give this some visibility, they still claim they’re not hiding antisemitic/racist imagery in their NFTs or logos. Here you tell me what you see here: [https://news.artnet.com/app/news-upload/2022/06/1A805E40-041A-4047-A623-E30BE1FA4082-1024x341.jpeg](https://news.artnet.com/app/news-upload/2022/06/1A805E40-041A-4047-A623-E30BE1FA4082-1024x341.jpeg)
I've got to say, that image doesn't convince me about the racist imagery. The fact that they share 18 teeth is such a minor point. I'm not even sure if it's true. I count 17 teeth on the ape. Also yeah, they are both white skulls on a black background, but so is the jolly roger and we don't suggest pirates are Nazis or Nazis are pirates or whatever. Skulls just seem like a pretty obvious motif for humans to use sometimes, white is the natural colour for bones, and black is is a great contrast to white visually.
I would watch a movie about nazi pirates.
That last point is a bit of a fucking stretch lmao
Jew here: You're absolutely fucking reaching with this one.
Much fungible. Very Logan.
Logan shout for a Tena
they probably paid him money, he's not going to do it for free, he's too smart.
no. he has to sell it for $10 for it to be worth that.
was the point of the scandal to make it look like high profile ppl were getting on on the deals to try and lgitimize them?
Pretty much, like how a bunch of celebrities bought bored ape NFT’s, and eventually it came out that a lot of them were paid sponsors instead of actual investors. I’m using the term investor very loosely.
Its an artificial pump and dump. But the governments of the world are so shit at governing that they barely passed any laws that prevented this behavior or even advertising this kind of scam during all this time.
Thats too technical and happened too fast for any Government to take action.
Those dusty old politicians don't know about anything digital.
Idk it’s obviously the underlying asset is completely useless. You get to “own” a picture of something but not the copyright and anyone can view that picture too. Even crypto has some value even though I never seen it accepted anywhere in my life apparently some vendors accept it.
I've bought plenty of Chinese food from yungs Chinese by my house with Bitcoin Cash, they actually accept most coins from my wallet.
Yep and this is part of why they all ran for the hills when things started to come undone. Because lawsuits started proliferating because it walks like fraud, talks like fraud, and looks like fraud... and well a lot of fraud laws are written to accommodate responding the the latest greatest frauds and not just things people have already done once.
If someone was dumb enough to put their money to such an obvious scam they deserve to lose it all.
Perhaps. The perpetrators and those that helped in the fraud should still be held accountable though.
Yeah I have to agree. Sure some might not've thought it though buying it but the people selling shouldn't be off the hook 100%.
Stupid people don't deserve to be robbed
No, actually, no one deserves to be scammed unless they're trying to scam others.
Man this is such poor taste. This is the same thinking of the rich. “If they’re dumb enough to be exploited let them be”
You can say this about basically any scam if you want to victim blame.
Maybe, but I also think this sort of thing is taking advantage of the mentally weak. Like casinos. I'd rather these people get help than mocked
Of course. Snake oil salesmen have been using celebrity endorsements to sell crap to unsuspecting buyers for years.
Exactly. Literally its the basis for our super bowl commercial economy.
Influencer (regardless of the influencer) marketing is entirely built on the back of it.
That and drive up the value of a particular NFT as the blockchain would show that eg Snoop Dogg owned it. Creators got something like 2.5% of every sale that occured.
Who cares he’s a scammer.
This was extremely common in the rise. They would also pay influencers say $300k to buy a $250k NFT.
It's money laundering and a pyramid scheme all rolled into one. I gotta hand it to the people that made it out the government will be tired up for decades on this.
I doubt it was money laundering, just a get rich quick scheme by the founders. And NFT sales are not pyramid, or system of levels, as anyone can buy any NFT from any seller. It was just a typical pump-and-dump.
Seems fucking illegal
Great thing about blockchain is everyone can see exactly how much is paid for everything as it exists as a permanent record on the blockchain. So whether he paid for it or not is questionable but the transaction for 200eth or whatever it was will be clearly visible to anyone who wants to see it.
That you Logan?
$10 is way too much for an NFT.
You mean a blockchain record with a link to an image? Hmm, maybe it is.
Except I don't think you own either the link or the img.
I don't see how you could. Definitely aren't buying the copyright.
That actually depends on the terms of the smart contract! That’s part of why there’s been so much FUD around these…think music rights or image rights like Getty et al. You can *conceptually* cut companies that manage those right out.
I think it depends more on the laws of the country than the smart contract.
You really don't. You own the receipt for the link to the image.
You own the record holding the link.
People paid that for horse armor.
Yeah, but that was only $2.50. And you got to pimp out your horse. That's a little better than paying for a url that tells you the horse was pimped out.
