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Originally Posted by lezinterracial
I wonder if the NFT dealers are buying some of the NFTs themselves, Then putting out stories about the big wins, to try and draw more people in.
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Yes, that is how it works. And you can see how effective it is when so many people apparently can't see right through it.
1. Run a script to generate 10,000 garbage avatars nobody would be seen dead using for free a year ago.
2. Create the hype by buying a few of them with the boatload of ETH you bought in 2018 when it was 40 cents. Maybe even resell the NFTs to yourself again for more hype.
3. Watch idiots falling for it, wasting real money to either "mint" their own dogshit nobody will buy, or buying previously hyped up trash.
Everything is hype in crypto, because there is zero real value. A decade ago people bought bitcoin and spammed forums, now it's this.
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example: You own an NFT exchange. Nobody is interested, You pay Beeple for an NFT for 69 million. Then everybody wants to use your exchange. People everywhere start paying your exchange to put up pictures of their backyard. This also brings in more "investors/gamblers".
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With that case the buyer already owned some Beeple art and created a token spuriously related to it, B20, which he owned 59% of and Beeple owned 2% of. No prizes for guessing when the unbelievable Beeple sale occurred on this chart:
You can read about it here:
https://amycastor.com/2021/03/14/met...t-defi-scheme/
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What keeps me from saying I have the NFT to the Brooklyn Bridge? Can I sell an NFT to the same thing on multiple exchanges?
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You can sell whatever you want, whether you own it or not. You'll be wasting your money 99.9% of the time, but that's how it 'works'; you're not selling a bridge you're selling 'NFT' saying you own the bridge. And you can make as many NFTs as you want saying other people own that bridge.
And you know how the entire point is it's a decentralized system to categorically prove who owns something?
Well if you ever transfer an NFT to someone else but you change your mind and refuse to accept that it's not yours any more,
just cry about it on Twitter insisting you are the real owner, overriding the word of the sacred infallible BLOCKCHAIN, and the creator of the art and the NFT exchanges will denounce it as worthless.
As usual in cryptoworld "decentralization" doesn't actually mean shit.