Cryptocurrency What are your thoughts on NFTs?

[Sledmore]

It seems the world is crazy about NFTs lately, and you hear about them quite often now and a lot of the time you'll hear about them trending / pinned on social media like Twitter, or published by mainstream media.

I'm not entirely sold on them, but I get the idea and there are obviously a ton of collectors out there, I even collect items - albeit physical items like vinyl's and such. Some of the NFTs such as The Weeknds NFT drop (artwork & unreleased song) definitely grab my attention, although I'm not sure if I had the money I'd want to make a bid.

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What actually prompted me to make this thread was reading about an NFT released by the girl who is in the well known 'Disaster Girl' meme. Turns out she's just made absolute bank $500,000 from selling the rights of this digital 'art'.

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What are your thoughts on NFTs, and even on the above?

 

[RastaLulz]

It seems like a great thing for people with more money than they know what to do with, and props to those taking advantage of the situation, and extracting the value. My understanding is that all you're buying is a "token" with a message in it, and that's really it (that can not so clearly be tied back to someone, e.g. you'd see some obscure trail, and not the person's name of who created it).

 

[Sledmore]

It seems like a great thing for people with more money than they know what to do with, and props to those taking advantage of the situation, and extracting the value. My understanding is that all you're buying is a "token" with a message in it, and that's really it (that can not so clearly be tied back to someone, e.g. you'd see some obscure trail, and not the person's name of who created it).

Pretty spot on. When you buy an NFT you're usually able to export it to something like

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to hold onto it. I'm not sure how many marketplaces there are or how often these are traded, but eventually you'll see many NFT marketplaces seems like a race at the moment.

Binance is set to launch theirs in June. One of the more known & used NFT marketplaces right now would be

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. it's interesting clicking about and seeing what is sold, and for what ridiculous prices.

 

[TesoMayn]

I get it, but yeah, I wouldn't waste my time and money on it

Like sure, you paid $500K for a picture, I just right-clicked the picture and clicked "Save image as..."

I know there is more to it that that, but I'm sure you get what I'm saying

 

[Macemore]

I think it's the next internet scheme. Like Cryptocurrency, NFTs have some benefit, but that seems to have immediately been overrun by the intrinsic scum that follow any up and coming thing on the internet. First BTC, LTC, then it ran on and on until people started making crypto just to get themselves wealthy and ditch it later on. It seems the majority of people that are making money off NFTs are exploiting this pump&dump scheme where you can just insert material en masse and someone will buy it if it's cheap enough, and the loss is on them with you only spending a few minutes to make the meme/image/"message." I doubt enough NFTs of sentimental value will come out nor would they be in a price range normal people could afford if they did. I'd like to see how it comes along down the road, but I advise staying away, or playing it like a card game. Never bet what you're not willing to lose.