The NFT Bubble
Hey Jesscollectors
Every so often, the crypto market spits up a new idea or rather rehashes an idea, and people rave about it like it's a breakthrough in technology when it's really not all that great. I dig crypto, and I'm a big believer in Bitcoin, but honestly, I have to call out bullshit when I see it.
As it so happens, people have extremely short memories, or they don't bother to do their own research and fall into the same trappings with a fresh lick of paint and a new swanky sales man punting it on Twitter.
Same trappings, different kind of cheese
During the 2017 bull run, we saw NFT's make a big splash in the form of crypto kitties that nearly brought down the entire Ethereum chain as people FOMO'd into the frenzy. Then bull turned to bears, and where are crypto kitties now? Ain't worth shit, and most people have moved on.
This time around, what do we have? Oh, another bull run and another chance to get on the NFT bandwagon. This time, however, it's not digital cats; it's graphic and art NFT's.
Reaching peak insanity
The madness has escalated into mainstream media with the 3LAU sale of $11 million in NFT and Justin Sun offering to buy Jack Dorseys first Tweet for $2 Million. Humans tend to have a bias towards number go up if the number goes up, it means its legit. We've seen this play out time and time again with bubbles and Ponzi schemes.
If their fiat value is X and now is X2, that means it's legit; forget about all the underlying issues at play.
The new pump and dump
Ironically, I mention the Ponzi scheme, and the number goes up when that's such a strong narrative about Bitcoin. The hypocrisy is not lost on me, but to be fair, I've done a fair bit of research on these topics and coins.
Now I have no problem with what people spend their money on, and you can buy E-girl bath water for all I care. I'm just giving my take on NFT's because I've been asked about it a few times over the past few weeks.
What I see are a lot of early investors in crypto with coins to spare looking to secure "perceived" scarcity not to retain but to flip it for a profit. Pretty much what we saw in the ICO boom, you buy for X, hold for a bit and sell for Y before it all blows up.
These aren't markets of buyers and sellers; these are narratives being sold to a greater fool. We all know a fool and his money are soon parted, and once the fools run out, so dies the hype.
So what are these new graphic NFT's all about?
Bitcoin has done an amazing job of driving home the idea that value can be stored on a distributed chain. Bitcoin is a native asset to its chain, and its network is backed up with millions of dollars worth of labour, machinery, energy, transactions and software.
Bitcoins floor price value represents all that combined; Bitcoin's market price, however, represents how much people are willing to pay to get a piece of this asset.
So you're thinking, I know about Bitcoin, why are you telling me about Bitcoin. I want to know about NFT's. Well, hold your horse's buckeroo; I'm getting there.
NFT's or Non-Fungible tokens are now used to represent art, photos, moments in sporting history, cards and more. At first read, that sounds cool; you're taking the concept of Bitcoin and expanding it to real-world physical items.
Same same but different
Yes and no! NFT's capturing of value is in idea only there is no value to an NFT in my opinion, all it is, is a fancy hash marked onto a blockchain with a unique identifier.
Do I own the art?
If I buy a piece of art, I get a certificate for the art; I have the rights to it and any royalties from its redistribution.
I also bare the storage cost, but with an NFT,
- Who owns the original piece of art?
- Can I force the artist to ship it to me since its mine?
- Can I force the artist to destroy the physical copy?
- Can I issue takedowns for the use of the image elsewhere
- Can I stop the artist from reminting on another chain or in another run?
At least with a piece of art, there would be an effort to recreate it, and it would not be the same; they'll make mistakes or change their mind; the replica won't be identical, with an NFT it is, copies are the same.
Item not in the NFT
When an NFT is minted, only a bit of text data and unique ID are minted onto the chain. The actual graphic could be stored anywhere. If anyone has the URL to that image, they could use it regardless of not owning the NFT.
If I bought a piece of art and hang it up in my gallery, people would have to visit me to see it; NFT"s anyone can host the image.
There is no digital representation of the graphic on the actual blockchain because that would be stupidly inefficient to try and store an image of a few megs or gigs on a chain.
Collectables value is in decay
The reason collectable cards, for example, are valuable is that there firstly were never collectable to begin with, no one knew how rare they would become with them. There are less of the collectable available in a mint condition from the original print run.