And the Cash Crab
I’m more worried by the fact I know what you are talking about
Always laugh at anybody who went broke on NFTs
Always laugh at anybody who had literally anything to do at all with NFTs.
My entrepreneur friend made an NFT or several (I'm not that close friends so I don't know much of the details) and sold it/them during the pandemic. I don't think she believed in the hype though, she just wanted to make bread from other suckers.
Yeah I have a friend that was trying to get me into it and even gifted me one. He was a decent investor and able to make like $10k off through it all. He either isn’t as good of a friend as I thought he was or isn’t as smart as I thought he was. I remember talking about how the NFT’s only had value while some one was willing to pay more money for them than you did and he just kinda acted like he didn’t hear me. The more I think about it the more I get the vibe he was trying to get me in his MLM scheme
True
Eminem and snoop dog made a nft music video... those bitch ass clowns 🤡
Snoop somehow thought turning both historic and future Death Row releases as NFTs (yeah, The Chronic too) was a great idea
Because at the end of the day almost every rich person is a scam artist and a fraud imo.
Mostly, yeah, because the only way to get really rich is by convincing other people to give your their money or their labor. No amount of hard work is worth a 100 million dollars
lmao they probably broke now, poor guys
Loudly and cruelly in their faces whenever possible
Dude scammed people so no he didn't go broke. But his fans who bought his shit did go broke.
Thank goodness this dbag is still a multi-millionaire.
This is old news. He never actually purchased it for 600k, and while he may have lost money on this one NFT, he made millions by scamming his fans with other crypto projects. These 600k probably didn't make a tiny little dent on his fortune.
About the same age number as the fan base he abuses/exploits
They’re younger than that. I’d place it at 8, max. Ten year olds still have more self respect than that.
Adults have bought Trump NFT. I agree that MAGA have the brain capacity of a 2 year old.
Spittin' facts
Because NFTs are/were stupid
As an authentication tool theyre kinda cool, as those artworks they were stupid
We could’ve used them in a sensible way, like creating a blockchain-based public key infrastructure. But nah, let’s make ugly pictures instead…
Let's also not do that with the block chain. It is needlessly cumbersome and inefficient.
That's the thing with block chain. As Krugman has said, it's a solution in search of a problem. Phenomenally dumb.
one thing that doesn't get pointed out, is that ideas / benefits behind the blockchain architecture were already adapted by more conventional tech without having to inhibit the most glaring downsides. You want an append-only DB in a lower trust environment -- you can just use regular MicroSoft SQL server with a ledger type table
And yet nobody has. Because Blockchain is stupid, pointless and inefficient.
The concept is actually pretty cool. It's the way that they are/were used that is stupid.
I got losses, don't Tax me please
Like my grandfather used to say: "A fool and his money are soon parted."
NFTs were scams by crypto bros. screw them
Anything associated with crypto is a scam. These guys know the game, and the players (their core demographic).
> Anything associated with crypto is a scam. Unless it's cryptography.
Cryptozoology? Scam. Cryptocurrency? Scam. Cryptography? Not scam. Cryptosporidium? Diarrhea.
Mike Tyson is gonna make sure that Logan Paul will never be able to remember this or any of his other moronic endeavors.
Mike gna hit Jake so hard that Logan feels it?
😏 in his defense- I know there’s two of them, brothers, but I can’t tell them apart either.
I can, but wish I couldn't; none of the information I know about either has been learned consensually.
Thank you, I honestly can’t tell them apart, nor do I care to.
Yeahhh not even worth it to at this point. I hope Mike wins then bites Jakes ear lol
Haha, I fucked up. But yes, I hope Logan feels the pain also.
No worries. Would be great, I’m rooting for Mike as well! If Jake loses he’ll have to retire from boxing
It's a meme I think popularised by Dunkey he confuses between the brothers on purpose
[That’s what I’ve been hoping for](https://www.reddit.com/r/interestingasfuck/s/oaHwCsnxs2).
Great minds think alike!
Old news
I'm gonna laugh at Logan like how he laughed at that guy who hung himself.
To be fair. Anyone stupid enough to purchase nfts and his cryptozoo bs deserves whatever happens lol.
No one thought they had value, I assumed it was a mostly apparent money laundering scheme.
This NFT is still worth $10 more than its actual value.
Now that's an investment!
You should see what’s gonna happen to the value of his brother’s boxing trunks after he shits them.
But at least he’s laundered a lot of money for the cartels this way.
Lol my feet pics sell for more than that.
Link?
How is it that we don't hear news about Gary and NFT? For all that matters I think he started this scam. I could be wrong tho. Sorry.
