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Started By
Message
NFTs Non-Fungible Tokens
Posted on 3/13/21 at 7:24 am
Posted on 3/13/21 at 7:24 am
Is there an idea of how to invest in the underlying technology or platform that supports these?. Not interested in purchasing individual NFTs at this time.
9
Posted on 3/13/21 at 7:29 am to kaaj24
NFTs are the new way to launder money
Posted on 3/13/21 at 7:39 am to 13SaintTiger
Yes that is true. Not trying to do that.
Posted on 3/13/21 at 7:57 am to kaaj24
I have been wondering and waiting when the next collectible would be created for the modern, digital, disposable generation.
I figured that Paintings, books, letters, collectible toys etc would have to have an equivalent for today's society and finally it has popped up.
I figured that Paintings, books, letters, collectible toys etc would have to have an equivalent for today's society and finally it has popped up.
Posted on 3/13/21 at 8:51 am to kaaj24
Considering blockchain technology is basically built using open source... Not really.
Posted on 3/13/21 at 9:06 am to kaaj24
Buy the platforms. Like ETH 
I’ll probably get downvoted but ETH at this point is almost like an index fund. In the way that so much is built on it, but you don’t have to pick the exact winners. Or of course you could buy derivatives of ETH
I’ll probably get downvoted but ETH at this point is almost like an index fund. In the way that so much is built on it, but you don’t have to pick the exact winners. Or of course you could buy derivatives of ETH
Posted on 3/13/21 at 9:07 am to kaaj24
I still don’t fully grasp NFT’s. I understand what they are but not what the point is. Are they to store value? An investment, banking on value appreciation? Simply collectibles for fun that can be sold to other avid collectors?
Posted on 3/13/21 at 9:12 am to Sev09
digital art where 99% of it will be worthless over time.
just like tangible art
just like tangible art
Posted on 3/13/21 at 9:52 am to rocket31
I was listening to Mark Cuban on YouTube talk about some possible legitimate ways to use this. Apparently it is a big thing and growing and it may also be moving in to areas such as book publishers with digital ebook copies.
The art also already exists.
Mintable
and
Rarible
This is honestly news to me, but the usage of tokens to put a value to something and even personalize may be analogous to trading sports cards and memorabilia.
ETA: apparently there are ways this industry can be a scam for non-collectors by owning an NFT from your first wallet, then "selling" that NFT to your "other wallet" increasingly to show it has increasing value because the ledger would show it sold at higher prices.
The art also already exists.
Mintable
and
Rarible
This is honestly news to me, but the usage of tokens to put a value to something and even personalize may be analogous to trading sports cards and memorabilia.
ETA: apparently there are ways this industry can be a scam for non-collectors by owning an NFT from your first wallet, then "selling" that NFT to your "other wallet" increasingly to show it has increasing value because the ledger would show it sold at higher prices.
This post was edited on 3/13/21 at 10:46 am
Posted on 3/13/21 at 9:57 am to Sev09
quote:
I still don’t fully grasp NFT’s. I understand what they are but not what the point is. Are they to store value? An investment, banking on value appreciation? Simply collectibles for fun that can be sold to other avid collectors?
NFTs are collectibles. Like paintings, art, memorabilia.
My buddy pulled out his old Pokemon cards from his child-hood. We looked some up. Dude has well over $20K worth of cards that were just sitting in his closet. I was talking to him about it because I was watching some videos of people going crazy over this shite on twitch/youtube and he was like "I have tons of those I never got rid of".
Absolutely insane what these things can be worth.
This post was edited on 3/13/21 at 10:01 am
Posted on 3/13/21 at 10:20 am to 13SaintTiger
quote:
NFTs are the new way to launder money
Brilliant. I hadnt looked at it that way. NFTs are absurdly ripe for this type of activity
Posted on 3/13/21 at 10:21 am to Stagliano
seems pretty dumb to launder money on a blockchain. what am I missing?
Posted on 3/13/21 at 10:34 am to 13SaintTiger
quote:
NFTs are the new way to launder money
This
Posted on 3/13/21 at 10:34 am to kaaj24
$UOS
Posted on 3/13/21 at 10:35 am to rocket31
quote:
seems pretty dumb to launder money on a blockchain. what am I missing?
How so? It's no different than non blockchain money laundering
Posted on 3/13/21 at 10:37 am to Sev09
quote:
still don’t fully grasp NFT’s
It's making headlines because rich people in New York City are using them to launder money. In reality, its nothing novel at all, and while its use cases are many and common, the "value" of NFTs mostly bullshite.
This post was edited on 3/13/21 at 10:38 am
Posted on 3/13/21 at 10:47 am to ChuckO1975
because there's a digital record of the transaction while cash can be untraceable?
Posted on 3/13/21 at 10:54 am to rocket31
quote:
because there's a digital record of the transaction while cash can be untraceable?
Yes, but there is a record of transactions at art auctions too. That's irrelevant to the laundering scheme. The idea is that the "artist" is the laundering mechanism, and the public part is what justifies the obscene (and fake) valuations of art, which is really an excuse to move tens of millions of dollars.
All of these artists and art collectors know one another and move in the same circles. It's too easy to see how it works.
Posted on 3/13/21 at 11:14 am to 13SaintTiger
quote:
NFTs are the new way to launder money
New way to buy college football players? Well, not for Auburn, of course. We are always lagging behind....
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