Okay, I have to admit I am not deep into NFTs. But as an outsider this just looks like a quick cash grab utilizing FOMO. Congrats to the people making tons of money out of it, but I just don't...
Okay, I have to admit I am not deep into NFTs.
But as an outsider this just looks like a quick cash grab utilizing FOMO.
Congrats to the people making tons of money out of it, but I just don't understand why you would buy bragging rights for digital goods?
I mean one way I would utilize NFTs is by buying my own stuff for a lot of money, maybe to get my name out and sell more?
Another would be: oops, I forgot to declare my crypto in my last tax declaration, so I will just claim it as new earnings.
I read your link, and all I can see is "some people will pay too much money for a cartoon picture that says 'I spent too much money on this'". Can somebody please help me understand?
I read your link, and all I can see is "some people will pay too much money for a cartoon picture that says 'I spent too much money on this'". Can somebody please help me understand?
It’s the same phenomena as people paying large sums of money for original signed copies of books, for instance. Not particularly rational from a utilitarian POV but nonetheless fairly well...
It’s the same phenomena as people paying large sums of money for original signed copies of books, for instance.
Not particularly rational from a utilitarian POV but nonetheless fairly well documented human behavior.
Perhaps, but I guess I have a harder time accepting that digital artifacts have so much value, which is perhaps strange given that all of my income comes from creating digital artifacts (software...
Perhaps, but I guess I have a harder time accepting that digital artifacts have so much value, which is perhaps strange given that all of my income comes from creating digital artifacts (software development).
Consider if you have a Beatles album - right now on Amazon you can grab one for like $20. What about one signed by Paul McCartney? I just found a Let it Be album signed by McCartney for $9000....
Consider if you have a Beatles album - right now on Amazon you can grab one for like $20. What about one signed by Paul McCartney? I just found a Let it Be album signed by McCartney for $9000.
Sure, NFTs are intrinsically worth $0 rather than $20, but at these scales it's negligible; the signed album's market value is basically 100% due to the fact that a Beatle's member at one point held a pen that at one point touched the album.
The additional ink that's on the album brings up the bill of materials by like 0.000000000001 cents. It's all about the intangibles.
It's not strange at all. Software usually provides immediately obvious value. A spreadsheet allows you to keep your finances in order, for example. A web page allows you to connect with customers....
It's not strange at all. Software usually provides immediately obvious value. A spreadsheet allows you to keep your finances in order, for example. A web page allows you to connect with customers. NFTs are closer to art. They provide a value to the owner that's not immediately obvious.
There are two features you can only see if you own the avatars: use it as an avatar on Reddit so anyone can see it and your comments will feature a glow with the avatar (You can see an example...
There are two features you can only see if you own the avatars: use it as an avatar on Reddit so anyone can see it and your comments will feature a glow with the avatar (You can see an example with Kraken CEO account:
The NFTs are transferable and you can track the original seller, other thing Reddit is experimenting is that any comment of these legendary NFTs holders makes on Reddit will have an animated glow, even without awards.
There are only three people on Reddit will have that ability at a time, their comments will get tons of visibility no matter what, as someone mentioned on /r/cryptocurrency, this could give them some power.
Yeah, I guess I can see some value in having a comment that is highlighted like the one linked to, it's attention getting, but all of the value that I can envision from it has to do with...
Yeah, I guess I can see some value in having a comment that is highlighted like the one linked to, it's attention getting, but all of the value that I can envision from it has to do with marketing, social influencing, etc, all of which seems to be fraught with more downsides than upsides. I also wonder if reddit is opening themselves up to legal action if somebody manages to obtain one of those for such a purpose and reddit tries to limit their usage, in which case the buyer could potentially claim financial harm.
From the perspective of your average idiot that got rich off of a lucky ethereum investment it’s just another high volatility asset. They’re going up in value at the moment. We’ll see how much...
From the perspective of your average idiot that got rich off of a lucky ethereum investment it’s just another high volatility asset. They’re going up in value at the moment. We’ll see how much interest there is when they’re going down in value.
It’s way better than the old ICO days. Those were scams. At least now it’s just a matter of overpriced cartoons.