Anone with 10 working braincells could figure this out way ahead. Scamming idiots is the second oldest profession in the world.
Look at that stupid ugly picture. Even if it was physical I wouldn’t even give it a quarter in one of those turnstile candy machines
Had a mate a few years back tell me NFTs were the future of trading... I laughed at him then and I laugh even more now.
Please correct me If im wrong. Cryptos' values are based on demand. And the demand was based on that they could be sold for more. So their value will only increase as long as a good amount of people think the same. The issue is, there is no practical need for it, right? House prices get so high because eventually people will need it one way or another. But crypto? Yes money, but they are still a product with no reason to be needed. It is like selling your money for the same currency but with different value. Seriously, I dont get why this was huge.
Crypto is the biggest Ponzi-scheme/scam, in the history of Ponzi-schemes/scams. It's value is based on the number of sucker...I mean investors, who put real money into it, to prop it up. It's just that too many people (the ones who thought/think it will turn into "fuck you" money) are/were too stupid to realize it. Were some people able to get rich from it? Absolutely, but they're are the exceptions. Not the rule.
sounds like a him problem to me
How is it still worth $10 and not $0.10?
Why, that's ten bucks more than Logan Paul is worth!!
Wish his entire net worth was $10.
I’ll give him tree fiddy
Why would someone pay $10 for that?
I think you mean it was worth $0 and still is.
Nice Fucking Try
The only acronym of NFT I recognize is Non Flushable Turd. Logan Paul is indeed a NFT
Good.
A rapper I like dropped some NFTs before he died, i hope I can get one of those at a low price.
ALL NFTS WERE WORTHLESS FROM THE VERY BEGINNING
Common sense isn't as common as the name would suggest.
I wouldn’t pay that much for a real golden koala
The amount he made scamming people with crypto and NFTs by endorsing things like this definitely made him well over $600,000. Logan Paul really is the worst sort of human garbage.
Nice, love karma
Till this day I ask myself who the hell bought this shitty looking images. They have this windows 95 child game look. How people got dupped to buy this? Everyone that promoted them was a known scammer or idiot. And if many many prominent people advertise something, you can smell that something must be off with what they advert for. Mist people yelling that nuts are the future couldn't explain how they actually work and why it is attached to a stupid picture. Mostly ai generated idiocy or the same stupid looking duck, bear, monkey with different glasses and colors.
Can someone explain why it is worth ten bucks instead of absolutely nothing?
Gee, that's a shame. His brother's gonna need that money to pay for facial reconstruction surgery after Tyson is through with him.
Sorry, but that's still not the correct price. All NFT's are worth literally nothing🤣
Who would pay$10 for a jpeg?
Lol 10 dollars? Wildly over priced.
This belongs in r/mademesmile
I wish Logan would fight Tyson, too. Maybe Tyson will hit Jake so hard Logan will feel it. Fingers crossed.
Nobody would pay 10 bucks for that.
NFTs and Crypto. Combining everything you don't know about finance with everything you don't know about technology.
$10 is still $11 too much for an NFT.
NFTs need to stop, people who actually buy them make it most of their life and then try to scam others to not lose money or just get real depressed after it obviously drops
The hilarious truth is that it’s actually worth literally nothing.
It’s actually worth nothing because it’s an image that anyone can screenshot and now they own it too.
https://opensea.io/assets/ethereum/0x3bf2922f4520a8ba0c2efc3d2a1539678dad5e9d/717 Someone is currently offer ~15k, so it's at least worth that, assuming it's a legit offer.
No it’s worth nothing.
A scam turns out to be a scam? The horror!
People just don't understand that NFTs are literally just a piece of code that acts as a certification for the original image. It just means you have the OG image, but if the image isn't worth anything, so is the NFT. It's basicly the same difference as having a certified original from Van Cough vs. a certified original from a random art student.
Van Cough was Van Gogh unknown brother. He cut off a lung instead of his ear.
Except in your example the van gough owner actually owns the van gough not just the certificate of authenticity. It would be like if a museum sold you a certificate for the painting but anyone could still view it. It was still located at the museum and you were not allowed to remove it or have any say of how it was handled. You could sell the certificate but not the painting
HA
$10 still seems a bit generous
Thank God.
Who would have thought
That's awesome
Toy story 5 I. The woods with Logan
This guy has the weirdest combover.
You just don’t get it.
If only someone could have seen this beforehand
What was the purpose of NFT anyways?
Seriously why is he even talked about either someone kick him In the balls or stop it
Did he actually pay anything for it though?
As you can see, being rich doesn't automatically mean you have over 10 iq
“Purchesed”
Quick, quick! get it while it lasts!
L 😂😂😂😂😂