Nah, it’s genius. A fantastic way to laundry money. It’s like buying paintings but you don’t even need to pay someone to appraise it or a good painter with some sort of good technique.

Yeah, but do paintings typically lose almost all of their value? I thought the idea was that the value should either stay the same or go up. Either way, in this case, it couldn’t have happened to a nicer guy.

The point here is say you are in business with X party but it’s illegal. X party can buy an nft worth nothing or generate one. You buy the NFT for the amount of your bill with X party. You’ve now technically not paid them for whatever illegal thing, instead you bought an nft from them. You could also break this down into multiple NFTs, buying 100 $100 NFTs from various “owners” that don’t link back to X party through shell companies, and you’ve now paid them $10,000 “for pictures of chimps”. NFTs only exist for money laundering and illicit transfers. Once they’ve been transferred their value no longer matters, the business has been done.

NFTs only exist for money laundering and illicit transfers And at least to some degree scamming people even if that’s not the main focus. I know a few people that got full on scammed by it

Cash only exists for money laundering and illicit transfers