You know anything about NFT's?

[Will_m]

 

[Dos Perros]

 

[540-Virginian]

Most NFT's aren't selling for millions. More like a couple of cents. So "all these NFTs going for millions" is more like a select few that get into a buy-up frenzy from the folks aged 35-50 whose wealth has been made in the tech startup game or by being early to BitCoin ~ 10 years ago.

How many real wealthy folks collect baseball cards? Probably not many, but there still is a handful of folks out there who think a 1909 Honus Wagner card (essentially a worthless piece of cardboard) can be worth a cool $6.6M.

Y'all should check out some of the cool s**t the state of Wyoming is doing to legitimize Most NFT's aren't selling for millions. More like a couple of cents. So "all these NFTs going for millions" is more like a select few that get into a buy-up frenzy from the folks aged 35-50 whose wealth has been made in the tech startup game or by being early to BitCoin ~ 10 years ago.

How many real wealthy folks collect baseball cards? Probably not many, but there still is a handful of folks out there who think a 1909 Honus Wagner card (essentially a worthless piece of cardboard) can be worth a cool $6.6M.

Y'all should check out some of the cool s**t the state of Wyoming is doing to legitimize crypto transactions as a business. https://www.marketwatch.com/story/h...omised-land-for-bitcoin-investors-11619201182

If you or anyone is thinking about “investing” in crypto or an NFT, ask “what problem are they solving?”

Ie why do people want or need them. You said a handful of people bought expensive baseball cards. True, but as you said its a handfull, not everyone or the masses. My cousin was obsessed with baseball cards as a kid and now that collection is likely in storage or at the dump as he cant get rid of them.

NFTs are similar to baseball cards in digital form i would argue. But more similar to art work. Artwork is lucrative when some art expert says it is. Neither of these solve a problem. If you buy to ‘invest’ you are gambling. Buy them if you like them.

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

Not saying your dumb if you buy NFTs or crypto. But I personally ask myself why do i really want this; if it valuable to me then i may buy it (its collecting). If i see it solves a problem in life and generate income or value over time i may invest in it.

Just my personal belief NFTs and Crypto are all gambles. The price of Crypto - bitcoin specifically - has risen when more people google it. And the majority of Crypto owners are 30 something white dudes. All of this just seems odd.

Again, not saying i’m right or your wrong. But there is so much gambling in this segment and few regulation on creation and management of it all, i cant help but be skeptical.0

 

[Jaden Bales]

If you or anyone is thinking about “investing” in crypto or an NFT, ask “what problem are they solving?”

Ie why do people want or need them. You said a handful of people bought expensive baseball cards. True, but as you said its a handfull, not everyone or the masses. My cousin was obsessed with baseball cards as a kid and now that collection is likely in storage or at the dump as he cant get rid of them.

NFTs are similar to baseball cards in digital form i would argue. But more similar to art work. Artwork is lucrative when some art expert says it is. Neither of these solve a problem. If you buy to ‘invest’ you are gambling. Buy them if you like them.

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

Not saying your dumb if you buy NFTs or crypto. But I personally ask myself why do i really want this; if it valuable to me then i may buy it (its collecting). If i see it solves a problem in life and generate income or value over time i may invest in it.

Just my personal belief NFTs and Crypto are all gambles. The price of Crypto - bitcoin specifically - has risen when more people google it. And the majority of Crypto owners are 30 something white dudes. All of this just seems odd.

Again, not saying i’m right or your wrong. But there is so much gambling in this segment and few regulation on creation and management of it all, i cant help but be skeptical.0

I agree with you wholeheartedly! I think this is one of the best characterizations of the way folks should think about the actual collector side of NFTs that I've seen.

Definitely not an investment in the truest sense of the word and I hope nobody thinks they should be unless they're tied to smart contracts. Which those contracts then promise some sort of good or service or technology being delivered... I think @mattferg84 can explain better than me on that though.

 

[mattferg84]

If you or anyone is thinking about “investing” in crypto or an NFT, ask “what problem are they solving?”

Ie why do people want or need them. You said a handful of people bought expensive baseball cards. True, but as you said its a handfull, not everyone or the masses. My cousin was obsessed with baseball cards as a kid and now that collection is likely in storage or at the dump as he cant get rid of them.

NFTs are similar to baseball cards in digital form i would argue. But more similar to art work. Artwork is lucrative when some art expert says it is. Neither of these solve a problem. If you buy to ‘invest’ you are gambling. Buy them if you like them.

