Not a good sign for the fake e-CONomy when even the Jia Hinds are reporting the prized NFT of one of the Masters of the Metaverse went to zero*....
*A decline in value of 99.99%
And China was prudent to ban bitcoin and mining... the only mining that creates wealth are those that have net positive EROEI such as coal, uranium etc....
At its most basic simple essence, the concept of bitcoin is just a peer-to-peer decentralized general ledger, where all transactions are syncronized in a database table and this database is replicated on all machines running a full node... think of it as everyone participating in bitcoin runs a napster client (back in the early music sharing days) but instead of exchanging songs you exchange the excel spreadsheet of transactions, and each time someone buys or sells a bitcoin or fraction thereof, it updates a new record on the spreadsheet and those delta changes are pushed out, updated and syncronized across all the databases ran on all the computers...
Thats all bitcoin really is, no more and no less.
The NFT is a concept that exists on top of this crypto layer... An NFT is basically a crypto-lized version of A Star Registry.... back when that was a fad and people spent money on buying a Star for their loved ones (naming a star, or more precisely associating their name with a particular star within the context of a database known as a star registry) you didnt really own the star (we havent even reached Mars yet) and you couldnt prevent anyone else from viewing or enjoying your star and on top of that even astronomers didnt recognize nor go by your star name, since the Star Registry was a joke and not used by the scientific community...
Same with NFT...when you shell out $$$$$ to buy an NFT you cannot prevent others from making copies of the jpeg image, in fact you dont even own the rights to the image and cannot copyright it. Anyone can download and enjoy the image themselves without paying a penny, and at the end of the day what really you end up with is etching your name to a hash function inside of the database of a cryptocoin aka no different than buying a Star on a fake star registry...
At some point people realized spending more money on buying an NFT image of a car that costs more than the price of the real car itself probably didnt make a whole lot of sense...