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[NecrosaroIII]

I've been seeing more people talking about NFTs and I'm trying to wrap my head around it.

For example Tom Brady is starting a business to sell Sports Memorabilia NFTs. What exactly is he selling? Because to me, it just sounds like an encrypted jpeg file. That can't be it, right?

 

[Men_in_Boxes]

Two conferences in the NFL. The good side is the AFC. Best team in the AFC are the Buffalo Bills. NFT's are the bad guys who will have a representative try to beat Buffalo in next year's Super Bowl.

 

[Torrent of Pork]

It's a bullshit 'market' that only exists because of speculative investment. People are betting that they won't be left holding the bag once it inevitably collapses. Frankly if you were going to spend your money on fake internet bullshit you'd be better off buying can crypto.

 

[Rentahamster]

Like you're five? How about this:

 

[QuantumZebra]

Two conferences in the NFL. The good side is the AFC. Best team in the AFC are the Buffalo Bills. NFT's are the bad guys who will have a representative try to beat Buffalo in next year's Super Bowl.

Bills vs. Falcons Super Bowl. Bet.

Also OP: NFTs are pretty much crypto memorabilia... sooo... yeah.

 

[CloudNull]

I've been seeing more people talking about NFTs and I'm trying to wrap my head around it.

For example Tom Brady is starting a business to sell Sports Memorabilia NFTs. What exactly is he selling? Because to me, it just sounds like an encrypted jpeg file. That can't be it, right?

Nfts are exactly what you said except they have the ability to prove they are the original. People think original internet pictures are the same as original in world art.

They’re trying to create a market for people to collect and brag.

I can not see a real market forming on this technology but I could be wrong.

 

[QuantumZebra]

Nfts are exactly what you said except they have the ability to prove they are the original. People think original internet pictures are the same as original in world art.

They’re trying to create a market for people to collect and brag.

I can not see a real market forming on this technology but I could be wrong.

I wish I could agree, but there already is a market for this stuff: Steam Items/Cards.

Really, any game that has rare or one-of-a-kind items. In EverQuest back in 1999 you had people paying $1000s for in-game items.

I knew crypto would take off (sadly not this quickly and I didn't bite soon enough... damnit), and this will too.

 

[CloudNull]

I wish I could agree, but there already is a market for this stuff: Steam Items/Cards.

Really, any game that has rare or one-of-a-kind items. In EverQuest back in 1999 you had people paying $1000s for in-game items.

I knew crypto would take off (sadly not this quickly and I didn't bite soon enough... damnit), and this will too.

I could see this happening. Rare skins in videos games are super popular but only because users intwith them.... get to brag to other players.

For the nft market to take off there has to be away to show that you own rare items. No point in owning something that’s going to sit on a flash drive in a drawer.

 

[ArtemisClydeFrog]

Best team in the AFC are the Buffalo Bills.

 

[HoodWinked]

It's so much stupider than it appears. All it is, is a ledger that this thing a gaudy pos art is owned by someone. But there is nothing special about this ledger anyone could start a new one. Or the one most people are using just falls out of favor. The actual art isn't stored on the blockchain. Heck if both the owner and seller lost the art with no backup it's gone.

 

[BigBooper]

I wish I could agree, but there already is a market for this stuff: Steam Items/Cards.

Really, any game that has rare or one-of-a-kind items. In EverQuest back in 1999 you had people paying $1000s for in-game items.

I knew crypto would take off (sadly not this quickly and I didn't bite soon enough... damnit), and this will too.

How much are those items worth now?

 

[QuantumZebra]

How much are those items worth now?

Depending on if they were introduced in casinos or given alternate ways to be obtained... often times as much, if not more.

When I quit playing a certain EQ emulator I sold my account to my buddy for quit a bit of cash, and could have gotten more on the open market. Mainly for digital items I had.

It's really no different than lootboxes or anything else.

The weird thing about NFTs is that I guess you can't show them to people or something? IDK how that's gonna play out.

 

[BigBooper]

Depending on if they were introduced in casinos or given alternate ways to be obtained... often times as much, if not more.

When I quit playing a certain EQ emulator I sold my account to my buddy for quit a bit of cash, and could have gotten more on the open market. Mainly for digital items I had.

It's really no different than lootboxes or anything else.

The weird thing about NFTs is that I guess you can't show them to people or something? IDK how that's gonna play out.

Interesting. I've sold a couple of mmo accounts a long time ago. Surprised the value on any of that stuff has held up.

