22nd December 2022, 3:02 PM
There's a lot of rumors about it being used for money laundering. There's probably some truth to it. However, by and large most NFTs are an investment pyramid scheme. They exist to be speculated that they might increase in value. No one bought an ugly ape because they thought it genuinely looked good. They just hoped they could resell it for more down the line. The only people profiting from it are the first people to come up with the idea, the minters. The rest are the suckers.
"On two occasions, I have been asked [by members of Parliament], 'Pray, Mr. Babbage, if you put into the machine wrong figures, will the right answers come out?' I am not able to rightly apprehend the kind of confusion of ideas that could provoke such a question." ~ Charles Babbage (1791-1871)