NFT Market Crashes Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

NFT Market Crashes Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

NFT Market Crashes Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

Lara Croft returns to Shadow of the Tomb Raider;  there is a ruin in front of it and what appears to be a jungle.

Screenshot: Square-Enix

You know what no one could ever have predicted? That a market based on the imaginary property of infinitely duplicable jpeg images might not be sustainable in the long run. Like The Wall Street Journal reports, the NFT market is “stabilizing”, down 92% from last September. What makes this the most incredible moment for a Japanese publisher Square Enix, famous for properties like Final Fantasy, sell most of their western-facing IPs and studios to bet on the batshit diet.

Yesterday we learned that Square Enix was planning to sell Crystal Dynamics, Eidos Montreal, and Square Enix Montreal to the monolithic The Embracer Group, along with IPs for games like Deus Ex, grave robber, Thief, and Kain’s legacy. Why? Because, to quote Squenix, “the transaction enables the launch of new companies by continuing investments in areas such as blockchain, AI and the cloud”. That is to say, its previously announced desire to milk the NFT/blockchain market.

NFTs seem like the most extraordinarily accurate emblem of the 2020s. It’s a whole load of blatant bullshit. Companies literally sell a line of code on what they call a blockchain, to repackage the extremely old idea of ​​ownership of digital assets as the next big investment you should come in now while all is well. You may have owned things like video game skins for a long time, of course. Somehow, though, many of these companies go to great lengths to claim that you can now own an image, and then claim that in doing so, the image somehow becomes imbued with inherent value. – all animated by enough idiots clapping and shouting how they believe in fairies.

Unfortunately, a lot of these cheering idiots wear expensive costumes andI talk loudly in conference rooms and, as with every other aspect of the scam party that is ‘Web 3.0’, corporations have been desperately trying to cash in before the whole illusion is gone. fly away. And it looks like the breeze has come in earlier than expected.

the WSJ does not mince his words in his reports. The opening line is simply: “The NFT market is collapsing.” Citing not only this 92% drop in sales, but also the extraordinary drop in “active portfolios” of 88% since November.

This is partly due, it seems, to rising interest rates which are strangling the poorest, but in turn making the wealthy much less risky in their speculation. And you can’t get much more speculative than betting on the massive illusion of jpeg ownership.

The Golden Gate Bridge, turning into a downward trending chart.

Photo: Jim Smithson / Kotaku (Getty Images)

This is an illusion that has been erupted for many people lately, who have discovered that promises that NFTs will somehow gain value over time are not vaguely true. We recently reported on Sina Estavi’s attempt sell the NFT of Jack Dorsey’s first tweet (linked so you can own your own copy for free), which he had paid $2.9 million for, expecting to see offers of, cough, $50 million, and received nothing more than $3,600. It is since had an offer just under $14,000, less than 0.5% of what he paid a year ago.

Hilariously, as the WSJ reported last month, his reason for not parting with this $14,000 overpayment is “because I think the value of this NFT is far greater than what than you can imagine” and “anyone who wants to buy it, must be worthy.

Unfortunately for us, many game publishers are betting on this one-legged horse, and the consequences could be grim. Since Square-Enix for Ubisoft for Sega for Team 17 for Zombie Atari for Konami for GameStopthis industry is thigh deep in this bullshit.

NFTs are QAnon if they were in stock, if belief in a flat Earth could be bought and sold. They depend on belief in their own existence to exist, requiring faith and religious notions of “worth” to thrive. As the planet suffers the financial consequences of the past two years, it seems that such faith is not so easy to find.

NFTs were always going to be a bubble, and no doubt will have small spikes, resurgences of interest with each new absurd twist, reaching nowhere near as high as 2021 but allowing True Believers to continue to fool themselves themselves and others for a while to come. But hopefully this news of a market crash will finally be enough to scare the video game industry away from this ridiculous money pit. We reached out to Square Enix to ask if the news gave them pause.

Otherwise, well, I have these nice jpegs of bridges that I could sell.

#NFT #Market #Crashes #Square #Enix #Sells #Tomb #Raider #Bet #Big #Blockchain

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