Can someone explain WHY NFT's

Tiltsta said:
Get 10K in a crypto account. Start an NFT company, sell an NFT for 10K to your crypto account, the NFT is now worth 10K, as you paid that for it. Your net worth is now 20K. 10K in crypto and the NFT valued at 10K based on sales price. Now sell it for 12K to some idiot that believes it was worth 10K, or sell it for 1k at a great discount, and declare a 9K business loss as the asset is not worth the acquisition cost. Rinse and repeat with a new monkey picture and soon you are worth a eleventy billion dollars. Get some friends involved and you are all worth eleventy billion. Essentially modern check kite/tax fraud, with more upside sales potential as people write news articles about it and people think these things have value because someone on the internet said they do. If you do it with regulated financial products it is a crime, but governments have been slow to apply regulations to these things, so anything is possible.
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I think you may be onto something here...
 
DdBob said:
How is this different from copyright…..or is it just copyright? Also is this just similar to the dot com domain register
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It’s not copyright. Copyright is a legal thing that protects ownership of IP. The creator of an NFT still owns the copyright to the art, just like the creator of a song still owns the copyright after the album is sold.

Digital art NFTs are basically digital trading cards. A number in a database is assigned to you. That’s your Michael Jordan card. If you want to sell the NFT the number is assigned to someone else. Just like selling the Michael Jordan card gives the card to someone else. Crypto isn’t even needed to do this; Sotheby’s could set up a digital art trading service tomorrow and do everything themselves. But blockchain is trendy so the NFT craze is making lots of noise.
 
I don't understand where the value is but it is always buyers who determine the value of things.

I don't get the value of the NFT...I wish that I did because there will be a lot of money made with them. If you don't know what may increase the value then how would you know which one(s) to buy?

Someone even said "why buy an NFT when you can just copy and paste it, edit it under free use rights and have it (or even improve it) for free?"
 
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smorgdonkey said:
I don't get the value of the NFT...I wish that I did because there will be a lot of money made with them. If you don't know what may increase the value then how would you know which one(s) to buy?
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I have no idea what will sell, and I have a degree from an art school. It’s just like physical art; nobody knows what will be valuable in the future and most of the artists will probably struggle to earn a living from their work; the real money will come later. But without the galleries taking fifty percent the artists are probably a lot better off selling NFTs. I think some collectors will build NFT portfolios the way people build stock portfolios. Some will become virtual patrons, losing money on nine out of ten artists but maybe making a big profit on artist number ten, the same why venture capitalists do.
 
It baffles me but the buyer and the market will determine the value.

Is it a long term thing? I really can't see it I mean the £££ that comes from owning a Picasso is that you literally are the only one who has the original (and even that is a gray area) plus everyone knows who Picasso is and there's a history there - some teenager making monkey GIFs anyone can c&p but you have a Blockchain transaction to prove it's actually yours... not so much.
 
jbj said:
… some teenager making monkey GIFs anyone can c&p but you have a Blockchain transaction to prove it's actually yours... not so much.
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Art collectors will buy anything. “Found art” is just another word for garbage found on the sidewalk and people pay literal fortunes for it. All it takes is the blessing of one influential art critic and the wealthy collectors will dump money one it.
 
smorgdonkey said:
I don't understand where the value is but it is always buyers who determine the value of things.

I don't get the value of the NFT...I wish that I did because there will be a lot of money made with them. If you don't know what may increase the value then how would you know which one(s) to buy?

Someone even said "why buy an NFT when you can just copy and paste it, edit it under free use rights and have it (or even improve it) for free?"
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There is no inherit value to NFT's. The NFT part is just a unique identifier to mark a piece of digital content, usually to treat it as the "original". The current craze will burst like mad soon enough.

And the whole idea of "originals" and non-reproducability in digital art is absolute bogus and inherently contrasts with the whole nature of digital art. I make my living from digital art, and I would never sell someone a work with an NFT attached.
 
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Chicken Man said:
When you think about it, shares of stock are pretty weird and abstract, too.
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Not to this extent though as you can actually see how the firm's you're backing are performing.

Bought Google stock in 1995, well done

Bought Peleton stock 2 hours before a kid kills themselves on one of their treadmills, not good.

There's something a bit more tangible, albeit still abstract, about that.
 
Money is fake. Stock is a fiction. Markets are a construct. Value under a financialized money-based system is imaginary. Also I have some week old pita bread that is actually the totally not gross human flesh of a god-man who died 2000 years ago which you can eat within the boundaries of authorized cannibalism.

Later today why don’t you guys promise to give me some imaginary money if grown men playing a sport with completely made up rules don’t achieve intensely specific goals which may or may not actually impact the final outcome of the game. And other grown men in striped shirts can totally intervene and change the outcome seemingly at random?!? Cool? Cool!

Everything is nothing. Dogs and cats living together. Mass hysteria.
 
Peen Simmons said:
Money is fake. Stock is a fiction. Markets are a construct. Value under a financialized money-based system is imaginary. Also I have some week old pita bread that is actually the totally not gross human flesh of a god-man who died 2000 years ago which you can eat within the boundaries of authorized cannibalism.

Later today why don’t you guys promise to give me some imaginary money if grown men playing a sport with completely made up rules don’t achieve intensely specific goals which may or may not actually impact the final outcome of the game. And other grown men in striped shirts can totally intervene and change the outcome seemingly at random?!? Cool? Cool!

Everything is nothing. Dogs and cats living together. Mass hysteria.
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Everything is something...if it were nothing then it is still something because nothing IS something. Think now...Nothing is a void, a void is a vacuum , a vacuum is empty space, negative space and all these are something...nothing does not exist .
 
jp_nyc said:
But blockchain is trendy so the NFT craze is making lots of noise.
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I think that technically, blockchain is facilitating the popularity of NFTs but it's the NFTs that are trendy.

Blockchain is only trendy in the way that the internet or communication was trendy.
 
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