NFTs

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  • _niko4

    yup, it's like a modern-day George C Parker scam, selling the Brooklyn bridge to unsuspecting tourists.

  • NBQ000

    The fucking cunt Logan Paul sold NFT’s in the amount of like $6M. Aren’t most of his followers like teens?

    Where does all this money come from?

  • zaq0
  • Sandder0

    Ok, what is the best platform to try this out? Is ETH a must?

  • palimpsest0

    NFT porn.
    Discuss.

  • dkoblesky6

    Created my first NFT today. I am in the game.....see what happens....

    Watch by David-Koblesky

    1 of 1 • Now Available for Ξ 0.4

  • neverscared7

    put my newest video ..

    https://opensea.io/assets/0x495f…

    • that's a piece of crap artkaffa23
    • I don't think so. I like it.dopepope
    • That’s good kaffa, you’ll be certified in no time, dickhead.futurefood
    • “Critique by creating.” neve forget it kafka..:)neverscared
    • That hallucinati thing rocks. That's a piece of amazing art.cherub
  • ESKEMA2
    • What has this world come to.NBQ00
    • ^Start buying assets and commodities, the next bubble will be brutal.grafician
  • grafician-1

    "Twitter co-founder and CEO Jack Dorsey has listed for sale on the NFT platform Valuables the first tweet ever made. As of press time, bidding was at $88,888."

    https://www.coindesk.com/twitter…

  • dopepope6

    I've sold a few on Opensea. And just got into Known Origin and Foundation.

    https://opensea.io/collection/do…

    • Lol “rolling hard on ecstasy”futurefood
    • what's your favorite platform so far?ESKEMA
    • I want to mint a piece, but so many different sites. Not sure which is bestfuturefood
    • do u have the capacity to spare me an invite to foundation maybe , please ?neverscared
    • contgrats!dkoblesky
    • ^ Thanks!dopepope
    • dopepope your shit is mind blowing!mantrakid
    • You are too kind. Thanks.dopepope
  • Fax_Benson2

    I don't know anything about this stuff. Is this right?

    https://everestpipkin.medium.com…

    • To summarize the article: instead of waiting implementation of PoS we should just completely stop using blockchainszaq
    • https://www.coindesk…ESKEMA
    • digital art is now snapping the planets neck on piece at a time.neverscared
    • yes, this is right. NFT is unethicalnuggler
  • Sandder0
  • zarkonite0

    You can buy tweets now?! WTF!?!

    https://v.cent.co/

  • zaq1

    There have been many questions related to NFTs on QBN. What that is and what that is not. This post from Reddit gives good explanation:

    ---------

    NFTs are the hottest new topic in the Crypto scene, blowing up enough to even garner a good bit of public attention outside of the usual crypto fanatic outlets. The only problem with this is that beyond the surface level idea, no one knows what they are or how they actually work.

    It's time to shine a little light on NFTs, and take a proper, deep dive into how they work, and how many people are getting scammed via NFTs.

    Now then. Let's begin.

    ----------------------------
    1. What are NFTs, really?

    Everyone knows the analogy of them being collectibles. Unfortunately this analogy is woefully inadequate at best, and actively malicious at worst.

    NFTs (Non Fungible Tokens) as an umbrella term just means that each digital token on the network is unique. Each token contains some small bit of data that is unique to the token in question. That's it. They're just little data containers being shipped around the blockchain between addresses.

    Now, NFTs on specifically Ethereum have a few data points that are unique to why anyone cares about them. (It's also likely other networks will implement some or all of these features, if they have not already.)

    NFTs have their creator's address saved as part of the NFT. Likewise, the current owner of the NFT is public information as well.

    A Royalty % may be set in the NFT token. When the NFT is then traded at any point in time, between any two addresses for ETH/currency, the royalty cut of that 'sale' will be redirected to the Creator's ETH address.

    Now, before we go any further, it's important to understand one more aspect of NFTs. NFTs are very, very small. It is exorbitantly expensive to store real data on a blockchain, even something as small as a 64x64 jpg. Most NFTs are only going to have a few bytes of data stored in them. Like, for example, a serial number or URL.

    In short an NFT is basically a unique scrap of paper with a serial number, password, or web address on it. That's it.

    -----------------------------
    2. What NFTs -are NOT-

    NFTs are not digital media. They do not store the digital media on the blockchain. If you buy an NFT for some image or song, what you're really getting is a Token with a URL to a song or image, hosted on some random webserver.

    NFTs do not prevent copying, alteration, deletion, or any other actions regarding any digital or physical thing they link to.