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

Not saying your dumb if you buy NFTs or crypto. But I personally ask myself why do i really want this; if it valuable to me then i may buy it (its collecting). If i see it solves a problem in life and generate income or value over time i may invest in it.

Just my personal belief NFTs and Crypto are all gambles. The price of Crypto - bitcoin specifically - has risen when more people google it. And the majority of Crypto owners are 30 something white dudes. All of this just seems odd.

Again, not saying i’m right or your wrong. But there is so much gambling in this segment and few regulation on creation and management of it all, i cant help but be skeptical.0

It absolutely can be a gamble. That is why I dont invest in things that dont have a use case and that's how a lot of new investors get wrecked. But there is plenty of them with use cases i.e file storage, cross border payments and transactions as well as network fees for developers. Countries like El Salvador use Bitcoin as their currency. I would rather "gamble" on 50x-100x gains vs 3% stock gains. Some people can make life changing money if they know what they are doing. But it's not for everyone. I dont have any desire to buy NFT's but there is a lot of money to be made off of the platforms that are being developed on.

 

[william schmaltz]

Lot of points to touch on. Yes, for some it's absolutely a second life or simply just living online. It's pretty easy to see that's the way the world is going and especially the youth so I play them game. For me its a way to make money off them by being an early adapter. NFTs are simply status symbols. Instead of new car or boat, it's digital assets. That's what's driving the older crowd so crazy; younger people don't care about the same type of status symbols. People will show them off in showrooms and on social media. The Veve app has a showroom that is a good example. So I have all my NFTs associated with that app in a "showroom." Not so much to show them off, that's just where they live until I sell them. Again I stress listening to some of the Gary Vaynerchuk stuff on NFTs, web 3.0, and where we're going with all this stuff. Speaking of Gary V, listen to his stuff on sports cards. If whoever mentioned earlier that they are trying to dispose of sports cards, I'll gladly take them off your hands!

I don't give a damn what people are doing to hide money or whatever someone suggested. I can make a boat load of money in this space and what I'm doing is all legal. In comparison, if I sell a car to a bank robber, that's not on me, I was only selling a car.

I have a couple long term holds that blew up, but other than that I'm buying newly minted projects less than a couple grand and selling them for 5 figures a month later. Rinse, repeat. Some lose a little value and I dump them. No big deal. I've bought NFTs from $5 to $2000 (minus the Vee Friend) and most of what I buy is stupid IMO. I have a bunch of Marvel NFTs off Veve. Never seen a Marvel movie but I know that those will be huge collector items. I own digital comic book covers, never read a comic. Once Veve brings Pokeman on board, I'll buy every single one I can!

NFTs are not simply pictures. They are nonfungible digital assets living on the blockchain that you can tie anything to. For example, RokSlide could come out with 5 logo NFTs and tie an annual 1 hour podcast appearance to it. I bet each one would sell no problem but the value of that would be what this audience is willing to pay. And as Rokslide and rokcast grew, the price would go up. They could do something like that as a conservation fundraiser for example. Or Jim Shockey could sell an NFT and whoever owns it gets supper with him once a year. Look into superbid. That's essentially what that project is. Famous people (or anyone really) turning their time into an NFT on the blockchain to sell access to them. NFTs will be happy meals, sports tickets, vehicle purchases, you name it. For example Ford could make 1,000 special edition vehicles and each one comes with an NFT. Both would hold value and after the car is in the landfill and worth nothing, the NFT will actually go up in value. Same with Nike shoes, matchbox cars, action figures, or whatever other company you want to insert here.

The sentiment that when investing in crypto and asking what problem they are solving is 100% spot on! That's where the value lies. Inflation is one of our largest problems we face as a country right now, so why aren't you buying Bitcoin? A good portion of crypto solves a problem and are great investments. It's why I don't own Doge coin. It's a terrible protocol that doesn't solve a problem. Purely hype. There is no value in an NFTs other than what people are willing to pay for it. Like a house, car, or any other material item. And like all them things, people will make bad choices and be left holding the bag.

Bitcoin and Ethereum are WAY too big to be moved by retail investors. All the movements are whales and financial institutions. They are selling the news/tweet and scaring the retail people out and buying back in lower. The average Joes at their computers are not moving 100 Billon worth a Bitcoin in an hour. Most of the whales are moving their crypto off exchanges the last few weeks which means that they are looking to hold fairly long term. Its already stabilizing. Buckle up for the next few months.

