Wtf is this, This BS nft sold for $270k

MgicalaEarner

Elite Member
Jul 8, 2017
3,174
3,919
this is really crazy
https://hypebeast.com/2021/9/ftx-nft-handwritten-test-270k-usd
https%3A%2F%2Fhypebeast.com%2Fimage%2F2021%2F09%2Fftx-nft-handwritten-test-270k-usd-001.jpg
 
Billionaires buy crappy art with LARGE AMOUNTS of money to avoid paying taxes, I never understood why they do it until I saw it in a video on YT.

For you (and me) it's a stupid piece of crap (literally) for the person that bought it, it's probably a method to save money by avoiding taxes, and the best way to give the government the middle finger, and a nice way to decorate his office as well! (or basement in this case xD)

If you think about it, it's not stupid after all.
 
Billionaires buy crappy art with LARGE AMOUNTS of money to avoid paying taxes, I never understood why they do it until I saw it in a video on YT.

For you (and me) it's a stupid piece of crap (literally) for the person that bought it, it's probably a method to save money by avoiding taxes, and the best way to give the government the middle finger, and a nice way to decorate his office as well! (or basement in this case xD)

If you think about it, it's not stupid after all.
What YouTube video can you link please
 
What YouTube video can you link please
I've watched/seen similar explanation.

But the long story short version is:
Billionaire pays an artist to draw/paint something for them at whatever cheap price, then get a valuator to value said artwork at a much higher price, say a million or more. Then the billionaire would turn around and donate the now extremely expensive (based on valuation) artwork to a museum, then use that as a tax write off.
 
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I spent 3-4 hours and almost $200 on a nft on rarible. It has exactly .... 1 like till date. And ofcourse no bid (i don't mind as it was just a test). Then I see these stupid things being sold for a fortune. World is unfair.
 
This is why people of Gov hates crypto, wasting money on this shit instead of putting in your savings ac, help your goverment.

NFT is are useless, like those crypto kitties. It never improve people life or helps to change it.

Its a gamble that to make people to think its worth it, and loose it all.
 
I asked myself the same question every time when someone buying pixels for a huge amount of money. But the new generation really likes pixels, so if you look from the perspective that this is the first test NFT, it possible to be an art in the future. Now looks like a scam.
 
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