William702

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I am not here to start drama or to bad mouth crypto or NFT's. I genuinely know nothing about NFT's so forgive my ignorance so enlighten me if you can.

I get crypto and it's value but wholly fucking shit this NFT stuff really makes me wonder and screams tulip mania

I get virtual currency and the value of virtual items I really do. I have played enough video games to get the concept and to understand the underlying value. I was probably one of the first people selling mafia wars items and Zynga poker chips for real cash and people thought I was a crook. Something is worth what someone is willing to pay but are these people really thinking long term?

I just cant see this NFT stuff holding it's value long term, right now it's hot but I seriously doubt it will be for long. I think the transition to a more digital world where those things have more value is way off. in a far off futuristic existence maybe but in todays and tomorrows world I just can't see it being high on the priorities list. I wonder if it may be giving crypto a bad name. To those involved in NFT's I say good luck to you and make hay while the sun shines. If people are willing to for over millions of dollars for this stuff then more power to them. Do you think the value will rise and fall with the value of crypto or do you think they will hold their value and appreciate like other forms or art investments regardless of if bitcoin goes to $500,000 or just $5

What are your thoughts on NFT's do you think they are here to stay or do you think these people are just moving money around or are about to lose it all?
 

C4rnage569

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the fact that someone made 700mil today form selling one "painting" shows it has value... yet i still think its 100% ridiculous
 

RRunner

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Like anything else it depends on the asset.

When you have billionaires investing over $50 million in a piece of art, it is rarely as a fad.

Look at any collectible and you will see, especially recently, that most exceed their expected price at auction.
 

William702

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Were the tulip bulbs worth what people paid for them?.....Nope. When those wealthy people of the time purchased the tulip bulbs I'm sure they thought those were an investment and not a fad.

Collectables are not always what they are cracked up to be. Someone who paid $100k for a vase 20 years ago may find it is only worth $20k today. Markets change. I just see this as a very unstable and risky one.
 

[email protected]

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I wont comment on Bitcoin for now, But the way its going most of NFT's are like just a fad for now
 

VSYNC

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YES.

The $69 million sale was probably some crypto whales partnering with Beeple in order to artificially inflate the value of all of his work and indirectly the entire market.

It is not worth $69 M obviously in any way shape or form.

The entire NFT market is an overinflated sack of shite, and it in no way parallels with cryptocurrencies, which have actual real world utility and generate income streams for people outside of purely speculatory income streams.

NFT's as a technology have some value, but the market is absolutely comparable with the tulip craze, while the crypto market itself absolutely is not.

When you have billionaires investing over $50 million in a piece of art, it is rarely as a fad.
If you owned a shitload of NFTs and had millions of dollars to play with, wouldn't you consider buying that piece from yourself for $69M in order to blow up the value of your other NFTs?

You think some billionaire that spent their lives being savvy and sharp would be dense enough to think that a jpg is worth $69M? Which scenario is more likely?
 

javabro

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YES.

The $69 million sale was probably some crypto whales partnering with Beeple in order to artificially inflate the value of all of his work and indirectly the entire market.

It is not worth $69 M obviously in any way shape or form.

The entire NFT market is an overinflated sack of shite, and it in no way parallels with cryptocurrencies, which have actual real world utility and generate income streams for people outside of purely speculatory income streams.

NFT's as a technology have some value, but the market is absolutely comparable with the tulip craze, while the crypto market itself absolutely is not.
I am just happy for the guy. You know how long has he been doing that shit everyday? Definitely not worth 69 million tho.

NFT is obviously going to tank. No doubt.
 

VSYNC

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I am just happy for the guy.
I'm suggesting it would be more likely that it was an artificial sale to "legitimise" the value of NFTs being millions of dollars and create a new round of demand and hype instead of him actually selling it to someone.

What's his second highest piece sell for? $100,000? $200,000?

On a small scale this is already happening in the NFT industry - people are creating an NFT then selling it to themselves over and over again to create a sales history that makes it seem like it actually has value when it's just a copy-paste jpg of an old obscure artwork.

If someone has 69M they can partner with Beeple, send the piece to Christy's, "buy it from him", get all of the $69M back from him, he gets huge recognition and all of his other pieces start to sell for $1M+, everyone is happy, noobs start buying everything thinking it's going to $x,xxx,xxx.

It's smoke and mirrors being orchestrated by whales imo. It is the crypto/artistic version of vapourware.
 

VSYNC

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I'm suggesting it would be more likely that it was an artificial sale to "legitimise" the value of NFTs being millions of dollars and create a new round of demand and hype instead of him actually selling it to someone.

What's his second highest piece sell for? $100,000? $200,000?

On a small scale this is already happening in the NFT industry - people are creating an NFT then selling it to themselves over and over again to create a sales history that makes it seem like it actually has value when it's just a copy-paste jpg of an old obscure artwork.

If someone has 69M they can partner with Beeple, send the piece to Christy's, "buy it from him", get all of the $69M back from him, he gets huge recognition and all of his other pieces start to sell for $1M+, everyone is happy, noobs start buying everything thinking it's going to $x,xxx,xxx.

It's smoke and mirrors being orchestrated by whales imo. It is the crypto/artistic version of vapourware.
What do you know - 5 Beeples listed on Opensea now for $5M: https://opensea.io/bundles/beeple-2020-full-mfkn-package-8k2

Bargain if just one Beeple cost $69 M to get 5 for $5M, right?