 

[wondermega]

It's really strange. I do appreciate that you are basically buying a certificate of authenticity that represents ownership of an idea, and that it is trackable on a blockchain. It sounds bizarre conceptually, but then if you think to crypto in general - and also how credit cards and bank accounts represent actual money, well it begins to sound less strange. Like everything else, it is just what people have agreed has a value, at that point it simply does. It was made pretty clear to me, when someone mentioned that it's similar to how people will buy fine art and then keep it in storage. They own it, it has worth, but the idea of it is bigger than the fact that it might actually exist somewhere or even actually be on display.

One of the really interesting wrinkles of it, is that the original creator of an NFT will get 10% of each sale of an item in perpetuity. That famous Beeple piece that started the current media fascination was originally sold for $66k, and this past March was resold for $6.6M - netting him $660,000. Not bad!

 

[SF Kosmo]

It's two things:

1) A way of creating an "original" digital work. Digital work is often devalued because it's infinitely copiable, but NFT allows artists and content makers to sell unique and original works. This can also be a way of transferring rights with ownership, like with physical property.

2) It's another dumb meme crypto based on files, like Pepe Cash.

 

[rkofan87]

even the wwe has nfts this is going down like tout and both XFLs.

 

[Porcile]

Is there evidence so far that investing in NFTs is making people money or is everyone just holding on praying that their NFT will eventually make them money? I know creators are making money but how about the people that bought an NBA highlight ? What's the future of that?

 

[niilokin]

you create a version of something into the whole blockchain thingy and that version is the "original" one. think of it separate from all the shit going around here on the normal internets, outside the blockchain. as far as I know all the NFT art platforms at the moment are invite only so it's not that easy to get into. I still don't know what to think about it personally, in the end it's not that different to making real physical paintings and selling those but at the same time it sounds kinda sketchy. Also I think at the moment you can only get paid in ethereum.

 

[thefool]

Is there evidence so far that investing in NFTs is making people money or is everyone just holding on praying that their NFT will eventually make them money? I know creators are making money but how about the people that bought an NBA highlight ? What's the future of that?

Nfts markets tend to very iliquid so it's definitely not a great money making machine for whoever wants to flip them.

 

[dr_octagon]

It's two things:

1) A way of creating an "original" digital work. Digital work is often devalued because it's infinitely copiable, but NFT allows artists and content makers to sell unique and original works. This can also be a way of transferring rights with ownership, like with physical property.

2) It's another dumb meme crypto based on files, like Pepe Cash.

can you link this to a physical device, token or specific program? is it more around the proof of owner?

as mentioned, it is easy to copy a digital work but i don't understand the appeal of this.

 

[QuantumZebra]

Interesting. I've sold a couple of mmo accounts a long time ago. Surprised the value on any of that stuff has held up.

It's really about how hardcore the fanbase is / how rare the items are (for instance there's a crown that turns you invisible instantly and you can click it from inventory in EverQuest... it's still worth $1k USD+ on both the private emulator and public live servers).

 

[gamescoltsfan]

I need a crypto hat.

 

[INC]

I still don't get it

 

[LordCBH]

Best team in the AFC are the Buffalo Bills.

Ah so that explains all the Bills Super Bowl wins.

 

[DeepBreath87]

It seems like if it can be attached to something physical as a proof of originality, it could be valuable. But as a purely digital item, it seems worthless.

 

[20cent]

I'm not sure if it's a good thing but beyond what it is currently used for (meme JPEG) it could be the future of anything you purchase or own for ownership traceability; i.e buying a car, real estate... Or any contract

 

[Men_in_Boxes]

Ah so that explains all the Bills Super Bowl wins.

See OP? This is what you call an NFT fanboy. Probably still thinks Dallas is "America's Team" or some nonsense.

 

[SJRB]

 

[CloudNull]

This is hilarious but so terrible at explaining it lol.

I do think that NFTs could help make artist relevant in the digital age. Imagine if Banksy stopped doing graffiti and only made NFTs. I am sure some uber hipster would buy all of them. Dude would make bank every time the original is resold.

 

[Deleted member 17706]

Basically accurate, except in this case, there is no physical "original" like the Mona Lisa. It's just a digital file, so it's even more meaningless than this analogy makes it sound.

 

[zeorhymer]

Burn down the rainforest eh?

 

[ManaByte]

 

[Porcile]

Nfts markets tend to very iliquid so it's definitely not a great money making machine for whoever wants to flip them.

So people are just buying for collection purposes? I just can't imagine a scenario where a digital painting from some no name Twitter artist that cost $20,000 sells for $30,000 five years later. This shit isn't Picasso.

