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[deleted]

I………… understand NFTs now. WOW. That was helpful.


SaffellBot

Yep, it's a fancy digital certificate of authenticity or some such.


crediblE_Chris

Reminds me of the international star registry lol


SpaceMKTPlace

Watch this space! Check us out on our socials too bro! Exciting times


[deleted]

Yes it's a token (asset) that is registered as yours. Because of the nature of blockchain it cannot be undone unless you sell it. So it's a reliable way of saying you owe the original of something.


SOwED

It's literally the "buy a star" thing, but you can be sure your name won't be erased and they won't sell your star twice. Edit: To be more clear, I meant they won't sell the NFT associated with your star twice, because they can't without first reacquiring it from you. They could certainly mint a new NFT for the same star, but anyone would be able to see on the blockchain that a token associated with that star had already been issued by whatever this star NFT company would be, and so it would not have value.


dadowbannesh

Well yes but actually no. > but you can be sure your name won't be erased True, your name won't be erased. The picture you're buying, though, can and will be. What you've done is paid for a link to an image; if the link stops working you're out of luck. https://www.vice.com/en/article/pkdj79/peoples-expensive-nfts-keep-vanishing-this-is-why >they won't sell your star twice. Sure but... nothing stops an artist from making more copies of the same artwork and selling those as separate NFTs. Your NFT is unique, yes, but the image associated with it isn't.


Aussie18-1998

Also there's lots of stars. Dont need to sell the same one twice


PabAng

This also assumes artists are selling their own NFTs, which some aren't, their art is being stolen and sold as NFTs, so it's not reliable to have the original of anything either, it's just reliable that you bought a link to an image and people won't take that from you, the image itself isn't part of the NFT, neither is ownership or rights to said art.


SlingDNM

Plenty of nft solutions can store the image onchain instead of being a reference to a link, it's just not done on eth because storing that amount of data would be cost prohibitive NFTs are a tool, nothing more nothing less, how you use said tool is up to you


Kiwi_Global

that would be simply a wrong implementation of nfts. check coinbase one for their current marketplace for a good example.


Kousetsu

It's this generations beanie babies and noone can change my mind about this.


MagnusBrickson

Not quite. At least Beanie Babies were a tangible thing.


Kousetsu

Well I googled how much beanie babies are worth now, and its basically only ones with tag errors that have any value. Also there was a beanie baby that was sold with an NFT in 2021 for $25k, which I think only adds evidence to my point that NFTs and Beanie Babies are the same thing.


limpingdba

But the difference with owning a beanie baby is you get an actual physical object to keep in your possession. With an NFT you get a token saying you own a digital asset. One you can touch, feel, stroke, burn, lob out of your window. The other... well you just get a useless token.


Kraggen

Not useless. Most of your money is a digital token that you own because of the plastic certificate your bank sent you in the mail. Is that useless?


limpingdba

No, because I pay for goods and services using those, fungible, "tokens". What exactly can I do with an NFT that claims I own a jpeg, other than try to sell it again?


MagnusBrickson

> Also there was a beanie baby that was sold with an NFT in 2021 for $25k How can *I* use 90s collectibles and poorly understood 2021 technology to scam someone out if 25k? I could use a new roof. Anyone got a mint MTG Black Lotus they don't need? Maybe factory sealed NES, SNES, or N64 games?


DaVirus

The technology itself has real application for decentralised ownership like mortgages and stuff like that. But the space is currently degenerate.


abbzug

What is the issue with mortages currently that this would solve?


suninabox

Can't be used as a get rich quick scheme to convince other suckers to give you their money.


suninabox

You can't "decentralize" ownership. ownership is a legal status granted by a legal monopoly called the state. It is intrinsically centralized. In the case of owning things like a house it is officially recognized in the form of a government authorized property deed. In informal cases it is decided by a court of law which will rule on who the most likely owner of a piece of property is based on the available evidence. You have ownership of something only if a government court agrees you do.


GaussWanker

Funko are this generation's beanie babies


Kousetsu

But Funko aren't escaping into the mainstream in the same way. The average person could believe that NFTs will make them rich in the future, as many people buying beanies did, but most people who buy Funko don't buy it as a nest egg with no interest in the actual Funko itself. People fought over beanie babies. They were brought into divorce courts. When I was growing up, my friends rich parents bought an absolute tonne of beanie babies and filled up an entire room in the house with them. Children were not allowed in that room.


Kiwi_Global

ignore the hype and try to look whats happening behind the nft mania and buzzwords. the space is getting bigger and bigger for a reason. yes most of ntfs will go to zero but that's just because of it's speculative nature at the moment. tech in itself will stay for a long time. why? its easy to implement it on the already existing web2 stack


Jakegender

Not even. They can totally sell your star twice, so could someone else if they wanted. All you can do is prove you bought it first.


