The biggest L in history

NFTs crashed and are now worth nothing who could have predicted that
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[@FreddyFazbear12]

Let’s face it NFTS were shite from the start but I think we all enjoyed watching it slowly decay in its own asylum cell.

[@jammybot2529]

Yep

[@roboterrr]

Freddy Factsbear

[@breatheproof]

Fdaddy fazbaby

[@DanteBreaux0]

Not the ones that bought them 😂😂

[@Birdanerd]

Not really.... NFTs work great as start up for web 3 projects as well as those that provide genuine utility, revenue share or even just a way for a digital art to get out there, the problem was every con artist jumped in as crypto defi is still the wild west with next to no regulations.

[@wozzywick]

When NFTs first happened I actually thought it was a good way for digital artists to make money. It’s a shame none of them had any real artistic value.

[@MyRegardsToTheDodo]

It wasn't the artists who made the money, though. Basically anybody was (or still is) able to turn a picture into an NFT, they don't even have to own the copyright.

[@Subjagator]

Artists make money by selling pictures to people who want to buy those pictures. Turning the pictures into NFT's is an unnecessary step in the process. It doesn't make it easier for the artist to make the picture and it doesn't make the picture better for the person buying it. The technology has some interesting uses if developed correctly but none of those uses revolve around shitty computer generated pictures of monkeys.

[@wozzywick]

@@Subjagator Traditional paintings hold more value because they are an individual item. I thought NFTs would give creators of digital art that same opportunity. Clearly I was wrong but that was how I viewed it when they first appeared.

[@Subjagator]

@@wozzywick Of course, I imagine a lot of people thought the same. Value really depends on what the person buying it wants to pay. A good painting by a famous artist can be worth a lot of money if someone wants to pay a lot for it. A good painting by a nobody could be worth next to nothing. Likewise a random poster that is mass produced could be even more expensive than an individual painting by an artist if nobody wants to really pay anything for that painting. 'Uniqueness' as a property isn't actually intrinsically valuable.

[@wozzywick]

@@Subjagator Of course the value of anything is what someone will pay for it. My comment about individual items having more value is fair though. An original painting is worth substantially more than an almost identical forgery. This is because its the original. With digital art, there is no original- I had thought NFTs could fulfil that purpose.

[@cvtt3194]

It's almost impossible to believe that someone actually paid $115 for that.

[@philscott3759]

This.

[@Jetsetbob3]

Yeah, it's like paying for porn.

[@pfpchad2747]

I would have happily paid $115 for that. It will likely be resold for 40K+ at some point. It might have also been the person selling it to himself via a different wallet.

[@philscott3759]

@@pfpchad2747 Lmfao.

[@joelspaulding5964]

​@@pfpchad2747Please say this is sarcasm.

[@fangal12]

I told my son I was going to buy him an NFT for his birthday. He told me he would disown me. I've never been more proud to be his mum 😢

[@mr.reggit4060]

There is a guy at my work that is still convinced that NFTs are the future. Hats off to whoever scammed these idiots.

[@ChickenMcThiccken]

NFT's are part of the blockchain. your friend is not wrong.

[@hampopper3150]

@@ChickenMcThiccken Yep more reason why blockchain is worthless.

[@4ndyr0g3r50n]

As someone who used to work for an investment company I will say this: Always try to buy something that produces wealth (e.g. shares in a profitable company). Never pay more than the instrinsic value for something (i.e. avoid paying £300,000 for a picture worth about £5) and never ever buy something you don't understand.

[@AlexLangerak]

gurl/boi, i swear to god, the first thing i saw in NFT'S was "how the heck does that even generate value?" and when they told me it was mostly about innovation i asked "how that innvoation works?" and they said the whole metaverse thing, i already saw the scam. No one would want to go to this dystopian nightmare.

[@deadlystalker7483]

​@@AlexLangerak just say "bro" ti's universal👍🤝

[@UltimateGattai]

​@@AlexLangerakI asked myself the same question, and then I tried to view it as fine art. I still couldn't justify how NFTs could hold value.

[@jdraven0890]

Same advice applies to collectibles: only buy what you understand, don't buy just to speculate, buy what you'd be OK with owning even if the price dropped to zero

[@Don-ds3dy]

I understand that when over half of a community are lazy scammers that the product probably isn't worth it.

