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The average price of a CryptoPunk NFT is $188,767.12
Posted on 10/17/21 at 1:22 am
Posted on 10/17/21 at 1:22 am
CryptoPunk NFTs are basically unique avatar images traded with Ethereum (1 ETH = ~$3,850). The average sale price of a punk this year has been 48.62 ETH or $188,767.12. Who and why are people paying all that for the rights to a JPEG?!
All you OT rich baws can invest in CryptoPunks here
All you OT rich baws can invest in CryptoPunks here
This post was edited on 10/17/21 at 1:33 am
16
Posted on 10/17/21 at 1:32 am to yaboidarrell
First thought; Money laundering.
Second thought; The Bidens are involved.
Second thought; The Bidens are involved.
Posted on 10/17/21 at 1:33 am to yaboidarrell
quote:
$188,767.12
That’s what I spent on my 2022 F250 and my MBW X5M last month.
Posted on 10/17/21 at 1:33 am to yaboidarrell
Explain this to me like I'm skillet.
Posted on 10/17/21 at 1:37 am to Kcrad
quote:
Explain this to me like I'm skillet.
La Quinta vv fancy
Um k
Posted on 10/17/21 at 3:04 am to yaboidarrell
I've done everything I need to do in life. I think I'll just fall asleep tonight and die.
Posted on 10/17/21 at 3:10 am to Kcrad
It's basically owning a piece of digital art
Posted on 10/17/21 at 5:58 am to Gravitiger
quote:
It's basically owning a piece of digital art
It’s really not, though. It’s more like having your name associated with a piece of digital art, right?
Posted on 10/17/21 at 6:00 am to yaboidarrell
There's a sucker born every minute
Posted on 10/17/21 at 7:22 am to yaboidarrell
It’s digital art and proof of ownership through blockchain. These punks are all 1/1s and unique. And scarce. That drives the value. Twitter is implementing tech now that allows you to select your avatar from a crypto wallet, along with a check that proves the NFT is yours. That tech will be driven much further.
Why do people pay millions of dollars for art? It’s all speculative and it’s also a status symbol.
That being said, I suspect many of them are used to launder crypto gains.
Why do people pay millions of dollars for art? It’s all speculative and it’s also a status symbol.
That being said, I suspect many of them are used to launder crypto gains.
Posted on 10/17/21 at 7:27 am to Penrod
quote:
It's basically owning a piece of digital art It’s really not, though. It’s more like having your name associated with a piece of digital art, right?
It’s a digital proof of ownership. Just like the court house in every parish/county that has loads of books recording the chain of ownership for every piece of property located within its borders. This is the technology that will replace that. A decentralized digital ledger, distributed among computers located around the world, where each entry has to be verified by the network, not a centralized authority.
Why such prices are paid for seemingly worthless jpegs is worthy of speculation, just like one might wonder why millions are paid for physical artwork. Money laundering, speculation/investment, who knows?
Posted on 10/17/21 at 7:41 am to yaboidarrell
We’re going to see musicians start minting audio NFTs of unreleased recordings.
Which OT baller going to drop 100k for a rare Lynyrd Skynyrd?
Which OT baller going to drop 100k for a rare Lynyrd Skynyrd?
Posted on 10/17/21 at 8:14 am to yaboidarrell
My cousin has one. When he bought it for 17k, I thought he was an idiot.
Posted on 10/17/21 at 9:02 am to yaboidarrell
Some retard just turned down an offer of 9.5M for one of his punks
Posted on 10/17/21 at 9:23 am to yaboidarrell
I have no idea what all that means.
I understand what crypto is but past that, i got nothing
I understand what crypto is but past that, i got nothing
Posted on 10/17/21 at 9:30 am to yaboidarrell
I got mine for a smooth $100k. I laugh at these idiots paying $188k. What do you guys think?
Posted on 10/17/21 at 10:06 am to Kcrad
quote:
Explain this to me like I'm skillet.
Have you ever heard the old Thomas Tusser quote about "a fool and his money"? That's our subject in a nutshell: NFT, the Non-Fungible Token.
A person holding an NFT for a piece of work is named in a digital record that confers ownership. This record (the NFT) is stored in a shared global database. This database is decentralized using blockchain, so that no single individual or company controls the database. As long as the specific blockchain survives in the world, anyone can read or access it, and no one can change it.
By getting a Non-Fungible Token for a specific work you are thereby the "owner" of it. The problem is this “ownership” of crypto art confers no actual rights, other than being able to say that you own the work. You don’t own the copyright (unless specifically stated in the purchase), you don’t get a physical print, and anyone can look at the image on the web[/u]. There is merely a record in a public database saying that you own the work – really, it says you own the work at a specific URL.
Getting an NFT is far more akin to getting a limited-edition poster or an autographed copy of a book. It is special and (more) unique to you but doesn’t mean that the original work is now yours. It confers to you no rights that others have, you just have a slightly more unique connection to it.
Posted on 10/17/21 at 10:53 am to yaboidarrell
The Godfather, maybe it will be worth something some day. People are getting crazy with the NFT's.
Posted on 10/17/21 at 10:58 am to yaboidarrell
quote:
Who and why are people paying all that for the rights to a JPEG?!
99% of nfts are going to be completely worthless soon. Market is way over saturated.
Degen apes ftw
Posted on 10/17/21 at 11:59 am to Bard
quote:
Getting an NFT is far more akin to getting a limited-edition poster or an autographed copy of a book. It is special and (more) unique to you but doesn’t mean that the original work is now yours. It confers to you no rights that others have, you just have a slightly more unique connection to it.
But it’s not like that though, right? Because in your example you physically own/have the product or item. And with NFT shite, you don’t physically have anything. You “own” it in name only and can’t “use” it (like even with a piece of art you can admire it in person if it’s yours).
My question: what is the end game for this? I get that it’s a short term way to make money but what is the final result? If you buy into an NFT and “own” the “rights” to a clip or whatever, how do you make money from or off of that? Is it just if/when you sell it in the future to someone else for more money? And isn’t that sort of a Ponzi scheme where you’re not actually making money but pawning money off of someone else to make your money (which someone already did to you)??
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