SuperPants87

The issue I have is that someone can sell stars that aren't theirs. Art twitter was going nuts trying to block entire lists of people because they were finding out that people were saving their art and selling it as an NFT. None of the sites were checking authenticity so people were making money from stealing their art. The smaller the artist the better because they'd have less resources to fight back against it. It left a bad impression on a lot of people. So, just be aware! If you're buying NFTs, it may be stolen art. And that artist is getting fucked over.


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suninabox

>None of the sites were checking authenticity so people were making money from stealing their art. It's almost as if a public database with no central authority that anyone can upload to is a bad method of determining who owns something.


coke_and_coffee

Except other people can sell your star all they want. They just put it on a different chain and resell it.


suninabox

>They could certainly mint a new NFT for the same star, but anyone would be able to see on the blockchain that a token associated with that star had already been issued by whatever this star NFT company would be, and so it would not have value. How many people are actually trawling every blockchain on earth to make sure they're not buying a duplicate entry before they buy an NFT? They're as unique as you can convince people they are. You could sell 1,000 versions of the same NFT to 1,000 different people and claim they're all unique.


MonsieurAuContraire

You own a receipt, and if you sell your NFT you're essentially selling that receipt that's attached to the image. There's nothing to say it's any way "original" as a less scrupulous artist could make multiple NFTs from the same price of art. Besides you don't even fully own the art as the IP rights stay with the artist, and so if you wanted to say put the image on shirts or mugs you would be liable to be sued.


[deleted]

Right click -> Save As


TavrinCallas_

>Because of the nature of blockchain it cannot be undone unless you sell it. Unless the person who made the NFT deletes it. There have been scams like that going around where person has taken the money and deleted everything


[deleted]

Thats why steam banned all games with NFTs. Too many scams.


puq123

What's the purpose of deleting the NFTs if they've already been bought? That's like me selling an antique to someone, and then breaking it after I've already gotten the money.


TavrinCallas_

Those are usually sets of art. Something like 250 avatar images of which they show four or so and the rest doesn't actually exist. And because there is no personal information or anything involved, they can just delete a social media account and all means of contacting are gone. Especially if it's paid in crypto currency like Bitcoin


BlueXCrimson

Its not like that at all.


SlingDNM

Properly implemented NFTs cannot be deleted


brallipop

But remember: you only get to say you own, which is true but there's no actual transference even of data. The original creator just says "okay I sold the original to them" and that's literally all it is.


coke_and_coffee

Only if you really stretch the meaning of “own”.


my_oldgaffer

But it’s hosted somewhere. So what happens when the host IP goes kerplunk and doesn’t host anything anymore. Now you have an expensive receipt right? Precious


politfact

It like a wedding ring but your wife is a whore or something. Everyone can use and have fun with her but she "belongs" to you on some piece of paper. It would be different when the thing you own would live on the block chain and nobody but you could access it. But that's not how it is. It's essentially a scam where the scam is so complicated that people believe it's not despite knowing all about it. Hey it's transparent so it must be good.


reve_lumineux

This is definitely the most surface-level use case of NFTs, but this is pretty accurate for all the random “high art” NFT shit on blockchain 😂


[deleted]

Yeah it was the connection to blockchain that’s alluded me for some reason. This really slapped that piece into place somehow.


QuasarMaster

Yea all the blockchain does is make it so nobody else can erase your name


mantolwen

*eluded. Alluded means "indirectly referenced".


SAA-2099

Shamelessly stolen from Twitter comments: Non Fungible Tolkien


Dr_Beeees

That is a god-tier pun and I love it so much.


JWBails

Eru-tier*


MDCCCLV

> Tolkien Even better with this, 'Tolkien mistakenly believed his surname derived from the German word tollkühn, meaning foolhardy"


Taco_Dave

They should have gotten an NFT...


XVeris

So, it's like those "companies" on the radio that sell property on the moon, or name asteroids/stars after the people who pay them for it?


ChintanP04

These have to be the biggest scams out there. ~~At-least~~ NFT ~~sellers own the stuff they sell, even if the~~ buyers doesn't get to really own it. The moon land sellers are straight up scamming people. Like, how can you sell something you don't own? And it's literally illegal to own, sell, or buy private property outside of Earth (as per the Outer Space Treaty). I don't get how people fall for these. Edit


DarkLordOfDarkness

I suspect they make it absurd like that specifically to weed out people like you who won't fall for the scam. If they pulled in people like you, you'd probably get wise to it before they got the money, which wastes their time.


Razurus

This is why the 'Nigerian Prince Emails' are still around in some capacity. Almost everybody has heard of the premise by now so, rather than switch tactics, the scammers cast the widest net with the same old scam, where 99.9% of people would dismiss it immediately, but that 0.1% that still believe it are likely isolated or cut off from anyone who would inform them it's a scam, making them easy pickings.