For example, when they minted first edition Pokemon cards, kids eat them, ripped them up, played with them, lost them, burned them. Now those kids are in their 30s and have a bit of cash and feel nostalgic, and are willing to pay stupid prices for a piece of cardboard that was well looked after for decades.
Time and fragility give collectables value as there is a cost to maintain them.
What cost is there to maintain an NFT? How does it decay?
Authenticity comes into question
Art and collectables are highly subjective intellectual property; when it comes to collectables like sports cards or Pokemon. There is a massive central entity that validates the authenticity and protects the IP to retain its value.
Who is maintaining the value of these NFTs? Are there multiple oracles that need to pass through to review a minted NFT? No, any person can mint an NFT, so how do I know its that persons work?
How do I know how long they took to produce it, or did they photoshop something quickly and call it a day?
When I buy the NFT, do I also have the licencing to reproduce it or do whatever I want with it, like if I had the physical artwork or collectable? I doubt it, and who is going to enforce any of it?
Supply and demand
The thing with Bitcoin is, when you want more of it, you have to convince a holder to give it to you by paying more. The supply is not going to change.
An NFT, well, the artist can keep minitng as long as people want to keep buying the supply is endless. The only thing the blockchain facilitates is a hash identifier and a payment rail; it has nothing to do with securing an asset of value.
If you just want to support a creator and purchase a little momento I get it but as an investment I would avoid it.
NFT's to me are an idiot tax, mining NFT's and buying NFT's! The only ones winning at the moment are the platforms collecting fees on these faux collector items.
If you want to create NFT's or buy NFT's by all means, go ahead, this is just one guy's opinion on the internet.
Good concept, poor execution
I am not totally against NFT's I think the concept has value, and we'll see better uses for it in the future, like ticketing systems and reserving purchases. As for minting art, I will happily give this one a miss.
Have your say
What do you good people of HIVE think?
So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."
Let's connect
If you liked this post, sprinkle it with an upvote or esteem, and if you don't already, consider following me @chekohler and subscribe to my fanbase
| Safely Store Your Crypto | Deposit $100 & Earn $10 | Earn Interest On Crypto |
|---|---|---|
 |  |  |
Posted Using LeoFinance Beta
Thanks. NFT seems cool. Must I be an artist?
Posted Using LeoFinance Beta
Not at all, in this market, you can sell anything your tweets, a photo of yourself, anything! Apparently, if you put something on a blockchain it's automatically worth something
Hahahhaha you summed it up so hilariously simple and truthfull
LOL dammit, I should have just posted this comment rather than a 1400 word article/rant, cries that I am not an NFT millionaire. Someone please by my drawings I did on MS paint PLEEEAAAASE!
Hahahhahha wait for it, you never know😂😂
NFT is a good concept and well worked for crypto games like risingstargame and Splinterlands.. but for digital art work its nit that good.
I have seen some persons uploading the drawings made by their kids and trying to sell them...
Yes in-game items have value because they provide benefits in the game, trying to bridge the gap between physical and digital just with a smart contract well that to me is just dumb
If the NFT has a use only it's owner can utilise then it has value in my opinion
Posted Using LeoFinance Beta
But I'm failing to see the value in an NFT tweet, or an NFT sporting moment or an NFT piece of art, I don't get what you're owning
Fully agree, guess they just wanna try to stick "value" onto everything it seems
Posted Using LeoFinance Beta
That is just crazy... This is why some will not not take nft art seriously.
Incorrect. Music, movies, video games. All forms of digital art. You do not own the rights after purchasing, nor are you entitled to any royalties. The NFT is your receipt, a proof of purchase. You own ONE unit. If someone tried to sell you the image file, claiming it's the original, that would be like a bootlegger approaching you with a burned CD-R and claiming it's the original. These days, what can the consumer do with their digital art after they purchase it? In the old days, if I spent my money on a Nintendo game, I could then turn around and sell that copy to someone else and maybe make some of my money back. These days, once you purchase that copy in digital format, it has no resale value at all.
As an artist I would say things are a bit chaotic and the execution is poor. I agree the middleman is being greedy. I see the artist devaluing their own product by placing it anywhere and everywhere. It's madness and I'll allow the dust to settle before I ever attempt to incorporate NFT's into my business model. I'm studying it closely and keeping the pros and cons to myself mostly.
