The way I read the article, the “worth millions” is the sum of the ransom demand.
The funny part is that the exploit is in the “smart” contract, ya know the thing that the blockchain keeps secure by forbidding any updates or patches.
Yeah the contract is how a few exchanges got stolen from in recent years
Another interpretation is that it’s all an insurance scam were something worthless is “stolen by hackers” and then claimed to be worth millions for the insurance claim.
But surely nobody in the “well known as impeccably honest” NFT world would ever do something like that!
What insurance company would be braindead enough to insure NFTs?
It wouldn’t be the first time that somebody who should’ve known better gets taken in by hype.
That said, I agree it’s unlikely.
“If some idiot wants to pay for it…”
Accurate headline:
Millions of dollars lost as NFTs worth a total of $0 stolen
I never had a jpeg stolen from me.
What a time to be alive.
No no, they stole the link to a jpeg, careful you will make them angry
Here, take my link to get a feeling
https://slrpnk.net/pictrs/image/db03eae9-a3a9-42df-8cf2-f2aa8bfa2d95.webp
That’s not just a feeling, that’s something more.
You better quit yapping before I steal more of your bytes pal, it’ll be the biggest regret of your life
Sounds like a great way to make an insurance claim on a bunch of NFTs worth “millions” that you could not convince anyone to buy.
What insurance company is dumb enough to insure NFTs?
Ones that understand the Internet and/or technology. And believe the “secure” hype.
I’d say more likely to be able to declare a capital loss on taxes.
Can I carry that loss over for the next… 100 years or so?
Let me get this straight, you can steal an nft but you can’t own an nft?
You wouldn’t download an NFT…
right clicks
No! I forbid it!
Then what would you do with it? Is it purely for clout? “Hey guys, look, I got an image of this monkey.” Yes monkeys are amazing, but you don’t even own the picture, so what’s the point?
I mean low key it’s supposed to be a receipt that can’t be copied. The receipt being slapped onto an image is what most associated with NFTs but it’s more just like a code that provides proof of purchase/ownership because you can trace the history on the block chain
The rub here being that you really only own the receipt, it doesn’t confer any legal rights or ensure exclusivity of the content it’s attached to. I get why people uninterested in being part of a PNG are excited about them, but I haven’t personally seen a use case for them that isn’t exploitable or already solved by current technology.
Back with GameStop the hope was the ability to sell/trade digital content like games. Because you actually own the digital content and the proof of purchase, closest to digital ownership I’ve seen.
PlayStation out here taking games after people bought them and shit is a strong reason for NFTs imo
How would NFTs make any difference for Sony losing rights to a game and removing it from their servers? They still know who purchased it from their own records but still removed access entirely.
That’s not what’s being said here. Not Sony losing rights to a game, just entirely being unable to provide proof of ownership on digital content.
I’ve had Microsoft do this to me for Minecraft during their transition to owning it where they claimed I didn’t own the game. I had to legitimately email them a picture of a receipt I owned to get my account back. Had I not had that receipt I’d not have the game.
I’ve never had Sony do this but I hear they’ve done this exact thing to people in other ways usually DLCs.
With NFTs there’s a third party undeniable proof of purchase and ownership. It takes that whole side away from the distributor giving power to the consumer.
In a better world I could then sell that NFT and proof of purchase and the company would honor it for the person I sold it to allowing for the resale of digital content.
Except more like a star registry because there’s nothing to say you actually own the image. Other people on other blockchains might also claim that they own the image. Other people on the same blockchain might also claim the exact same image, just at a different URL.
It’s a receipt with a link to an image. The image is entirely unrelated to the NFT outside of the link that’s embedded into the NFT. It’s kinda like how you can embed an image from one website onto another separate unrelated website
You very much do own an NFT you purchase, what you don’t own is the asset the NFT represents (the shitty RNG generated monkey for example).
Just because the suckers that bought them paid millions doesn’t mean that the NFTs are worth millions.
I’m worth millions, but I’m paid jack shit :(
Can’t even read the website, as the third modal, the newsletter modal, refuses to close. Yeesh.
I’m having difficulty with the word “worth”. It appears to be doing an awful lot of heavy lifting
One of the great thing about the AI revolution is that since generating infinite number of unique random (and commonly, bad) pictures of literally anything you can think of takes only seconds, the entire concept of NFT has become completely worthless as it completely destroyed the value-from-scarcity argument. Not that it ever was a good argument to begin with.
Did they steal all NFTs?
ITT: a handful of people starting to sweat about their NFT retirement strategy
Does this post give anyone farker vibes?
…Been a minute since I’ve seen this fark headline meme.
Must be a real old-head if you know what fark is. me too
Haha I came here just to mention this sounded straight out of Fark. Also, your dog wants steak.
Lol “worth”… that word is absolutely meaningless. This chewed gum I have is “worth” $2.7 billion dollars!!!
