Maybe I'm too naive, but what's NFT have to do with it? Couldn't they send any crypto instead? What does it accomplish?
I never heard of this usecase, which makes me believe it's too convoluted to be true.
I never heard of this usecase, which makes me believe it's too convoluted to be true.
It's not convoluted at all; it's actually pretty elegant when you get down to it. It's almost enough to make the entire NFT phenomenon make sense.
Or alternatively, you can double your net worth, because you go from having $200,000 ETH to having $400,000 ($200,000 ETH and a $200,000 NFT). This can then be used to fool naive lenders (or buyers) to giving you money at a fraction of the amount the NFT is worth, which is still a net gain for you.
If you're buying NFTs like they're legitimate "art" and not aware that NFTs exist for these purposes, then you shouldn't be playing the NFT game.
the NFT scam is a tax evasion thing - much like much of fine art.
I wonder if this could be tracked somehow. NFTs used as 'receipts' probably never get sold again.
We make a deal via some marketplace. Doesn't matter. We agree on a price and an amount, and some other specifics.
In a different marketplace, you offer up a jpg of a monkey. I offer thousands of dollars to own it.
In the real world, you ship me a big box full of dope, and email me a hyperlink to a jpg. I send you bitcoin, and all of a sudden, we're both legitimate actors in this little NFT art biz.