I accept that, I was a bit generalised there, sure you don't own the licencing rights to the item like a book or CD when you buy it. But when you buy the rights to a song, a script, a book, these are intellectual property that you have rights you an enforce and therefore the purchase has utility value, that was kind of my thinking
To be fair, I've seen bootleg products have their own market, like those Dendy Russian bootleg Nintendos lol
I think if the marketing changed I'd be okay with it, like if its support an artist by purchasing a digital copy where more of the funds reach the artists. I get that.
But this whole own the moment, own a piece of history minted forever, as if many of these chains will even be around in a few years is just dishonest to me.
Artists at times do sell the rights to others. It's not always about individual units. Songwriters strike up deals like that all the time, for instance. It's up to the one making the purchase to make an informed decision.
And sure, anyone can go ahead and make an NFT. They can sell their selfies all day if they want. That doesn't mean anyone will purchase it. That's where brand power comes into play. I see some people making a mockery of it all. Minting total trash just because they can. Selling themselves short. Absolutely no clue how The Game actually works. It'll be their own damn fault the platform they use doesn't interest consumers. Picture a convention setting. It's their own damn fault they spent all that time setting up a display and all people do is walk past. I see this happening here on Hive, of course. Solid work consumers might take an interest in has the potential to push the value of the token up but since some don't even value their own work, they help contribute to creating an environment void of consumers. Hive (more so when it was known as Steem) has always been really good at finding ways to push the consumer (and their money) away. So when it's safe to take things seriously, and there's an established market of potential buyers, I'll jump in. If I did it now, wouldn't some of you folks then just look at me as part of some kind of problem that shouldn't exist?
The entertainment industry generates billions annually. I've always said that's a market crypto needs to tap into. A lot of people who understand entertainment think crypto is just as bogus as how you describe the digital art/digital money combo.
That was my experience too, I went on these sites like rarable and it was selfies and 5 minute doodles marked up for 1 ETH and I'm like wtf? Somehow there needs to be some way to filter stuff or curation, or its just going to be a flaming pile.
I'm fine with mint what you want but I think the market places should be more well curated and also speak to one another in some way. Because people are minting the same shit across chains and there's no way of knowing what is what, but hey these platforms are raking it in so I guess if it makes money then I'm just being salty
Oh do I think the entertainment industry is noble lol hell no, they've been putting up shitty legal barriers for years creating moats of value that they control. If disruption comes for them, the better, I just don't see NFT's in their current format as that disruptive tool.
If for example, you said the NFT is a claim on the physical good and I can validate that with the gallery and we have several parties that agree and have a multi-sig type NFT yeah by all means, better than just an old paper contract for sure.
There's no FOMO brewing about in my veins. I can be just as much an artist today as I can in ten years. Next year something better might come along, or we see improvements on execution, or we see it eat itself to death and I'll be glad I didn't set up shop wasting time and resources in a city destined to burn to the ground.
Sometimes it's not about what we supposed sane and logical people think but how things actually play out in life and most times things play out in the most illogical way.
I do think digital art has a place esp as blockchain becomes more popular. I really don't care whatever the coin is been called, bitcoin, ethereum, hive, etc the most important thing is that blockchain and crypto are recognized by the vast majority. That is the for me the true meaning of value--it is subjectively determined by the people.
I'm not an art lover so I can't really say much about that space. When I hear people buy artwork for millions I cringe. But it is a thing and it happens for whatever silly sentimental reason.
Posted Using LeoFinance Beta
I agree with you there, we humans aren't perfect creatures and those imperfections manifest in these things like being tokens for a million bucks because token + famous person = value. I think that speaks to the greater loss of confidence, psychologically people know money is losing value so they'll put it in anything that could possibly be flipped for more or hold its value a bit better.
I agree it doesn't matter what a coin is called, like I said it's about narrative, Bitcoin has the best narrative, and each day people are buying into it, reinforcing it. It's a sad fact of life that Bitcoin is the best money the world has seen in a while, it's because we're so illogical we need a system that enforces rules we can't change to keep us in check.
WIll it work long term? I don't know but it seems the best shot we have thus far
Lol I don't mind what people spend their money on, I mean I think cars are silly sentimental value with diminishing utility value but people spend on it because it's normalised.
I just know people are going to turn around and blame blockchain and Bitcoin and the space for their poor decision making
Oh, they will. When the bear kicks in sometime in the future people are going to cry wolf.
