Another NFT sold for huge $$$ ' A column of New York Times

[paxmao]

Here is the add, the price still yet to be determined.. as of now, more than half a mill USD.

As I watched these riches change hands, I thought to myself: Why should celebrities, athletes and artists have all the fun? Why can’t a journalist join the NFT party, too?

So I decided to turn this column into an NFT and sell it on the open market. Whatever I make from it will go to The New York Times’s Neediest Cases Fund, a 110-year-old effort started by the former Times publisher Adolph S. Ochs that supports charitable causes in New York and beyond. (Administrative note: Since the Neediest Cases Fund doesn’t accept direct cryptocurrency transfers, I’ll have to convert the proceeds to dollars first, meaning that this is not a tax-deductible gift for the buyer.)

This basically reveals all the stupidity surrounding the NFTs that do not really confer any exclusivity right or possible utility. But.. I feel tempted

Once I joined Foundation and linked my account to my Ethereum wallet, I had to upload an image of my column to a decentralized storage service called InterPlanetary File System, or IPFS. I then had to mint a token mapped to that file — essentially, generating a unique cryptographic signature that would live on the Ethereum blockchain, marking the file I uploaded as the real one.

The process is simple enough isn´t it?

[TheNineClub]

Someone summed it nicely with 'When money is worthless, things that are worthless take its place' It's hard to judge this as different things have different meanings to people, and besides NFTs I can find a bunch of other things that are sold for astronomical prices that leave me baffled (a Lambo for example ), but we have to acknowledge that people like to spend their money, not just stockpile it and that what we considered to be a huge amount of money, for someone else it is not. People have always and will continue to spend their money on things that to others seem worthless.

[Bitstar_coin]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

[Kong Hey Pakboy]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

You have to ask yourself the same thing about spending so much on online money to you know, I mean what you people are doing right now, being skeptic and ridiculing NFT because they pay a lot of money for an art or anything that is tokenized is the same as the people back then who laughed and ridiculed bitcoin during its 0.1 USD days, why ask as to why they spend so much on NFT? I mean you are not the people that are buying the piece so how does it affect your life if they buy it if you find it stupid, you people that are skeptic are going to be left behind.

[Charles-Tim]

The process is simple enough isn´t it?

The process is very simple, a digital painting and other virtual assets that have no value asre the NFTs, but the hype makes them to have value, it is what the world are going for which makes the price to increase. There alcan be hundreds or thousands of such art work, but the one(s) will be tokenized which makes it original while the remaining worth's nothing.

NFT are used by celebrities, but it will be good for the world to also make use of it for charity purposes, I have been reading recently how NFT are used to raise funds for charity purpose, this is done by New York Times.

The NFT of record: New York Times raises $500,000 for charity in NFT column sale
https://cointelegraph.com/news/the-nft-of-record-new-york-times-raises-500-000-for-charity-in-nft-column-sale

If NFTs are for charity purposes, I do not see anything wrong there, rather than celebrities selling what supposed to worth nothing at very huge prices.

[Findingnemo]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

You have to ask yourself the same thing about spending so much on online money to you know, I mean what you people are doing right now, being skeptic and ridiculing NFT because they pay a lot of money for an art or anything that is tokenized is the same as the people back then who laughed and ridiculed bitcoin during its 0.1 USD days, why ask as to why they spend so much on NFT? I mean you are not the people that are buying the piece so how does it affect your life if they buy it if you find it stupid, you people that are skeptic are going to be left behind.

Valid statement though!

While bitcoin got the demand due to actual use case but NFTs are more look like a collectible item so people want to buy it just for simply holding without actually using it that is what the difference between bitcoin adoption and NFT.

[Kong Hey Pakboy]

You have to ask yourself the same thing about spending so much on online money to you know, I mean what you people are doing right now, being skeptic and ridiculing NFT because they pay a lot of money for an art or anything that is tokenized is the same as the people back then who laughed and ridiculed bitcoin during its 0.1 USD days, why ask as to why they spend so much on NFT? I mean you are not the people that are buying the piece so how does it affect your life if they buy it if you find it stupid, you people that are skeptic are going to be left behind.

Valid statement though!

While bitcoin got the demand due to actual use case but NFTs are more look like a collectible item so people want to buy it just for simply holding without actually using it that is what the difference between bitcoin adoption and NFT.

Exactly, NFTs are collectible which means that depending on who created it and how people perceive its value like paintings which is not that different with bitcoin as it is still considered more as an asset rather than a currency. That is another topic in it as well, the utility of NFT and I think that the one that will grow are those that have utilities like digital arts and anything related to it. Like what Metakovan did with the 70 million USD art that he bought from Beeple, he plans to display it in his Metaverse which is a virtual space and in a way make it a gallery for Beeple's artwork for the people to marvel at.

[buwaytress]

Yeah. No exclusivity, no transfereable digital rights, except to the NFT itself.

It's highly stupid, and reminds me exactly of what the high-class luxury art world is all about. People paying a lot of money for things they don't understand.

Keir Finlow-Bates pointed out on a podcast yesterday and I roughly paraphrase: You're buying a finger pointing to the moon.

You can change who owns the finger, but if the moon changes or disappears or moves, the finger is still pointing to that same spot.

[jaysabi]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

How is it any different than bitcoin? I don’t see a difference between the price of bitcoin and the price of NFTs. They both seem high and speculative.

[NeuroticFish]

How is it any different than bitcoin? I don’t see a difference between the price of bitcoin and the price of NFTs. They both seem high and speculative.

I do see a difference. There will never be more than 21M bitcoin. As of art and NFTs, imho anything can be art and anything can be under a NFT; this means basically infinite supply.
While some of those objects may worth the money, I also feel like NFT is just another hype that will fade out at some point.