    NFTs do not inherently confer ownership over any assets they link to.

    Again, before we continue, let's take a brief moment to review: NFTs are just unique tradable 'scraps ' with a small amount of information scribbled on it.

    -----------------------
    3. So how do these scraps of paper get value?

    NFTs have a few potential ways to actually mean something.

    - 1 - The NFT may unlock some functionality, feature, etc. when connected to some external system.

    NBA Topshot implements this, for example. Your NBA Topshot token effectively has value via interacting with their systems to display the 'moment' it represents on their website. It's important to understand here, that if NBA TopShot went under, the TopShot tokens would immediately become 'worthless', as you would no longer be able to access the 'NBA Moments' they represent.

    The same is true, for example, for CryptoKitties. If their site/etc. goes down, your CryptoKitty tokens are now meaningless/function-less.

    In both these cases, your NFT is basically just a trade-able serial number that represents a 'Moment' or 'CryptoKitty' on their servers, and allows you to interact with said 'Moment' or 'Kitty' via their application.

    Another more off the wall example in this space is you could have NFTs which may be submitted to an application that then burns(destroys) them in exchange for sending you some physical good or service, such as a t-shirt.

    - 2 - The creator of some media (or physical thing) may sell legal rights to the media along with the sale of an NFT.

    Now, this one gets problematic, fast, and is where many people are getting scammed.

    There is no guarantee the user you are buying the NFT from actually owns rights to the thing represented/linked to by the NFT.

    In order to legally transfer rights/ownership/etc. you must put it on paper paper/document it. (And for larger items like a house or business, this requires significant legal information in the documentation).

    What this means, is that if you want to buy 'ownership' of some linked asset via its NFT, you have to do your own diligence to ensure:

    They are the current copyright owner.

    They are consenting, in writing, to selling the rights to you with/via the NFT, and included whatever legal documentation is necessary, if any additional is required.

    At that point you can guarantee you've at least bought ownership rights of the thing. However, there's no reason you can't simply sell those ownership rights independent of the NFT in the future.

    In short, there is nothing legally tying NFTs to digital rights ownership at present.

    - 3 - Unique/secret data

    In this case, an NFT would contain some variety of unique data, only visible to the address it is owned by, such as a unique URL, or password to a secret clubhouse. If the buyer has a reasonable belief that this information is still secret, buying/trading the NFT becomes the primary way to obtain it. Some Rarible sales attempt to go this route, however, the issue here is obvious. It's the internet, nothing stays secret for long, and you have no guarantee that the creator or previous owners have not shared the secret information into the wild.

    --------------------
    4. How you are going to get scammed.

    Buying an NFT for 'ownership' of a thing when the seller doesn't own the thing to start with.

    Buying an NFT for 'ownership' of the thing without ever actually getting it in writing/legally enforceable.

    Buying an NFT for 'ownership' of the thing and getting non-exclusive rights (instead of exclusive rights to the thing), meaning the author can continue to mint infinite more NFTs of exactly the same thing.

    Buying a 'collectible' NFT and the collectible site/host/system goes under/pulls the rug.

    Buying an NFT for 'investment', only for that NFT to have an exorbitant (50-100%) royalty fee. Meaning most or all of the proceeds of your investment go to the creator, instead of you, when you re-sell the NFT.

    Buying NFT art/etc. and having the url host of the digital media go down, (or they maliciously change it) so your NFT no longer shows what you bought. ( But at least you still have ownership rights if you didn't get burned on #1/#2 ... )

    Okay, enough doom and gloom.

    ----------------------------
    5. What are NFTs good for then?

    The biggest real success story for NFTs right now are systems like TopShot, CryptoKitties, CryptoPunks, etc. Cases where a website/app/game can interact with the NFTs directly to show you your content, as a proof of ownership of that content, enforced by the app/game. Likewise, NFTs have big potential for game item marketplaces as the company can issue their items with some royalty rate (ex. 1%), and always get a cut of sales if their game (and trade of its items) takes off.

    NFTs can also make for good 'proof of attendance'/historical proof type tokens, which is to say, you could be given one for attending a concert as proof you were there.

    In the same vein, NFTs are perfect for digital ticket sales. They can't directly be copied/cloned, and even if they're resold on a secondary market, you will get a cut of it. (At least, as long as the scalpers play within the system, and don't, say, just sell the ETH address that owns the token, or take cash as payment then transfer the token for 'free'.)

    As far as ownership of real unbound digital assets, or physical objects, there is certainly interesting potential there, but right now, they're legally useless.

