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Author Topic: (NFT'S) Anyone want to comment on them?  (Read 597 times)
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October 10, 2021, 06:37:17 AM
 #21

I love NFTs, they're so fun!

I am a big fan of art blocks and other generative arts.

These are some of the pieces I recently acquired/minted:

Art Blocks: Seadragons
Art Blocks: Bloom
Art Blocks: Letters to My Future Self
Art Blocks: We
Generative Nights: Cares Forgotten

And then some PFP / other silly collections such as Sneaky Vampires, Standametti, FoxFam, Fly Frogs.

Also love Fidenza, Squiggles, Fragments of an infinite field, Meridian by Artblocks, and Explosion of Color.
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October 12, 2021, 09:14:50 PM
 #22

If anyone was interested in releasing their own NFT collection, I could provide assistance with generating art from layers, building a minting dapp for a website, or writing/compiling and pushing the smart contract to the blockchain.

A community project where we all built an NFT collection together might be fun, but I can't imagine how that process would look and who would have what role.  Just a thought.  Happy to help out however I can with anyone's entrance into the NFT space as a creator or collector.  Smiley


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October 14, 2021, 09:40:33 PM
 #23

Coinbase building an NFT exchange is pretty bullish for the NFT market.  They already had more than 1 million people sign up for more information in the first day.  That's 3x the amount of Opensea.io users currently.  Coinbase getting involved is likely to send a tidal wave of investment at the NFT market.  Besides the massive amount of gas that will be burned sending ETH skyward, every cheap NFT will likely be swooped up.  I don't know how their market will work, but it's safe to say that there are going to be some massive opportunities in the very near future.


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October 16, 2021, 03:05:24 PM
 #24

There's so much positive commentary on NFTs here, so I'll offer a contrary opinion...

NFTs are currently extremely overhyped and even more extremely overvalued.

First off, NFT = Non-Fungible Token. One of the largest value props of Bitcoin is that it's fungible. One sat is worth just as much as the next sat, and the network doesn't discriminate. With NFTs, you're creating tokens which each have a distinctive, subjective value, rather than a more widely agreed upon objective value, determined from multiple global exchanges.

Nothing wrong with subjective value. To some degree, most value is subjective, but I feel like people are investing in these non-fungible tokens as if they were fungible.

The value of holding a token which is tied to some other object, whether it be physical or digital, makes very little sense to me. Okay, so you're the owner of this particular digital image because you hold the private keys to a digital token linked in some way to the image. What does that do to you? What extra satisfaction is there for the key holder?

Compare this to an original painting that one has physical possession of. The painting itself has value over a digital image of the painting for several reasons - it's a physical object, and more about the painting can be appreciated because of the nuances that can't be replicated with a digital scan - the feel and visual texture of the medium, how it looks at different light angles, etc. This I can understand. But the digital image is something so cheap with modern technology that it is indefinitely replicable for a cost that is very near zero.

Disclaimer - I bought a bunch of rare pepes back in 2017 because it was novel and fun, and a good network stress test. Though why people are willing to trade large amounts of real BTC for these digital tokens is beyond me. In pre Bitcoin world, it would be like trading a bar of gold for Pokemon cards - sure, you might get lucky, and get some valuable card you can pass off to someone else, but fundamentally it's trading real wealth for more subjective, imaginary value. Part of me feels bad when I sell a Pepe card for BTC. And I would never be buying Pepes at these prices.

NFTs may have a place in the collector's world. But this initial hype doesn't correlate to the "value" offered by corresponding digital tokens. From my perspective, this is a giant money grab from both artists and speculators looking for another way to cash in from noobs caught up in the current crypto hype cycle.

That being said, I'm all about the free market, and other people's choices are ultimately none of my business. The above is me thinking aloud and voicing my opinion. Happy to hear from people as to why NFTs give them value, or other arguments as to what justifies the current hype.

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October 16, 2021, 04:52:05 PM
Merited by OgNasty (1)
 #25

There's so much positive commentary on NFTs here, so I'll offer a contrary opinion...

NFTs are currently extremely overhyped and even more extremely overvalued.

First off, NFT = Non-Fungible Token. One of the largest value props of Bitcoin is that it's fungible. One sat is worth just as much as the next sat, and the network doesn't discriminate. With NFTs, you're creating tokens which each have a distinctive, subjective value, rather than a more widely agreed upon objective value, determined from multiple global exchanges.

Nothing wrong with subjective value. To some degree, most value is subjective, but I feel like people are investing in these non-fungible tokens as if they were fungible.