Lastly, crypto and blockchain technology is here to stay as long as we have open internet. The federal government is already in the process of making their own stable coin pinned to the US Dollar and putting in regulations. Once there is regulation, it will be wild watching the big money roll in. And a stable coin backed by the US govt. will open up the portal for most of America to have very easy access to crypto at the tip of their fingers.

 

[mattferg84]

Well said William. I just saw 1 million people just signed up to be on the waitlist for Coinbase NFT marketplace in the last 24 hours. If that doesnt tell you the future size of the NFT space, I'm not sure what will.

 

[MountainTracker]

If you or anyone is thinking about “investing” in crypto or an NFT, ask “what problem are they solving?”

Ie why do people want or need them. You said a handful of people bought expensive baseball cards. True, but as you said its a handfull, not everyone or the masses. My cousin was obsessed with baseball cards as a kid and now that collection is likely in storage or at the dump as he cant get rid of them.

NFTs are similar to baseball cards in digital form i would argue. But more similar to art work. Artwork is lucrative when some art expert says it is. Neither of these solve a problem. If you buy to ‘invest’ you are gambling. Buy them if you like them.

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

Not saying your dumb if you buy NFTs or crypto. But I personally ask myself why do i really want this; if it valuable to me then i may buy it (its collecting). If i see it solves a problem in life and generate income or value over time i may invest in it.

Just my personal belief NFTs and Crypto are all gambles. The price of Crypto - bitcoin specifically - has risen when more people google it. And the majority of Crypto owners are 30 something white dudes. All of this just seems odd.

Again, not saying i’m right or your wrong. But there is so much gambling in this segment and few regulation on creation and management of it all, i cant help but be skeptical.0

Lots of good points here, lots of good things to discuss.

One thing I consider when I started looking at crypto was how is the future individual going to store their worth/funds. The only thing I could come up with was some kind of a digital asset like crypto. I say this because the younger generations have grown up hear and reading about crypto and meme coins and now NFTs. When I grew up it was save your pennies, put them in the bank or stocks, and the generations before that stored wealth in gold/silver, bc that’s what the dollar was based on. So based on that idea I figured the future generations would save wealth in some form of a digital asset, doesn’t have to be btc or an nft.

As far as crypto not changing or helping anything I think your right as I can’t find anything to say look here at what it has done, maybe someone else can. However, we could look at El Salvador making btc a legal tender. There is about 6.4 million people in El Sal, last report I saw stated approximately half of the population has a crypto wallet so we’ll say 3 million people, who are actively using btc and there is currently more people with a crypto wallet vs a bank account now. I think the idea with them going to btc as a currency was bc of the pit of control inflation they are experiencing. Could btc make things better as far as inflation goes, probably bc you can’t keep printing it. Due to this could the cost of living get better maybe, could it potentially stop mass migration, idk?

Brazil is set to make btc legal tender for all the same reasons, they have a population of about 212.5 million people, so if we use El Sal as an example one would expect 106 million people to utilize btc as payment.

Think if more adoption happens. There just isn’t enough btc to go around without the value of btc going up.

As far as collector cards and nfts go I think people are looking for a place to put money due to inflation, and I agree its crazy what people will pay for things just bc it’s called art.
If you do have cards laying around you could be making money on them right now if you looked into it, that area is pretty hot right now, like most everything.

I don’t know a lot, and I’ve never claimed to be a smart guy but Ive always crushed those connect the dots games


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[TheTone]

This makes me feel old. I’ll stick to buying tangible items

 

[wind gypsy]

It all makes my head hurt trying to understand. That said, ETH profits made off a modest investment paid for my first house 20% down payment and a dall sheep hunt I wouldn't have been able to justify splurging on otherwise..

 

[william schmaltz]

Project I got into. Presale ends today.

Trumplicans – The rarest NFT collection on Earth

trumplicans.io

 

[eye_zick]

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

I would offer crypto as being the new stock market. Stocks lost intrinsic value long ago. Both crypto and stocks value only go up as supply is limited and dollars flow into the system.

 

[Dos Perros]

Stocks lost intrinsic value long ago.

Vert da ferk?

 

[eye_zick]

Vert da ferk?