I cannot even complain about our stupidity as a species but leverage on that. Apple is doing so. Most of the big tech companies are doing so. We might want to tag them as evil but any well-thinking opportunist would do the same.
Someone is spending millions on digital art that can easily be copied and saved anywhere online. Makes you wonder how they even got close to such money in the first place
Posted Using LeoFinance Beta
Lol totally, the luxury brand market has been an idiot tax for years, sure if you don't know what to do with your money buy gucci slippers, but there are people with no money buying that shit lol
I don't think they are evil, I think they're providing the market with a way to enjoy their stupidity.
I've also wondered that, if you spending that much on rubbish, its normally other peoples money or shit you didn't work for, and got handed to you.
!BEER
Posted Using LeoFinance Beta
View or trade
BEER.Hey @nonsowrites, here is a little bit of
BEERfrom @chekohler for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.This time NFT is getting more hype and looks like 2021 will too good for NFT.
Posted Using LeoFinance Beta
Well 2017 ICOs were all the rage and now you hardly get an ICO either it’s done as an IEO or they just airdrop it! I think NFTs have their moment now but it’s going to die down pretty quickly
Ahh right on point! The hype is high. And a lot of the art is ridiculous. I can take a screenshot of our conversation and try to mint it. If you would be Elon I would get rich. A complete nonsense. For artists it can be a good thing. For an investor... Not so much, unless the artist is Bansky or other famous dude.
Selling art is not easy and nft sounded like a life saving boat. Until gas fees come to deflate you lol.
In the nft I can also notice how celebrities and known artists try to tap into this. So again this leaves a lot of anonimous struggling artists on the fence again. And once in a while one might get lucky to sell a snapshot for serious bucks. Art world is weird.
!ENGAGE 20
That's why I find it so dishonest, its being marketed as a way to earn from your art, and you know everyone has an even playing field and yes in minting it does but not in selling. I wouldn't be surprised if these celebs and artists get deals with the platforms beforehand to drive this frenzy and that it's not an organic thing that a celeb happened to come across this and started minting things.
As I marketer, I can always sniff out marketing bullshit pretty quickly and this smells like it.
If let's say you create art tokens and I can buy them and your painting sits in an escrow that will ship it to me, then it makes a bit more sense to me. I want to touch it, smell it, take it in and hang it up.
Lol art is weird, so is tech and when they combine you get 2 million dollar tweets and selfies going for $20 000
I think they get deals too. Too much hype for doodles
I’m sure you’re right, it seems to convenient! Perhaps it could be worth making an anon account doodlemary and see what happens making silly doodle NFTs
Posted Using LeoFinance Beta
Hahahha I would be ashamed to create such a thing. But well that's just me, some make money like that
ENGAGEtokens.I have to agree, we can all make some.. limited edition... only 10 left.., only $250 each. We shall see, keep away and watch from a distance.
LOL, it kinda reminds me of those home shopping channels, call now we only have 4 pans left, and then tomorrow that same fucker is back selling the same pan just with a potato peeler next to it, call now limited edition pot and potato peeler.
Wow, finally somebody with the same feeling on NFTs as I have. For me NFTs are like buying a card signed by some celebrity.
Posted Using LeoFinance Beta
Lol and spending your life savings on that card and hoping that theres someone dumb enough to buy it from you in the future
Posted Using LeoFinance Beta
I may or may not have eat and shit out a Charizard card when I was a kid. Did my part to burn it and send it to null! Lol
Yeah the NFT shit is a bit overblown. When I heard that JS was trying to buy Jack's tweet for 2 million I just lolled at how stupid that was. It's now just turning into glorified money laundering, the same way art is in the real world. You help scratch my balls and I'll spend two million dollars to buy a worthless NFT of your first tweet that can be reproduced a billion times and nothing someone can do about it.
The only way NFT's are even interesting is with the right user interface like Splinterlands and stuff where your cards have ID's and even then, the convention seems randomized and hard to tell who "owns #1 gold foil legendary spirit summoner" in my opinion.
Still going to collect the cool NFT's here and there though.
LOL @ sending to null no wonder they worth like 30k a card!
JS never did anything but squander CCP vision fund money so he's not going to give a shit, even if the marketing gimmicks arent showing real returns, his such a knob, but a knob that keeps the steem and tron price up for me to milk so I cant be totally mad at him.
Look I get some art can be valuable, especially older stuff but this new modern age bullshit Nah fam that's definitely money laundering and for the tax breaks because that shit is garbage.