[@alecstronach]

I think telling a commercial airline company that they're "going to fall" is ominous af and that guy should be put on a list lmao

[@Immanuel_Kant_Enthusiast]

I remember my dad was doing an investment kick and asked me whether he should by an NFT I’m so relieved I managed to talk him out of it 😭

[@MyRegardsToTheDodo]

As a rule of thumb I never invest in anything I don't understand. I understand crypto and NFT, and I still don't invest into it. Both are basically a pyramid scam.

[@skystoyhunts7225]

Thank you for helping him not buying one

[@jdraven0890]

So glad for you, my friend was not as lucky - he got into NFTs on the advice of one of his sons, and the stuff he was buying made absolutely no sense

[@Aceburn5]

W

[@johnroach9026]

@@MyRegardsToTheDodo Worse than a pyramid scheme, a bubble

[@questioned54]

I don't think most people realise that when you buy an NFT, you aren't buying the art, you are buying a token that says you own the the art but because the NFT buyer isn't buying the image, taking a screenshot or using save image as doesn't have anything to do with the actual token. However, the fact that an NFT doesn't contain any sort of art makes it worth even less and even more stupid that people bought them.

[@dowhatmakesyouhappiest198]

So does that mean nft bros cant even be mad at people screenshotting their nft bc they dont even actually own the art?

[@questioned54]

@@dowhatmakesyouhappiest198 exactly, nft bros are so stupid

[@JoshSweetvale]

​@@dowhatmakesyouhappiest198Copyright says nope. NFT holders don't hold the attached image. "Smart contracts" don't inform consent.

[@jackalenterprisesofohio]

So basically Nfts are the recipets you get when you finish shopping.

[@brandonng2883]

Or in simplest explanation: buying NFTs is just buying receipts.

[@stevenpike7857]

I criticized this when it first came out, and they kept saying, "stay poor." Now I have my money, and they lost all theirs.

[@Ziegfried82]

After the NFT thing came out I sold all my ETH, basically betting against the whole thing. Needless to say I was right LOL!

[@jejjej8173]

The real money maker in NFTs was marketing. Gary Vee and Andrew Tate and all those guys are just expert promoters and have no real business skills

[@rgw5991]

it was a fraud

[@SarahSoupster]

I mean, Andrew tate *does* have business skills, they just involve human trafficking

[@boomboy4102]

tbf id call marketing a pretty major business skill

[@mitterios2827]

When did Andrew promote nfts?

[@InfinityRektic]

i made 100k marketing them on discord lol

[@aspergianstoryteller6204]

I feel sorry for the people who share finances with NFT buyers. Imagine one day your partner says 'Hey babe, you know that money we were saving for house? Guess what! I spent it on an NFT! We can sell it next year and buy an even bigger house!'

[@isaacgogna9856]

The craziest thing was that the creator of nft’s came out on multiple occasions to try and tell people that he never figured out how to actually make it work the way he intended and that he was never able to include the image in the blockchain (which is the whole point) and instead was only able to include the link to an image. So all these dudes spent thousands and thousands of dollars to own a link to an image which you can just have for free.

[@ilovewomen1892]

It’s actually insane though, these people will pay thousands of pounds for some shit images but if you want art that bad there are thousands of talented artist you can commission for like £50??? It’s just stupid 😭

[@Subjagator]

They didn't want the art though, they wanted to get into a get rich quick scheme.

[@questioned54]

An NFT isn't art, it's a token so unlike buying digital art NFTs quite literally don't exist

[@JoshSweetvale]

It's not even the art you buy. It's the coupon that you own the image. And not even that is entirely correct because it's not copyright. ...ask Legal Eagle.

[@OmniversalInsect]

@@JoshSweetvale Insane how they spend that money without checking if they even get legal ownership of the image.

[@JoshSweetvale]

@@OmniversalInsect It's deliberate, willful ignorance. A half-hour KZbin video about blockchains and copyright should explain it.

[@rigelb9025]

Of all things, the 'Bored Ape' concept could not have been more well-chosen to capture the sentiment that went into creating this product.