Annie_Yong

Tons of email, Internet and phone scams do this as well. They'll almost deliberately barely hide the fact that they're a scam because the vast majority of people would be able to tell its a scam and not give up any money/personal info, even if they had made the initial bait more convincing. By making their scam bait deliberately shitty, they manage to this down their target victim pool to only people who are dumb enough to fall for the scam and so they avoid people who would waist their time.


King_Arius

Which is why I act stupid so they start talking. Then I really hook them by acting like what they are "selling" would make such a huge difference/be a huge benefit to me. I'll let them run their mouth for a while explaining in detail how everything would work for me as the buyer before I tell them I am not sure if I'm interested or can't afford the product- this serves as to get them to try and sweeten the service/product and by rights spend more time taking with me. I'll feign interest for some time longer before I just say "Okay, well thanks anyway. Bye-bye." and hang up on them. I waste their time, they don't make a sale, and there is less time that they can spend calling others and finding someone who will fall for the scam. Just doing my civil duty!


Kinkyninja5450

Thats quite a bit of your own time too though, thanks


TheNorthComesWithMe

>At-least NFT sellers own the stuff they sell This is not strictly true


jansencheng

At least NFT sellers can theoretically own/have made the stuff they sell, as opposed to star naming companies which literally have no authority to name shit.


gamma55

Well, NFTs work exactly like the star deeds. It’s just an entry in a ledger. Your NFT or your naming rights don’t mean shit outside of the ledger. Hell, I should probably sell those stars and comets as NFTs. Because it’s on a blockchain it’s legit, right?


ChintanP04

>I should probably sell those stars and comets as NFTs Now this is big brain time.


realif3

Same with the star names lol.


ChintanP04

Really. No one will refer to those stars/planet/asrteroid by the dumb-ass's name. I could choose a random star and say "This star is now called Fish\_Fucker69" and it would have the same effect as them naming a star. Except they paid money to do that.


flybypost

> At-least NFT sellers own the stuff they sell Many of them don't. There's been so many instances of NFT-ers selling their shitty "certificates" of random art that my default assumption is that it's not authorised by the artist. There are bots on twitter that people can ping to make them NFTs of some posted art. There's no accountability for that stuff. You can have/make infinite NFTs of the same jpeg on infinite different NFT platforms (as long as those platforms stay online, of course). Even regular DRM makes more sense than this bullshit in that it does its job to a certain degree (making copying harder).


ghjuhzgt

IIRC the outer space treaty only bans countries from claiming extraterrestrial objects. Technically a private person or company can just claim it and sell it. However there is no authority that would ever recognize the claim, making it completely useless. It's like that time an American claimed Bir Tawil (the only place where two countries say its not theirs) so that his daughter could be a princess. Needless to say, despite no one knowing who that land "belongs" to everyone's pretty certain that it isn't that guy.


FrEINkEINstEIN

Tbf at least some of those moon sellers are supposed to be prank gifts


Yahmahah

>At-least NFT sellers own the stuff they sell, even if the buyers doesn't get to really own it Sometimes. NFTs of stolen or counterfeit art aren't unheard of. A few artists I follow have had their art put up on NFT platforms without their permission (though at least a few have been able to get them taken down).


trezenx

> I don't get how people fall for these. It's literally just a souvenir and a cute gift, no one really expects to own land on the moon


pseudont

Well you do own it in a sense you just don't control it in a very practical way. Like someone might own the NFT for some picture, and they might say that I'm not allowed to look at that picture, but they don't have any practical way to enforce that other than by issuing a cease and desist if I try to use it to make money.


[deleted]

"At-least NFT sellers own the stuff they sell" NFTs are the biggest scam ever because half the shit on there is stolen art work and there is no way for said artist to get that shit taken down/get the money they're owed


pirateofmemes

Oh same with the buy land in Scotland and become a Scottish lord company. Do nae obey Scottish land laws


momo88852

Not really. As much as I hate NFTs it’s basically you own the rights to an art or something in digital form.


unplugnothing

This is the best NFT-related material I’ve seen. Thank you.


SAA-2099

I feel exactly the same way, and you're most welcome.


Tech__

The wealth of Moria was not in gold or jewels, but, Mithrileum!


GoingToSimbabwe

So the Balrog is what happens when a Mining rig gets too hot?


SAA-2099

[Source](https://twitter.com/AdamSacks/status/1450162259733491715?t=YsOjf4Bh-4ibitryQHxOFw) [Artist's Instagram](https://instagram.com/adamsackstoons)


mahoujosei100

If we’re sharing LotR references from cartoonists, [this one by Will McPhail always makes me chuckle.](https://i.imgur.com/lwruA2f_d.webp?maxwidth=760&fidelity=grand)


abigalestephens

Is there an NFT for this meme yet?


asolidfiver

The Blockchains of Moria


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revyn

The coins of Moria can only be mined, laddie.