C'mon man, we buys stocks due to capital appreciation. Not because you own a percentage of the corporation's assets and you're going to walk into Wal-Mart or Tesla and demand a percentage of their profits.

those are indeed nice meatballs tho

 

[Jaden Bales]

C'mon man, we buys stocks due to capital appreciation. Not because you own a percentage of the corporation's assets and you're going to walk into Wal-Mart or Tesla and demand a percentage of their profits.

those are indeed nice meatballs tho

All right fellas. This might derail the NFT convo here. While it's an important discussion, I'd rather we keep this on topic - please and thank ya.

 

[Bearwhisky]

Think of it as digital art. Like an art collector would collect a Van Gogh, nerds collect NFTs.


Sent from my iPhone using Tapatalk

 

[Marbles]

I see no value in them. But, I also did not buy bitcoin at $1.25 a coin because I thought it would not go anywhere. I did look into mining it at the time, but decided it was not worth the upfront investment either. So, clearly my crystal ball don't work.

My take on making money on collectables is those who love a topic and collect what they like stand a chance. Most people who buy specifically as an investment should probably put their money elsewhere unless they have the money to buy things that are already valuable as opposed to trying to buy something that will become valuable.

 

[Crowmangler]

Something is worth whatever someone is willing to pay for it, simple as that.
If some nerd wants to pay 10k for a digital image of a dog turd who cares?

I'm a big fan of several crypto projects but only invest in the ones that actually DO something or provide a tangible service. I don't know anything about NFT's & don't have the time to research them anytime soon but I'll probably wish I did.

One thing about collectibles & antiques... a good friend has a house full of "valuable antiques" that he's paid a fortune for over the years. He's come to the realization that in the near future they'll be almost worthless because no one under 35 years old give a rat's butt about them anymore.

 

[william schmaltz]

Probably nothing.......

Facebook is planning to rebrand with a new name

The tech giant wants to be known for more than social media’s ills.

www.theverge.com

Facebook plans to hire 10,000 in Europe to build a virtual reality-based 'metaverse'

Facebook posted on Sunday that the high-skilled workers will help build "the metaverse," a futuristic notion for connecting people online. The social network isn't the only one working on the concept.

www.npr.org

but seriously, pay attention to what is happening right now. I think it's silly too, but why miss out on this once in a generation opportunity to make a boat load of money. History has proven time and time again that the definition of "tangible assets" is a very malleable over time.

 

[Jroyce3]

Probably nothing.......

Facebook is planning to rebrand with a new name

The tech giant wants to be known for more than social media’s ills.

www.theverge.com

Facebook plans to hire 10,000 in Europe to build a virtual reality-based 'metaverse'

Facebook posted on Sunday that the high-skilled workers will help build "the metaverse," a futuristic notion for connecting people online. The social network isn't the only one working on the concept.

www.npr.org

but seriously, pay attention to what is happening right now. I think it's silly too, but why miss out on this once in a generation opportunity to make a boat load of money. History has proven time and time again that the definition of "tangible assets" is a very malleable over time.

If you or anyone is thinking about “investing” in crypto or an NFT, ask “what problem are they solving?”

Ie why do people want or need them. You said a handful of people bought expensive baseball cards. True, but as you said its a handfull, not everyone or the masses. My cousin was obsessed with baseball cards as a kid and now that collection is likely in storage or at the dump as he cant get rid of them.

NFTs are similar to baseball cards in digital form i would argue. But more similar to art work. Artwork is lucrative when some art expert says it is. Neither of these solve a problem. If you buy to ‘invest’ you are gambling. Buy them if you like them.

Bitcoin and crypto are not solving any problems either. Money works and crypto is a pain to make safe vs real world money, and trading fees are huge. People who buy crypto are hoping it becomes a real currency. This is a gamble as right now you are buying an asset (at least as far as US government is concerned).

Not saying your dumb if you buy NFTs or crypto. But I personally ask myself why do i really want this; if it valuable to me then i may buy it (its collecting). If i see it solves a problem in life and generate income or value over time i may invest in it.

Just my personal belief NFTs and Crypto are all gambles. The price of Crypto - bitcoin specifically - has risen when more people google it. And the majority of Crypto owners are 30 something white dudes. All of this just seems odd.

Again, not saying i’m right or your wrong. But there is so much gambling in this segment and few regulation on creation and management of it all, i cant help but be skeptical.0

Just don’t invest more than you can lose.