I could possibly see a point of NFTs for digital collectable card games like Magic if they were associated with unique cards with s limited run. But then again I guess that could be handled in...
I could possibly see a point of NFTs for digital collectable card games like Magic if they were associated with unique cards with s limited run. But then again I guess that could be handled in other ways too.
They didn't come into existence to solve an existing problem. They were invented so that someone could attempt to introduce scarcity-based economics to markets for digital goods, which inherently...
They didn't come into existence to solve an existing problem. They were invented so that someone could attempt to introduce scarcity-based economics to markets for digital goods, which inherently aren't scarce.
Okay, I have to admit I am not deep into NFTs.
But as an outsider this just looks like a quick cash grab utilizing FOMO.
Congrats to the people making tons of money out of it, but I just don't understand why you would buy bragging rights for digital goods?
I mean one way I would utilize NFTs is by buying my own stuff for a lot of money, maybe to get my name out and sell more?
Another would be: oops, I forgot to declare my crypto in my last tax declaration, so I will just claim it as new earnings.
Not sure how often either of those apply though.
Reddit recently entered the space of NFTs releasing their first 1-of-1 Legendary cryptosnoos. The sale price was almost nearly 300k USD.
I read your link, and all I can see is "some people will pay too much money for a cartoon picture that says 'I spent too much money on this'". Can somebody please help me understand?
It’s the same phenomena as people paying large sums of money for original signed copies of books, for instance.
Not particularly rational from a utilitarian POV but nonetheless fairly well documented human behavior.
Perhaps, but I guess I have a harder time accepting that digital artifacts have so much value, which is perhaps strange given that all of my income comes from creating digital artifacts (software development).
Consider if you have a Beatles album - right now on Amazon you can grab one for like $20. What about one signed by Paul McCartney? I just found a Let it Be album signed by McCartney for $9000.
Sure, NFTs are intrinsically worth $0 rather than $20, but at these scales it's negligible; the signed album's market value is basically 100% due to the fact that a Beatle's member at one point held a pen that at one point touched the album.
The additional ink that's on the album brings up the bill of materials by like 0.000000000001 cents. It's all about the intangibles.
It's not strange at all. Software usually provides immediately obvious value. A spreadsheet allows you to keep your finances in order, for example. A web page allows you to connect with customers. NFTs are closer to art. They provide a value to the owner that's not immediately obvious.
There are two features you can only see if you own the avatars: use it as an avatar on Reddit so anyone can see it and your comments will feature a glow with the avatar (You can see an example with Kraken CEO account:
https://www.reddit.com/r/CryptoCurrency/comments/ob7n51/anybody_else_watching_the_reddit_nft_auctions/h3m37ja/?context=3
The NFTs are transferable and you can track the original seller, other thing Reddit is experimenting is that any comment of these legendary NFTs holders makes on Reddit will have an animated glow, even without awards.
There are only three people on Reddit will have that ability at a time, their comments will get tons of visibility no matter what, as someone mentioned on /r/cryptocurrency, this could give them some power.
Luckily it isn't visible on old reddit!
Yeah, I guess I can see some value in having a comment that is highlighted like the one linked to, it's attention getting, but all of the value that I can envision from it has to do with marketing, social influencing, etc, all of which seems to be fraught with more downsides than upsides. I also wonder if reddit is opening themselves up to legal action if somebody manages to obtain one of those for such a purpose and reddit tries to limit their usage, in which case the buyer could potentially claim financial harm.
I know I'm a bit of an unsophisticated rube, but isn't that basically what the art world has become post-urinal?
I love how all these months after NFTs entered the public consciousness, nobody understands why they exist still.
From the perspective of your average idiot that got rich off of a lucky ethereum investment it’s just another high volatility asset. They’re going up in value at the moment. We’ll see how much interest there is when they’re going down in value.
It’s way better than the old ICO days. Those were scams. At least now it’s just a matter of overpriced cartoons.
I could possibly see a point of NFTs for digital collectable card games like Magic if they were associated with unique cards with s limited run. But then again I guess that could be handled in other ways too.
an incredibly rare and desirable holo, except without the holo
They didn't come into existence to solve an existing problem. They were invented so that someone could attempt to introduce scarcity-based economics to markets for digital goods, which inherently aren't scarce.