 

[bigsnack]

It seems like if it can be attached to something physical as a proof of originality, it could be valuable. But as a purely digital item, it seems worthless.

This is exactly where I think they will end up. I don’t think the outrageous price thing will last. But let’s say you like to buy shoes, and you want to have a way to have your collection on you at all times. You could have a digital NFT gallery on your phone, and the NFT’s could be high resolution/ professional photos of your shoes taken as they left the factory. Obviously that would be hard for regular models, but for custom runs, etc. I could see some folks loving that.

 

[West Texas CEO]

So, can I sell my original dick pics for thousands (if not millions) of dollars?

 

[thefool]

So people are just buying for collection purposes? I just can't imagine a scenario where a digital painting from some no name Twitter artist that cost $20,000 sells for $30,000 five years later. This shit isn't Picasso.

It's a mix between crypto guys having way too much money and spreading the risk, flexing (cryptopunks), money laundering, sheer idiocy and the occasional actual hype behind projects (for collection purposes).

This is exactly where I think they will end up. I don’t think the outrageous price thing will last. But let’s say you like to buy shoes, and you want to have a way to have your collection on you at all times. You could have a digital NFT gallery on your phone, and the NFT’s could be high resolution/ professional photos of your shoes taken as they left the factory. Obviously that would be hard for regular models, but for custom runs, etc. I could see some folks loving that.

You can, eventually, imagine a world where you own a fraction of a digital property and earn money based on its usage. And crypto composability would allow you to collateralize that asset too.

 

[strange headache]

Imagine if Banksy stopped doing graffiti and only made NFTs. I am sure some uber hipster would buy all of them. Dude would make bank every time the original is resold.

If Banksy would do that, he'd outright kill the artistic merit of his output. Street art is basically the anti-thesis to owning art.

 

[UnNamed]

Keep it simple:

Digital goods can be copied unlimited times, and they are all the same from the one owned by the original creator to the 1000000th copy.
NFT uses blockchain to establish your digital good is the original and the others are the copies.

Es: my avatar can be replicated infinite times. As NFT, when you buy it, your copy is certified as the the original, the others on the internet are the copies.

 

[Nester99]

Can we make NFT out of actual Fudge?


The profits would be delicious.

 

[infinitys_7th]

It's basically DRM for hentai and furry porn, except anyone can still download the art itself. Now you are just logged forever on the blockchain as being the guy who paid for that picture of Elmer Fudd finding out what rabbit season really is.

 

[QuantumZebra]

So is it a video of her vagina, or just her discussing it?

Big difference here.

Inquiring minds want to know.

 

[HarryKS]

It's snake oil.

 

[eddie4]

It's like going to the store and buying an item. You get the receipt saying sale # 001. You bought it, you're the first person to buy it, but you can't take it home. Other people can come look at it and maybe buy it as well, but it's sale #002 which costs a bit less. Depending on the item quantity there only might be one or 100 available to buy. Once it's all sold, people can still come look at it, but they have to buy it from you since you now "own" it. I don't know, you're just buying 1's and 0's.

 

[CloudNull]

Man things are selling for so much money.

 

[dr_octagon]

 

[clem84]

Keep it simple:

Digital goods can be copied unlimited times, and they are all the same from the one owned by the original creator to the 1000000th copy.
NFT uses blockchain to establish your digital good is the original and the others are the copies.

Es: my avatar can be replicated infinite times. As NFT, when you buy it, your copy is certified as the the original, the others on the internet are the copies.

So instead of using the blockchain to verify and secure cryptocurrency exchange, you're using it to verify and secure proof of ownership of digital goods. Anyone can still download the image or video in question and enjoy it. The only way I see this having any value is if there's money to be made from it. If you were to post this video to Youtube, you're the only one who could monetize it. If it's a picture, then if someone would want to sell printed pictures or posters of the digital file, then again legally you'd be the only one who could make money with it. Do I have it right?

Not sure I understand the point of this though. There are already copyright laws to protect IPs and digital goods.

 

[Porcile]

I think every one understands the concept of NFTs, the confusing thing is why essentially worthless stuff is selling for SO MUCH and what are the people buying it hoping to achieve.

 

[Master Of Illusion]

NOT FUCKING TANGIBLE

 

[Panajev2001a]

Nfts are exactly what you said except they have the ability to prove they are the original. People think original internet pictures are the same as original in world art.

They’re trying to create a market for people to collect and brag.

I can not see a real market forming on this technology but I could be wrong.

If this allowed for used digital game sales there could be a bit of an upside to this bigger scam at hand.

 

[Kazza]