‘Financially Crippled:’ Celebrity NFTs Leave Fans and Investors Broke

PatMiles

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Floyd Mayweather
AP Photo/Invision/Dan Harr
Lucas Nolan23 May 202293


In recent months, NFTs (non-fungible tokens) have become increasingly popular with many celebrities promoting their own NFTs. Now, many fans who invested in digital tokens promoted by their favorite stars are financially “crippled.” One investor believes that celebrities “took their payouts and moved on while everybody who scraped by to invest in their futures got robbed.”
NBC News reports that many investors who purchased NFTs promoted by popular celebrities have found themselves financially ruined. NBC News tells the story of a man named Tyler who purchased a “Bored Bunny” NFT promoted by champion boxer Floyd Mayweather.
NFT band Kingship
NFT band “Kingship” (UMG)
Tyler invested $12,000 into the NFTs, which are just a series of images of rabbits similar to the popular Bored Ape Yacht Club that grew in popularity as NFTs became more prominent in the crypto space, based on Mayweather’s endorsement of the project.
The Bored Bunny NFTs are now worth much less than the $12,000 Tyler paid. “This basically financially crippled me,” said Tyler. The 35-year-old property manager is now struggling to pay for basic necessities like gas and groceries. He feels that Mayweather and other NFT promoters “took their payouts and moved on while everybody who scraped by to invest in their futures got robbed.”

Madonna NFTs (Beeple)
The Bored Bunny team was promising returns of “2x, 5x, maybe even 10x the value of [their] investment,” for investors. But the value of the NFT project dropped significantly and has yet to recover, with the floor price of a Bored Bunny NFT sitting at 0.05 Ethereum or $104.09, a major drop from its mint price of 0.4 Ethereum — $1,504.54.
The Bored Bunny founders have denied any wrongdoing and Mayweather has declined to comment. But this is an ongoing pattern in the crypto space, especially with NFTs. The practice is referred to as a “rug pull” in which new NFT projects are promoted with high-profile endorsements that sell a large number of NFTs that promptly lose most of their value.
In 2021, Breitbart News reported that singer Grimes – real name Claire Elise Boucher – successfully sold a collection of NFTs for $5.8 million in February. But while the cost to buy one of the 303 NFTs in the collection was initially around $7,500, some recently traded for as little as $1,200, an 84 percent drop in value.
Gauthier Zuppinger, the chief operating officer of NonFungible, commented on the trend of celebrities losing money on NFTs stating: “From what we’ve seen so far, most of these collections don’t have much liquidity, which is one of the two ways for NFT collections to die: lose value or get frozen. It’s probably too soon to draw any conclusion for now, but it looks like these were more experiments than truly valuable collections.”
Fans who have invested in NFTs of naked Madonna may be in for a rude awakening.

Hilarious!!!
This takes a special kind of stupid person!!
 

mcameron

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    So someone explain this NFT shit to me like I'm a retard....because I've been reading for 20 minutes and still have no idea wtf they are.

    From what I understand, they are essentially digital pictures with an attached serial number so you can be sure you have the "original" digital picture and not just a screen shot copy?

    Some retard listened to a retired boxer for investment advice and bought $15k in digital pictures of rabbits, and is pissed he got scammed because he thought it was gonna be the next fad and he would cash in?

    Do I have that right?
     
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    moaorbust

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    So someone explain this NFT shit to me like I'm a retard....because I've been reading for 20 minutes and still have no idea wtf they are.

    From what I understand, they are essentially digital pictures with an attached serial number so you can be sure you have the "original" digital picture and not just a screen shot copy?

    Some retard listened to a retired boxer for investment advice and bought $15k in digital pictures of rabbits, and is pissed he got scammed because he thought it was gonna be the next fad and he would cash in?

    Do I have that right?
    Yep. That’s my understanding too. NFT is a scam.
     

    TurboTrout

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    And fool is parted with their money

    How that shit ever seemed like a good investment is beyond me, I mean I’d maybe buy one for like $20 just for kicks, but as a “investment” 😂
     

    458win

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    Play stupid games, win stupid prizes.

    Where NFTs shine is money laundering. Say you got 100k of ill gotten gains. Perfect you make a NFT, since there’s no real set value you can price it however you want. So you purchase the NFT you created from yourself for 100k. Now all of a sudden your money is clean.

    This used to be done with expensive wine and art but IRS got wise to that.

    If you’re dumb enough to buy a NFT for an “investment” then there’s no hope for you.
     

    TurboTrout

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    Play stupid games, win stupid prizes.

    Where NFTs shine is money laundering. Say you got 100k of ill gotten gains. Perfect you make a NFT, since there’s no real set value you can price it however you want. So you purchase the NFT you created from yourself for 100k. Now all of a sudden your money is clean.