Over $6 million.
Which one?
 

LetterTwenty7

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If people decide something has a certain value, then it really has some value. Probably that's the case with the NFTs. Yes, is sounds silly - why would someone pay XX,XXX for a .jpg. I certainly wouldn't, but maybe that same .jpg will sell for even higher in 20 years because it was the first NFT or something like that. We live in a world where changes happen much faster than a few decades ago.
 

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I do think there's future for the NFT market. People enjoy rarity. They enjoy collecting stuff. This enjoyment can manifest itself in silly stamp collections, or ugly hipster art. Personally, when I have the means, I'd like to collect old videogames and consoles.

Smart contracts and NFTs are merely facilitating the introduction of this dimension into the virtual realm. We already spend so much time staring at screens, anyway, so the excitement we're seeing with NFTs should be no surprise.

Of course, proof of owning a jpeg that was made in 2 minutes by some unknown guy on Microsoft Paint is probably not worth much. But maybe it is worth something for someone, and who are we to tell this person where to spend his money? As for me, I've already created some NFTs on Rarible. If you're interested in acquiring (lol) one of them for your unique collection of digital artifacts (lol), send me a PM. ;)
 
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Yajolik

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NFT's are far from any kind of mania ask 100 people on the street with a crypto NFT is and you might get 1 person that knows wtf you're talking about
 

RRunner

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NFT's are far from any kind of mania ask 100 people on the street with a crypto NFT is and you might get 1 person that knows wtf you're talking about

Yet they are selling $200 million a month just on NBA Top Shots.
 

ScreamingMidget

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I am not here to start drama or to bad mouth crypto or NFT's. I genuinely know nothing about NFT's so forgive my ignorance so enlighten me if you can.

I get crypto and it's value but wholly fucking shit this NFT stuff really makes me wonder and screams tulip mania

I get virtual currency and the value of virtual items I really do. I have played enough video games to get the concept and to understand the underlying value. I was probably one of the first people selling mafia wars items and Zynga poker chips for real cash and people thought I was a crook. Something is worth what someone is willing to pay but are these people really thinking long term?

I just cant see this NFT stuff holding it's value long term, right now it's hot but I seriously doubt it will be for long. I think the transition to a more digital world where those things have more value is way off. in a far off futuristic existence maybe but in todays and tomorrows world I just can't see it being high on the priorities list. I wonder if it may be giving crypto a bad name. To those involved in NFT's I say good luck to you and make hay while the sun shines. If people are willing to for over millions of dollars for this stuff then more power to them. Do you think the value will rise and fall with the value of crypto or do you think they will hold their value and appreciate like other forms or art investments regardless of if bitcoin goes to $500,000 or just $5

What are your thoughts on NFT's do you think they are here to stay or do you think these people are just moving money around or are about to lose it all?

Interested to know how you went about selling Zynga poker chips? The game has been shown to be fraudulent by making stronger players get weaker flops, so guessing they were your best customers?
 

William702

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Interested to know how you went about selling Zynga poker chips? The game has been shown to be fraudulent by making stronger players get weaker flops, so guessing they were your best customers?

lol this must have been about 15 years ago. I would win them most of the time in the early days. They were free chips so people played like fucking idiots. I would win millions of chips in an hour. sell them on eBay and in groups for $100 for a million which hastily dropped down to $10 per million when everyone was doing it. The market opening up like that made it a lot easier for me though. I would pay some kid in god knows where $300 for 100 million chips and sell them for $10 - $20 per million. I made more money selling Mafia wars items. I remember that there was a body armor, limousine, ak47 and dynamite that were seen as the best items. I would sell packs of 50 of each for silly money. I had people paying $250 for few items to play mafia wars with. I would make a Facebook group, use my mafia wars accounts that had 1k - 5k friends in each to invite 100k - 200k people to a mafia wars group saying that I found the secrets to getting as much items as I wanted and that I was giving them to people. I would use some of my accounts to say wow I got them and it works. people would see it and ask for items. I would send a price list and some would convert, I used to use PayPal for payments, back in the day when PayPal wasn't looking for such activity. I made $750 one day just selling mafia wars stuff, I got into the poker chips later on after mafia wars.

It was mafia wars that got me into affiliate marketing and making money online. using those groups I mentioned I used to promote a mafia wars guide on clickbank that I would get $17 commission for each sale. my best day was $1,500 LOL. It got me hooked on affiliate marketing to say the least.

Not sure how I got so off topic there. back to the NFT's!
 

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If people decide something has a certain value, then it really has some value.

This is such a simple & straightforward fact and yet the vast majority of people can never grasp it in their lives. So, congrats.
 

William702

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This is such a simple & straightforward fact and yet the vast majority of people can never grasp it in their lives. So, congrats.

I 100% agree. I guess the trick is to know when perceptions change and to act and not let fomo or other emotions cause one to hold onto something if and when the wind blows in the other direction.

I wonder if some of these people will lose their asses or if I will be eating my words when the market has increased in value by thousands of percent in the near future, both outcomes are equally as feasible.

I have no doubt whatsoever that a ton of people will make silly money with this stuff over the coming years.

The tulips had value and then...they didn't
 
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