NFTs - Non Fungible Tokens - fad or the future?

Investing and Markets 📈 Crypto Chat ⚡️
#1

People are paying serious money for the digital equivalent of collectible baseball cards. For example Jack Dorsey recently decided to try to auction the rights to:

Ownership appears to mean you get to assert your ownership over this derived asset (the NFT), and sell the NFT at a later date, but no rights over the original asset (e.g. you cannot choose to delete or edit the tweet after buying it).

Another example recently are Digital Artworks sold as NFTs - the NFT does not stop copying that collection of bits, or enforce copyright, it means you claim rights to be owner of the first set of bits with that pattern. Even if other people have copies of Nyan Cat, you have the first.

But many are skeptical about the costs and utility of NFTs on blockchains

Is this a sign of irrational exuberance at the peak of a bubble or a new asset class emerging?

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#2

Another case of too much money chasing fads

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#3

I think there is a lot of speculation. Imo art is very difficult to value. Now lots of people are speculating on (mostly) unknown artists at arbitrary values

#4

What interests me about this though is that they’re not buying a tangible thing or exclusive rights to some information, they’re buying some sort of claim to that thing which does not in itself confer any rights but is more like a receipt to say I bought the original tweet from Jack or the original Nyan Cat gif. I’m not sure I quite understand what they’re buying to be honest, because these things are publicly available, and free to consume, so they’re not buying the right to control consumption of the artwork as the private buyer of a painting might.

It does seem to me to be yet another sign of too much money chasing risky returns, though perhaps the best analogy is to sports fans buying things like an ordinary baseball, just like most other baseballs except it was used in the world series.

#5

How about the author of the tweet? Does s/he retain the right to delete or edit the tweet s/he sold? If the author edits the tweet after selling it, would it be the same tweet or a different study like with the sunflowers, hence re-sellable?

This is too complicated for my rural simpleton neurons…

#6

I like the concept. Even though you can get prints of artwork some people still want to buy the original thing. I also like the idea that you could have VR galleries.

I think owning unique skins in games or outfits artists wore in a digital concert could catch on

I just think atm a lot of this ‘artwork’ will end up worthless.

#7

Since you brought the subject up, I’m selling one of my tweet as NFT. Spoiler alert, it will go for a lot less money than Jack’s tweet :wink:

https://v.cent.co/tweet/192002346434310144

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#8

interesting. Why are you selling this and who do you expect to buy it? Have you bought an NFT?

#9

No exposure to the NFT world on Freetrade. So much not available in general. Losing faith

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#10

90% fad, 10% meme

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#11

Fair play to the people making money out of these things but the world has officially gone mad :joy: :man_facepalming:

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#12

It’s a 25 minute video but it’s the best explainer of this utter nonsense that I’ve seen

This is the artist that sold some NFT collection of work at auction (Christies) for $69million - that happened AFTER this video and he’d only made a couple of million at the time of this. He is very talented, pumping out an artwork every single day - https://www.instagram.com/beeple_crap/ - but NFTs are absolute nonsense.

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#13

I’m going to have to find the time over the weekend to watch that :+1:

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#14

Let us know what you think.

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#16

Will do :+1: I admire the people who make money out of any scheme but I can’t get my head around owning something you can watch on the internet like that basketball shot in the news the other day. I think expensive art is mental but at least you own the real copy but people paying for the original but not a solid thing is beyond me :joy:

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#17

DM me if you want to buy some magic beans.

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#18

How much?

#19

This is quite technical, but a good write up over tweets on why you should never buy an NFT (or at least with how they’re currently implemented).