Remember when NFTs sold for millions of dollars? 95% of the digital collectibles are now probably worthless.::NFTs had a huge bull run two years ago, with billions of dollars per month in trading volume, but now most have crashed to zero, a study found.
That’s what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.
I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.