NFTs .... am i missing something?

[d000hg]

The world is broken; i want to get off.

I could say contractors should be the last ones to challenge the perceived monetary value of resources

[Jog On]

There are 2 people buying NFTs, first is people who just don't understand there is no value in them, no rarity, a lot of those people don't understand you aren't actually purchasing any IP or copyright or trademark. The second people are people who understand there is no value there but are just speculators who understand that regardless of whether or not NFTs have no inherent value they are trendy and there are enough idiots and other speculators out there to drive up the price enough for them to make some cash.

There are genuine collectors as well. Also play to earn gamers. I'd say of your 2 types the second type know there is enough value in the current market cycle to buy cheap and sell higher before it goes pop.

There are so many PFP projects out there now and preparing to launch that the space is becoming saturated, there's talk of which projects have enough utility (gaming/DeFi etc) combined with high enough quality artwork to really stand out and survive a bear market. I'd really like to see the money move away from PFP projects and into more creative art and music.

There are individual artists and musicians/producers (including myself) making one-off pieces but they aren't attracting the volumes the PFP projects are. Hopefully this will change.

[jayn200]

There are genuine collectors as well. Also play to earn gamers. I'd say of your 2 types the second type know there is enough value in the current market cycle to buy cheap and sell higher before it goes pop.

There are so many PFP projects out there now and preparing to launch that the space is becoming saturated, there's talk of which projects have enough utility (gaming/DeFi etc) combined with high enough quality artwork to really stand out and survive a bear market. I'd really like to see the money move away from PFP projects and into more creative art and music.

There are individual artists and musicians/producers (including myself) making one-off pieces but they aren't attracting the volumes the PFP projects are. Hopefully this will change.

There will be people who will buy those things from you and other artists simply as a way of supporting you, they probably would donate if you set up a GFM though as well.

[Jog On]

There will be people who will buy those things from you and other artists simply as a way of supporting you, they probably would donate if you set up a GFM though as well.

No, they're crypto whales turned 'art collectors'. A lot of them are flipping them as well.

[lorakeen]

I know I'm getting on in years, having my mid life crisis at 51, but what is it with these NFT files? This digital picture has just been sold for £54k yet the 'owner' doesn't even control (own?) the copyright for the image.

So what do they actually get for their money, and why would they want this NFT?

They always seem to be purchased via cryptocurrency, so maybe that's all I need to know ... just another band-wagon to jump on, more emperors new clothes?

Happy to be educated.


https://www.bbc.co.uk/news/world-us-canada-58687070

it kind of smells like a pyramid scheme to me.

[OwlHoot]

There are 2 people buying NFTs, first is people who just don't understand there is no value in them, no rarity, a lot of those people don't understand you aren't actually purchasing any IP or copyright or trademark. The second people are people who understand there is no value there but are just speculators who understand that regardless of whether or not NFTs have no inherent value they are trendy and there are enough idiots and other speculators out there to drive up the price enough for them to make some cash.

I suppose there's also publicity, in that someone ostentatiously paying over the odds for an image can get their name around.

Mind you, I'm not sure being renowned as a gullible mug for spending a fortune on a potentially worthless asset is a Good Thing!

[NickFitz]

Thanks for the post ... I assume it made sense to somebody, but that went way over my head!

It's https://en.wikipedia.org/wiki/Beanie...Collectibility

[Whorty]

It's https://en.wikipedia.org/wiki/Beanie...Collectibility

I get that with a physical 'thing', but NFTs aren't anything .. the 'owner' doesn't really own it and the image or whatever can be copied. I read an analogy to a Picasso - an NFT is like original painting, that only one person can own, but many people can own a print of that painting ... which makes sense, apart from if I own a painting I have something physical, whereas and NFT is nothing at all, just 0's and 1's.

Can't get my head around it personally, and just feels like a bandwaggon being jumped on by bored people trapped at home by the pandemic who have nothing better to do. Clearly some people will make money out of it before the market goes pop, but most people will lose.

[tazdevil]

It kind of makes sense that things that are nothing are bought with currency that is nothing Why people put a value on nothing is beyond me

[Whorty]

It kind of makes sense that things that are nothing are bought with currency that is nothing Why people put a value on nothing is beyond me

It's the bandwagon ... people start to see someone else making money and they all want part of it ... but as AtW keeps saying, it's a pyramid scheme, only some will make money at the expense of the majority. But there are a lot of gullible people out there who will believe anything ... you only have to see Scooty's 'investment' threads to see that.

Oh well. Good luck to those doing well, but if I don't understand it then it's not for me.