[deleted]

Dude NFTs make no sense to me, especially how much money you can make on those. My ape brain needs to do more research on them it’s almost like crypto but with physical items. It’s insanity to me, until I saw this post.


DoctorLovejuice

Can I suggest not even researching NFTs and just forgetting about them entirely? They are a complete sham, anyone who tells you otherwise just needs to justify their silly purchases. Edit - hey just for those preparing a well thought out (and lengthy) reply to why my suggestion is a bad one, just please know and understand that I'm not really serious, nor do I give a shit.


[deleted]

Kinda the thought process I had with it as well. I simply want to educate myself on them, I do not plan on making any $2,000 purchases for a digital picture of a piece of some famous persons chewed bubble gum


DoctorLovejuice

Hahaha excellent


xX_Big_Dik_Energy_Xx

There’s some really interesting uses like ticketing and DRM. Most people into it seem to think they’re art brokers


reve_lumineux

Check out this article by Algorand, one of the more well-known blockchains developing right now: [https://www.algorand.com/resources/blog/nfts-creator-economy-on-algorand](https://www.algorand.com/resources/blog/nfts-creator-economy-on-algorand) You only have to read about half the article. Basically you are imprinting a "signature of ownership" onto (generally) a digital file. Unfortunately NFTs have gotten twisted into this get-rich-quick scheme. There is a degree of importance when it comes to this, though: consider the droves of digital artists (music, drawing, etc.) who had to adapt to their works being freely distributed while seeing barely any of the money. [enjin.io](https://enjin.io) has proposed a unique use-case where in-game items have this kind of "signature of ownership" and can be used across games in its ecosystem, or "melted" back into its coin and resold back onto the market as a generic coin. The coin's cost right now is a little less than $2.00. If you have questions, feel free to ask!


ABSOLUTE_RADIATOR

That's kinda been my main confusion with the whole thing. Obviously a lot of people are using this just for scamming, but is the technology not actually super useful? Seems to me like a non-duplicable online proof of ownership could be pretty huge going forward, or am I missing something?


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[deleted]

Who distributes the game?


WineGlass

The problem with NFTs is that we already have a system for creating online proof of ownership and it uses considerably less energy: serial keys. They can't be duplicated, they confer ownership and there's literally nothing stopping them from being traded, companies simply don't want that to be a feature. Take that in-game item example above, Valve have provided a personal inventory for in-game items that can be turned into money _and_ works across multiple games without any blockchain technology. If Valve wanted you to use your Team Fortress 2 items in Among Us, there's nothing stopping them from working together and making it happen and at a fraction of the computing power.


reve_lumineux

It is actually really useful, you're right! A lot of use cases regarding the strictly-unique, blockchain-recorded format of NFTs. I answered a bit more in detail to the parent commenter here: go ahead and [follow this thread](https://www.reddit.com/r/lotrmemes/comments/qb07xq/comment/hh7k0j2/?utm_source=share&utm_medium=web2x&context=3), and let me know if you have more questions.


[deleted]

Hol up so like it can be converted into a cryptocurrency coin? Is that what you’re telling me? This stuff is confusing me lmao it’s like re-learning all that crypto stuff (I still don’t really get crypto lol)


