NFTs, the next wave of stupidity

[Cryptjitsu]

Yer new here, so here's a nickel's worth of free advice...

You won't win the argument, so stop trying.

It's not even an argument, but obviously I triggered him with some of my statements. Not sure why he is so emotional over the matter, like what does it even matter that there is a bunch of crypto rich kiddies playing with NFT madness. You either try to understand it and figure out to profit on it or just move on and stop giving a f**k.
I don't even mess with NFTs aside from some unique situations.

 

[Overnight]

It's not even an argument, but obviously I triggered him with some of my statements. Not sure why he is so emotional over the matter, like what does it even matter that there is a bunch of crypto rich kiddies playing with NFT madness. You either try to understand it and figure out to profit on it or just move on and stop giving a f**k.
I don't even mess with NFTs aside from some unique situations.

Challenging someone on the Interwebs to meet for fisticuffs is one of the most passe' issues we still face. Waste of time, grin and bear it.

As for the NFT space, it is a natural evolution of the virtual currency we've seen in video game items for the past 2 decades. And it took blockchain to bring it to the mainstream. There were crazy folks who would spend thousands of dollars for another user's account on a game like WoW or EverQuest simply because they had a unique item in their backpack.

There were people who would spend thousands of dollars for someone else's account simply because they acquired a ton of the game's own currency, far greater than they could ever amass in their lifetime of playing.

The difference with this NFT stuff is that it is not limited to that one virtual world. Now it can be "shown off" in the real world. People seem to take pleasure in that, and are willing to pay handsomely for it.

 

[johnarb]

...what does it even matter that there is a bunch of crypto rich kiddies playing with NFT madness

...I don't even mess with NFTs aside from some unique situations.

I was on a voice chat a few weeks ago on the Discord NFT that I own and heard a statement that struck a chord so loud, I kept thinking about it on and off for the next day or so

You might have been on the voice chat, lol, but let me set it up

The total value of the NFT I own based on quantity and the price floor was valued around $150K at the time, has since lost a little over half based on current price floor. NFT's as you know are like that, liquidity sucks and price floor becomes stagnant and start to grind down lower and lower over time

It was a nice time, we just had some major announcements, roadmaps and all and plus activation of the Sushiswap LP for the utility token. The voice chat was full of crypto rich guys, CyberKongz genesis holders, BAYC holders, maybe even some punk holders. I'll say 8 figure and at least 1 guy who could be 9 figure crypto rich

Price floor was being swept, the 9 figure guy I mentioned swept 36 price floor NFT's worth over 100 Eth before or during the call, you know OS is pretty easy to see the activity, the wallet destination for the NFT's and what other NFT's are in that wallet. Other addresses are sweeping the price floor, based on the activity of the last 12 hours during the voice chat, about 2-300 Eth

Then I heard the statement but it was incidental

The question was directed to one of the guys who was early to BAYC and the guy owned over 20 BAYC's but sold many and was only holding 5 left from what I remember hearing. How did BAYC get to the sign up with the VIP access to exclusive clubs and stuff in the real world and could we do something like that with our NFT?

The guy was pretty honest, he said forget about that stuff, that was a unique time for BAYC and the community members some had real life connections and leveraged that, and the momentum snowballed, reputation kept building up, and it fed on itself on and on and on

Then he dropped the bomb which I may not remember word for word "To be perfectly honest, the NFT craze is being fueled by crypto whale money. The minute the whales stop playing, the game stops"

You may already agree with it, but if you don't, try to digest it before dismissing it

Ipso facto, Current NFT's rich valuations is a greater fool theory

Other crypto assets like Btc and Eth because of many things and because of robust market liquidity depth, collateral markets, futures, are not a greater fool theory but rather a true market supply and demand dynamics

Sorry for the TL;DR, English is not my native language so I try to break it down from my mind to try to explain it

 

[Cryptjitsu]

Challenging someone on the Interwebs to meet for fisticuffs is one of the most passe' issues we still face. Waste of time, grin and bear it.

