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wsfarrell
·A fool and his money …..
Can someone explain NFTs (Non-fungible tokens) and yes I have googled it.
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watchyouwant
·If I can't eat it, wear it, drive it, ride it, hang it on the wall or put it in my pocket then it doesn't exist for me.
A few decent EMPs in the next shit fight and all of the virtual currency and NFTs will be just memories.
The Dog analogy springs to mind..... If you can't eat it or play with it, just piss on it and move on.....
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JimInOz
··Melbourne AustraliaFor that matter, the same will hold of fiat currencies. Food and other necessities will be bartered with Speedmasters.
Excellent! I've got at least six months food value in Speedmasters 😁.
I hope Connies follow the trend, I could barter for moonshine with them.
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Observer
·Why doesn't some enterprising watch company, say Rolex or Omega or Patek Philippe, sell NFT's to some one of a kind Daytona or Speedmaster or Nautilus? Then the owner could brag about how he owns the electronic image. It all seems like a scam to me. Perhaps I'm too old to understand this new tech, but young enough to have read about the tulip mania ca.1635.
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jumpingsecond
·Here is a group of NFT's called The Wanderers. Anyone can view them. But there is one owner for each who has the rights and can exchange them for etherium on this platform. You can view the historical pricing / trade volumes etc. Right now NFTs have crashed down to earth from the bubble this summer but essentially its still a type of extremely liquid store of value- easier to transact than a watch or a traditional wall painting.
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eugeneandresson
·I also had this question…but a digital image associated with an NFT is (IMH2CO) a very short sighted use-case (and these 4 bit pixelated images with 256 colors are frankly rediculous, but small in size of data). It was probably the first and easiest use-case though to validate this scheme. There is a world of other digital ‘things’ that could make NFTs a very useful mechanism. And to repeat: all IMH2CO 👍
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dsio
··Ash @ ΩFAt the moment the most noteworthy use case for NFTs seems to be money laundering. If you’re running an illegal offshore casino, or similar criminal enterprise and want to spend your money onshore in the US, you convert that money to crypto, create a bunch of procedurally generated artwork that is effectively worthless, then sell that worthless jpegs to yourself such that you can declare your earnings as “art sales” onshore in the US.
So far its tech savvy enough that nobody is getting in trouble for it yet. Hopefully that changes soon and law enforcement / the IRS catch up with this game.
There’s a nice YouTube series on one major example here:
https://www.youtube.com/playlist?list=PL4qw3AkxFDSMD7ocgT7wEQq6hHuLAPRTn
So far its tech savvy enough that nobody is getting in trouble for it yet. Hopefully that changes soon and law enforcement / the IRS catch up with this game.
There’s a nice YouTube series on one major example here:
https://www.youtube.com/playlist?list=PL4qw3AkxFDSMD7ocgT7wEQq6hHuLAPRTn
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eugeneandresson
·Unfortunately, like with splitting the atom, human ‘creativity’ will add nefarious salt to everything.
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STANDY
··schizophrenic pizza orderer and watch collectorSo they are basically pictures of Bitcoin and worth about the same in reality 😗
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Archer
··Omega Qualified Watchmakerbut essentially its still a type of extremely liquid store of value- easier to transact than a watch or a traditional wall painting.
Personally, I don't buy art hoping to make money on it, or consider it a "liquid store of value." I buy it because I like it, but that seems to be a lost sentiment in the whole NFT thing, and it's all about how much money can be made. The level of greed is sometimes astonishing surrounding these digital assets.
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Lucasssssss
·I can also hang a copy of the Mona Lisa on my wall. But it is not the original Mona Lisa. Your copy/pasted digital copy of my NFT does not have the blockchain verified rights to my NFT. If this NFT is a popular one, like the Mona Lisa is a popular work of art, someone may pay enormously for it.
Im currently reading Art in the Age of Mechanical Reproduction which explores these issues (in 1935), if you are interested in the subject.
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aggie
·Too much money in the world -apparently - and not enough genuine talented people. Just an opinion.... Actually no, there are many talented people, but the money owners are not talented enough to recognize their talent. So nothing and everything is elevated at the rank of "piece of art" .Sad.
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jumpingsecond
·@Archer I think you're hitting one of the possible differentiations that some probably feel add value to NFT's vs Mona Lisa traditional art- NFT's are traceable, tradeable "art" that you can swap pretty easily. Maybe you can think of it like the new version of baseball cards when you were a kid and swapping them with friends. Majority of those cards aren't worth anything, but some are worth a ton of cash. Parents see them as a nuisance and a waste but kids love'em. And what are they anyway- just an image of a guy pitching a ball on a piece of card stock. And you are definitely right about greed aspect- something new comes along and the first thing we do it is try and figure out a way to exploit it!
@aggie what is "ART"?? There are some NFTs created by artists/programmers who put quite a bit of development/skill/labor into it. A lot of these popular NFT's have communities forming around them. At Art Basel Miami this year NFT/Artists in this space were widely celebrated.
I think throughout history Art keeps changing/evolving. NFTs have just begun and most likely aren't even scratching the surface of their final form.
@aggie what is "ART"?? There are some NFTs created by artists/programmers who put quite a bit of development/skill/labor into it. A lot of these popular NFT's have communities forming around them. At Art Basel Miami this year NFT/Artists in this space were widely celebrated.
I think throughout history Art keeps changing/evolving. NFTs have just begun and most likely aren't even scratching the surface of their final form.
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Dan S
·Much of the phenomenon appears to be based on Greater Fool Theory, but some early adopters obviously made a lot of money. One hopes that eventually both NFTs and cryptocurrency will be employed for useful purposes instead of speculation.
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Archer
··Omega Qualified Watchmaker@Archer I think you're hitting one of the possible differentiations that some probably feel add value to NFT's vs Mona Lisa traditional art- NFT's are traceable, tradeable "art" that you can swap pretty easily.
There may be people who regularly swap art, so the "swappability" of their art is important to them, but that's not me.
Maybe you can think of it like the new version of baseball cards when you were a kid and swapping them with friends. Majority of those cards aren't worth anything, but some are worth a ton of cash. Parents see them as a nuisance and a waste but kids love'em.
Good analogy. I'm not a kid anymore...
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Larry S
··Color Commentator for the Hyperbole.I have read that stupid as the concept sounds, it may evolve into an effective system for digital copyright protection.
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Darlinboy
··Pratts! Will I B******S!!!P.T. Barnum, prescient as usual, explained why these are “valuable” decades ago. 
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Vercingetorix
··Spam RiskThis is all anyone needs to know:
https://www.theguardian.com/technology/2021/dec/16/melania-trump-nft-business?CMP=oth_b-aplnews_d-1
https://www.theguardian.com/technology/2021/dec/16/melania-trump-nft-business?CMP=oth_b-aplnews_d-1
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