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Ask HN: Did you 'invest' in NFTs or memecoins?

6•agent008t•1h ago
5 years ago there was a lot of talk, even on here, of getting rich from NFTs and memecoins, discussing airdrops etc. Bored Ape Yacht Club and the like.

I was just wondering what happened to those, particularly NFTs of 'digital collectibles'. As I understand, most of the ones that sold for hundreds thousands or even millions are worth 0 now?

Did you get heavily involved in that space? If so, what's your story? Interested to hear about experiences with 'yield farming' as well - another term I have not heard in the last few years.

Comments

muzani•1h ago
I bought a whole bunch of dogecoins in the past, back when it was actually a memecoin. Meme tech communities were awesome. I got tired of crypto at one point and turned most of it to cash, and the rest to DOGE.

Then it actually went up and the whole memecoin space was taken over by grifters.

There's a delay to these things; the value of these communities went up because of the community and it collapsed because the community was taken over as well.

From the outside, looking at all these graphs, it's hard to link them.

Bored Ape was about some celebrities just having fun with technology. It was funny and the music videos were fun.

reaperducer•45m ago
the value of these communities went up because of the community and it collapsed because the community was taken over as well.

See also: CB radio, Usenet, the World Wide Web.

Bender•35m ago
NFT's were always a ponzi scheme. [1][2]

[1] - https://www.youtube.com/watch?v=d_o3nZHzCwA

[2] - https://www.youtube.com/watch?v=ZpqreZlmHGU

progforlyfe•26m ago
No, definitely didn't touch any of it. Once I found out that all you got was actually a URL to a CDN that is not guaranteed to be serving that data forever, I knew it was a house of cards, a complete facade. If the "digital asset" you were "purchasing" had all of its bits and bytes living in the global public ledger, I might give it a bit more attention or support. But definitely not the way it was set up.