this post was submitted on 17 Aug 2023
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Leopards Ate My Face

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The Sotheby's auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.

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[–] [email protected] 5 points 2 years ago (1 children)

I wasn't into NFTs, but I did crypto for a bit when it was spiking just because I could. Don't underestimate greater fool theory. Plenty of people who bought either of these "assets" realize that they're only worth what you can sell them for and just flipped them during the initial bubble. The problem with that being that every asset that gets flipped results in some poor butthole holding the bag when the bubble pops. THAT is usually the true believer, the guy who honestly thought that he was just gonna keep this picture of a monkey in a hat and watch the value go up and up and up until he retired.

[–] Varyk 4 points 2 years ago

I appreciate those buttholes.

Solid quote.