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OFFICIAL NFT Thread - FAQ and Drop Information
Posted on 8/23/21 at 1:50 pm
Posted on 8/23/21 at 1:50 pm
What is an NFT? A non-fungible token (NFT) is a unique, individual token existing on a blockchain such as Ethereum or Solana - unlike cryptocurrencies or bitcoin, each NFT token contains unique data meaning non-fungible tokens are not interchangeable with each other - this means their use cases differ greatly from their fungible counterparts.
How is it different than regular crypto? A good example is a dollar - if you and I both have a dollar — we can swap dollars and it doesn’t matter, neither of us lose out because they are equal. whereas with non-fungible tokens they are both unique, meaning if we both have an NFT, mine could be a Ethereum Punk, and yours could be a Solana Llamas — obviously, we cannot exchange these two equally.
Where to buy? Drops, Auctions, or secondary market - new projects are always minting - at the time of this thread, the most popular secondary marketplace for ETH NFTs is opensea LINK /
the most popular marketplace for SOL NFTs is solanart LINK /
What gives an NFT its value?
uniqueness, scarcity, collectibility, shareable, immutability, resellable and signaling social status
ADA and BNB NFT marketplaces are coming soon
How is it different than regular crypto? A good example is a dollar - if you and I both have a dollar — we can swap dollars and it doesn’t matter, neither of us lose out because they are equal. whereas with non-fungible tokens they are both unique, meaning if we both have an NFT, mine could be a Ethereum Punk, and yours could be a Solana Llamas — obviously, we cannot exchange these two equally.
Where to buy? Drops, Auctions, or secondary market - new projects are always minting - at the time of this thread, the most popular secondary marketplace for ETH NFTs is opensea LINK /
the most popular marketplace for SOL NFTs is solanart LINK /
What gives an NFT its value?
uniqueness, scarcity, collectibility, shareable, immutability, resellable and signaling social status
ADA and BNB NFT marketplaces are coming soon
This post was edited on 8/25/21 at 12:44 pm
31
Posted on 8/23/21 at 1:50 pm to rocket31
Posted on 8/23/21 at 1:52 pm to rocket31
Posted on 8/23/21 at 2:06 pm to rocket31
This is the money board. Someone tell us how to make money on this nonsense. Someone bought a drawing of a fricking rock for $600k.
$608k for a rock
$608k for a rock
This post was edited on 8/23/21 at 2:11 pm
Posted on 8/23/21 at 2:08 pm to BigPerm30
quote:
Someone bought a drawing of a fricking rock for $600k.
Damn that's a steal
Posted on 8/23/21 at 2:11 pm to BigPerm30
quote:Getting in on the minting of a legitimate project seems to be the best way
Someone tell us how to make money on this nonsense.
Posted on 8/23/21 at 2:14 pm to BigPerm30
quote:
Someone bought a drawing of a fricking rock for $600k.
Money laundering, I assume.
Posted on 8/23/21 at 2:21 pm to BigPerm30
And etherpaper is trending because…paper beats rock.
You’ll never guess what is all trending? Hint: because it beats paper
You’ll never guess what is all trending? Hint: because it beats paper
Posted on 8/23/21 at 2:25 pm to rocket31
Nice thread, been wanting to do this.
Posted on 8/23/21 at 2:26 pm to rocket31
I reverse mortgaged my house to buy pictures of beanie babies
Gonna be rich soon
Gonna be rich soon
Posted on 8/23/21 at 2:34 pm to BigPerm30
The new pet rock! JPow better take note of this… 
Posted on 8/23/21 at 2:34 pm to BigPerm30
quote:Those $100k+ NFTs are money laundering FWIW.
Someone bought a drawing of a fricking rock for $600k
Posted on 8/23/21 at 2:35 pm to BigPerm30
quote:
Someone bought a drawing of a fricking rock for $600k.
And I just copied and saved this pic on my phone. This imitation I have saved must be worth at least $6k.
Found this below for $8.5k. Looks like a steal Got a copy to make some fakes. This how fake Rolex’s got started? That was a booming business in the 90s and 00s
Posted on 8/23/21 at 3:27 pm to TigerTatorTots
quote:
Those $100k+ NFTs are money laundering FWIW.
def not (or at least not all of them)
This post was edited on 8/23/21 at 3:28 pm
Posted on 8/23/21 at 3:34 pm to rocket31
I’m not saying you can’t make money on these, but Jesus, there is so much silly money in this right now.
I also happen to think it’s waaaaay ahead of its time. I think the “digital record” idea is one that’s very useful in general processes, protocols, proof of ownership. Etc. But I think the cliff is gonna be steep for these little random GIFs and pics going for insane amounts of money.
In the future when there’s some kind of more pervasive “virtual” world, I see NFTs being much more useful. Your “house” can be full of all the NFTs you’ve accumulated like music, art, collectibles in general.
But I do think the whole “uniqueness” of them is way overblown. I understand technically you can be the “owner” of it, but I can get a copy no problem. I just don’t see how it’s sustainable.
I also happen to think it’s waaaaay ahead of its time. I think the “digital record” idea is one that’s very useful in general processes, protocols, proof of ownership. Etc. But I think the cliff is gonna be steep for these little random GIFs and pics going for insane amounts of money.
In the future when there’s some kind of more pervasive “virtual” world, I see NFTs being much more useful. Your “house” can be full of all the NFTs you’ve accumulated like music, art, collectibles in general.
But I do think the whole “uniqueness” of them is way overblown. I understand technically you can be the “owner” of it, but I can get a copy no problem. I just don’t see how it’s sustainable.
Posted on 8/23/21 at 3:39 pm to TigeRoots
quote:
Nice thread, been wanting to do this.
we spend what... 4-10 hours per day on our phones or computers per day?
so it makes sense for digital items and images to be attached to a monetary value imo
with that said, long term, id be cautious that all of these will hold value but some certainly will. I mostly buy and flip and only hodl a few that a feel have a culture behind them
Posted on 8/23/21 at 3:42 pm to rocket31
quote:most will be worthless. Some will likely hold value.
id be cautious that all of these will hold value but some certainly will.
quote:How do you evaluate this? Seems too random to be much of anything other than luck, but I’m open to learning.
only hodl a few that a feel have a culture behind them
This post was edited on 8/23/21 at 3:44 pm
Posted on 8/23/21 at 3:53 pm to WDE24
I personally scan discords/twitter for engagement and community involvement. the development team is also something to look into, how much do they care to market? are they in it long term or just for a quick buck? etc.
it took a few years for eth punks to really take off so all this is still a gamble and I'm not suggesting otherwise.
but you can easily flip 1000x your buy in, in some situations, if you're just a flipper
some of these projects you'll have an opportunity to get in on the ground floor and then it depends on how the culture around the NFT evolves down the line.
I also feel like normies will eventually prefer holding NFTs over bags of dogecoins, for example. so we can still front run people like that
it took a few years for eth punks to really take off so all this is still a gamble and I'm not suggesting otherwise.
but you can easily flip 1000x your buy in, in some situations, if you're just a flipper
some of these projects you'll have an opportunity to get in on the ground floor and then it depends on how the culture around the NFT evolves down the line.
I also feel like normies will eventually prefer holding NFTs over bags of dogecoins, for example. so we can still front run people like that
Posted on 8/23/21 at 3:59 pm to rocket31
which ones are good to buy in the short to medium term?
my buddy who is very into it likes supducks and dogs unchained
my buddy who is very into it likes supducks and dogs unchained
This post was edited on 8/23/21 at 4:23 pm
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