Current Events > Are NFTs the next big thing?

(+) Yeah! (+)

I think most of them are ugly, doubly so the one's that are that monkey . Anywho no matter how I feel about them. It seems that so many rich and powerful people are using them. Could the Naysayers like myself just be wrong.

I missed jumping in on game stop and Bitcoin but this could be the thing that gets good.

No, I don't see these sticking around. At least with how they're currently used.

buy and hodl

Buy and codl

john and hadl

TBH I know next to nothing about them.

I've seem many people saying 2022 will be the year of NFTs, but take what I'm saying with a grain of salt. I dont know anything about it, O don't even know if it's smart to get in on this.

Personally I need to find a "NFT for Dummies" as I'd like to get in on it if I can cash in on this.

I thought theyd have been dead by now tbh and theyre bigger than ever. Im switching camps, I think theyre here to stay

RyukSan posted...

Personally I need to find a "NFT for Dummies" as I'd like to get in on it if I can cash in on this.

NFT's are a receipt for a piece of media, usually a picture, that is guaranteed through the block-chain. Keep in mind you *only* own this receipt as the media is still something that exists outside of the NFT.

Think of it like owning a Beanie Baby in the context that they only hold worth because someone says that they do. NFTs are great for grifting and not a whole lot else.

NFT's are the next thing but its designed specifically for whales.

ellis123 posted...

Think of it like owning a Beanie Baby in the context that they only hold worth because someone says that they do. NFTs are great for grifting and not a whole lot else.

No different than the real art world

Not until the Metaverse becomes ubiquitous

Theyre not focused enough for the average person to get involved in to create a competitive market. You can buy bitcoin all over and easily exchange it for standard currency.

NFTs are essentially buying art. You have to buy and sell individual items, which is a lot of work that a normal person doesn't want to put into it. That barrier will prevent it from being as popular as crypto.

Tc, gamefaqs was calling bit coin the "butt coin" not too long ago. Let that sink in.

Unless they change what they're being used for and make them actual collectables, I don't see this as being the next big thing.

VigorouslySwish posted...

No different than the real art world

Very different

ellis123 posted...

NFT's are a receipt for a piece of media, usually a picture, that is guaranteed through the block-chain. Keep in mind you *only* own this receipt as the media is still something that exists outside of the NFT.

Think of it like owning a Beanie Baby in the context that they only hold worth because someone says that they do. NFTs are great for grifting and not a whole lot else.

So I guess the disconnect I'm still having is why so many see this as profitable for 2022.

I want to go into this with an open mind, and I totally admit I'm not educated in NFTs.

So putting this in another way, is it like an mmorpg economy where digital items have an e-commerce value?

I mean, I'm not against the idea, but so far my understanding of it, I'm leaning towards bad idea for my wallet. I wasn't mmorpg savy in high school, so idk if I'd be able to keep up with trending online items perse.

Are there people on this board profiting off this?

Appreciate everyone who replied to my post btw.

RyukSan posted...

TBH I know next to nothing about them.

I've seem many people saying 2022 will be the year of NFTs, but take what I'm saying with a grain of salt. I dont know anything about it, O don't even know if it's smart to get in on this.

Personally I need to find a "NFT for Dummies" as I'd like to get in on it if I can cash in on this.

It costs nothing to do, and is profitable at very low effort. @Despised helped me get started, and I've made over $800 in 3 weeks. Now I got my mom set up and she's doing well for the couple of days that she's done it.

As it is at the moment, people are basically just throwing money at creators.

only a tiny percentage of all art is purchased for possible appreciation. the majority of art is purchased because it fits in the room and matches the sofa

I'm making somewhere around 2k~ per week at the moment, but I'm also working every single day whether it is generating art, promoting social media, or working on code for automation

It's worth figuring out.

Less and less people are getting accepted as creators now at this moment, I've had 6 friends get declined on my current platform.

It's been a wild month, and not something I ever planned to do.

If you can make them yourself then yea

The next big thing for video game companies to nickel and dime their customers

I also work a full time job running a vape shop, so for 5 weeks I've been a psychopath basically

https://youtu.be/zhoPk5UixUo

Absolutely not. Theyre a scam. You dont make money off of NFTs. You make money off of suckering other people into buying NFTs, which is essentially a ponzy scheme.

All NFTs are one of two things: either a scam to steal money from idiots, or a money laundering scheme. There are no exceptions.

