When I first learned about NFTs I figured I was simply too stupid to understand it. There was simply no way it was as dumb as it sounded.
Turns out I was right, it was way, way dumber than it sounded.
this post was submitted on 15 Mar 2026
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Art is money laundering for the rich.
It all make sense now, doesn't it?
Throw back to Banksy setting a trap in 2006, and springing it 12 years later:
"We’ve been Banksy-ed," Alex Branczik, Sotheby’s head of European Contemporary art said in a press conference after the incident. “I’ll be quite honest, we have not experienced this situation in the past, where a painting is spontaneously shredded upon achieving a record for the artist.”
Now that... that's fuckin' art right there.
I love the rest of the article entirely missing the point of Banksy doing that being a surprise.
There, you idiots, frame that image.
They keep referring to Banksy as "he." We don't know if Banksy is male or female though, correct?
~~As far as I know that's correct, nobody knows who Bansky actually is.~~
... Is what I was going to say.
What astoundingly serendipitous timing.
https://www.reuters.com/investigates/special-report/global-art-banksy/
TL:DR
First posted on the 13th, picked up by other media roughl 6 hours ago, Reuters released a special investigative report, and they believe Bansky is:
... are you sure? ...
Robert Del Naja, the frontman of Massive Attack.
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This fake art for sure, and so much that people start to think monetary value is what is important in art.
There was an experiment where someone set up a high class shoe store in a nice location. They took cheap shoes from discount stores and marked them way up and put them on some nice display racks. People bought them.
Expensive = good...to some people.
Genius! When they come back to complain about the craftsmanship or return them, the place will have never existed.
Checkmate, bourgeoise. XD
So how is he laundering money now with it?
There are lots of legitimate but boring uses of NFTs, just not the kind that make the news like pictures of monkeys.
Name one... 😅
No there isn't. There's lots of ways you can shoehorn NFTs in, but it's always a poor fit. People always try and claim that NFTs will solve some sort of problem that is already solved with existing technology.
There is no problem NFTs can solve that can't also be implemented much more cheaply and effectively with an SQL database from the 90s.
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I actually had this whole period where i would be doing something and I'd think to myself "Surely i misunderstand NFTs" then I'd stop what i was doing and check.
It went the way it usually goes if anything is used exclusively as a subject of speculation. NFTs were meant to represent things, but people inscribed "value" in the representation instead. As if the housing market suddenly exploded the day someone invented writing its owner on a piece of paper.
I literally emailed a bunch of people doing wildlife conservation and begged them "This is a bubble. Please sell cheesey lion photo NFTs for money. This won't last."
I mean, look at the bright side. Someone scammed Logan Paul out of $635,000.
I wouldn't be surprised if someone at the top of the scam pyramid paid influencers to "buy" NFTs to try and kick off sales.
Now that you mention it, I better put on some welding equipment before looking at that side.
Tap if you don't get it
To avoid eye damage from how extremely bright it is
He bought it for the headline.
... or because he needed to sink a $600k investment loss for tax purposes
Why not both?
Hahaha remember when they said nfts were going to be valuable because the artists involved were so innovative and cool? Then now the next GPU-selling trend is to rip off artists.
Future US Senator, folks! Truly a country of serious people.
ETA: $155 is still comically high.
Today it’s ON SALE for $150. In reality it’s worthless.
I first heard about NFTs and I thought "wait...so you don't have any control over who sees it or any copyright of it...you're only listed as the owner." then when those pictures of the monkeys with glasses and hats started being sold for millions I thought, "oh so this is a game of hot potato...last person who has it loses"
how about this take? logan spent 635K on a publicity stunt and 5 years later you muppets are stilll tweeting about it, pretty good return id say
Correction: today it's worthless and in 2021 it was worth nothing.
Nice. I love seeing rich cunts making poor choices.
Is it really worth $155, tho? Did someone actually buy it for that much? Or is it actually worth nothing since nobody is willing to buy it? 🤔
I'd guess that 100% of its worth is down to Logan Paul having owned it.
The concept of an NFT and the security of purchasing isn't worthless. The fact that people with too much money bid up and purchased any old crap available as a NFT was and always is idiocy. That crap reverting to worthlessness when it wasn't worth anything to start with is reasonable. Some people were able to make a ton of money with that hype. Same as they now are on AI.
NFTs were a vehicle to launder gains from cryptocurrency.
dude probably took the loss as a write off and gained millions in clean liquid cash.
Just means when he sells it he will have quite a bit of capital loss to offset any gains he made.
Would have been better off donating to charity
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