You would think buyers would be at least a little skeptical of sinking thousands into an asset class a hacker stole millions of dollars in a scam just last week, but then, little seems to make sense in the NFT community these days.
The Bored Ape Yacht Club NFTs were stolen last week, but the interest in the latest Bored Ape drop was so high that the entire ethereum block crashed temporarily.
Bored Ape is working with Yuga Labs to create a metaverse called Otherside. 100,000 land deeds were sold for plots in the upcoming virtual world and a new NFT collection was launched. It is estimated that the world will have 200,000 plots of land.
Beanie Babies did the same thing back in the 90s, so it's kind of wild to see so many happily march down the same path. Over-saturation, fakes and lack of imagination caused the inflated prices of an asset class. It's hard to see how the assets that are rife with scandal, scam and environmental destruction could ever be more successful.
It is a question of who will be left holding the buck when the market inevitably crashes, and right now, the complaints are rolling in from everyday people who can't smell all that blood.
A major NFT project is falling apart in a storm of lawsuits.
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