[Findingnemo]

You have to ask yourself the same thing about spending so much on online money to you know, I mean what you people are doing right now, being skeptic and ridiculing NFT because they pay a lot of money for an art or anything that is tokenized is the same as the people back then who laughed and ridiculed bitcoin during its 0.1 USD days, why ask as to why they spend so much on NFT? I mean you are not the people that are buying the piece so how does it affect your life if they buy it if you find it stupid, you people that are skeptic are going to be left behind.

Valid statement though!

While bitcoin got the demand due to actual use case but NFTs are more look like a collectible item so people want to buy it just for simply holding without actually using it that is what the difference between bitcoin adoption and NFT.

Exactly, NFTs are collectible which means that depending on who created it and how people perceive its value like paintings which is not that different with bitcoin as it is still considered more as an asset rather than a currency. That is another topic in it as well, the utility of NFT and I think that the one that will grow are those that have utilities like digital arts and anything related to it. Like what Metakovan did with the 70 million USD art that he bought from Beeple, he plans to display it in his Metaverse which is a virtual space and in a way make it a gallery for Beeple's artwork for the people to marvel at.

So the product doesn't have any actual value, its just comes from the creator and in my opinion which is on too much hyped now which can burst out completely. Where as bitcoin was same in the price value no matter who is holding it.

NFT art hype is taking us to old age again with the help of latest technology

[mazdafunsun]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

It is worth it only if the next person is willing to pay more or the same amount as the first person who bought it originally. All this NFt craze is looking more and more like bubble going to burst. i wish that NFTs would be accepted more slowly and rationally.

[sunsilk]

Yes, it's very simple and that's why you see a rampant of NFT coming already from different people who are longing to sell their digital arts for a quite good amount of money or at least, make money from it.

All this NFt craze is looking more and more like bubble going to burst. i wish that NFTs would be accepted more slowly and rationally.

It will decrease in demand and craze soon. Just as you've said, the bubble will burst and everyone who's into it will likely to be disappointed when the hype and craze becomes slow.

[TedMosby]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

I always think about it too. every time I read about NFT (pure, digital art) that has been sold for an expensive price, the first thing pops up in my mind, "is it worth the money?".
don't get me wrong too, I born and raised by an artist.
I prefer NFT with some utilities, at least give the holders a benefit.
a few days ago I read about NFT which gives its holders a new token that will conduct IDO.
I believe we will see more NFT like this, NFT holders offering, NHO  

[uneng]

NFTs being promoted on media are mostly useless eccentric riches' toys which are probably a fun hype for few people who belong to these circles, but the truth is that NFTs go much further than this bullshit. Besides playing a big role in online games, they can be responsible for an interesting income for many gamers and jobless people around the world.
I think it's a shame how media gives so much credit to these worthless NFTs histories and don't talk about the positive potential of non fungible tokens that can benefit many more people in their daily lives for real.

[LUCKMCFLY]

NFTs are booming, can all that money raised bring new development to society? In some countries they are proposing the way to regulate the NFT, also not only this is here in the news there is relevance on this:

Recur raises $5 million for perpetual cross-platform NFT royalties

“RECUR’s technical team is involved in the official process for Ethereum improvements (EIP), and our technology will be implemented at the blockchain layer,” said Recur co-CEO Zach Bruch. “By doing this it will allow the NFTs minted on our platform to move freely around the ecosystem while still generating recurring royalties for the owners and IP holders. Ultimately, our goal is to make NFTs chain-agnostic and keep NFTs and royalties decentralized.”.

source: https://cointelegraph.com/news/recur-raises-5-million-for-perpetual-cross-platform-nft-royalties

This and others are taking scenarios with recognized companies, as they appear they are laying very good foundations so that they are not branded in possible scams.

[eaLiTy]

Does it really worth it to spend so much on an online art? Don't get me wrong, I do love some unique art and mostly love the idea of having them on blockchain but the way the price of the NFT's are being inflated is a bit surprising to me, I guess choice of what is valuable is quite different.

Even i am confused with the amount of money they are able to raise with these digital art, if it was reasonable amount then i could understand but some of these contents are getting millions and i will not think about spending that much to hold something digitally which will not fetch any resale value until you find someone who is much more crazier than you to purchase that .

[TopTort777]

In few months/years these persons would ask themselves, why the hell did they spend so much money on these nft. With high probability, they will regret making this purchais. Somehow I’m really sure in it.

[verita1]

Art is a diverse range of (the products of) human activies involving the conscious use of creative imagination to express technical proficiency, beauty, emotional power, or conceptual ideas.

https://en.m.wikipedia.org/wiki/Art

No wonder Kevin Roose a New York Times writer intends to auction his column as an NFT, "Buy this column on the blockchain."
I think we'll be saying goodbye to garage sales soon.
We can tokenize our entire world, we will see more ideas in the future.
I think this New York Times journalist was inspired by Jack selling his first tweet as an NFT.

https://www.google.com/amp/s/www.cnbc.com/amp/2021/03/22/jack-dorsey-sells-his-first-tweet-ever-as-an-nft-for-over-2point9-million.html

[crzy]

In few months/years these persons would ask themselves, why the hell did they spend so much money on these nft. With high probability, they will regret making this purchais. Somehow I’m really sure in it.

They would probably resell this one in time since they believe that NFT is the future, well they are rich enough to afford this kind of stuff so let them be.

I know this is crazy, NFT is booming and people are spending a lot of money for just a digital art or collectibles where they can easily pay the best graphic artist in town, for at least a thousand dollar and not a million dollar. The hype of NFT is still here, rich people will continue to spend their money for sure.