It's possible that all the stories are misleading or fictional and nobody has ever sold any of these things for any money of any kind. I don't know how that could be proven one way or the other.
Would you pay $750k for this punk? (NFT Art)
- Thread starter jsmoke
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It's possible that all the stories are misleading or fictional and nobody has ever sold any of these things for any money of any kind. I don't know how that could be proven one way or the other.
Soldato
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Just like anything to do with bitcoin, greed.
I'm not interested in buying one of these but the blockchain as proof of ownership, e.g., Leonardo da Vinci digitally signing ownership of the Mona Lisa to you giving you 100% proof you own an original, or smart contracts where the rules (in code) of the contract are stored on the blockchain (so can't be edited or lost), and encode under what conditions when to pay or refund the money, are going to be massive most likely as a way to avoid a lot of costly solicitors. Basically modernised arbitrage, with a lot less red tape, I guess.
I agree with your point, but if you can get Leonardo da Vinci to digitally sign ownership of the Mona Lisa you've invented something far more signficant than a modern system for proving something is original and unaltered. Your biggest problem would be finding an old police box to put it in
how much is one worth now? I must admit I was as guilty as others. But then again I cashed out 10 bitcoins when they hit $1000 each as I was convinced they had reached their peak and it was only a matter of time before they would be worthless
Soldato
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If I had a lot of crypto and wanted to make more very easily I would create a load of junk art, list a couple for sale, buy them from myself because crypto is mostly anonymous, convince people that my junk is worth something, then list the rest and laugh my way to the bank from these suckers now convinced my art is worth something
Some clever minds at play here with these early mostly trashy NFT's creating an illusion that junk is actually not junk
I suspect there has been some shill bidding going on at some point but that artwork going for an 8 figure sum is something else entirely.
Perhaps it happened too with Bitcoin itself - Bitcoin has lasted for a decade now though.
Soldato
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For sure there's been manipulation with Bitcoin I don't think anybody who's seasoned in crypto would deny that, it's built entirely on speculation, I would imagine the same true for these works of "art", it's not like they're being bought to be hung on a wall like a Picasso because there's actually nothing to hang unless you print it out, but then you have just a copy on your wall.
Well, there is some minimal use case of "in the future, you can put them in your virtual gallery" and the obvious one (which applies to all expensive art) of bragging rights.
But in reality, it's all about belief, lots of people attributing value to something - just like crypto itself or indeed the inflated value of lots of things that become a "store of value".
Granted stuff like gold has been a store of value for far far longer and it perhaps way more robust. We don't really know for sure that any given crypto currency (including Bitcoin) might fall to negligible value in 10 or 20 years' time or indeed these NFTs.
And madness.
It's like they took a look at the modern art scene and thought, "This isn't crazy enough for us!"
Soldato
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https://www.coindesk.com/crypto-investor-metakovan-announced-as-buyer-of-69-3m-beeple-nft
Colour me surprised
Looks like my theory might have some weight to it
Colour me surprised
Looks like my theory might have some weight to it
It's genuinely amazing to me that these people keep finding new depths to plumb.https://www.coindesk.com/crypto-investor-metakovan-announced-as-buyer-of-69-3m-beeple-nft
Colour me surprised
Looks like my theory might have some weight to it
You can now "own" a share of a Tweet! Just lol.
Soldato
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Have a look at NBA topshot. Officially NBA licensed digital basketball cards. Insane demand and the company in question, dapperlabs, just secured 250,000,000 in venture capital funds.
https://www.nasdaq.com/articles/nba...aising-$250m-at-$2b-valuation:-report-2021-02
I bought their FLOW token in the initial offering at 10c a token. Currently between $35-40 and I think it will go higher. Only annoyed I didn't get the mrs to open an account as well as they capped investment at $1k per person. It is locked for a year then I can sell half and the rest can be sold max 1/24th per month for 12 months.
I stupidly didn't pay attention to my colleagues who showed me NBA topshot last summer. Some of them are set for life now and making waves with their own curated NFT projects.
I've thrown about 1-200 bucks at NBA tokens and my collection goes from about 3-5k in value depending on floor prices and demand. I barely have 25 cards.
https://www.forbes.com/sites/tommyb...-product-called-nba-top-shot/?sh=391181da184b
NBA topshot
https://www.nbatopshot.com/
My colleagues NFT curated site
https://nftboxes.io/
Soldato
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Is it NBA releasing these clips?
My question would be; what's stopping people selling their own 'hot shots' on Rarible etc?
The whole NFT thing seems so open to duplication and just general chaos.
Soldato
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You are right, its all bad. (How long have you been waiting for this reply?)
It looks like its fairly big business.