[@dylanwhite6539]

My only regret when it comes to NFTs is not having jumped in early and making a few mil off like $50

[@jdraven0890]

Yep. But having made that and not knowing the future, would you have sold at the right time?

[@cuseyeti_one8three]

This is how they sucker you. This exact thought is why these pyramid schemes work. Everybody wants to make that quick buck, everybody is willing to sell out the net guy, never stopping to think what if they are the next guy.

[@LTPottenger]

Just like all pyramid schemes

[@wonthangsoop]

Hey you're either there to catch the wave or you're not.

[@ElectrostatiCrow]

Man I felt insane during the NFT and crypto hype when I was telling people that it was all worthless.

[@agibs666]

To me, NFTs singled out the rich that gained their wealth by pure chance, no tack or intelligence, just pure luck

[@rpcheesman]

3:30 - don't forget the muppets who bought a book and thought they owned the copyright to it: "An anonymous NFT group called Spice DAO (decentralized anonymous organization) made waves earlier this year when they triumphantly tweeted about their acquisition of a rare art book: Jodorowsky’s Dune, the guidebook to an ambitious but ill-fated film adaptation of Frank Herbert’s Dune. These spiceheads had big plans to convert the book into NFTs, burn the physical copy, and adapt the story into an animated series. There’s just one problem: little did they know, the purchase didn't mean they actually own the copyright to Dune. All they own is one very, very expensive book." They are now looking to sell the book to raise funds: "The group [now] plans to sell its Dune bible during the fourth quarter of 2023 when Dune: Part Two is expected to hit theaters, but recouping their $3 million investment in the currently dismal cryptocurrency climate seems unlikely." Of course, Dune Pt 2 has been delayed, which will obviously scupper their own plans. Morons.

[@halfbakedproductions7887]

I knew that NFTs were a pisstake idea and would never work. What concerns me more is the mindset of those who honestly thought otherwise.

[@hugh.g.rection5906]

you unironically know that much about nfts. sad life

[@Alphoric]

Imagine if those people just bought gold or any other rare mineral with the money they spent on nfts.

[@jenniferdunstan5065]

Yeah like some of the money spent on nfts could've been spent on some really cool tech or sumin like that

[@andrewaftontheandroidhedge2780]

@@jenniferdunstan5065 yet they spent it on a picture of a monkey they dont even own they just own a link to the image the person who made the nft can change the image at anytime and they cant do anything about it

[@CS2Universe]

Made 45k usd from 400 flipping whitelist on NFTs during bullrun, what I will made from 400 usd in last 2-3 years in gold, fuck all?

[@Alphoric]

@@CS2Universe no one cares about your nfts most people want stability not volatility And there’s nothing more volatile than NFTs which are genuinely valueless at least your csgo gambling addiction grants you items with some value

[@Coliflower185]

@@CS2Universe so what you are saying is you took 45k from some gullible fools.

[@lilyofthevalley2048]

The moment I learned that NFTs are basically a way to make people pay to “own” a digital picture that everyone else can get for free, I was like, “That is the most blatant scam I’ve ever heard of. No one deserves to lose all their money, but anyone who buys into this, you brought that on yourself.”

[@Daktangle]

Convincing people that crypto currencies were a valid replacement for real currencies was the greatest scam, when they were originally meant to be essentially the authentication pass to let you make changes to the blockchain database.

[@superleipoman]

Can't believe someone would waste 115 dollars like that.

[@bobbythompson6017]

I spent $3 on bananas and when 2 went bad overnight i was Devastated it felt like I lost $10,000 can't imagine what these nft loses feel 😂

[@tripwire3992]

Deadass metaverse is just roblox with a price tag

[@SimonJo9]

Thank you George for making videos everyday.

[@Hearts4Celestiaax]

Fax

[@The_Untitled]

I love how he reacts to things he has done before but seems to have completely forgotten the last time, multiple new reactions to the same thing

[@dylanram4653]

i do that often

[@joaogomes9405]

The funniest thing about NFTs is the fact that you don't actually own them. If you buy one of those stupid ass monkey pictures, you don't even own it. You own a specific, numbered spot on a digital list filled with other numbered spots, which have pictures associated to them to distinguish between each other, but nothing actually stops anyone from using the picture your spot is associated with, since you don't own that picture. It's like if a museum offered you a painted circle on the ground in front of a priceless work of art that no one else but you could stand in, but you didn't actually own the work of art, or the museum, or the piece of property that circle was painted on, and nothing would stop other museum patrons from standing next to your circle and looking at the art piece, or the museum from moving the art piece somewhere else and have you stare at a blank wall. You own nothing

[@StupidDanimations]

At least the money laundering industry got something out of this fad. Well, that and our entertainment.