If someone enjoys the art, let them do whatever they want. I think it's weird and dumb, but I've had people contact me and thank me and tell me that they love certain styles and enjoy collecting them.

I don't get it, but I enjoy making the art, I enjoy promoting my artist friends, and apparently people enjoy collecting it.

Now the flipping crypto punk ape #5239 shit is the equivalent of toxic meme stocks

Nft is a giant weird mix of q bunch of shit right now idk

Nope. But they'll be pushed like one for the next few years.

Despised posted...

I'm making somewhere around 2k~ per week at the moment, but I'm also working every single day whether it is generating art, promoting social media, or working on code for automation

It's worth figuring out.

Less and less people are getting accepted as creators now at this moment, I've had 6 friends get declined on my current platform.

It's been a wild month, and not something I ever planned to do.

Can you point me in the right direction to start buying/trading? Would appreciate it. @Despised
Or do I have to be an artist to profit?

RyukSan posted...

So I guess the disconnect I'm still having is why so many see this as profitable for 2022.

I want to go into this with an open mind, and I totally admit I'm not educated in NFTs.

So putting this in another way, is it like an mmorpg economy where digital items have an e-commerce value?

I mean, I'm not against the idea, but so far my understanding of it, I'm leaning towards bad idea for my wallet. I wasn't mmorpg savy in high school, so idk if I'd be able to keep up with trending online items perse.

Are there people on this board profiting off this?

Appreciate everyone who replied to my post btw.

The big thing to understand in the current economic landscape the act of wanting something to be profitable is almost half-way there to making something profitable when it comes to electronic goods. The other half of it is getting enough people to believe that you are doing something that will work, something that is similarly trivial due to the nature of our society mixed with the ease of communication through the Internet. For instance, Bitcoin is a digital currency with the express goals of being "untouched" by governments (uncontrolled by, unregulated by, etc.). However, in many ways people are not using it as a fiat currency and are instead almost exclusively using it as an investment tool in a similar way as stocks are used. In addition it is not really something that governments have no real say over and instead only can deal with it in a roundabout way. Recently there has been a ton of turbulence in the Bitcoin market in terms of its value and if you dig a bit into why it turns out that it has to do with Bitcoin's ban in China mixed with Kazakhstan increasing the cost of energy, as the actions of two governments seeking to profit off of Bitcoin doing just that. Thus Bitcoin ends up falling far more in line with something like NFTs not because they involve the blockchain but instead because they are investment tools for individuals. The question that is harder to ask is whether or not they are legitimately done or whether they fall into the same sort of category as something like Wata Games (something that I'll not really go over as I am largely not going to interject any real personal opinions into this).

In that way you are somewhat right with the MMO comparison as a big part of the whole affair is that because the process is obfuscated and online it hits many of the similar veins as you would get in an MMO. Because you are taking your money and turning it into another form of currency the human mind is less adept at keeping track of things intuitively and while it is fairly trivial to look and see the values it is hard to really judge at a glance unless you are extremely "in-house" with your mentality and thus have a predisposition towards buying the concept in the first place. This is often seen in something like card games or MMOs where some form of currency is extrapolated based on a material within the game itself rather than based on a real dollar amount. This is taken to a head in phone games where there is a substantial abuse of this mentality in the form of "currency bloat" (this can happen in MMOs but usually not with a direct correlation with real money, which is where NFTs are more applicable). Thus you end up in a situation where you end up with something like Genshin Impact's real money -> Genesis Crystals -> Primogems -> Fates -> Wishes as a way to disconnect you from the exact amounts of currency that is changing hands intuitively and instead building a form of fatigue that makes you less likely to really consider what's going on unless you already actively buy into the system (it is why 99% of people playing a given gacha will say "You don't actually have to spend money!" while 99% of the people not playing will call any given game a P2W whale-fest).

As far as what you should do with your money view the whole thing the same way that you would a grift or pyramid scheme, and figure out if you can make money before the generational shift happens. You can definitely make money off of NFT's but you have to make sure you can read the writing on the wall when the inevitable happens. Beanie Babies took a while to die but they did almost instantly, and there is little reason to believe that NFT's are in any way different. Thus in this game of hot potato you just want to make sure you aren't the one holding onto them when the bubble pops. As I mentioned before you do not actually own anything more than a receipt and thus this is 100% a money game, and in that line you largely have to follow suit with your mentality.

RyukSan posted...

So putting this in another way, is it like an mmorpg economy where digital items have an e-commerce value?

Pretty much, or at least thats the goal and the sales pitch. The reality is even more of a charade but thats the idea.

