NFTs (Non-fungible token)

[Buck]

They are a Ponzi/Pyramid scheme.
lots of schilling and self promotion to gain and also you need to buy in to be able to trade in Ethorium or the new kid on the block XRP

its ruining parts of photography at present as people are now just self promoting to gain an elusive sale.

Heres a good article

https://fstoppers.com/fine-art/nfts-are-terrible-6-reasons-why-should-avoid-them-599287

 

[Arrowfoot]

No different to a painting or collector's items but in digital form and the block chain gives it a digital unique ID. So you have arts fan and collectors and there are investors and speculators hoping for value to rise.

Though unique, it will not stop close replicas to start flooding the the market place in numbers and the value will be be shaky. NFT will have legs when the creator is well known and that might takes years, decades or after they are long gone. So it is risky for those who think it will rise in value or keep value.

In the meantime, opportunistic creators will be making hay while the sun shines.

 

[nickyboy]

There are two key aspects of NFTs

a) Digital collectibles. It's just like football playing cards. You can have a facsimile of a playing card, looks identical to the original, but it isn't the original. Original is valuable,facsimile is not valuable. All about provenance

b) Utilisation of NFTs to track provenance in physical items. For example, Gucci, LV etc have a huge second hand market. But proving it's real when buying on eBay is impossible. All the luxury brands are developing NFT attachments to products. When they're resold the NFT is still attached and thus buyer can prove its real

The NFTs like Bored Ape Yacht Club are snapped up by people who live online. For them, their avatar is their presence so spending £10k is vfm. That makes no sense to people who don't live online. But that's because they don't live online

 

[SpokeyDokey]

A salutary tale:

BBC News - NFT of Jack Dorsey's first tweet struggles to sell
https://www.bbc.co.uk/news/business-61102759

 

[Buck]

Indeed. A very speculative market and looks like his ambition of selling for 10 times the value of what he paid for it is wishful thinking at this time especially as he has only been offered 2% of what he paid.
He gambled. He lost.

 

[PaulSB]

A salutary tale:

BBC News - NFT of Jack Dorsey's first tweet struggles to sell
https://www.bbc.co.uk/news/business-61102759

$2.9m. What a fool. Just think of the good that sum could have done in the real world.

 

[flake99please]

Music producer creates NFT album. Sells for over $300k

https://nft.btmusic.com/#/

 

[mistyoptic]

I am the artist and it is as I drew it with my finger

That being the case, you need to spout some meaningless bullsh1t drivel about the “meaning” of it so that we may all fully appreciate your artistry. This will, of course, immeasurably increase its value

 

[oldwheels]

That being the case, you need to spout some meaningless bullsh1t drivel about the “meaning” of it so that we may all fully appreciate your artistry. This will, of course, immeasurably increase its value

I was for a while on the management committee of a local and very successful Art Centre. Some of the exhibitions we were offered were unbelievable and we suspected were just taking the proverbial mickey.
Some of the ones we turned down were very offended at their genius not being recognised. We had a broad range of professional artists in a variety of disciplines so were not the hicks they probably thought we were.

 

[gbb]

Ive begun to realise what i thought was crypto currency colleagues were talking about is actually NFTs.
I have 2 colleqgues who follow and dabble in cryptos but lately have shifted into what i thought were their own issue of cryptos but they talked of having a very specific one off design (which they paid to have designed). It was dependant on people paying for the 'product' and the attractiveness and appeal of the design was now i suspect theyre actually NFTs.

My initial reaction was...cobblers, people just cant wait to spend their money on something but i suppose it exists albeit digitally, therefore, in an abstract way, its real.

 

[nickyboy]

There is a bubble in the supply/demand of the collectible NFTs. The cost of production of these is small and the price they command is high. That will come to an end

The really interesting thing is how NFTs will aid the transformation of certain industries. For example, Real Estate is waking up to using NFTs to determine ownership and provenance of physical assets. Imagine if you were buying a house and those searches to determine ownership were instantaneous

It always makes me laugh when people say that NFTs don't exist, they're only digital. You know the money in your bank account doesn't exist, right? It's only existence is in the digital world. There is no physical asset to back up the money (other than about 7%)

 

[Proto]

A bit of a tangent but you might find this Freakonomics podcast interesting, explaining how the art market works. Part 1 of 3 linked below.

The Hidden Side of the Art Market

 

[FishFright]

Oops , but still over priced