    This used to be done with expensive wine and art but IRS got wise to that.

    If you’re dumb enough to buy a NFT for an “investment” then there’s no hope for you.

    But how do you get your I’ll gotten gains out of a NFT of a chick with a tree growing out of her snatch, if no one is willing to pay anywhere near that for it?

    Now I could see bribes, like hunter selling those shitty paintings, or scotus Amy’s “book deal”.

    Say I’m on a City Council and you want to build a building, I make NFT of a dog pooping, you buy it as a investment for $90k, I approve your plans.
     

    DeathBeforeDismount

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    Same as crypto. Its a ponzi scheme idiots throw money at. Its absolutely nothing, in fact, it has negative value since it took energy to produce something worthless.
     
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    458win

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    But how do you get your I’ll gotten gains out of a NFT of a chick with a tree growing out of her snatch, if no one is willing to pay anywhere near that for it?

    Now I could see bribes, like hunter selling those shitty paintings, or scotus Amy’s “book deal”.

    Say I’m on a City Council and you want to build a building, I make NFT of a dog pooping, you buy it as a investment for $90k, I approve your plans.
    It’s your NFT so basically you’re just buying it from yourself. Dumb and smart at the same time. I think something happened along those lines for the yacht NFT that sold for 500 million or whatever.

    The city council situation is spot on as another way to do things.
     

    TurboTrout

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    Same as crypto. Its a ponzi scheme idiots throw money at. Its absolutely nothing, in fact, it has negative value since it took energy to produce something worthless.

    Crypto was never intended for what it is today, intend to not be FIAT sure, but it was always first and primary mission was a way buy things without the prevy eyes on the gov being on it.
     
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    The D

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    So someone explain this NFT shit to me like I'm a retard....because I've been reading for 20 minutes and still have no idea wtf they are.

    From what I understand, they are essentially digital pictures with an attached serial number so you can be sure you have the "original" digital picture and not just a screen shot copy?

    Some retard listened to a retired boxer for investment advice and bought $15k in digital pictures of rabbits, and is pissed he got scammed because he thought it was gonna be the next fad and he would cash in?

    Do I have that right?
    This is essentially how I understood it when some friends started explaining it to me when it first became a thing. I guess I do understand it correctly, and also understand the money laundering aspect of it as well. Where I’m really falling into an abyss is understanding why other people can’t see that they’re just giving their money away.
     

    The D

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    so basically we're talking higher-tech beanie babies?
    Not even that. Beanie babies were actually a thing that were scarce and held some sort of value(for whatever fucking reason…). An nft isn’t a scarce resource at all
     
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    Bender

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    You guys don’t understand, this is bigger than just a bunch of dumbasses with stupid pictures. This is literally how money is laundered, the art scene has been doing this for hundreds of years. Do you want to launder your illegally gotten money? Just go buy a piece of art, or sell a piece of art. Boom instantly washed money.
     

    Eostech

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    So someone explain this NFT shit to me like I'm a retard....because I've been reading for 20 minutes and still have no idea wtf they are.
    Through a lens of retardation is the only way you can look at nfts, because they sure don’t make sense otherwise.
    People pay real money for nothing and are actually surprised when they get nothing.
     
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    armorpl8chikn

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    Which reminds me....
    So this crypto enthusiast goes to a known house of ill repute. He knocks on the door.
    A woman asks him through the door, " Whadya want?"
    He says, "I want to get fucked."
    She tells him to slip 50 bucks under the door.
    So a few minutes go by and he is pretty frustrated and knocks on the door hard.
    The woman says, "Whadya want!?"
    He says "I WANT TO GET FUCKED!"
    She says, "Again?"
     

    65x55guy

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    Through a lens of retardation is the only way you can look at nfts, because they sure don’t make sense otherwise.
    People pay real money for nothing and are actually surprised when they get nothing.
    Lucky for me I’ve never looked outside of my lenses! Constantly prepared!
     

    KZP

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    So someone explain this NFT shit to me like I'm a retard....because I've been reading for 20 minutes and still have no idea wtf they are.

    From what I understand, they are essentially digital pictures with an attached serial number so you can be sure you have the "original" digital picture and not just a screen shot copy?

    Some retard listened to a retired boxer for investment advice and bought $15k in digital pictures of rabbits, and is pissed he got scammed because he thought it was gonna be the next fad and he would cash in?

    Do I have that right?

    It's dumber than that. Majority of NFT's are simply a hyperlink to a server somewhere. The content at the destination can change at anytime or vanish.

    It's like me selling you my home address written on a napkin for $12k. You can't get in the house, you don't own the house, you simply have a napkin with the house's location written down. The house could get torn down or replaced. Anyone else can stand on the sidewalk next to you and see the house without owning the napkin. You just happen to be the idiot that paid $12k for a napkin with scribbles.
     
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