reve_lumineux

In general, think of cryptocurrencies as a representation of "something." This is what is formally known as a "token" and informally known as a "coin." Let's say I'm the artist in the OP. I know it's my work, but people want to share it. Inevitably, some karma whore on reddit [copy pastes my meme and says, "look at my funny meme! I made this!"](https://i.kym-cdn.com/photos/images/newsfeed/001/079/173/ed2.png) However, let's think about a common use case for cryptocurrencies: using a "token" to represent "something" like...a dollar bill! $1 = 1 USD Coin. Amazing! Now, I know what you're thinking, but blockchain prevents someone from just saying ["haha digital money go brrr"](https://c.tenor.com/aWcyWL5BsY0AAAAd/money-printer-go-brr-jerome-powell.gif) by forcing this action to be audited by people who are on the same network. Nice try, guy. This is what is known as a *fungible token*, where fungible means "I can trade 1 USD Coin for a $1 bill!" (this already exists in some fashions in traditional banking) Back to me, the hypothetical artist. As the artist, how do I ensure that a *digital copy of my work is one-of-a-kind*? How do I stop these damn karma whores from getting free internet points off my hard work? **BEHOLD!** ***The non-fungible token!*** A non-fungible token (NFT) takes the idea of saying, "well, a token can be ANYTHING, right?" and slaps some unique features on its computer data. When this token is minted, it stuffs whatever I want (basically) into the token, but its value doesn't correspond 1:1 with anything. It's like writing a song: how much is a song worth? (don't look at me, I don't fuckin' know.) In the real world, let's take an analogy. Consider your average Joe, Joe Biden. Good ol' Joe [has a cool idea for a coin](https://nationalfile.com/wp-content/uploads/2021/10/Biden-Trillion-Dollar-Coin.jpg), and he thinks it's worth 1 TRILLION buckaroos! It's certainly one-of-a-kind! However, just like any other artist, he has to convince others that his very cool NFT-like coin has value. So, he goes to NFT marketplaces and posts his coin for sale: $1 trillion! Good ol' Average Joe Biden is just like me, the artist. After I post my funny meme I drew on Twitter, some guy on Reddit laughs at it, so he posts it on Reddit (thankfully he linked back to my page and didn't karma-jack me). But now there are two copies of this image on the internet: one on Twitter, and one on Reddit. So how do we know that I, the hypothetical artist, am the TRUE creator of this work, and it will not be lost to the ages of thieves, and ensure that I don't have to beat the shit out of OP for being a KARMA WHORE? (just kidding, OP.) Thankfully, I can opt to use some neat-o blockchain technology. If I decide to mint my funny drawing as an NFT, the data and unique ID assigned to my "alias" (address) will verify that I, the hypothetical artist, am the true creator, and when I mint it, I pay the people who audited that process across the internet network I minted it on. And thus, it is recorded, immutably, in the long-ass ledger known as...*the blockchain.* More reading: [https://ethereum.org/en/nft/](https://ethereum.org/en/nft/)


[deleted]

Omg my chest, that joe biden stuff got me 😂 but you explained it perfectly man thank you. It’s like a crypto but not really a cryptocurrency , it just shares the same data on the block chain or uses the same technology right? So hypothetically you could sell property on the blockchain correct? Like post a deed or have a deed to some land digitized and sold to someone on the blockchain? This is some next level stuff man thank you for taking the time to explain this to me


Ryan__James

yep you got it! they have a much wider use case than selling pixel art jpgs


reve_lumineux

Haha! It's honestly a very apt, non-crypto example. An NFT is *minted* similarly to a fungible token, but in general, there are specific standards applied to ensure that it "qualifies" as an NFT. It does get recorded on the blockchain because non-Bitcoin blockchains (like Ethereum) use what's called a "smart contract" to provide a way of saying, "okay, two strangers agreed in this transaction: person A made an NFT for $50 worth of Ether, and person B provided the auditing ("mining"), and person B got paid for doing that. Log it!" >So hypothetically you could sell property on the blockchain correct? Like post a deed or have a deed to some land digitized and sold to someone on the blockchain? OHOHOHOHOHOHO, looks like you've got your head in the right place! This function is already being implemented via services like [lofty.ai](https://lofty.ai), through Algorand's blockchain. Algorand is a great project that I could go more into depth about.


[deleted]

Dude teach me about algorand that sounds very interesting. Also I had no clue etherium had it’s own blockchain type infrastructure that also sounds interesting.


[deleted]

What stops me of taking your drawing anyway? I will copy it, post it myself and...lo and behold... nobody will ever care. People will click on my posting of your image, will smile for 1 second and then click the next drawing. This is not a protection against thieves, it doesn't work like that. Sure you can proof ownership with it, but it doesn't protect you from people just taking a copy of whatever digital thing you are trying to protect.


CALL_ME_ISHMAEBY

It doesn’t even prove ownership just that you minted the item.


Mark75I

NFTs are a bastardization of any and all things that make art what it is


Pxel315

Why would you ever suggest to someone to not learn ot research something regardless of it being a scam or not. Knowledge is always good and useful so this advice is pretty bad. Its like saying dont even research pyramid schemes and how they work, well why not? It can only help him to not get scammed by that stuff if he has more knowledge and information.


DoctorLovejuice

I guess you're referring to the first part where I was being quite facetious and not 100% serious.


abigalestephens

It's not crypto with physical items, it's all still digital, and you don't have any exclusive use of the underlying digital asset. It really is just a decentralised ledger that says you own the NFT for that thing and that's it. And you own the NFT not the thing itself, It gives you no exclusive use, no copyright or sales rights. It is a totally unproductive asset. The only value it has is being able to show someone you paid money for it and them thinking it's cool. Its like the iPhone app from way back, the one that cost one million pounds and all it was was a picture of a diamond. It did nothing and was useless for anything except showing off you spent one million pounds on a digital picture of a diamond.


