NFTs
NFTs
Out of context: Reply #372
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- mathinc0
Am I reading this right? This sold for $1.18 million?
- 375 ETHpalimpsest
- The Art world is dead. Not because of the merits of shit like this, rather because its been made utterly redundant in money laundering terms.Nairn
- ETH can be converted to $? Sorry, I'm not feigning ignorance, my ignorance is legit. I buy NFT sport cards.. but a site I use pointed me to thismathinc
- and I'm kind of shocked. Is this all money laundering?mathinc
- Do you think that a digital receipt of the 'art' you've posted could - in any viable universe - be worth $1.18M?Nairn
- It can be converted to $ but I'm pointing out that it's ETH because the transaction is buying hype with hype. Speculation on top of speculation.
It's beautifulpalimpsest - But wait, there's more.
I'm sure you're shocked that the trike image could be worth so much. But that image is not the NFT.palimpsest - palimset, what does this mean "that image is not the NFT"?mathinc
- It's going to be a bit long to explain so hang in there.
An NFT is a token, basically it's metadata.palimpsest - You cannot include a jpg in that token, it cannot contain it. And you are not buying the image, you are buying the token.palimpsest
- The NFT is just a receipt. This won't translate 1:1 but I'll use the movie ticket as analogy. You are buying a movie ticket.palimpsest
- the NFT is the deed indicating ownership of the image, not the image itselfkingsteven
- Except that movie (image) is available for all to watch, so you're not even buying the theater experience. You're just buying a ticket for a movie all can see.palimpsest
- It can sentimental value to you to have a ticket and you can put a price for it but you don't own the movie or the rights to the movie.palimpsest
- An NFT is a receipt that proves you paid for a receipt.palimpsest
- I have a series of tickets for the Loki series on Disney+ if you're interested.
;-)palimpsest - Okay thanks. I'll have to read something more in-depth. Thanks for trying to explain it, I know the comments section isn't a great format to do that.mathinc
- There's only one article I've found where someone really understands technology and theory:
https://www.oreilly.…palimpsest - For an art perspective into the nature of the artwork look into Danto's writings on Warhol's Brillo boxes.palimpsest
- Awesome thanks! Looking into it.mathinc
- @kingsteven
Sorry I missed your comment there, buddy.
That is the prevailing view and will probably be the case in the future after some legal disputes.palimpsest - But at the time an NFT does not replace a proper contract.
Again, when buying an NFT you are getting an NFT.palimpsest - yep, it's an agreement with the vendor with no legal backing, i'd say soon after legal precedence is set NFTs days of being synonymous with art are numberedkingsteven
- having a NFT representing a negative asset with a HSBC thumbnail alongside a beeple in your wallet will make quick work of thatkingsteven
- That's what I think is fascinating about it, the collective delusion.
Like when microkorg says :
"In rarity she is 174 out of 8888.. she is top 2%"palimpsest - heh, spinning the soul crushing idea that it took a mechanism for speculation to create a boom in digital art sales in to a romanticised democratisation of artkingsteven
- is where i draw the line, but i like that it's finally happeningkingsteven
- I love art and hate speculation. NFTs have never been about art for me. I see it as Etsy on steroids. It's not even a purer form of speculation, just a louder 1palimpsest
- I've said it before, but the only use I can see for NFTs is 'something to do with virtual objects in the metaverse /VR Space' but I don't know what that means.Nairn
- Nairn you are right NFTs are about to become massive within the metaverse and games. 888's 'The New World' a platform launching soon have partnered with a big..microkorg
- ..gaming company, In fact if you are already paying for extras/accessories/c... in games then you are already buying NFTs really. It's not a tangible thingmicrokorg
- I can totally understand everyones scepticism of NFTs. I've got into this world as a way to sell my digital art. In the past ive maybe sold some prints/tees..microkorg
- or had someone comment 'coooool' on a work I spent hours on then just posted on to my facebook (or myspace back in the day). Now theres platforms to sell it.microkorg
- I'm not going to mortgage my house and start bulling out on buying nfts. I'll save most of the money I make but some will go back investing into art i believemicrokorg
- in. doing this for fun, a hobby. sold all my synths etc, enjoying arting more, less stressful and i finish shit ;)So far this week I've made $3.5k selling jpgsmicrokorg
- more than i ever made in 25+ years of making music as a hobby! ;)microkorg
- Back to OP though yes ArtBlocks seem to be going crazy pricewise. Some featured artists going for crazy $
https://cryptoslam.i…microkorg