And Im not being vague or whatever, that is actually a good understanding of the concept of what nfts want to be.

It does really work very well unless the company selling the nft makes thier own crypto and takes a percentage of the auctions in a pyramid scheme... But maybe thats phase two.

That said, currently; its like trying to sell the autograph off a baseball by selling a photo of the ball instead of the ball itself. If it sounds so stupid you feel Im explananing it poorly; then you perfectly understand because its as dumb as you think.

nft, scp, nba, wtf is this shit

Nukazie posted...

nft, scp, nba, wtf is this shit

One of those things isn't real.

ellis123 posted...

The big thing to understand in the current economic landscape the act of wanting something to be profitable is almost half-way there to making something profitable when it comes to electronic goods. The other half of it is getting enough people to believe that you are doing something that will work, something that is similarly trivial due to the nature of our society mixed with the ease of communication through the Internet. For instance, Bitcoin is a digital currency with the express goals of being "untouched" by governments (uncontrolled by, unregulated by, etc.). However, in many ways people are not using it as a fiat currency and are instead almost exclusively using it as an investment tool in a similar way as stocks are used. In addition it is not really something that governments have no real say over and instead only can deal with it in a roundabout way. Recently there has been a ton of turbulence in the Bitcoin market in terms of its value and if you dig a bit into why it turns out that it has to do with Bitcoin's ban in China mixed with Kazakhstan increasing the cost of energy, as the actions of two governments seeking to profit off of Bitcoin doing just that. Thus Bitcoin ends up falling far more in line with something like NFTs not because they involve the blockchain but instead because they are investment tools for individuals. The question that is harder to ask is whether or not they are legitimately done or whether they fall into the same sort of category as something like Wata Games (something that I'll not really go over as I am largely not going to interject any real personal opinions into this).

In that way you are somewhat right with the MMO comparison as a big part of the whole affair is that because the process is obfuscated and online it hits many of the similar veins as you would get in an MMO. Because you are taking your money and turning it into another form of currency the human mind is less adept at keeping track of things intuitively and while it is fairly trivial to look and see the values it is hard to really judge at a glance unless you are extremely "in-house" with your mentality and thus have a predisposition towards buying the concept in the first place. This is often seen in something like card games or MMOs where some form of currency is extrapolated based on a material within the game itself rather than based on a real dollar amount. This is taken to a head in phone games where there is a substantial abuse of this mentality in the form of "currency bloat" (this can happen in MMOs but usually not with a direct correlation with real money, which is where NFTs are more applicable). Thus you end up in a situation where you end up with something like Genshin Impact's real money -> Genesis Crystals -> Primogems -> Fates -> Wishes as a way to disconnect you from the exact amounts of currency that is changing hands intuitively and instead building a form of fatigue that makes you less likely to really consider what's going on unless you already actively buy into the system (it is why 99% of people playing a given gacha will say "You don't actually have to spend money!" while 99% of the people not playing will call any given game a P2W whale-fest).

As far as what you should do with your money view the whole thing the same way that you would a grift or pyramid scheme, and figure out if you can make money before the generational shift happens. You can definitely make money off of NFT's but you have to make sure you can read the writing on the wall when the inevitable happens. Beanie Babies took a while to die but they did almost instantly, and there is little reason to believe that NFT's are in any way different. Thus in this game of hot potato you just want to make sure you aren't the one holding onto them when the bubble pops. As I mentioned before you do not actually own anything more than a receipt and thus this is 100% a money game, and in that line you largely have to follow suit with your mentality.

Ugh. Really appreciate the explanation. Sounding like NFT isn't for me lol.

Was hoping it was more like investing or something.

I can already download and use any photo I want, Ill let the rubes think theyre special for paying money for them.

RyukSan posted...

Ugh. Really appreciate the explanation. Sounding like NFT isn't for me lol.

Was hoping it was more like investing or something.

I mean, most people are using it as a way to invest money. The point is that there is no actual product so it's a very "get while you can" sort of affair.

ellis123 posted...

I mean, most people are using it as a way to invest money. The point is that there is no actual product so it's a very "get while you can" sort of affair.

Is there a platform I can use to invest in it?

RyukSan posted...

Is there a platform I can use to invest in it?

https://www.fool.com/investing/stock-market/market-sectors/financials/non-fungible-tokens/how-to-buy-nft/

website being named fool.com is very apt

If I get baller enough I'm gunna do something stupid like raffle a ps5 on ce