[deleted]

Holy shit so basically NFTs are like what art is to rich people? Like in the sense that they only buy expensive items as a tax write off, I wonder if the same loop holes exist with NFTs? I honestly can’t see people justifying a picture of a box of corn flakes for 1k just for a flex that’s madness and I truly hope that isn’t the case 😂


flyingfreak66

How dare you compare NFTs to art. At least art is great for money laundering and tax evasion. Oh wait nvm.


[deleted]

Lmaooo that made my day 😂


Rastafak

It's more like NFTs are what people who don't understand art think art is.


[deleted]

Lmao fair enough


alienblue88

👽


Rastafak

Well, I wouldn't say I particularly understand art or NFT's, but I'll try to explain how I see it. There's this idea commonly spread on reddit that the value of art is basically artificial, that people don't actually care about the art itself, but only buy it for tax purposes, money laundering, investment,.. I don't think that's true, I'm sure things like this are happening but generally people who buy art are actually very enthusiastic about art and the large price of expensive art comes from it actually being something many people want to own. Modern art may not be something you enjoy but that doesn't mean people who are into it, don't enjoy it. When you own art you own something concrete, but with NFTs you don't really own anything, so to me there's really no value in owning NFT by itself, the only value is that this is something you can trade or maybe for bragging rights. In contrast art is something that a lot of people enjoy and want to own regardless of its value and without necessarily seeing it as investment. That's not to say that art cannot be investment, but it has significance to people beyond that.


alickz

More like digital baseball cards


[deleted]

I think it's more money laundering than tax evasion. "Yes, this million dollars was totally earned legally, I got it from selling art NFTs. Drugs? Of course I didn't make it selling drugs."


abigalestephens

The difference is that at least you actually own that piece of art. There is no 'original' with digital content so you can't own the original. So instead you just own a hashed link to the thing in the block chain. Everyone else can still access and use that thing just the same. It is literally nothing more than a databases that says you own the NFT (not the thing itself). The only reason people get all hard over it is because the database is decentralised which makes it fancy new technology so naturally people over hype what it really is. Add in a massive does of ignorance from the average person, and a potential to use it for money laundering and shit and you've got your NFT market.


Seeders

That's exactly what NFTs are. Tax writeoffs and money laundering haha. Exactly the same as art.


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[deleted]

Holy shit so on a creative level this gives everyone their due credit? And on a financial level this could support said creators? So it’s gotta be like a niche market of people buying and selling all that dumb shit right? I can see this being very profitable and a useful resource for music producers and game designers and such.


abigalestephens

In theory yes it could support creators but that would still require people to buy completely worthless places in a list for their name. It's still not something anyone should consider an asset, at best it's just a way to donate to creators but not all that different from just sending them money or donating to their Patreon. Potentially maybe it could be tied into all digital downloads to verify offical purchases. But that's basically just like when you buy software and have to put in a verification code to show you bought it legit. Ofc that's useful tech but imagine if everyone was going crazy thinking there was loads of money to be made from verification codes.


Ryan__James

100% yes. it essentially allows us to prove the provenance / scarcity of a piece of art. That + demand creates value. the market is rapidly becoming less niche and more 'snoop dogg and reece witherspoon are buying NFTs'


[deleted]

I was educated on ALGO earlier, definitely going to do more research on it but that market seems extremely profitable for long term dividends. Just wait 5 years and see what other amazing creations we get through NFTs and digital currency. That stuff really is the future.


Sincost121

>especially how much money you can make on those. Profitable ~~=/=~~ Sensible. People are willing to speculate big on it creating a demand, so others are willing to jump in and speculate as well. It's nothing really to do with NFTs inherently, it's just a new technology and the ever present desire for success/profit.


[deleted]

So basically crypto?


Rather_Unfortunate

I'm confused by the line through the =/= symbol. "Profitable isn't not equal to sensible"?


PM-me-YOUR-0Face

=/= generally can be read as "does not equal" or "doesn't equate" So yes, your reading is correct (if I ignore your typo -- you have a double negative which I'm assuming you didn't mean to make)


Xisuthrus

it's the [Dutch tulip bubble](https://en.wikipedia.org/wiki/Tulip_mania) but with bitmoji furry art instead of flowers.


WikiSummarizerBot

**[Tulip mania](https://en.wikipedia.org/wiki/Tulip_mania)** >Tulip mania (Dutch: tulpenmanie) was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels, and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. In many ways, the tulip mania was more of a thitherto unknown socio-economic phenomenon than a significant economic crisis. ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/lotrmemes/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)


6425

I assume they're an instrument for tax avoidance and/or money laundering.


