Question about NFTs

bakerskater23 · Jan 24, 2022

So on the previous thread I commented about NFTs I got a reply from OP that got me thinking

First taught was like , yeah you can't screenshot the monalisa painting but there's only one monalisa painting that was painted by a genius that hasn't seen the light of day on a while ! ( Hopefully he's drinking beer in heaven with Jesus Christ , Chester Benningthon , Kurt Cobain ... ) His paintbrush is hanging out at the Louvre

However. OP gotta point . You actually own the digital art .

So let's say I buy a really cool NFT from binance featuring a giant bat flying a spear into a cyclops eye

I would own that as if I'm the artist !

Would I be able to pitch the painting to Sony for example to use that as inspiration or artwork for a movie ?

Would I get royalties for that ?

Would I have to share the royalties with the other lucky buyers of the same NFT ?

brest · Jan 24, 2022

you depend on the founder of the NFT project. Buying the NFT = giving your trust in the founders.

bakerskater23 · Jan 24, 2022

brest said:
you depend on the founder of the NFT project. Buying the NFT = giving your trust in the founders.

Ohh so buying the NFT doesn't make you the digital Picasso !?

Like even though you own the digital file you cannot profit from it on your own .

In this scenario, your hope is that the creator manages to make a deal with Sony for the giant bat vs cyclops movie and the NFT price will rise sky high

I mean a pretty good concept but maybe having the opportunity to earn something small like dividends from the NFT could help. Like an actual reason for owning it rather than cropping it out of a screenshot and set it as wallpaper

You could argue that crypto doesn't give dividends on its own either (unless proof of stake ) and has the same concept ( you invest in a coin , you pray the developer team comes up with a miracle ... Price rockets ... )

Crypto however can be instantly exchanged on binance or other exchanges without even the need to trade it

For NFTs you need to manually find buyers . And the buyer will need to hope for a giant bat vs cyclops 2 so it stays relevant and he could resell it to another buyer .....

What about the last buyer ? What's he gaining out of the NFT ? Owning a jpg file ?

Pretty cool concept none the less but can be improved : )

Nikolaos · Jan 31, 2022

bakerskater23 said:
Ohh so buying the NFT doesn't make you the digital Picasso !?

Like even though you own the digital file you cannot profit from it on your own .

In this scenario, your hope is that the creator manages to make a deal with Sony for the giant bat vs cyclops movie and the NFT price will rise sky high

I mean a pretty good concept but maybe having the opportunity to earn something small like dividends from the NFT could help. Like an actual reason for owning it rather than cropping it out of a screenshot and set it as wallpaper

You could argue that crypto doesn't give dividends on its own either (unless proof of stake ) and has the same concept ( you invest in a coin , you pray the developer team comes up with a miracle ... Price rockets ... )

Crypto however can be instantly exchanged on binance or other exchanges without even the need to trade it

For NFTs you need to manually find buyers . And the buyer will need to hope for a giant bat vs cyclops 2 so it stays relevant and he could resell it to another buyer .....

What about the last buyer ? What's he gaining out of the NFT ? Owning a jpg file ?

Pretty cool concept none the less but can be improved : )

Yeah well with the NFT craze that's going on, right now you have only ownreship of the NFT. Most people are buying blindly those even if they are just a piece of worthless digital paper. However, if the NFT is tied to something that makes it far more popular, like a movie like you said, its value is going to skyrocket. So basically right now you're owning a piece of digital paper, which might be worthless, apart from the collectors interest on it. So yeah the last buyer get's a jpg file, nothing more, nothing less.

Question about NFTs

bakerskater23

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brest

Junior Member

bakerskater23

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Nikolaos

Elite Member

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