The value of holding a token which is tied to some other object, whether it be physical or digital, makes very little sense to me. Okay, so you're the owner of this particular digital image because you hold the private keys to a digital token linked in some way to the image. What does that do to you? What extra satisfaction is there for the key holder?

Compare this to an original painting that one has physical possession of. The painting itself has value over a digital image of the painting for several reasons - it's a physical object, and more about the painting can be appreciated because of the nuances that can't be replicated with a digital scan - the feel and visual texture of the medium, how it looks at different light angles, etc. This I can understand. But the digital image is something so cheap with modern technology that it is indefinitely replicable for a cost that is very near zero.

Disclaimer - I bought a bunch of rare pepes back in 2017 because it was novel and fun, and a good network stress test. Though why people are willing to trade large amounts of real BTC for these digital tokens is beyond me. In pre Bitcoin world, it would be like trading a bar of gold for Pokemon cards - sure, you might get lucky, and get some valuable card you can pass off to someone else, but fundamentally it's trading real wealth for more subjective, imaginary value. Part of me feels bad when I sell a Pepe card for BTC. And I would never be buying Pepes at these prices.

NFTs may have a place in the collector's world. But this initial hype doesn't correlate to the "value" offered by corresponding digital tokens. From my perspective, this is a giant money grab from both artists and speculators looking for another way to cash in from noobs caught up in the current crypto hype cycle.

That being said, I'm all about the free market, and other people's choices are ultimately none of my business. The above is me thinking aloud and voicing my opinion. Happy to hear from people as to why NFTs give them value, or other arguments as to what justifies the current hype.

I think you're allowing the genuine examples of hype and overvalued NFTs to cloud your view of the use cases that go far beyond digital art. There are indeed many overhyped projects and those are the ones that make headlines because people love to hear how someone paid a million dollars for a jpeg. These are the NFTs that offer no utility beyond a digital flex of wealth as one's profile pic. My unsolicited advice would be to make sure that the noise doesn't prevent you from missing the true value here. In my personal opinion, the value of NFTs is not so much in digital art (with art being so subjective, it's nearly impossible to say what the value should be), but rather in the realm of online gaming and access to unique events or clubs. To see this, one needs to look no further than what is already happening in gaming with people purchasing downloadable content (DLC) like skins, mods, digital items, etc for use in-game. This is happening right now to the tune of millions of dollars being spent in fiat currency. Now imagine what happens if you make that content as an NFT instead and remove all barriers to the free and open cross-border exchange of these items on the blockchain.  Also, consider that there are a multitude of projects today that already use the NFTs as keys or tickets basically to access special content or events that would otherwise be inaccessible.

Additional use-cases I see are news organizations using them to digitally sign a video as authentic in an era of deep fakes being rampantly spread. A photographer could use an NFT as a digital receipt to allow the holder to possess commercial reuse rights to that image. There are many many more likely use-cases that I am not even considering. NFT art is simply the tip of the iceberg. Personally, I think that yes there will be a bubble pop for NFTs as art similar to what happened with the dot com bubble pop in the late 90s. But what happened after that pop? Did the Internet go away? Nope, instead, when people looked away the development continued behind the scenes until the world was ready for the ideas that people had a bit too early in the 90s. I see the same thing happening for NFTs.

The fungible vs non-fungible point you make is valid. In the NFT space, you need to realize that the market is highly illiquid compared to the trade of fungible tokens as a result of their uniqueness. That doesn't mean they aren't an incredible opportunity for massive gains, just invest accordingly per your risk tolerance and understand that most NFT projects are like investing in a new startup company so do your due diligence as with any investment.
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October 16, 2021, 06:57:20 PM
Last edit: October 16, 2021, 09:58:04 PM by sweeteye
Merited by OgNasty (1)
 #26

There's so much positive commentary on NFTs here, so I'll offer a contrary opinion...

NFTs are currently extremely overhyped and even more extremely overvalued.

First off, NFT = Non-Fungible Token. One of the largest value props of Bitcoin is that it's fungible. One sat is worth just as much as the next sat, and the network doesn't discriminate. With NFTs, you're creating tokens which each have a distinctive, subjective value, rather than a more widely agreed upon objective value, determined from multiple global exchanges.

Nothing wrong with subjective value. To some degree, most value is subjective, but I feel like people are investing in these non-fungible tokens as if they were fungible.

The value of holding a token which is tied to some other object, whether it be physical or digital, makes very little sense to me. Okay, so you're the owner of this particular digital image because you hold the private keys to a digital token linked in some way to the image. What does that do to you? What extra satisfaction is there for the key holder?

