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Does anyone actually make money from stuff like this? (nftandgamefi.com)

submitted 1 year ago by Shere_Khan@lemmy.dbzer0.com to c/asklemmy@lemmy.ml

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This has to be a scam of some sort, but i don't even see how the people at the top are making money.

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[–] fiat_lux@kbin.social 4 points 1 year ago

The repo and NFT itself is symbolic, it's just a digital signature on a contract. The people who are benefiting most from this are people laundering money who get to leverage traditional financial, legal and even extra-legal services with their equity. Even money is symbolic, given most of it doesn't physically exist and it may not even be pegged to a physical resource.

This is how, for instance, a Saudi prince might invest in a new business which he doesn't politically want to be seen as involved with. Should the business fail, the loan system ensures some form of potential loss recovery and debtor verification. Should the business succeed, nobody else needs to know and everyone is happy.