Man Who Paid $500K For An NFT Of Pepe The Frog's Ass Suing Pepe Creator For Releasing 46 More Identical NFTs Cratering The Original's Value

[HStallion]

Kotaku Link

A man by the name of Halston Thayer went on to win the auction, spending the cryptocurrency equivalent of $537,084. He was no doubt thrilled with his unique purchase, until a couple of weeks later when PegzDAO released 46 of those other 99 NFTS—which, remember, represent the exact same image as the one Thayer paid half a million dollars for—for free.

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We probably don't need another NFTs are shit thread but this one was just too much for me not to make one. Honestly no one really comes out of this looking great even if I appreciate Furie sticking it to alt right chuds.

 

[zombiejames]

 

[Hollywood Duo]

The truth is none of them have any value so I doubt he'll win in court

 

[thesoapster]

🤣 dying right now. These fucking morons.

 

[gnexus]

Wait until he finds out how many "right click save as" thieves there are on the internet. Incoming class action lawsuit against the internet itself!

 

[Stalker]

No legs to stand on.

You're not buying the artwork.

 

[Falchion]

😂 Imagine being mad that copies of a picture of a frog ass were made.

 

[odiin]

I love NFTs so much. They are an amazing way of separating fools from their money.

 

[Dyle]

Imagine Magic or Pokemon players suing the companies for tanking the value of their cards by making more of them. What an idiot

 

[Sho_Nuff82]

If you change even one pixel, isn't the NFT technically a different token? If one is worth $500k, that's basically free money forever no matter how many you give away, right?

 

[III-V]

🤣

 

[Jive Turkey]

I really need to get into the NFT grift.

 

[Cerulean_skylark]

If you change even one pixel, isn't the NFT technically a different token? If one is worth $500k, that's basically free money forever no matter how many you give away, right?

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The image isn't the NFT. The database entry is. the image is just the "product" they ostensibly connect to that database entry to make you think you bought "something"
They could sell 5 of the exact same JPG connected to different entries that contain their own URL to their own copy of the same image.

 

[Jobbs]

What's to sue over? You're buying the right to say this key on a computer system is reserved for you somehow. You're not buying ownership of art. Do people who buy nfts not understand this concept?

 

[Lobster Roll]

We need more NFT and Crypto feel-good stories like this one.

 

[Inugami]

If you change even one pixel, isn't the NFT technically a different token? If one is worth $500k, that's basically free money forever no matter how many you give away, right?

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You don't even have to change a single pixel to make a new NFT.

 

[Ambitious]

$500K for that.

Imagine being that fucking stupid.

 

[The Omega Man]

He should have known what he was really buying (nothing) The Artwork is there to trick your brain into thinking you are getting something tangible.

 

[Poppy]

Imagine Magic or Pokemon players suing the companies for tanking the value of their cards by making more of them. What an idiot

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let's all have a chat about the mtg reserved list

 

[Jobbs]

If you change even one pixel, isn't the NFT technically a different token? If one is worth $500k, that's basically free money forever no matter how many you give away, right?

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No, the token has nothing to do with the art actually. The art is just a signpost that points to your unique token, basically. You don't own shit when you buy an NFT.

 

[MrCibb]

I'm impressed someone that fucking stupid had that much money to spend. You'd think they'd understand how NFTs work somewhat e.g. it's all BS.

 

[Lebon30]

Nelson-haha.gif

Fuck around and find out.

 

[Psittacus]

Imagine Magic or Pokemon players suing the companies for tanking the value of their cards by making more of them. What an idiot

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This is actually a thing in Magic.

 

[Allietraa]

What's to sue over? You're buying the right to say this key on a computer system is reserved for you somehow. You're not buying ownership of art. Do people who buy nfts not understand this concept?

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99% of NFT buyers have no fucking clue what an NFT is, its just something that someone is telling them will go WAAAAY up in value so you better buy in now TOO THE MOON

 

[Deleted member 36578]

What's to sue over? You're buying the right to say this key on a computer system is reserved for you somehow. You're not buying ownership of art. Do people who buy nfts not understand this concept?

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I think that's just it. People who buy nfts have no idea what they're actually buying.

 

[CielYoshi]

let's all have a chat about the mtg reserved list

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Like when do we burn that shit down?

 

[CerealKi11a]

Imagine having $500K in crypto and using it on a fucking NFT. What the fuck?

 

[AuthenticM]

lol

 

[UltimateHigh]

imagine if rich people actually did good things with their money instead of frivolously throwing it away.

 

[Gay Bowser]

Releasing 47 more identical NFTs just to piss off the person who stupidly gave you half a mill for one is hilarious. True performance art.

 

[maximumzero]

Feel good story of the day.

 

[Serpens007]

Play stupid games...

Anyway, we are limiting NFT threads: https://www.resetera.com/threads/constructive-community-discussion.270630/post-81000614