Lol look if peeps want to gift me NFT's or if I want to gift someone an NFT for the lulz cool but as for investing and i use that term loosely this is a complete joke
Posted Using LeoFinance Beta
i pretty much agree with what you said in the conversation with @nonameslefttouse (btw nice to see back man!). I have dived a bit in the Nfts for the past 2-3 months.
So what is supposed to be happening and it happens in most cases is that an artist or people behind a project decide to create something and minted for-profits ofc. There is a concept behind or a whole project and the price is determined by the project, the people behind it, the number of pieces out there and ofc on what we spend.
So basically, you don't have any rights other than that you own that particular piece you have, let's say you got the 5th one out of 10. You can sell that one for whatever you like! In some cases you can even burn it (destroy it) and by doing so the value can be increased (i have seen it happening)
in some cases you can even buy in physical form. For example there is a card nft collection. They decided to issue let's say 500 decks (i don't recall the actual number) and if you got one, you complete a form, you send or burn the digital deck and you receive the actual deck in physical form in your home!
You can copy and paste the image of an nft for sure but that's up to you as a collector/investor or as someone you like the image and want to use it on your pc or something. The same can apply to any form of art. I can basically copy and paste a famous painting's image as well :P
You can't stop the artist from deciding to mint more, sure you will lose money but he will lose as well and not only money but fame. That's something that so lucrative though.
Finally, Nfts are super cool but at the same time i think many people are trying to earn some quick money along the way and they are the reason it's a bit of a "bubble". I really hate those celebrities that hoped into this world because i know why they did so. I made a post yesterday about Grimes, Elon's Musk wife, girlfriend (i don't know) that she sold 6m in Nfts and i bet she didn't even create these pieces
Posted Using LeoFinance Beta
I don't like you anymore, you come to well researched here lol stop trying to show off on my posts :P
I had this funny feeling there was some mass PR collusion going on with these platforms to drive hype, sucker in people to want to mint NFTs they never going to sell and move money from the everyday artists to businesses
The options weren't clear to me when I went on these NFT platforms, it felt like bargin bin of trash.
If for example I could filter and say
Then at least you can start to group offers like for like, but now its all just being smashed together purposefully no doubt so people buy the wrong shit for the wrong price
Posted Using LeoFinance Beta
hahahha :P Haters gonna hate :P
true and don't forget to add the greed factor. So many people are buying worthless stuff just because they think they gonna have value in the future or because a famous celebrity is behind this. It's like buying shitcoins but harder to pump them :P
Posted Using LeoFinance Beta
Lol at least I Am honest about by hating, I do it up front no funny business like talking behind your back! I prefer hating straight to peoples faces
LOL totally this stuff makes shit coins look like a solid investment strategy or farming those random defi coins that shoot up for a week and then die
Posted Using LeoFinance Beta
Very interesting discussion. Like the tangible art world most of the money will be made by the dealers and speculators.
As an artist myself I am still on the fence about the whole thing but may test the waters for experimental purposes.
Until I have formed my own opinion I can't add anything to this conversation but enjoyed hearing you and the other comment givers take.
That's what I was kind of hoping this NFT would do, was disrupt the monopoly of dealers and lower barrier to entry but its just created a new dealer and new speculative market.
I can see artists making money from it, I would just like it if people were honest NFTs are a paid replica that you can own.
Nothing wrong with that, but it shouldn't be this whole oh its rare and valuable, that's just nonsense
Posted Using LeoFinance Beta
I see it as a bubble at the moment. It will crash hard but the idea will remain and technology will be added to solve the issues you and I see with it, I am sure of that. I have been thinking of just joining in on the fun and going for the money but I worry that I will be placing my work into a black hole and it will never be seen again. I think artists need to be very careful with any new technology and signing away rights to one's production, even for money, should be done very cautiously.
!ENGAGE15
I like that approach like try it out learn how it works, have fun but don’t try to turn this into a quick money spinner! It’s only going to put you in a shit light when this thing blows up
I am bullish on crypto but when shit like this comes around it really just pisses in thing we try to build and people don’t take crypto seriously and I can see why
Either solve the poor messaging that to me is unethical or solve the tech
Posted Using LeoFinance Beta
ENGAGEtokens.The biggest challenge and limitation with NFTs is that none of the existing solutions store the images/graphics in an immutable fashion.