[@zuqq101]

NFT's were made for twitter users, they're some of the only people willing to buy something so dumb

[@namedhuman5870]

An NFT is like buying the certificate to prove the art is real, but not the art itself. The worst part is, it turned oit you didn't even own the certificate even. You bought nothing, own nothing and deserve nothing because it was all greed.

[@bullshitman155]

Best thing is, the NFT itself is immutable but it's just an immutable pointer to mutable data. Nobody goes through the hassle of storing monke jpegs on-chain, they're just tucked away on a server somewhere and the server owner can just change them

[@dmwanderer9454]

"Price doesn't matter because ill never sell" But he will ALWAYS cope

[@JohnSmith-kf8mv]

I didn't think it was going to fail, I KNEW this was a nothing-thing.

[@gammaphonic]

The whole concept of web 3.0 is a bunch of rich people looking at the internet and saying, “what if this was exactly the same, but everyone gave us more money”. And shockingly, it wasn’t a very popular idea.

[@Chinothebad]

And even funnier is how rich idiots and the idiots that thought it'd get them rich kept thinking there had to be some kind of value to the monkey jpeg they kept screeching about in how it'd make them rich enough to buy some stupid Italian luxury car.

[@insanedaydreamer]

Reading out the thumbnail would make a little Victorian child pass out

[@JoseRodriguez-bl3vt]

When 99% of the people buying the product in a market are only investors looking to sell it to get rich, eventually the bubble will burst and the whole system will come crashing down hard. The whole NFT market was just a bunch of investors gassing each other up on how rich they’re all going to get.

[@lordthicknipples-gt2oq]

All the NFT craze reminds me of the Pepe meme. People would go to great lengths to collect all of the most rare pepes on the internet, occasionally somebody would create a new one and it would make the rounds. Except they weren't selling them for hundreds of thousands of dollars. They were but mere jpeg files, dispersed freely throughout the internet. Times were simpler back then. Before the great dumbening.

[@annebruecks7381]

You have to capitalize such a perfect phrase!! 'The Great Dumbening' how perfect!

[@bumblehoney7206]

I don't believe "the dumbening" happened *after* people tried to collect meaningless pictures of a green frog. It sounds pretty similar to NFTS, but harmless. A collectible, worthless, fad.

[@mpremacc]

I had a handyman come round who was in his late 40s and talked about NFTS, he showed me he had a dozen images of cartoon swords and they all cost £100's each, he said which ones his boys picked and I told him to please stop buying them as they are just images with no intrinsic value but he didn't get it. I even showed him a way he could invest which was safer and better but he for some reason felt that in the future people will pay 1k's for his cartoon sword pictures....

[@ShaquilleOatmeal849]

As soon as people like Garry Vee start taking about something being huge... It's time to back out and never look at it ever again.

[@josephmother2659]

Unless it’s his ego because he would be correct about that

[@zombieswalker]

Always know it’s a good day when silly george posts EDIT: I know he posts everyday. Every day is a good day. George memeulous is oxygen.

[@ThebiggestCraig]

Stupid "hey wassup im here to slay" profile picture

[@geojoco8434]

he posts daily

[@Hearts4Celestiaax]

0 creativeness

[@zombieswalker]

@@ThebiggestCraig 🤧

[@zombieswalker]

@@Hearts4Celestiaax have you read your own comment 😍

[@esmeecampbell7396]

Love to see NFT bros taking L 😂

[@D44RK_Iced_Yogs]

Honestly the video game x NFT market was doomed to fail. People already were making money off of in game items WITHOUT NFTS so why tf would they want them?

