RE: Spill The Hot NFT - A Possible End Game
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understand fully your concerns, once heard it was compared with the ico bubble so that everyone can just put anything he wants on these nft platforms. also think that many artists disappear after the bull run in nowhere but the good ones will remain... general value I see already behind tokenized art :)
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Yeah everyone can mint something but some just get the luck of the draw from wash trading whales and then because we conflate money with value we think that person art is now more valuable than others.
There are going to be a lot of people who end up minting art that never gets bought and those that have had a taste of a sale will continue to mint thinking they going to hit it big again.
I don't think tokenised art goes away, I just don't particularly see where the value comes from, a lot of valuable art only gains value after the artist dies since its a guarantee of scarcity now people can just keep making pieces so supply will eventually kill demand
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the supply and demand thing can really be true, but i think it always depends: if you make 10 artworks a day, maybe the supply exceeds the demand. but if you only make one artwork in your whole life, it probably won't be worth much, even though the supply is very tight, because you can't really measure it if you've only painted one artwork. collections are also very popular with nfts. i think it always depends on the size and the quality. and that you might not necessarily make 10,000 of the same artwork.
and i don't think it's just luck when you sell something, at least not when you sell more than one... i think it's mostly higher quality ones that are sold.
but i don't understand the pixel pictures either ;))
I think it’s easy to pick anecdotal evidence like the collections you mentioned but It sounds almost exactly the same as the arguements made about Crypto kitties back in 2017 they were minted and the novelty of a new application for ETH took it up and as the game grew people started minting more and more Cat NFTs to a point where it collapsed the whole thing
Cryptos kitties are still around today just like art NFTs will but all I’m saying is this isn’t going to be how it will always be, soon these whales will be into the next hype with better yields and those that actually like art NFTs will keep the market going and those crazy valuations and speculation will be a much smaller part of art NFTs sales
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hmm i don't think the hype around NFTs will die down so quickly, not until bitcoin has its bull peak.
even now there is less talk about defi but I don't think that's over yet either (though of course it's a different story with its tech).
I think the collections thing is really not an anecdote, would you buy a painting from an artist who makes a lot of different ones that have the same style but no other commonality? (although I don't know if you would buy something like that at all).
but yes I think over time as you say less is paid for the works that are really worth less
Perhaps I just don't get it, but I don't see how a unique identifier hashed into the blockchain with a link to a jpeg makes it rare or makes it valuable.
I am not saying that what the artist does isn't valuable, but why can't an artist then sell the work, not as an NFT and command the same value?
To me, people are conflating the idea of an NFT with something that offers any protection but unless the actual NFT is a native asset of something like a game, or has several oracles validating its authenticity or a central body with legal grounds to enforce anything then I where does the NFT hold any value?
Maybe I am getting too old and this new age stuff is going over my head lol
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haha lol yes i think i understand what you are saying
and i think the physical artwork should be as valuable (or is, even if you can't take it everywhere)
the only problem i see is that there is no security in the sense that i don't upload and mine the jpg on another nft platform... you have to trust the artists... you can't do that with a physical work that's why the trust is right there
That’s what I was thinking this goes against crypto as it’s trusting a platform or 3rd party..
I want to verify it, what I was thinking is if the file was secured in a way that when you buy the NFT you secure access to the file and it’s the only way you can access it that would make a little more sense to me
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you are right thats true ;) hopefully that will work some day in that way technically