Disaster Girl & Crypto (1 Viewer)

AllHoosier

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You've seen this meme. It's fantastic. The girl in the photo just sold the original as an NFT (nonfungible token) for 180 Ether, right now worth about $500K! Is this the first of many "meme for sale" transactions like this we are going to see?

https://www.nytimes.com/2021/04/29/arts/disaster-girl-meme-nft.html

1619712725582.png
 
Maybe I'm just old and/or stupid (which is very likely), but I don't get NFT shit at all. It just makes absolutely no sense to me why anyone would think that they are worth anything considering I can get an exact digital copy of the exact same thing and 99% of people would not know the difference. And even for those that did know the difference, I still don't see how the difference even matters one bit.
 
Maybe I'm just old and/or stupid (which is very likely), but I don't get NFT shit at all. It just makes absolutely no sense to me why anyone would think that they are worth anything considering I can get an exact digital copy of the exact same thing and 99% of people would not know the difference. And even for those that did know the difference, I still don't see how the difference even matters one bit.
You're not old — and you're not stupid. NFTs are the epitome of digital stupidy.
 
It’s perplexing. I understand the theoretical value, but have a hard time wrapping my mind around the practical value. It’s sort of like owning an original Picasso versus owning a print, I guess.
 
It’s perplexing. I understand the theoretical value, but have a hard time wrapping my mind around the practical value. It’s sort of like owning an original Picasso versus owning a print, I guess.
But at least you've ended up with a print you can hang and admire.

As you can tell by my responses thus far, NFTs really grind my gears.
 
It’s perplexing. I understand the theoretical value, but have a hard time wrapping my mind around the practical value. It’s sort of like owning an original Picasso versus owning a print, I guess.
But 99% of the time it’s of the stupidest stuff ever and since it’s digital it’s not just an almost exact copy (paintings - different strokes of the brush, non-1700th century or w/e material, picasso actually touched the canvas etc) it is an EXACT COPY. No doubt some NFTs will appreciate in value but I’d have to think at some point at least 95% will crash and burn. That being said - and I am not a financial advisor - I for one am riding many idiotic NFT waves right now for the short term.
 
My understanding is that NFTs are just CoAs. All this art/collectibles stuff seems like a proof of concept. They are CoAs on the blockchain (forever) pointing to GIFs, proving that this person owns this item and it has this history. I believe some use cases that have been tossed around are house deeds, car titles, concert tickets, digital game items...

at least 95% will crash and burn...
Until they're rediscovered in a few years and suddenly have value again!

That being said - and I am not a financial advisor - I for one am riding many idiotic NFT waves right now for the short term.

What bags do you have right now?
 
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$14.5 million, 16.9 with fees.

https://www.larvalabs.com/cryptopunks. 9 went for sale for $16M. what are the remaining worth? There was 10k originally.....
 
My understanding is that NFTs are just CoAs. All this art/collectibles stuff seems like a proof of concept. They are CoAs on the blockchain (forever) pointing to GIFs, proving that this person owns this item and it has this history. I believe some use cases that have been tossed around are house deeds, car titles, concert tickets, digital game items...
The blockchain may be forever, but that doesn’t mean the object is. The object is really only yours as long as it is hosted. Which could be as little as a week or a month- a good number of NFTs are worthless as the hosting site is gone. Which means it really isn’t yours- it’s just an incredibly expensive license.

There are incredibly few legitimate uses for the high energy complexity of blockchain technology that can’t be solved through other methods.
 
You've seen this meme. It's fantastic. The girl in the photo just sold the original as an NFT (nonfungible token) for 180 Ether, right now worth about $500K! Is this the first of many "meme for sale" transactions like this we are going to see?

https://www.nytimes.com/2021/04/29/arts/disaster-girl-meme-nft.html

View attachment 688955
It's not all that unusual... Some people have more money than they know what to do with and they buy everything, just so others can't own it.

Wait, what are we talking about again?

The thing to remember when NFTs are bought with crypto is that the original cost of the crypto is likely far less than the current value of the crypto. So in terms of real dollars, the true cost of these NFTs is way lower.
 
The blockchain may be forever, but that doesn’t mean the object is. The object is really only yours as long as it is hosted. Which could be as little as a week or a month- a good number of NFTs are worthless as the hosting site is gone. Which means it really isn’t yours- it’s just an incredibly expensive license.

There are incredibly few legitimate uses for the high energy complexity of blockchain technology that can’t be solved through other methods.
There are efforts (and fairly easy ways) to mitigate this by distributing them so there isn't a single point of failure.
I sure wouldn't buy an NFT that had a single point of failure.
let me rephrase that..
I sure wouldn't buy an NFT.
 
The blockchain may be forever, but that doesn’t mean the object is. The object is really only yours as long as it is hosted. Which could be as little as a week or a month- a good number of NFTs are worthless as the hosting site is gone. Which means it really isn’t yours- it’s just an incredibly expensive license.

There are incredibly few legitimate uses for the high energy complexity of blockchain technology that can’t be solved through other methods.
I'm not as knowledgeable as others about NFTs, so I can't speak to the energy consumption, but I can talk about your hosting point.

How NFTs are hosted is a fair point of contention for current NFTs. It sounds like you're talking about centralized hosting services, like what OpenSea provides for their gas-less minting. They will host your image and metadata on OpenSea servers, and use their shared storefront contract for transactions.

There are better ways to keep the NFT linked to what it represents. One common route is hosting your data on a blockchain meant for data storage, like IPFS. This way, your data is decentralized and has less of a chance of going away. The other approach is storing everything on-chain, so the NFT is less of a pointer and more of the object it represents.

Licensing works the same way. Some NFT sellers have a blurb about who owns what you buy. Others put it in the contract itself.

Who knows how this will translate if/when NFTs are used to back IRL objects.
 

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