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re: Couple make nearly $120,000 in under 6 hours selling NFTs to save home from foreclosure
Posted on 1/25/22 at 1:30 am to TDTOM
Posted on 1/25/22 at 1:30 am to TDTOM
quote:
Am I the only old bastard that has no idea what these NFTs are and how they work?
Just think of an engraving print. The artist carves the original engraving and then makes a certain number of prints to sell. The NFT is the original engraving, any screenshot of an NFT is the print. You are buying the original engraving, the NFT. If you destroyed the original engraving, you no longer can make any prints. If you destroy the NFT, no one has the ownership rights anymore. People use AI to generate an original image, and then sell the copyright of the image. You can copy the image, but you can’t publish the image without ownership consent, thus giving the value to the NFT. Now one may ask,”Who comes up with a value for an NFT?” Well that’s the same boat as any artwork, if someone is willing to pay an amount for an artwork, then that’s the value. Hunter Biden’s art sells for more than some real “artwork,” but it’s value is based on what someone is willing to pay.
This post was edited on 1/25/22 at 1:34 am
2
Posted on 1/25/22 at 2:40 am to SlickRickerz
Could posts be an NFT?
Posted on 1/25/22 at 4:25 am to stendulkar
Call me a boomer but I have no idea what an nft is, how it works, and why anyone would pay $ for a digital cartoon duck. This seems dumb. But good for them.
Posted on 1/25/22 at 4:49 am to BuckyCheese
quote:
I don't understand any of this.
I'm confused as well.... How on earth does someone get behind almost 36k on a 300k mortage and still have ownership of the place. I'm certainly missing something.
Posted on 1/25/22 at 6:53 am to Pax Regis
I’m calling bullshite on this story.
Posted on 1/25/22 at 7:10 am to BuckyCheese
quote:
I don't understand any of this.
She whored herself out or they sold drugs and then drew some stupid cartoon and pretended to "sell" it. Basically, money laundering. That's my take, anyway.
Posted on 1/25/22 at 7:20 am to Deactived
quote:After a whole 2 mins of intense research, my understanding is that they're purchasing wholly unique digital assets (Pictures, Art, Audio). Like if someone made an entirely new avatar and you were the only one who "owned" it.
Copyright to what?
This post was edited on 1/25/22 at 7:21 am
Posted on 1/25/22 at 7:28 am to deltaland
quote:
From what i understand you basically create online art or a cartoon on a blockchain and it’s traceable/licensed to you and sell either the right to use it on ethereum blockchain or sell them outright on a crypto based market
I think that’s the gist of it.
yea but in the end its a jpeg. i can copy and paste or at worst do a screenshot snip and boom now i have it too. might not be original but its exactly the same. not like these things are hung on walls.
wtf do you do with it?
Posted on 1/25/22 at 7:42 am to wrongRob
quote:
I don't understand any of this.
I'm confused as well.... How on earth does someone get behind almost 36k on a 300k mortage and still have ownership of the place. I'm certainly missing something.
This thread is chock full of WTFs. The mortgage, the duck cartoon NFTs, the dude who is a lesbian with a girlfriend, and an out of work software engineer.
Posted on 1/25/22 at 7:52 am to SlickRickerz
quote:
Hunter Biden’s art sells for more than some real “artwork,” but it’s value is based on what someone is willing to pay.
If by "pay" you mean "money launder", then you are indeed correct sir.
Posted on 1/25/22 at 8:01 am to LegendInMyMind
quote:
mostly because I don't believe the value is real.
It doesn’t. We are talking digital cabbage patch kids/beanie babies. They have zero real value. Even with the CPKs and BBs, at least you had a physical tangible asset and there was a scarcity to it even if it was somewhat artificial. NFTs are pure unadulterated bullshite. It kind of reminds me when diamond makers fooled the general public into thinking that their wares were extremely rare and hard to find and yet they were mining this shite like solid oil and stockpiling it and telling people we’re almost out. Even then at least there were some limitations on how much they could mine and distribute in a year.
There’s no limitation on how many digital copies of a black and white photo of a random oak tree you can distribute. There’s no real value to it. It’s a digital image that every one can see with a Google search or a forwarded text/email.
I’m happy for the people who managed to stir up some serious quick cash, but you only did so out of the stupidity, naivety, and the FOMO of others. You’re trading fairy dust and a lot of people are going to be tits up because you suckered them into your “this is the future” pyramid scheme bullshite. It’s a zero sum game and is eventually going to go tits up whether that’s a month from now, a year, or 5 years. It’s not sustainable.
Posted on 1/25/22 at 8:12 am to TDTOM
quote:
Am I the only old bastard that has no idea what these NFTs are and how they work?
I'm young and I still don't get it. But as my sales for traditional art on paper is growing, I think I should try my hand at this and see what can happen.
Posted on 1/25/22 at 8:56 am to stendulkar
I freaking love the United States.
The ability to make money like that from nothing
The ability to make money like that from nothing
Posted on 1/25/22 at 8:58 am to stendulkar
I realize that this sounds like an old fart, but I just don't understand this concept of people selling cartoons for such egregious amounts of money. This makes no sense to me!
Posted on 1/25/22 at 8:59 am to stendulkar
quote:
Her girlfriend
Posted on 1/25/22 at 9:00 am to BeerMoney
quote:
Glad that worked out but you have to be a pretty unsavory frick to get laid off as a software engineer now days. There just aren’t enough of them out there.
Especially one that ticks TWO diversity boxes.
Posted on 1/25/22 at 9:01 am to Sasquatch Smash
quote:
Maslow’s Hierarchy of Needs
Don't see this mentioned much anymore...kudos to you!
Posted on 1/25/22 at 9:05 am to lsu777
quote:
I mean I'm pretty God damn involved in the crypto space and I am 100% convinced it is money laundering for the cartels
Comments like this make it obvious to me many people don't know how money laundering works.
Posted on 1/25/22 at 9:52 am to Chucktown_Badger
quote:
Comments like this make it obvious to me many people don't know how money laundering works.
Uhhh...I've seen Ozark.
Posted on 1/25/22 at 9:54 am to Chucktown_Badger
You take your dirty drug money and insert it into the crypto vending machine and then out pops a clean doge coin. It’s pretty simple.
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