What, exactly is a NFT?
Discussion
bloomen said:
Just goes to show how little I know then. You turn your back through one boring bear market and you're suddenly an old goat who the younglings roll their eyes at.
I got enough of a battering from 1st gen s
tcoins when there were only 20 - 40 of them in total so I'll leave everyone to it.
Someone just sold a BAYC (Bored Ape Yacht Club) NFT for 2million............2 million!I got enough of a battering from 1st gen s
tcoins when there were only 20 - 40 of them in total so I'll leave everyone to it. FourWheelDrift said:
https://www.reddit.com/r/pics/comments/simb49/some...
https://www.cnbc.com/2022/01/12/investors-are-payi...
FourWheelDrift said:
They have "bought" this image for $473,000.
I have just copied it for free and posted it here. I did not pay any royalty to the "owner".
They have bought nothing.
As for the metaverse, it's just a new way of fleecing the stupid of their money.
Someone posted a technical review article (ie, not ‘news’ by a journo nobber, but an actual technical person) a few weeks back on crypto thread iirc.I have just copied it for free and posted it here. I did not pay any royalty to the "owner".
They have bought nothing.
As for the metaverse, it's just a new way of fleecing the stupid of their money.
It said all the current NFT data aren’t even on the ETH blockchain because it’d cost a fortune to host big images.
So the NFT images are usually just a URL to Web 1.0 essentially
And most NFT now are ‘viewed’ and bought/sold via monolithic Web 2.0 type infrastructures… not viewed direct on the blockchain as you’d have expected was the case.
This whole ecosystem has some value abs merit, but there is a whole layer of Dot Com type excess of speculation as yield seekers go all in on anything in the hope of becoming millionaires.
99% of the value will evaporate.
I agree on the whole Metaverse/omniverse nonsense too.
It’s just a VR MMO being sold as something new. Yea it’ll have some value to do some stuff on, maybe.
Ie, talk to your gran who lives in Australia in a virtual nice living room, and maybe play a game of connect four or something, with an avatar that looks a bit like you do.
BUT, where is the value?
Yes they’ll try do a CS:GO and have skins for your jeans that cost £50,000, or gold plated glasses for £500 etc, but you could just not bother.
And we’ll have Amazon, nvidia, Facebook, Google, Microsoft and others all competing in this space… then an upstart will turn up, do it better (WhatsApp, Snapchat), cheaper, and then they’ll get bought out for billions, but everyone will now see it can be done for nearly free, so the only avenue left again for revenue is crappy adverts in-verse.
Ie, just like real life. And we all mostly ignore it all.
And yet somehow despite that, Google and Facebook etc are valued at trillions… for ultimately selling adverts for mostly cheap tat.
Value there. But I doubt that much.
FourWheelDrift said:
They have "bought" this image for $473,000.
I have just copied it for free and posted it here. I did not pay any royalty to the "owner".
They have bought nothing.
As for the metaverse, it's just a new way of fleecing the stupid of their money.
I have just copied it for free and posted it here. I did not pay any royalty to the "owner".
They have bought nothing.
As for the metaverse, it's just a new way of fleecing the stupid of their money.
I own the Mona Lisa too now, by your logic
Just because you don't understand, doesn't mean you are right to mock.
If you don't see the future of VR / "Metaverse" etc, then you clearly have no idea how the modern technological world works.
I'm very old and retired, but I can even see on games online where people spend huge amounts of money to make their virtual characters look good .
No you don't. The Mona Lisa is a physical thing, it's bits cannot be duplicated to produce an identical painting, you may reproduce it in paper and ink form, you may even get an artist to copy it but you will not be able to create a perfect copy due to the age of the paint, the style of the painter and it's provenance. Experts will easily be able to say it's not the same. Data can and always will be copied, ownership is impossible and the "owner" of some bits on a blockchain has the same data bits as anyone who's copied it.
I do understand that is why I mock, morons and their money are easily separated.
I do understand that is why I mock, morons and their money are easily separated.
FourWheelDrift said:
No you don't. The Mona Lisa is a physical thing, it's bits cannot be duplicated to produce an identical painting, you may reproduce it in paper and ink form, you may even get an artist to copy it but you will not be able to create a perfect copy due to the age of the paint, the style of the painter and it's provenance. Experts will easily be able to say it's not the same. Data can and always will be copied, ownership is impossible and the "owner" of some bits on a blockchain has the same data bits as anyone who's copied it..