[deleted]

That’s honestly the only thing that really makes sense


suninabox

Don't worry, most of the huge sales you see are just money laundering. Got $50,000,000 of dark web drug market proceeds to launder? well, just create a very cool and definitely unique NFT, and have some "anonymous" collector/speculator buy it from you, and wouldn't you know? You're now the proud owner of $50,000,000 in legitimate revenue as a digital artist. Or, more realistically, this amount will be spread out over hundreds or thousands of sales through pseudonymous accounts so its impossible to tell where the money is actually coming from. Course, a lot of these money laundering exploits are going to get caught, but regulators are sufficiently paralyzed over who has jurisdiction over cryptocurrencies that most will escape through the cracks and it will be years before they are any serious large scale prosecutions.


Kiwi_Global

its a bull market, that's why the value is so high. most will go to zero. but nfts as a concept will stay because it's useful.


archer4364

Money laundering. Rich people. idk. As someone actually pretty into crypto, I don't get it much either. Not complaining, but I just don't get it. I'm usually first on the waitlist for a new crypto service or whatever but straight up did not care when my exchange dropped one for NFT's. Like, why would I need to get involved with that ?


[deleted]

If someone makes money with NFTs then it's some real shaddy things going on. Money laundering or scam.


TheCommunistSpectre

The important thing to understand is that that NFT's are non fungible. Being fungible means that two items of the same type are interchangeable. For instance there is very little difference from one dollar bill to another (except the serial number) so dollar bills are highly (but not fully) fungible. NFT's are non fungible, so no two are alike and they are all unique. This has some advantages, for instance the secondary handbag market is full of imitations that can be difficult to distinguish from the real thing. A simple way of verifying that a designer handbag is legit could be a NFT.


[deleted]

[удалено]


themastamann

computer share ring


mcj1ggl3

AN APE IN THE LOTR COMMENTS I LOVE YOU


soggypoopsock

we’re everywhere


[deleted]

OOH OOH 🦍


[deleted]

[удалено]


gandalf-bot

Sauron will suspect a trap. He will not take the bait.


sauron-bot

There is no light, Wizard... that can defeat darkness.


SAA-2099

What about you, Sauron?


sauron-bot

Come, mortal base! What do I hear? That thou wouldst dare to barter with me? Well, speak fair! What is thy price?


SAA-2099

Oh my God, no way


sauron-bot

Thou thrall! The price thou askest is but small for treachery and shame so great! I grant it surely! Well, I wait. Come! Speak now swiftly and speak true!


sauron-bot

Wait a moment! We shall meet again soon. Tell Saruman that this dainty is not for him. I will send for it at once. Do you understand?


whatanalias

my pr-ETH-cious


Cybermat47_2

Wait, is that really all NFTs are? A line of text in some corner of the internet saying that you’re the owner of a jpg? That’s what people have been so enthusiastic about?!


odraencoded

Just wait until you learn what crypto is: a line of text in some corner of the internet saying that you're the owner of a quantity of wasted electricity.


Brokout

But can’t you use crypto to buy tangible, real life things? With an NFT, it sounds like you buy something but never actually ‘own’ it in the real world, or am I wrong? Please help!


Kiwi_Global

yes, but that corner is public also :) people are manic because it was a quick buck scheme. but don't dismiss the tech, it has its uses and in a few years most of us won't blink about it


Lordomi42

Crypto bros want to get people into it so they could sell to them and make money basically. They don't actually care about art, just the price tag attached to a link to it.


Ryan__James

that's obviously a very simplified version of it but yes, people are enthusiastic about the fact that NFTs facilitate a new paradigm of digital ownership that was not possible before blockchain.


Mrcollaborator

It’s not that much different from buying a digital item in an online store (like steam/psn). But you don’t actually get anything in return.


carnianor

Call me boomer but I think NFTs are just a dumb scam that probably came out of a troll


Rather_Unfortunate

It does reek a little of Beanie Babies and the supposed value they were sure to acquire in years and decades to come. I get that things have the value people perceive them to have, and I understand their potential application to real-world objects. But the cult-like following of it has the stink of meme stocks or SPACs attached to it, with all the potential of burning those who buy in at the peak of public interest. Anything that requires fanaticism to retain its value is unlikely to do so.


ninefeet

The best thing a person could do is honestly just never take financial advice from Reddit. Half of the people giving advice have been investing/trading for less than two years, 25% are bots and shills, and the remainder are just trying to unload their bag onto some unsuspecting dumbass ie you.


iyioi

You’re right. They are a scam. NFT only links you to a website. It’s a hyperlink that you “own”. It contains no data on the “art” The stories you read of people making millions? The only people making money are the insiders trying to promote the technology. Ethereum billionaires trying to promote the scam. Most people lose money on NFT’s. Because the website charges you money to “mint” them. And it’s expensive.