[@jeffsvlog203]

That’s still $115 too much 😂😂😂

[@nullbubble791]

You just reminded me of the painfully sad existence of these NFT bro's

[@victor_gators]

I still to this day don’t understand why people were buying virtual pictures for thousands

[@podellnyyx4905]

Money laundering

[@manicpixiefangirl4189]

They weren’t even buying the actual pictures.

[@Ukraineaissance2014]

The whole NFT episode, Elon Musk and the Afghanistan pullout really solidified for me over a short time that rich people and governments really do just make it all up as they go along and havnt got a clue what they are talking about or doing. Any success they get is down to luck and prexisting wealth

[@deathbydeviceable]

That's all life is. With billions of people certain ones will be in that spot where everything just works out. The "living dead" in a way as they're just NPCs anyway 😂

[@Iron-Bridge]

Mathematically, probability is a real thing. 🤷‍♂️. Was bound to be some lucky morons failing their way to some success.

[@soberserotonin1850]

That’s inherently not true in the universal sense you posited. Yes, luck is inherently involved with many money-making ventures, but that doesn’t mean all rich people got literally all their wealth from blind luck, as if only lottery winners got wealthy. They have done studies on this topic, and most rich people actually reach the upper classes (as measured by socioeconomic status or total family income) after beginning their lives in the middle or lower classes. Most rich people do not have the silver spoon backstory of someone like Donald Trump. That is a myth created and perpetuated by politicians running the classic populist vote-buying scheme (Vote for me, and I’ll take money from those evil rich people who were all born wealthy and give it to you!), a la Bernie Sanders, AOC, etc. Classic socialist strategy. The truth, as always, comes in shades of gray, not an easy-to-understand black-and-white narrative lens to view the world with. Some rich people became rich because of primarily hard work and/or skill/talent, and some rich people became rich because of primarily luck and/or elitist family connections.

[@petersmythe6462]

So the question is, cryptographically-based distributed ledger systems find a use where their main function is not speculation-driven investments on essentially valueless tokens, but rather efficient application of their trustless or distributed security model without creating enormous overhead, where the security model itself is the appeal rather than gambling on worthless items?

[@That_One_Guy...]

I don't care about the NFT clownery, i laugh more at that Metaverse news thinking their ego worth 1.2 Billion but only managed to lure in 30 users.

[@TwoBassed]

Can’t see why anyone is interested in the metaverse I’ve got a front door, walking through that introduces me to more experiences the metaverse ever could!

[@HorrorWorldx]

I bet Eminem and other celebrities feel very stupid now for buying them infinitely generated images of monkeys. 💀

[@jpmac97]

Few people in my town I used to be friends with in HS got into NFTs when they started popping up, now I can point and laugh at them because while I was busting my ass for $20 an hour and makin bank, they were buying JPEGs. Dawg, that's the funniest fucking shit ever.

[@Glathgrundel]

NFTs are like the picture your kid drew and you have to put up on the fridge, until enough time has passed that you can discreetly throw it in the bin. I always thought that they were the stupidest blockchain idea to come from the internet … so far.

[@creatrixZBD]

Your unfettered, gleeful belly cackle genuinely gave me Life Force points 🙏🏽

[@theskull1030]

7:03 "This is the Monalisa of the digital world." Me: *Prints the Monalisa and hangs it on his wall for free.*

[@LoveClassicMusic0205]

That's funny. When I bought my first inkjet printer back in the 90s, I did the same thing to test the printer. I hung a copy of it in my office cubicle.

[@leoshortnose]

The other day, someone asked to buy my art as NFTs

[@4ndyr0g3r50n]

Sell them for £3,000 each. Then wait two weeks and buy them back again for £30.

[@Rleatfitness]

Imagine thinking a PNG would have and hold value 😂

[@dizawnofwizar]

I'm actually surprised someone paid 115 for it

[@exploderwrestlingpodcast2721]

What a delightful bank robber.

[@tessalyyvuo1667]

The difference between Elon and other NFT fans is that thanks to his dad, Elon can afford to be an idiot.

[@Prosecute-fauci]

I’m glad I stayed away from NFTs and saw them for what they were at the beginning.

[@MrKydaman]

They should make an NFT that's a picture of money burning.

