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re: Remember when NFTs were all the rage, especially those stupid Ape ones?
Posted on 11/17/22 at 9:30 am to Fun Bunch
Posted on 11/17/22 at 9:30 am to Fun Bunch
quote:
great investments.
Like 1% of the nft space treats them as investments. It's a game of don't hold the bag
quote:
not money laundering schemes
Care to explain the money laundering schemes going on in nfts?
Like maybe just 1 specifically.
0
Posted on 11/17/22 at 9:31 am to LNCHBOX
quote:
A copy is not the same as the original. Just because artists can replicate someone else's previous work does not mean their copies have any kind of value relative to the original.
The same logic applies to the "right click and save" hot take
Posted on 11/17/22 at 9:32 am to Damone
quote:
That's all NFTs and Crypto (especially shitcoins) are, a race to see if you can cash in without being left holding the bag.
Exactly.
That's why I said that some people made a fortune on NFT bullshite, so there was something to it. But it was basically something you had to get in on while the masses were still stupid enough to continue to get in on it, so that you could cash out and make your money before it went belly-up.
Crypto is similar, albeit maybe more stable of an idea than NFT. But the underlying premise behind it still has a pretty grifty feel to it.
My (again, limited) understanding of NFT is it's basically digital beanie babies (and even that's not the best comparison since BBs were tangible toys/dolls).
This post was edited on 11/17/22 at 9:34 am
Posted on 11/17/22 at 9:32 am to HeadyMurphey
How?
It is literally exactly the same? It is not a copy. It is the artists original work, in the exact same condition.
It is literally exactly the same? It is not a copy. It is the artists original work, in the exact same condition.
Posted on 11/17/22 at 9:34 am to Fun Bunch
quote:
How?
It is literally exactly the same? It is not a copy. It is the artists original work, in the exact same condition.
An NFT is on the blockchain. It has a token address, which can be tracked and validated for authenticity. A jpeg of an NFT doesnt have anything except being a file on your computer
Posted on 11/17/22 at 9:37 am to Fun Bunch
quote:
I applaud the geniuses who came up with it though.
What a fricking scam
Theoretically, the argument made sense...and I mean the most abstract theory of value.
In reality, it's one of the dumbest things ever and clearly just a symptom of a bubble economy. One of the hardest things in the world is, in real time, to convince a true believer of a bubble economy that it's just a bubble. It's very similar to being in a literal cult.
Posted on 11/17/22 at 9:39 am to SlimTigerSlap
quote:
Would you say the same for art?
Art is literally the vehicle for international money laundering, so in many ways, yes.
But, at least, art is tactile with a proven record of value over centuries.
Longevity is the key variable in how goods/ideas become worthy of investment.
Posted on 11/17/22 at 9:40 am to LegendInMyMind
quote:
One day NFTs came along and something that was valued in cents became worth tens of thousands of dollars. Many photographers made good money on them, some made life changing money. Part of the deal was that the artist would maintain their rights to the piece and would receive ~10% of any and all future sales of the NFT.
Funny how things go full circle. Yesterday I read there’s a hot new product…and one of the selling points is the elimination of the perpetual royalties. I found it humorous one of the biggest original use-case arguments is now a bug not a feature.
But, I guess streaming’s purpose was freedom to unbundle, and as soon as they break the cable providers’s backs, we’ll move on to reconsolidating streamers so it can be bundled. Circle of life…
Posted on 11/17/22 at 9:41 am to Fun Bunch
quote:
Baseball cards are tangible.
NFTs are not.
Also, baseball cars are, by and large, worthless.
Any kids of the 80s/90s understands this.
Posted on 11/17/22 at 9:43 am to SlowFlowPro
quote:
Art is literally the vehicle for international money laundering, so in many ways, yes.
The Geneva Freeport is an interesting rabbit hole to go down.
Posted on 11/17/22 at 9:43 am to HeadyMurphey
quote:
An NFT is on the blockchain. It has a token address,
The question is why this has value.
Posted on 11/17/22 at 9:43 am to Fun Bunch
quote:
What a stupid trend this was.
yea i feel like a complete dumbass turning a few hundred dollars into 6 figures
what the hell was i thinking
Posted on 11/17/22 at 9:44 am to rocket31
quote:
yea i feel like a complete dumbass turning a few hundred dollars into 6 figures
what the hell was i thinking
So you flipped some tulips early in the bubble? Great.
Means literally nothing in this conversation.
Posted on 11/17/22 at 9:45 am to Fun Bunch
NFT and crypto are this decades tulip schemes. If you got in and got out early, you made out. Everyone else is holding a jar of worthless bulbs.
Posted on 11/17/22 at 9:46 am to SlowFlowPro
NFTs are a ~3 year market, so not any of us know how the market will play out longer term
with that said, i bet those bored apes will be worth over 6 figures in ten years
wanna take the other side of that wager?
with that said, i bet those bored apes will be worth over 6 figures in ten years
wanna take the other side of that wager?
Posted on 11/17/22 at 9:46 am to rocket31
quote:
so not any of us know how the market will play out longer term
I'm willing to take a stance
quote:
i bet those bored apes will be worth over 6 figures in ten years
The ones that cost $1M last year?
Posted on 11/17/22 at 9:47 am to SlowFlowPro
Beiber over paid for his ape when he bought it, no one could figure out why he paid that much
i think the floor was $250k when he paid a million
i think the floor was $250k when he paid a million
Posted on 11/17/22 at 9:47 am to SlowFlowPro
quote:
The question is why this has value.
That's a great question. I think it comes down to this:
-Possible value of provided utility
-Strong Community (which provides introverts with a "family", but also creates buying pressure)
-Marketing/Hype
-Prestige
-Luck
I am not advocating for people to buy them or to say they should be worth what they are, but I do understand them and the space. I own a handful, have made a generous profit off of them, enjoy the utility they provide and will be fine if they go to zero.
Posted on 11/17/22 at 9:48 am to SlowFlowPro
quote:
The ones that cost $1M last year?
Claiming a -90% return as a positive for the future of that market is an interesting take
Posted on 11/17/22 at 9:49 am to rocket31
quote:
yea i feel like a complete dumbass turning a few hundred dollars into 6 figures
what the hell was i thinking
I've specifically said the grifters who made money off of this absolute nonsense are geniuses, so kudos to you sir.
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