the question is which one? You and I can create our own and etc. I totally get concept of owning Picasso (can not afford one
), it makes sense. But NFT???
NFTs, the next wave of stupidity
- Thread starter Pekelo
- Start date
the question is which one? You and I can create our own and etc. I totally get concept of owning Picasso (can not afford one
), it makes sense. But NFT???The next Beanie Babies??
I'm getting the idea that you believe "anything is legit so long as it's digital."
What I believe in is simple -
Anything that can be digitised WILL be digitised.
And to a certain degree - within 10 years - that will include us humans. That will mean 2 of us, one physical and one digital AKA an Avatar. So if people think NFTs are crazy their heads are going to explode when the full force of Avatars come about. Now, if you think in terms of avatars, NFTs start to make a bit more sense. In such a world do you not think people will be showing off and peacocking dressed in their designer gear, virtual Rolex in their wrist, expensive NFT art on their walls etc. No different to the real world...
I'm sure they will be. Not sure how that deserves to be monetized into $Millions, though.
The "Bitcoin millionaire" phenomenon is interesting. LOTS of people who never imagined they'd "have money", do and will. And if you've got lots... especially if "easily acquired"... not hard to imagine large sums being spent on all kinds of formerly unimaginable things.
I can see it now. Get me a "digital image of a Rolex".. then I can toss my Tag into the trash!
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I am curious, are you a buyer or an artist - digital creator?
I understand that the digital art does not gain any sort of copyright, but it is unique.
Are there no risk of counterfeiting?
Some bands are also releasing digital albums on nft and I wish I understood how that works on the nft creation side. I have read some online, but nothing really detailed.
I'm not into Art at all for NFT but brands with big Intellectual property and large followings. Streetfighter NFTs from Capcom, NBA topshots are some of the ones i follow. Garbage Pail Kids as well.
Projects that can be gamified stand a better chance for collections and values..
I don't get the NFT craze either, but that doesn't mean it has no potential. Just because we don't understand something doesn't mean it has no value. And there is a market for authenticating real art because a lot of art being sold today is fake. So there is a demand for it. I personally wouldn't spend any money on digital art, but I see it's potential
I learned from earlier mistakes when I first bought NFT's on Opensea and Super Rare and "lost" about 4 Eth. Lucky for me, the value of Eth at the time was about ~$300
The reason I consider them "lost" is that there's no real liquidity on those NFT's especially if there's not a "high reputation" for the artist. This can be a very high risk, but also very high reward if you get in on a less popular artist that blows up. You could have bought a beeple, Fewocious or a Trevor Jones last year for very cheap on those platforms
Understanding that liquidity is important, I now only buy NFT's from the Nifiy Gateway platform which is owned by Gemini. There's constant buying and selling of NFT's. In addition, they control the NFT inflation supplies on the platform to a daily drop schedule (as explained by the founders on a CNBC interview). On other platforms, you literally have thousands of artists that have flooded the market place with NFT's
There's truth to what Scataphagos said that there's a lot of crypto riches that's going into this space pushing the prices higher. I've collected 4 pieces and the $ risk is 5 digits which I would not even consider doing so in the past. What's even crazier is that my collection has more than doubled in value (looking at the lowest-priced for sale of each NFT edition and being conservative and pricing at $500 less) and I still have no plans to sell
The reason I consider them "lost" is that there's no real liquidity on those NFT's especially if there's not a "high reputation" for the artist. This can be a very high risk, but also very high reward if you get in on a less popular artist that blows up. You could have bought a beeple, Fewocious or a Trevor Jones last year for very cheap on those platforms
Understanding that liquidity is important, I now only buy NFT's from the Nifiy Gateway platform which is owned by Gemini. There's constant buying and selling of NFT's. In addition, they control the NFT inflation supplies on the platform to a daily drop schedule (as explained by the founders on a CNBC interview). On other platforms, you literally have thousands of artists that have flooded the market place with NFT's
There's truth to what Scataphagos said that there's a lot of crypto riches that's going into this space pushing the prices higher. I've collected 4 pieces and the $ risk is 5 digits which I would not even consider doing so in the past. What's even crazier is that my collection has more than doubled in value (looking at the lowest-priced for sale of each NFT edition and being conservative and pricing at $500 less) and I still have no plans to sell