    It's also worth noting there's a little more nuance into interesting things NFTs can do in terms of smart-contract-esque stuff that's a little too technical for this post, but might show up in future use cases for them.

    Oh, yeah, they're also great for money laundering, since if you're buying some nonsense collectable picture of a hat on the internet, it's impossible to say you 'overpayed', so that's a thing.

    Closing Thoughts

    I think that about covers NFTs, and hopefully this post keeps at least one person from getting scammed. NFTs are a really cool technology with a lot of potential, but when I see people asking crazy questions in the daily about them, it's become clear that they're really selling on hype and a total lack of understanding so far, sadly.

    Regardless, thanks for reading, and take it easy.

    -----
    https://www.reddit.com/r/CryptoC…

    • TL;DR in one simple jpg
      https://m.imgur.com/…
      nb
    • ☝️hydro74
    • According to this post the jpg isn't a visual representation of the token. Because the token isn't the work itself.palimpsest
    • The token may content a link to where the work is hosted. That link might perish. The work can be hosted in multiple places.palimpsest
    • Furthermore, in digital media the jpg is the actual work. It's not a representation of the work it is the work itself.palimpsest
    • "The world is the totality of facts, not of things."
      Wittgenstein
      palimpsest
  • hydro743

    Been enjoying doing some minting. Kinda makes a piece feel more important than a 'study' I did and collects digital dust. Even if it just sits there, at least it feels like there is value, so win win.

    • <dopepope
    • yup, fun doing something new also. I've also enjoyed going back through all my old work looking for stuff to mint.fadein11
    • Drop some links hydro74 and fadein11!!mantrakid
    • should everyone carefull how much to mint coz it s snapping the planets neck for every mint...or am i not american enough not to care.neverscared
    • Freedom mints.palimpsest
    • Any recommendations on minting platforms you have had success with?BH26
  • BattleAxe0

    A good “how to” guide

    https://www.kapwing.com/resource…

  • colin_s0

    Would this eventually lead to something like the Art World "establishing" these sorts of tokens by utilizing them as verification into a permanent collection?

    Like, MoMA or something buys the specific rights to a certain token and that sets the precedent for them being more socially accepted?

    Either way these things feel more like snake oil than anything

    • you own an entry in a database... nothing more nothing less... snake oil might have at least contained menthol or cocaine back when snake oil was sold.jonny_quest_lives
    • just thinking about broader implications of this as the Art World loves a good marketplace but seems antithetical to what this iscolin_s
    • one of the great things for creators is the commission aspect added to the blockchain, so every time an asset is bought or sold you get a royalty specifiedfadein11
    • at the minting stage which is there for life. Blockchain tech isn't snake oil, this latest rush on NFTs may be a bubble but the tech is here to stay.fadein11
    • its a fucking consensus log on a linked list verified by proof of work... everybody is getting high on their own supply.jonny_quest_lives
    • if anything it just ups the network fees for ethereum.jonny_quest_lives
    • the art world has no use for this kind of system, as this system has nothing to do with actual ownership.grafician
    • you own at most the metadata, which is useless, but ppl buy it for various reasons, not of which currently has anything to do with art.grafician
    • You could see MoMA display nyan cat as a part of "internet art" but owning nyan cat nahgrafician
    • there are a lot of old digital/video flash art installations that currently have zero value and can't be even displayedgrafician
    • NFTs will have the same faith, unless something changes in the actual purpose of these and the "crypto art mania" recedesgrafician
    • "you own at most the metadata, which is useless, but ppl buy it for various reasons, not of which currently has anything to do with art."
      Well put.
      palimpsest
  • PonyBoy1
  • PonyBoy9

    • don't get me wrong... I've got my wallet, foundation account etc... just feels like I'm selling canned airPonyBoy
    • hahadopepope
    • ^because you are actually selling ETH "gas" which is practically heat emitted by a miner station somewhere in China?grafician
    • ^so yes, you literally sell air "made in china"grafician
    • Where does air come from?
      Like, literally.
      palimpsest
    • No matter how much I rationalise NFTs to myself, still am confused Travolta.inteliboy
    • @palimpsest well as you should've known, most air is basically fish farts from the seas and oceans of the world. The rest, it's tree farts.grafician
    • So air isn't literally made in China?palimpsest
    • I want to know what air is
      I want you to show me
      palimpsest
    • My asshole makes air sometimesGuyFawkes
    • Every one of us has at least three atoms in our bodily constitution that were once in Caesar's asshole.Nairn
  • PeterPancake0

    'QBN-fam omw to make oodles from my doodles', 2021 (Adobe on blockchain)