[@bobbythompson6017]

Seeing ppl spending 20 million dollars on a picture and then bragging about it on Twitter then getting bored of it after a month😂

[@frogmaf1a]

This is the greatest Canon event of all time

[@goblinkoma]

im still certain nfts were just the greatest gaslight of all time

[@bluebandit471]

I'm pretty sure even majority of people that promoted NFT's at the start knew they are shit. It just they hoped that this mess will somehow end up in them becoming richer.

[@ChaotiX1]

the house thing is funny because houses have consistently proven to be one of the most reliable means of storing and growing long term wealth. Since 2014, my family home has gone from 246k to 623k in value with nothing more than a paint job and basic maintenance.

[@thevalorousdong7675]

2:32 it just looks like 'baby's first Roblox game' 😂😂

[@KairiMorin]

The Largest L's of all time.

[@milovoid8369]

The meta verse looks like a ROBLOX game💀💀💀

[@zombiekiwi]

1:45 ryanair ran that guy into the ground like they do with their own planes

[@afrikasmith1049]

I find it funny that Video Games aren't considered art by most people but NFTs are bought at that ridiculous price.

[@kendallanderson9689]

This is the only NFT video I’ve watched other than the invading NFT discord video

[@charlottemansfield6916]

I never understood how these random dudes had the money to spend that much on these monkey pics and other random drawings like what

[@NoZoDE]

The metaverse was literally just VRChat in bad

[@Osindileyo1]

It really is funny how adamant people where they where something

[@Apoc5k]

As the saying goes, "A fool and his money are easily parted."

[@doveydoos]

at this point, i'm convinced society is trying to see how low they can make the bar-

[@MyRegardsToTheDodo]

The sad thing is, this isn't anything new. It used to be tulips some fivehundered years ago, now it's NFTs.

[@onelusciouslad7841]

I 100% agree with George, it was SO satisfying watching NFTs die

[@HalfAssHypeBeast]

I knew nfts were a scam for the start I laughed at everyone

[@shuttze]

Now thats what I call entertainment

[@jamesr5827]

Nothing gives me more satisfaction than witnessing NFT owners lose everything 😂

[@kevinmorrice]

the nft bubble has finally popped

[@LilProperty]

Thanks for posting George

[@RPGLover87]

The best Mona Lisa is the biker chick one from the pilot episode of Cybergirl, an old 2000s australian action show. She has a modern hairstyle and denim jacket and it owns. She's only in a couple of shots but it's great set design.

[@WorshipperOfBread]

Goodness gracious, I indeed enjoy when this rapscallion uploads

[@eeveestarburst4991]

0:26 the genuine ELATION😭

[@annebruecks7381]

I thought that was a real dude in the background for Way too long 😅😂

[@madgebishop5409]

all these crypto bros should have just stuck to Club Penguin

[@Udontlikeice]

All this just makes me appreciate that I sold during the hype 🤣

[@user-yl3vf4ho7i]

dude definitely has some regrets but this purchase was most likely to a wallet they own to capture the tax write off, so they're probably winning somewhat for being down so bad

[@crumblycookie3518]

The history of L, the twelfth letter of the alphabet, finds its origins in the Semitic lamedh, which may derive from an earlier symbol representing an ox goad, and the Greek lambda.

[@superioropinion7116]

Half of these are ironic. Especially the one about that metaverse house for a small price of 290K.Didn't even caught that one 💀😭

[@nolan6137]

Can't believe someone still paid 115 for it.

[@dino.niichan1991]

Well not only is everyone NOT an idiot, not everyone LIVES on Twitter.

[@geneticallymodifiedmousedick]

georges documentary about himself

[@dowhatmakesyouhappiest198]

One thing i absolutely loved in the new series of iasip (small spoiler warning for season 16 ep 1) is that at one point charlie talks about making an investment and you think its crypto, but then he actually bought these like tmnt sewer pies from the 90s Even charlie kelly is smarter than a crypto bro XD

[@leenotaf]

Hey… mmos from the 2000’s were much more in depth, detailed and fun to play

[@Deekm69]

I missed a trick, I don't know wtf a NFT is. 😂

[@tamielizabethallaway2413]

Me too! 😂

[@oliverhayesthecreator4988]

Bro I just watched this whole video thinking it was a pyro video 😭

[@Hanaronxd]

The Non Fungible Tokens got funged