The second is that there no way to ensure the uniqueness - its possible to create 2 NFTs pointing to the same URL, ie google.com/dog.PNG
I have seen NFT's storing their images on IPFS but I don't see how that secures the image as unique either. Perhaps if the file was locked and can only be accessed with the private key of the wallet that would make it a little bit more secure.
Perhaps if you owned the NFT others could get access to view it and pay a small fee, then i could see why its an asset since it brings you income.
Posted Using LeoFinance Beta
This is a good idea.
The idea of "dynamic NFTs" where which seems to be already in works by chainlink is a good approach too.
Could you share a link I can read up about it?
Posted Using LeoFinance Beta
There you go : https://data.chain.link/link-usd
Essentially, if we have on-chain NFTs (ie pure tokens or smart contracts as opposed to what Hive has/doesn't have), then its just about extending the meta-data and then responding to the external changes via an oracle.
thank you very much for sharing information about the NFT,have a good day
My pleasure and you too! Thanks for stopping by
Posted Using LeoFinance Beta
Thank you very much for sharing, have a good day and a great mood
You too have a good one
Another day, another bubble and another hype.
There are influencers everywhere and people with follow them without doing any research.
Don't fell to their trap. They are probably paid to do promotion.
Posted Using LeoFinance Beta
I kind of agree with some of what you're saying, but I do think you're underestimating the power of art, as cheesy as that might sound. Anyone can buy a print of "Starry Night" but the original is worth millions, and yes, it's just some idle thing that you can't do anything with. Many modern artists have made art pieces that point out this "joke" that art should logically be worthless, yet those pieces often sell for a premium.
There's two things to keep in mind: First, people like art, they like living in a world with art, so they want to support the creators. Second, people are competitive. They want to be recognized; they want the social capital that comes with being a tastemaker. As an artist develops, particularly on social media, they will grow a following of people who admire their work and want the status and/or pride that comes with owning an original.
I think another interesting thing to consider is how NFT art will fit into an emerging VR world, where a person like @bullauge could have a virtual museum showing off an impressive collection. Sure people could see a copy somewhere, but how would they even know what to look for without someone else introducing them to new art/artists?
Lastly, of all the shitcoins I've lost money on, even if NFT art went totally bust, I'm never going to look back at it and think "damn, I really wish I hadn't invested all that money into artists."
I do agree that buying a tweet is stupid.
Oh I’m not apposed to art selling for stupid money, old pieces of history have high cultural value and I get that but that art generates an income! People will pay to see it, people will pay for replicas and merch.
If I buy this overpriced modern art I also have an incentive it offers me massive tax breaks and art prices are just a reflection of tax policies right now
How does an NFT generate income apart from flipping it to a greater fool?
Yes we can speculate on how NFT can be used in the future but I’m not focusing on that, I’m focusing on the obvious misallocation of resources going on here. I’m sure after this whole thing falls apart as the bear market comes in you’ll see them go into hibernation until a new version is realized
But as for the versions we have now, it’s a load of rubbish in my opinion
Posted Using LeoFinance Beta
When I sell a physical painting in the real world I'm selling the property but not the rights to reproduce or copyright, so I see NFT is different and why it can get pricey. I've never used it and I'm not sure how, but I'd hate to see a image I own the copyright to sell badly on auction and lose rights to it, or maybe I'm a romantic.
Sure arts value is in that of the beholder the creator or the buyer can value it at anything they want. All I’m questioning is the value of the purchase you’re getting with NFTs!
To me I see it as merchandise, if you like an artist and want to support them you but this merchandise. To give them an income, but as for pegging this as some sort of investment in not sold on that aspect of it
Posted Using LeoFinance Beta
but when I sell my physical merchandise or EVEN original drawings I'm not selling the rights to redistribute or use or the copyright. Same when a famous painting sells the painting they're selling the physical painting not necessarily the rights, so I wonder if nft is really a selling of licenses as the owner has the "ownership" of the image then... then I have a bit of a conflict, it's not working really as selling your art in a museum, even then the artist is keeping their rights. Unless it's a commisioned work and you pruposedly sell dthe license which I believe this is what these nft mean, but the comparison of buying a picture in a gallery to support the artist confuses me cos it doesn't seem to be the same thing. As a striving illustrator and artist I want to jump on the train... after all we all have bills to pay and give it a try but i have so many reservations still and noone really explains the intellectual property parts clearly.