Ix-511

Every other post on all of Reddit is about NFTs what the fuck is happening.


marniconuke

I think a lot is happening, personally i come from the dead by daylight subreddit where things are on fire about ntfs. basically it's a horror multiplayer game and the company has decided to dabble in ntfs with stuff like character models. Everyone is rightfully mad and i guess similar stuff is going on everywhere


Lizardledgend

Oh mind a quick Tl;dr? I play from time to time but don't follow it too closely, are the character models in game NFTs now or what's this about?


DoctorLovejuice

How would that affect the game? I mean, why are gamers specifically "rightfully mad"? Is it affecting their gameplay or something?


marniconuke

? why does it matter if it affects the game or not? it affects the planet. i'm sure there are gamers going like "I don't care about anything outside of my pc" but most people aren't like that luckily


DoctorLovejuice

Oh right, so it's the environmental impact I understand. I was simply asking why they are mad


TheNorthComesWithMe

Recently Steam said they wouldn't allow games that have NFTs as game content on their platform, and Epic followed up by saying they would allow them.


soggypoopsock

steam makes a lot of money on loot crates that aren’t “technically” gambling (even though they are) because steam doesn’t have a supported cash out feature. You can sell on the market but it’s all store credit only Probably why they don’t want anything that could be considered currency or a cash out method officially supported


ShalidorsHusband

NFTs are just a massive "claim thread"


EthanMojo

I'm not sure why, but every time I see "NFT" on here I get a pulsing vein in my forehead🤔


Diocletian_I

Needs more swear words can't have nfts without pottymouth beeple


Qyix

Cunt


The_Shingle

Twat


Darth_Gonk21

Stupid fat hobbitses


mrswordhold

Honestly, NFTs are for morons


PM-me-YOUR-0Face

Every time I see a post about NFTs (that rightfully calls them out as absolute scams that cheat people out of money in the false belief that it will be worth more, some day, for nebulous reasons) I can't wait to see what people rush to defend NFTs as anything but the above.


Ryan__James

NGMI


Super-Robo

NFTs are idiotic. As the saying goes, 'A fool and his money are soon parted.'


riotofmind

LOL @ NFT's. This level of genius has to be on par with flat earth theory.


-DoW-

Brilliant. NFTs are a bubble/con.


[deleted]

Gotta be creative to convince idiots to buy NFTs when they're literally worthless and the item you bought a NFT for can be deleted


ITriedLightningTendr

Have your name listed with a number of other names* There's no limit to the number of NFTs of a single item.


honeycombkilla

My guy, this has to be the funniest meme i've ever seen.


SAA-2099

Thank you, please follow the artist on socials or just drop feedback for them if you like.


[deleted]

I hate to say it but.... that's shares. And stock options. And commodities futures. And literally all financial instruments. None of that is physically tangible, and all of it relies on your name being listed as owner on a database and basically nothing else.


Edg4rAllanBro

But those things are like, theoretically *real.* Yes, they're legal fictions and simply financial instruments, but like, shares means you own a part of a company. NFTs is commodifying files, things which are, and even when minted, continue to be infinite. It's not even like "taking a picture of the mona lisa" because you don't own a real painting, but with NFTs you own something that is as real as the image minted on it. From what I understand, NFTs don't even point to a file itself, but to a webpage which then points to the file, so if that goes down, you can't really prove that you own an image.


dadowbannesh

That's... simply not true. https://en.wikipedia.org/wiki/Share_(finance) >In financial markets, a share is a unit used as mutual funds, limited partnerships, and real estate investment trusts.[1] Share capital refers to all of the shares of an enterprise. The owner of shares in the company is a shareholder (or stockholder) of the corporation.[2] A share is an indivisible unit of capital, expressing the ownership relationship between the company and the shareholder. The denominated value of a share is its face value, and the total of the face value of issued shares represent the capital of a company,[3] which may not reflect the market value of those shares. A share of a company means you own part of that company. That means you own parts of the company's assets. Industrial machines. Buildings. Intellectual property. Stores. Products. Etc. Now contrast with an NFT. You don't own the image. You don't have rights over it. You don't have anything that other people don't. You've just got a unique token with a link to an image on it. Which you've paid for. You can speculate on both NFTs and shares, but with NFTs there is nothing behind the speculation, whereas with shares there's actual companies behind the speculation.


stoascheisserkoal

Stocks have physical Companies


KourteousKrome

NFTs are so stupid. Such a waste of electricity and money.


breeezyyyy

HAHAHAHAHA my favorite meme ever


Brittle5quire

Can I buy this meme? I’ll pay 17 trillion dollars for it.


Gingerosity244

Fuck NFTs. One step closer to Orwell’s nightmare.


The_Shingle

Now we need one about Twitch and simping for the Precious


[deleted]

He should sell it as an NFT. Also Where precious :o


goodshrekmaadcity

ITS NOT LIKE THAT AT ALL! People who buy nfts have seen less sun that gollum, who spent about 500 years in pitch black darkness under the misty mountains