Maybe he just wants a hug from me. Point is that if I anger him that much with my statements, which in no way may any ad hominem attack on him, I'm happy to give him the opportunity to settle out his frustrations.
You should check out Axies Infinity to get a view of where MMO gaming is going via blockchain and with gaming NFTs.

 

[Overnight]

Maybe he just wants a hug from me. Point is that if I anger him that much with my statements...

You did not anger him. That is just the way he is. He is being stoic in his responses. Let it go, man.

 

[Cryptjitsu]

Then he dropped the bomb which I may not remember word for word "To be perfectly honest, the NFT craze is being fueled by crypto whale money. The minute the whales stop playing, the game stops"

I totally agree, that's what I learned from a NFT trader who got in a few years ago. Some of this is driven by actual desire to support the artists and grow the space, some is just boredom from being an ETH whale, wanting to gamble & validation.
The NFT trader in question, who is a millionaire from the first TopShots release, basically took his understanding of collector mindset from his reseller experience. Doing the garage sale grind to resell on Ebay.
The parallels to real world modern art & collectors should be obvious, now it's just a question whether you think the younger generations of collectors will lean toward RL physical items or Digital items.
As for Greater Fool Theory, that applies to modern art, comic books, baseball cards, retro video games, etc. And Bitcoin itself. The whole world is on fire seeking appreciating assets.

 

[johnarb]

I totally agree, that's what I learned from a NFT trader who got in a few years ago. Some of this is driven by actual desire to support the artists and grow the space, some is just boredom from being an ETH whale, wanting to gamble & validation.
The NFT trader in question, who is a millionaire from the first TopShots release, basically took his understanding of collector mindset from his reseller experience. Doing the garage sale grind to resell on Ebay.
The parallels to real world modern art & collectors should be obvious, now it's just a question whether you think the younger generations of collectors will lean toward RL physical items or Digital items.
As for Greater Fool Theory, that applies to modern art, comic books, baseball cards, retro video games, etc. And Bitcoin itself. The whole world is on fire seeking appreciating assets.

I did ebay selling many years ago to earn some extra $, so I know the grind and struggles that came with it

On Greater Fool Theory, yes, it can be applied to most investment assets which is why value investors often point to some kind of production value i.e. manufacturing, but with defi and collaterization of digital assets, can be argued there's production value similar to the banking and prime brokerage in tradfi, but I digress

If there's agreement on levels of first principles as it applies to GRT, then I'm with Overnight, there's no point to continue the argument further, it behooves the newest member of the ET forum community to stop the exchange kind of like moving into the neighborhood and getting a welcome roasting and laughing it off

 

[Pekelo]

As for Greater Fool Theory, that applies to modern art, comic books, baseball cards, retro video games, etc. .

Sure, but at least in those cases you do have a physical item in your hand, maybe even usable for something (retro games). With NFTs, you have nothing, and have I mentioned them not being unique?

 

[Cryptjitsu]

Sure, but at least in those cases you do have a physical item in your hand, maybe even usable for something (retro games). With NFTs, you have nothing, and have I mentioned them not being unique?

Digital collecting is a thing and was a thing before NFTs. MMO games established this early on.
Just a question of whether you believe the new generation of collectors with lean toward physical or digital collecting. The direction is kinda clear though.

 

[Cryptjitsu]

I did ebay selling many years ago to earn some extra $, so I know the grind and struggles that came with it

On Greater Fool Theory, yes, it can be applied to most investment assets which is why value investors often point to some kind of production value i.e. manufacturing, but with defi and collaterization of digital assets, can be argued there's production value similar to the banking and prime brokerage in tradfi, but I digress

If there's agreement on levels of first principles as it applies to GRT, then I'm with Overnight, there's no point to continue the argument further, it behooves the newest member of the ET forum community to stop the exchange kind of like moving into the neighborhood and getting a welcome roasting and laughing it off

The space is flooded but I doubt we are near the top.
Also, Cryptopunks are here to stay. Enough ETH whales treat them as a store of value to keep trading them back and forth.
Just like Basquiats being passed around by art snobs even though the street art clique that Basquiat came up within (before Warhol turned him out), considered his art trash and were laughing their asses off when Basquiat sold his first piece for like $10k.