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@elilla @mynameistillian for further information check out Dan Olsen's work. these are fantastic explainers, so much so that i joke that he's the one who burst the NFT bubble
NFTs
https://www.youtube.com/watch?v=YQ_xWvX1n9g
The Metaverse
https://www.youtube.com/watch?v=EiZhdpLXZ8Q
Finance bros on the stock market
https://www.youtube.com/watch?v=5pYeoZaoWrA&t=5272s
the first is the most relevant, but the other two delve into the same sorts of guys doing the same sorts of tech bro finance shit
@elilla @mynameistillian all in all it was a hyper-capitalist, hyper-individualist scam that used cult tactics to extract as much money as possible from the poor fools who bought into it. said fools were ofter motivated by the crushing economic pressure we're all struggling with, but they were also people who ultimately were comfortable getting their money by selling to a bigger fool. in essence, most NFT bros were both victim and victimizer. it's the purest distilization of capitalist dynamics
@elilla @mynameistillian the true believers are the biggest marks of all who believe in NFTs as a lifestyle and technology. generally they're indoctrinated into the cult and become beholden to its ideology
NFT bro culture has extreme toxic positivity problems, because for a project to succeed, for the asset to go up in value, people have to be excited for it. if you've bouth it you need other people to be hyped for it, so any negativity or reasoned analysis is taboo. everyone has to shill 24/7
@elilla @mynameistillian the wannabes are the dumbasses who see the grifters geting rich and want in. they don't have the resources to make a scheme popular, so they are dependant on catching an NFT project mid boom and then sell before it crashes. they like to think themselves smart investors, which makes them easy marks. unlike the grifters they don't have the connections to know when the people running a particualr grift are going to cash out, taking all the money with them
@elilla @mynameistillian "i bought this NFT for $200 and then sold it 2 weeks later for $2000! imagine how much it will be worth in a year! buy now while you still can and you can get rich with me! please don't consider that i just sold it to myself and that nobody would actually buy this shit for that amount for real. just give me $500 for this other NFT - that's a bargain when the are selling for as much as 2k. you can't afford to miss this chance!"
@elilla @mynameistillian we can divide NFT bros into 3 types: the grifters, the wannabes and the true believers
the grifters have the money and connections to market their NFT crap and make it look like the next big thing. these types have people like mr beast endorse it or they make deals with famous artists or whatever. they have the money to do wash trading: buying their own asset from the themselves for a huge sum to fake interest in the market
@elilla @mynameistillian 100%. part of why NFT bros got so culty is that once they bought in thier investment became entirely dependant on the price of the asset going up, which could only happen if more people kept buying in. to profit off your asset you had to sell it to someone for more than you paid for it, so you need to convince everyone else that it's super worth it. it has to be the future. you want in too, right?
@mynameistillian don't. they were warned. they chose to ignore all warnings and insult the people who tried to tell them this was the inevitable outcome. they chose this
@mynameistillian if you were a taylor swift type and you were given a special deal to buy an asset you're told has a value potentially in the millions at super cheap and were told that the more people interested in NFTs the more valuable it'd get, then why not shill it? you're a soulless rich ghoul and you have no respect, so why not? especially since if you sell it the fact that it was owned by a celeb would theoretically increase the value more, right?
@mynameistillian a lot of them were paid to endorse NFTs, being sold ones for virtually nothing. a lot of those celebs did it for the attention or because they were convinced it's make them appear trendy or because they were trying to get in on the scam too. some may have even been true believers, but i won't expect that of most of them.
