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.

  • IWantToFuckSpez@kbin.social
    link
    fedilink
    arrow-up
    14
    arrow-down
    8
    ·
    11 months ago

    Love how the NFT hype was a big wealth transfer event. So many rich people, like wealthy oil Arabs, bought into the scam and moved so much money into artists pockets while they essentially got nothing in return.

    • triptrapper@lemmy.world
      link
      fedilink
      English
      arrow-up
      26
      ·
      11 months ago

      Is there any way to confirm this? Or are there examples of artists who made a significant amount of money from NFTs? I understand its potential benefit for artists, but I mostly remember already-rich corporations (e.g. UFC) using them as another way to extract money from consumers.

      • IWantToFuckSpez@kbin.social
        link
        fedilink
        arrow-up
        2
        arrow-down
        1
        ·
        edit-2
        11 months ago

        There are curated NFT auction sites where only selected artists are allowed to sell their work. And you can see for how much they sell their pieces. During the hype many sold items for thousands to tens of thousands or more. Also there is Beeple who rode the hype early from the start and he became a millionaire.

    • lunarul@lemmy.world
      link
      fedilink
      English
      arrow-up
      7
      ·
      11 months ago

      My favorite is Murakami, who after selling NFTs he made paintings after all all of them. So which one is the “original”? The actual physical painting, or the digital NFT?

      • yeather@lemmy.ca
        link
        fedilink
        English
        arrow-up
        4
        arrow-down
        4
        ·
        11 months ago

        Technically, the NFT. In reality, the physical. Is a lot harder to brag about your art assets if you have to log into your pc to show them off.