* Axie Infinity. That's a Ponzi in the collapse phase. Their Smooth Love Potion token is down 90% and in a screaming dive, and their Axie token is down 37% from peak. That one is going to hurt a lot of poor people in the Philippines. Many quit their jobs to play Axie's play-to-earn game. All the money comes from later entrants, so it's a Ponzi by definition.
* OpenSea. The NFT market is in worse shape than it looks. People are minting crap art like crazy, and people are buying it at inflated prices, hoping to flip it to a greater fool. If you look at actual resales on OpenSea, they're not happening much. The supply of greater fools is running out. As I've pointed out before, this works just like Beanie Babies on eBay. Asking prices around US$5000, actual sales around $50, most items show zero bids. NFT markets don't visibly crash, they just quietly stall. Most NFT markets don't show statistics which expose that.
Axie is not a Ponzi scheme, but is definitely a pyramid scheme (via their scholarships).
The price of the Axie coin is only supported by new buyers (by definition) and coins being sold are nothing more than early adopters cashing out. Any crypto "going to the moon" has this dynamic, coins being sold at 10,000% ROI is ponzi, early adopter paid by a late adopter, the person who bought at the top has already lost their money.
I guess Axie may be both, since there is also a multi-level dynamic.
Which brings up my other point, that people know the risks they are taking. Casinos are still legal. Someone that yolos their life savings into Smooth Love Potion was going to lose it some other way. If you don’t know your 100% apy isn’t sustainable in a DeFi ponzi, that’s on you.
"The fact that I am able to exploit these people means that I am entitled to" is everything wrong with Silicon Valley.
Casinos are not pyramid schemes, Axie is.
Depends where you are in the world...
NFT is art (VERY LOOSE COMPARISON). If you believe that then of course there is TONS of art that not only has zero bids but also never gets sold. I think NFTs are overhyped now but there is clearly a market for them. Speculating on them is similar to art collecting, all speculative. So I don’t see anything inherently wrong with it (something being puffed up isn’t illegal)
Natural entropy and new novelty will erode the foundation of that specific ecosystem for something that provides a wider opportunity for more new users to create/retain value.