Anybody understand the NFT market?

[Katzenfreund]

Digital art is selling for stupid money. I can understand an original Rembrandt selling for millions, as there is only one of it and it cannot be reproduced in its original form.

With a digital picture though, anyone can have an exact copy and hang it on their wall. What is the point of owning the original? And apparently, you own the digital token representing the picture, but not the picture itself.

Yet, the market for ownership rights to digital art has boomed recently after several multi-million-dollar NFT sales. In March, Twitter founder Jack Dorsey sold his first ever tweet for the equivalent of $2.9m to a Malaysia-based businessman. And in April, the woman featured in the so-called Disaster Girl meme sold it for $500,000.

Here, an NFT was sold for $69M.

https://www.theverge.com/2021/3/11/22325054/beeple-christies-nft-sale-cost-everydays-69-million

And some background

https://www.bbc.com/news/world-us-canada-58659667

Personally, I didn't even know what an NFT is and that there is a market for such a thing.
To me, all that is not altogether clear, in fact it seems to me that you own thin air.

But then, the digital currency you pay for it only has value because… it has value. The demanding calculations you have to carry out to generate it are of no use to anybody, just a waste of time and energy.

This cat is confused

 

[DeathStalker]

i quit reading after twitter

 

[ethanamongstfriends]

Not me. I'm only just trying to get past the abbreviations.

 

[sickpuhpee]

i quit reading after twitter

Too funny

 

[zaferali]

Fashion, that is what keeps people awake as it come in many forms.

 

[RobustPatcher24]

Imagine paying for a link to a digital image. Its literally The same as buying stockphotos from a sites that lets you preview them without watermarks in full size...
Next thing You will see people selling links to publicly available google images.

Gimme 6m$ to get the link to this ​

 

[KELZER]

It's basically an mlm from what I can gather.

 

[deadlywill]

Some people have more money than sense...

 

[koliman]

I am into crypto for some years, but still cannot understand the value and the use of NFTs. I will stay away for ever cause I think is just thin air and numbers in your screen and not much value.

 

[frisbee]

A perfect analogy for the NFT market is a house of cards. It's all a matter of time...

 

[Spunkylad]

Been in crypto for years - a tax write off, money laundering & silly noobs buying poop would be an educated guess!! Lol.

 

[Weaserlorian]

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

 

[IceMelt]

Completely agree with you all . Even in the case of art painting, you see an Andy Wharol paint and one wonders if are the critics that made the painting, or the painting who made the critics.

I like to paint (oil) and do it the old way, treat the canvas, use real oils not some bull* that are soled around. And when I see a painting
as the mentioned above or a canvas with a trace of black, another with a small black circle, ( the two mentioned are by Almada Negreiros one of the most famous Portuguese painters) worthing thousands of dollars it baffles me.

It only must be the critics that explain to us (stupid illiteracy small man) how beautiful is the black dot!!?? or the meaning of a black trace with all the philosophy behind!!??

Even Modigliani, the latest Picassos, Salvador Dali (one of my favourites) are cr*p. Picasso wanted more money so he made a rough draw on a piece of paper, and said it was a study for his next painting and boom....thousands of dollars for the draw...Dali when reached is last years, signed a canvas and a pupil of him painted whatever he wanted to. When he died, lots of blank canvas where found just with his name ( I bet some illuminated critic would say how great the signatures where, and how beautifully written they were, and the meaning of said signatures on a blank canvas was...and I could go on and on..but don't want to bore you guys with a dissertation...)

(if someone is wonder what I paint, it's something in between Frank Frazzeta, Simon Bisley and Dali..)

 

[buzz]

never invest in anything you don't understand...this includes NFT which is a shady market, IMO

 

[Weaserlorian]

never invest in anything that's piggy backing off the internet unless it's directly in your control LOL

 

[MilanoCookie]

Nope, it's better for me just to forget that it exists because it's such a stupid fad.

 

[Bangladeshbanger]

Biggest pump and dump I have seen, even more so than the Dogecoin artificial spike
Digital images as currencies just don't work in the long run, even if crypto has been on a huge rise over the last 6 years.
Look at the frequent price fluctuations, it is just a matter of a fad, I view them as nothing more than digital casinos
No one wants to be the last person holding a funny-looking ape jpeg that they paid 3mil for

 

[EMS]

To invest takes money right? Yeah I'm out. That thing only exists on money trees and they're either dead or bare lol

 

[Weaserlorian]

Some don't have a rainbow fund to play with.