Obviously you never saw BEAN then :-) Just saying people like to own the rights, same way in which musical artists happily distribute their songs , it would be cool to own an ACDC track don't you think, not just a copy of it, but the original, same thing
VR / Virtual items will always have desire, the market in video games for skins is multi billion dollar already
I have continued to collect/trade NFTs over the last 6 months. Quite enjoy it tbh.
Whether there is a long term future, lets wait and see. But, at the moment there is a very liquid market for tradable collectibles that can be immediately verified online. TBH I don't see why the "right click savers" get so wound up about it.
There is a whole generation behind us who have valued digital collectibles for years and NFTs are just an extension of that. Only, the industry is innovating incredibly quickly to find new ways of offering value to the holders.
Whether there is a long term future, lets wait and see. But, at the moment there is a very liquid market for tradable collectibles that can be immediately verified online. TBH I don't see why the "right click savers" get so wound up about it.
There is a whole generation behind us who have valued digital collectibles for years and NFTs are just an extension of that. Only, the industry is innovating incredibly quickly to find new ways of offering value to the holders.
On the 20th December I posted on another NFT thread (consolidating here for one thread)
Mutant apes were $25k each and are now a minimum of $60k and peaked at about $75k.
Not a bad ROI in 3 months!
FrankAbagnale said:
Or, I think Doodles at around the same price point as the Damien Hirst are a solid buy. I think they will have a lot of growth next year as the founders explore partnerships with "triple A" companies.
If you have circa $25,000, i'd buy a Mutant Ape which is part of the Bored Ape Yacht Club collection. It seems to be the project which famous celebs, influencers and companies are getting behind. For example, they just partnered with Adidas. Bored Apes, the original collection of which Mutants are a derivative have sold for well over $1m.
Doodles are now worth a minimum of $44k each, and peaked at about $55k. They were about $14k when I mentioned.If you have circa $25,000, i'd buy a Mutant Ape which is part of the Bored Ape Yacht Club collection. It seems to be the project which famous celebs, influencers and companies are getting behind. For example, they just partnered with Adidas. Bored Apes, the original collection of which Mutants are a derivative have sold for well over $1m.
Mutant apes were $25k each and are now a minimum of $60k and peaked at about $75k.
Not a bad ROI in 3 months!
Greater fool theory and wash trading doesn’t mean a market is sane or sustainable.
Ponzi schemes can run for years and participants can end up making a profit, and while they’re running I imagine their participants would champion them. Again, doesn’t mean they’re legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
Ponzi schemes can run for years and participants can end up making a profit, and while they’re running I imagine their participants would champion them. Again, doesn’t mean they’re legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
Edited by Durzel on Thursday 10th February 21:54
FrankAbagnale said:
Durzel said:
FrankAbagnale said:
There is a whole generation behind us who have valued digital collectibles for years
Such as?EA Sports made $1.6bn in 2020 from people buying items on FIFA Ultimate Team.
What’s the value add of NFTs in that scenario? Why would I care who previously owned a skin or player card? (beyond the price, which is probably wash traded to the max anyway)
Durzel said:
Greater fool theory and wash trading doesn’t mean a market is sane or sustainable.
Ponzi schemes can run for years and participants can end up making a profit. Again, doesn’t mean it’s legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
I don't really see how an NFT marketplace/trading fits the definiton of Ponzi scheme to be honest. It's a nice soundbite though.Ponzi schemes can run for years and participants can end up making a profit. Again, doesn’t mean it’s legitimate.
A bunch of cryptobros all agreeing that “digital scarcity” is actually a good thing, when digitisation allowing for infinite, identical copies is basically “a good thing” is just grotesque. Late stage capitalism.
Edited by Durzel on Thursday 10th February 21:53
Digitisation does allow for identical copies, but digitisation also allows for immediate verification of an owner of the original digital footprint.
I find No. 20 (Yellow Expanse) selling for $200m an incredible amount of money for a yellow painting, but it's just a different group of people creating demand and driving prices. But when it's the social elite, it's cultured.
Either way, I'm happy people find value, pleasure, and are engaging in any hobby they choose. I'll leave them to it.
I quite enjoyed this explanation of what an NFT is -
https://twitter.com/alvinfoo/status/13999372995723...
https://twitter.com/alvinfoo/status/13999372995723...
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