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Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.
(markets.businessinsider.com)
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this post was submitted on 21 Sep 2023
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You can use this logic to explain away any other ponzi scheme too.
It's not really logic, and I don't think it's defending anything, it's just the definition of monetary worth.
For better or for worse, stuff is always as valuable as people consider it to be. Which may be related to how useful that stuff is, but often is not.