That's my issue too, no one is clearly stating what the limit of each NFT is, as ALL NFT's are not equal, some may be merchandise, some may come with a claim on physical art, some may be a commissioned NFT with rights. But at the moment they are all treated the same and because so many retail investors are coming in they are buying things that aren't worth much and paying way over market price
And once the dust settles, its going to make blockchain look dumb and the artists will be blamed not the consumer who didn't do their research
Posted Using LeoFinance Beta
Exelente post, muy instructivo, gracias por compartir.
Thanks appreciate you taking the time to check it out
Posted Using LeoFinance Beta
Por eso el tiempo no influye, si el interactuar, saludos.
The NFT situation makes no sense. I could see What CryptoArt.com does in having a unique print with a bitcoin or other crypto wallet integrated into the picture being something. I actually want to totally do one with DOGE related art. There are so many opportunities this bull market and it is hard to do everything. I'm already working on this stuff non-stop.
But designer purses and designer shoes that women buy actually make more sense to me than these stupid NFTs that are being resold. Like some crypto punk thing sold for millions and it was just some pixelated little inbred guy that I could have made in MS Paint. I mean get the actual fuck out of here with that shit. lol
Posted Using LeoFinance Beta
Lol I used to think designer handbags were dumb but at least it’s made of good material, granted they no longer done in Italy but Romania now and they do also destroy excess so each collection is sort of unique but even that is a stretch
This NFT thing is just wackadoo and what I find funny is that it gets so much publicity not even Bitcoin was spoken about like this so it makes me lean towards this is celeb PR and platform PR or some money laundering operations.
Posted Using LeoFinance Beta
I think some of them are just whales transacting with themselves and like you said a guy like Justin Sun might set up something and then buy it just to make the news. And yeah possibly Money Laundering somehow and then they could say they made their money selling digital art. Can you imagine showing some tax authority a digital inbred made in MS Paint and saying that you bought it for $800,000 and sold it for $6.6 Million? LOL ..... They would be like WTF
Posted Using LeoFinance Beta
Yeah if I were to break it down i'd say its
LOL I would love too see the look on a tax or accounting persons face when they show them that dog shit. I also wonder how they going to rip those purchases with tax. The income is so public so you;re not going to get away with that shit
Lets say an artist does a $1 million sale, i highly doubt any of them are creating their art via a business so that's personal income, so you're going to get nailed on the amount and when you convert lets say you got ETH into USD you get nailed again lol
Posted Using LeoFinance Beta
Yeah it would become a tax nightmare for sure.
It is tough to know the best strategy as is. I don't even like to think about it but I think I'm going to do a combination of crypto loans to have a fleet of depreciated supercars that will retain their value.
I just have to get the entire amount up higher.
It's a sales signal that I have even been looking up cars in the first place. We just have to kick ass through this stretch while the $1.9 Trillion hits people's accounts here.
Posted Using LeoFinance Beta
Excellent post. Makes me reconsider some of my newbie moves.
Thank you for writing it!
It’s a pleasure, crypto bull markets are easy to get swept up in the mania especially if it’s your first one and you’ll want to chase all that’s shiney abs making gains! Doing research can make all the difference so don’t just take my opinion :-)
Posted Using LeoFinance Beta
Thank you, @chekohler ! I'm doing research daily. Sometimes I feel so narrow-minded, it's exhausting to get into so much information.I am trying to find minimalistic,coherent and well-written content, read the replies and save the info, plus keep the author close. :)
Time is important, beyond the value of crypto or gold :)) so I need to optimize it! Posts like yours make the difference!
I'll delegate you now because your writing is neat and you're doing it daily.
I agree it takes an insane amount of time research for what I write is time consuming but I enjoy it and it helps me learn! There are also some great podcasts you can follow if you don’t have the time to read, I normally listen to them on my daily work outs
I get so much out of these shows and they send me down quite the rabbit hole
Oh that’s so sweet of you
!ENGAGE 20 !BEER
Posted Using LeoFinance Beta
Thank you for these suggestions! For the beer also!
To @misterengagement,hug!
View or trade
BEER.Hey @regenerette, here is a little bit of
BEERfrom @chekohler for you. Enjoy it!Learn how to earn FREE BEER each day by staking your
BEER.ENGAGEtokens.