So is any "art" that can be CTRL+C-d.
On the other hand, let's not underestimate the imbecility of humankind, so maybe you are into something.
The NFT sector will come back
- Thread starter Daal
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So is any "art" that can be CTRL+C-d.
On the other hand, let's not underestimate the imbecility of humankind, so maybe you are into something.
I think one of the biggest problems was the lack of transparency with regards to sales over at Opensea. From some of the stories I glanced, there wasn't much organic trading, but more so between Opensea themselves, or between people who knew eachother. I think for there to be any hope for NFTs, there will need to be more legitimate price discovery.
No they're governed by the normal legal system. Who do you think you're going to call, the nft police?
If you want to buy the rights to something do it in a way that leaves you with an actually enforceable contract. Show up to court with a signed, notarized document, not a sob story "I thought buying this crypto key entitled me to xyz, but I couldn't be bothered to spell it out in a normal legal contract, so now I get to waste money on lawyers."
Opensea is like an online marketplace like Ebay and NFT's are listed for sale not traded like an exchange
There are no orderbooks but there are things like (best) offers for buyers who wish to pay a lower price than the listed price
Everything is priced in crypto, usually Eth, or USDT or Apecoin
In Solana, there's a different NFT marketplace than Opensea
Same in the Fantom blockchain, a different marketplace
Buying and selling are done through cryptographic blockchain smartcontract interactions, iow, using private keys and signatures
Metamask, Ethereum blockchain, ERC-xxxx, notwithstanding
Things are as transparent as the blockchain and you can use Blockchain explorers to investigate the addresses involved in the transactions
Not sure if I answered any concerns of all interested, but I'm just sharing info from first-hand experiences with NFT's and marketplaces and transactions
NFT's are not liquid, like Ebay items are not liquid
You're speaking from the pov of someone from the US
Most crypto users are not from the US and most if not all of the NFT and non-NFT crypto projects do not allow US residents to participate in their TOC
Of course US folks are stubborn, and when I was in the US, I used very good VPN communications and accessed all of the cryptos ecosystem and never got caught
However, I did so with awareness I would be unable to use any of the US legal system as recourse for lost funds (crypto assets)
https://www.chainalysis.com/blog/2023-global-crypto-adoption-index/
The problem is that if you see an NFT go from 1 ETH to 100 over 5 different transactions, you assume that there is a market for these things. But when you later find out that all of these transactions were between people who knew each other just to bid the price up until someone outside the group buys, then this is a big problem. The last guy expects to also sell for higher, following the pattern, but he is the sucker because he will quickly find out that now, nobody wants to buy from him. I remember looking at these things before and sometimes after only a day, the last buyer would try and ask for essentially the price that he paid, and now he couldn't unload it. I think lots of people were trying to make a quick buck by flipping it quickly, but alas, many sold for a big loss.
welcome to the world of trading
This kind of concept exist in every market but not as straight forward as in NFT's.
Why do you think the spreads and commissions are so low?
Why do you think the market reverses just after your stop gets hit?
The same points I brought up are valid pretty much anywhere that matters.
Whether you are in Brussels or Tokyo you're much better off having a real contact. Assuming your purpose is to make a legitimate claim in an asset with actual value.
Now if you're just interested in pump and dump or money laundering, that's another story.
NFTs might become a useful shorthand at some point when accompanied by a real contract but just buying an NFT because "the value might go up" is like buying a blank sheet of paper because it might turn into a bearer bond or stock certificate.
Yeah, I think the bloom is off the