Toggle sidebar

NFT = another crypto scam?

T

Tskware

Well-known member
Jan 26, 2003
24,911
21,260
113
Since I am too lazy to do my own research, I humbly beseech the Paddock as a fount of all information (especially political takes, always wonderful fair and balanced POVs on this site)

So WTF are "Non Fungible Tokens" and are they yet another non monetary scam, like Tulips in Europe in the 1600s? (Have read a ton on Bitcoin and I still have no idea how or why it works, or why it should be deemed of any value, but clearly I am mistaken.)

In any event, what good are they and what are they used for?
 
G

ganner918_rivals60369

New member
Mar 13, 2004
14,745
12,925
0
They're an even less useful application of blockchain than crypto. They're literally not good for or used for anything. It's an ownership token for a piece of digital art that can be hosted and displayed in a million different places. But you "own" it.
 
  • Like
Reactions: chroix
Rebelfreedomeagle

Rebelfreedomeagle

Well-known member
Feb 24, 2017
2,529
4,627
113
I’ve tried to understand it and can’t see that it’s anything other than selling the copyright to digital media. I follow some musicians that sell them and apparently they’re selling well. Looking for a better definition myself.
 
80 Proof

80 Proof

Well-known member
Jan 3, 2003
64,598
51,208
113
My understanding is that they are essentially a digital copyright that is registered in a blockchain like crypto currency.
 
D

danbrown24

New member
Oct 29, 2007
34
54
0
I have had to research NFTs for a graduate course. It is incredibly absurd. If any of you play DraftKings they have dropped several exclusive NFTs. Others have mentioned digital art or even music. One guy created an NFT for a collection of fart sounds and someone bought it. Jack Dorseys first tweet was minted into an NFT and sold for 2mm.
From what I’ve seen a lot of folks buy them as investments. They’re banking on exclusivity. If you’re ‘lucky’ enough to buy a limited edition ‘drop’ you can resell it for sizable sums on a secondary marketplace. The company I researched for my MBA course is called OneOf - it’s mind-blowing what they go for on the secondary marketplace. Not to mention the exorbitant amount of energy used to create them.
I think it’s a bubble. But there are still schmucks buying a digital Tom Brady card so what do I know?
 
  • Like
Reactions: chroix and Deeeefense
M

MoneyMuntz

Well-known member
Aug 13, 2017
2,352
3,737
113
For any new technology there are both early adopters and laggards who resist the change. As it pertains to financial technology I think it’s beneficial to understand the specifics of the tech rather than assuming it’s a flash in the pan that isn’t going to catch on. People are paying millions for NFTs. In the case of NBA topshot, there is an entire ecosystem trading on a marketplace for large sums of money. Record labels have started releasing albums via NFTs. It may be a bubble and it may not last, but I think just as easily there is an opportunity for financial reward for those that embrace it.
 
  • Like
Reactions: LineSkiCat14
LineSkiCat14

LineSkiCat14

Well-known member
Aug 5, 2015
37,308
57,139
113
Art, for many, is a symbol of status, and luxury goods as well. We want what most people can't have, right? That's why you buy a Lexus when the Toyota is just fine, or pay hundreds of thousands for a Jackson Pollock that a 5 year old could make.

So it's hard to say NFTs have NO worth or place. The future generations might look at this as the new form of art. To have something someone can't have. And in some cases, if someone else desires it, it may grow in value.

I think its kind of absurd and have little desire I it. But thats what happens with new trends as you get older.
 
  • Like
Reactions: chroix
Deeeefense

Deeeefense

Well-known member
Staff member
Aug 22, 2001
43,720
49,764
113
The value of anything is based on what people are willing to pay for it, nothing else.
 
  • Like
Reactions: chroix
C

chroix

New member
Jul 22, 2013
10,018
25,203
0
Anyone that would pay money for something that they can have for free is just dumb. The fact that they call it an investment is even dumber, but I guess it helps them feel better about their horrible horrible decision making.
 
bluthruandthru

bluthruandthru

Well-known member
Feb 24, 2009
3,814
3,928
113
NFTs are built with ETH and ADA. Smart contracts as well.

I've slowly been buying those and BTC and will keep buying until I reach 1-2% of my investments.

If they do well, a little is all you need. If they do poorly, a little is all you want.
 
  • Like
Reactions: MoneyMuntz
Deeeefense

Deeeefense

Well-known member
Staff member
Aug 22, 2001
43,720
49,764
113
Hank Camacho said:
Ok, comrade.
Click to expand...
Suppose there was no min wage law, and your boss told you tomorrow you pay is cut to $3.00 per hour. Then you check to see if you can get other employment in your field and all the other companies are just paying $3.00 per hour too. What would be your reaction to that?

All western based democracies have regulatory laws. Our free enterprise system is the greatest in the world but a business has only one objective and that is to make a profit for their shareholders/owners. That's a good thing as that's what drives entrepreneurship and economic growth. But that's also why you need government to regulate the economy. Not over regulations which stifles the economy nor under regulation that allows for abuses, but the rights amount is what we should strive for. If you thank that equates to communisms or socialism than you don't understand what those terms actually mean.
 
J

jameslee32

New member
Mar 26, 2009
33,643
22,325
0
Never could have guessed the Paddock approves of slave labor. Not in a million years.
 
You must log in or register to reply here.
Top Bottom