re: Just bought this NFT

bored ape yacht club NFTs sold for .08 ether (~$190) April 2021 and now sell for 50 ether (~$210,000)

holy frick

The floor is 100 eth currently so about 270k.

if this has been covered, then I apologize.

I am completely lost on what the point of cryptocurrency is, and how much different it really is than our current currency.

Now I am hearing all about this NFT term. After browsing through this thread, I am left to wonder, "what the F does all this mean?" What exactly is the benefit of an NFT, and does it pay later in the long run? Is it an investment?

What is the big deal about a Blockchain?

I try to be up on current trends and new technology, but at the age of 38, I am completely lost.

Will the American Dollar eventually be obsolete? If cryptocurrency and NFT's are the future, then why does it take paper money to obtain it?

Is it worth buying stock in NFTs or Cryptocurrency, and if so, which is the way to go considering there are way too many cryptocurrencies available?

Now I need a drink.

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Are the NFTs usually offered in multiple crypto coins ie bitcoin, ethereum, sol, etc. or are they just offered in one denomination?

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NFTs exist on separate blockchains (not bitcoin though).

There are Ethereum NFTs, Solana NFTs, Cardano NFTs, etc.

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There are Ethereum NFTs, Solana NFTs, Cardano NFTs, etc.

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And so for your NFT to maintain value, you are also dependent on the coin on which it is based retaining value/ relevance? If folks just moved on from Sol or Ethereum, NFTs based on those chains would also run the risk of becoming irrelevant or having their potential buyer base shrink considerably?

Yes. That's the reason I talked about earlier using nfts to increase my Solana stack. It's just a vehicle right now

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For instance, this is a degenerate ape academy nft. The 'floor price' of these, meaning the cheapest you can buy one right now, is 65 Solana. Solana is over $100 so this ape costs around 7k USD. This is the cheapest and shittiest you can get right now

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The frick?

I think I am just going to invest in lumber.

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think I am just going to invest in lumber.

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Hah, you wood.

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As I understand it, and maybe I’m wrong, they don’t even own the artwork. They just own a url or link to the url, or something like that.

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To expound upon this further:

Storage on a blockchain is very expensive as compared to storing in a centralized database somewhere. On Etherum, a single smart contract can only be 24KB, so your images have to be small as well. To get around this limitation, most projects store the images off-chain, like in IPFS, and store the URL to the image inside of the immutable contract and call it a day. The risk on this is if IPFS goes under, or somehow deletes the data, your image is gone. In addition, the person/company that uploads the images to IPFS could potentially remove your image from storage (this would be a rugpull).

The next burgeoning wave of NFTs are stored on-chain, meaning you own the image as well. Projects are getting very creative on how to get around the storage limitation.

Some projects that are doing 100% on-chain generative NFTs:

- Anonymice
- EtherOrcs (Actually a 100% on-chain game)
- Furballs (also a 100% on-chain game)

Anonymice actually draws the image every time you view it on a read function, and since read functions do not count as a transaction, there is no gas associated with it.

EtherOrcs saved images in storage contracts, and their NFT contract grabs the image info from those storage contracts and pieces the parts together to create a layered SVG image, also on a read function.

I'm still learning how Furballs is doing it. I'm learning to develop in the space and the project I've been contributing to is working to mimick some of these projects to do our own.

Plenty of people that question this stuff probably go home and play call of duty and halo not realizing what's coming to video games