NFT FML

By Chris - 12/03/2021 20:01

Today, I'm still trying to get my head around what NFTs are, even though my friend walked me through the whole thing during an hour-long conversation. I guess I'm dumb. FML
I agree, your life sucks 548
You deserved it 136

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“A non-fungible token is a special type of cryptographic token that represents something unique.” It’s like a pyramid scheme - It has value as long as other people think it has value. Eventually because it actually had no intrinsic value it will collapse. Those who got in early get their money back and more. Those who join late are left holding empty promises. - This will eventually also apply to all the cryptographic “currencies” that are not governmentally established and supported.

It's a collectible baseball card. You kind of "own" it. You can sell it to someone else. If I want to display Beeple's $69 million NFT collage on my commercial website, do I have to pay royalties to Beeple or the asshole who pissed away $69 million on it?

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It's a collectible baseball card. You kind of "own" it. You can sell it to someone else. If I want to display Beeple's $69 million NFT collage on my commercial website, do I have to pay royalties to Beeple or the asshole who pissed away $69 million on it?

“A non-fungible token is a special type of cryptographic token that represents something unique.” It’s like a pyramid scheme - It has value as long as other people think it has value. Eventually because it actually had no intrinsic value it will collapse. Those who got in early get their money back and more. Those who join late are left holding empty promises. - This will eventually also apply to all the cryptographic “currencies” that are not governmentally established and supported.

Eh, there are a lot of things without 'intrinsic value' that don't just collapse on themselves. What is the intrinsic value of a Monet or Van Gogh painting? Collectibles have value simply because of continued interest in their subjects persist. Cryptocurrencies fill an economic niche, even if we agree they don't replace paper money, and that demand pushes their value organically, if more than a little volatilely. However, full admission, I don't 'get' NFTs either. But in as much as we can think of them as digital collectibles they make some sense.

yes but here's the thing paintings have value because thier age and who painted them they have artistic value crypto currencies are just numbers on a screen that mean nothing that you earn by solving complex math problems or buying them they aren't collectable they don't hold any value besides what people set it at not to mention you can use something that's real and tangible like a painting verse something that literally has no physical repsentation

Physical art has intrinsic value because it makes you feel good to look at it and even better to own it. And it took talent and skill to create it. Good art is scarce because not many people are great artists and it is not easily exactly duplicated. A good Van Gough painting is something that the art world agrees has value and scarcity. Software or Apps have value because they provide a useful function for people even though they are just “ones and zeros” at the root level. Bitcoin’s value lies in being able to transfer value to someone online for an illegal product or service that cannot be paid with a credit card, bank account, or PayPal. As soon as governments or law enforcement finds a way to make such payments fully traceable then the value of Bitcoin or similar pay methods will crash as its only intrinsic value was being untraceable payment for mostly illegal activities. With enough resources and motivation the government and/or law enforcement will eventually crack the traceability if they have not done so already.