Compare this to an original painting that one has physical possession of. The painting itself has value over a digital image of the painting for several reasons - it's a physical object, and more about the painting can be appreciated because of the nuances that can't be replicated with a digital scan - the feel and visual texture of the medium, how it looks at different light angles, etc. This I can understand. But the digital image is something so cheap with modern technology that it is indefinitely replicable for a cost that is very near zero.

Disclaimer - I bought a bunch of rare pepes back in 2017 because it was novel and fun, and a good network stress test. Though why people are willing to trade large amounts of real BTC for these digital tokens is beyond me. In pre Bitcoin world, it would be like trading a bar of gold for Pokemon cards - sure, you might get lucky, and get some valuable card you can pass off to someone else, but fundamentally it's trading real wealth for more subjective, imaginary value. Part of me feels bad when I sell a Pepe card for BTC. And I would never be buying Pepes at these prices.

NFTs may have a place in the collector's world. But this initial hype doesn't correlate to the "value" offered by corresponding digital tokens. From my perspective, this is a giant money grab from both artists and speculators looking for another way to cash in from noobs caught up in the current crypto hype cycle.

That being said, I'm all about the free market, and other people's choices are ultimately none of my business. The above is me thinking aloud and voicing my opinion. Happy to hear from people as to why NFTs give them value, or other arguments as to what justifies the current hype.

I think you're allowing the genuine examples of hype and overvalued NFTs to cloud your view of the use cases that go far beyond digital art. There are indeed many overhyped projects and those are the ones that make headlines because people love to hear how someone paid a million dollars for a jpeg. These are the NFTs that offer no utility beyond a digital flex of wealth as one's profile pic. My unsolicited advice would be to make sure that the noise doesn't prevent you from missing the true value here. In my personal opinion, the value of NFTs is not so much in digital art (with art being so subjective, it's nearly impossible to say what the value should be), but rather in the realm of online gaming and access to unique events or clubs. To see this, one needs to look no further than what is already happening in gaming with people purchasing downloadable content (DLC) like skins, mods, digital items, etc for use in-game. This is happening right now to the tune of millions of dollars being spent in fiat currency. Now imagine what happens if you make that content as an NFT instead and remove all barriers to the free and open cross-border exchange of these items on the blockchain.  Also, consider that there are a multitude of projects today that already use the NFTs as keys or tickets basically to access special content or events that would otherwise be inaccessible.

Additional use-cases I see are news organizations using them to digitally sign a video as authentic in an era of deep fakes being rampantly spread. A photographer could use an NFT as a digital receipt to allow the holder to possess commercial reuse rights to that image. There are many many more likely use-cases that I am not even considering. NFT art is simply the tip of the iceberg. Personally, I think that yes there will be a bubble pop for NFTs as art similar to what happened with the dot com bubble pop in the late 90s. But what happened after that pop? Did the Internet go away? Nope, instead, when people looked away the development continued behind the scenes until the world was ready for the ideas that people had a bit too early in the 90s. I see the same thing happening for NFTs.

The fungible vs non-fungible point you make is valid. In the NFT space, you need to realize that the market is highly illiquid compared to the trade of fungible tokens as a result of their uniqueness. That doesn't mean they aren't an incredible opportunity for massive gains, just invest accordingly per your risk tolerance and understand that most NFT projects are like investing in a new startup company so do your due diligence as with any investment.

My kids and I have been having some fun messing around on zed.run and somehow we've become racehorse owner/breeders in the metaverse lol. Maybe this will be generational wealth along with a small gallery of early original NFT pieces of art (not puhnks or apes lol) that the kids have created and maybe just a bit of family history on the blockchain. Here's a series, The Loon Collection, my boy and his buddy have created: https://opensea.io/collection/fancy-loon-legionofcrypto-1 -- Feel free to leave a little like/love encouragement to the noobs!
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October 16, 2021, 08:22:40 PM
Merited by Remsjack (2)
 #27

IMO most NFTs are the definition of an overhyped fad that will not end well.. To me they are like zero utility alts, master-nodes, and current DeFi projects..they are mostly riding off the bitcoin/blockchain hype since everyone and their mom now wants in on crypto something but aren’t sustainable long-term. I mean most of it  doesn’t make any sense really. Why would you pay all that money for weird pics that do absolutely nothing, or art that will just sit on your wallet that you’ll never look at until you go to sell them. I bought a few NBA Top Shot NFTs and wow, what a joke, The question I always ask myself with crypto stuff is what do the cypherpunks think..I believe they see NFT value in spaces such as proof of ownership that’s easy to transfer and safely stored..home/car titles, marriage license storage, ownership for gamers that they can move from one platform to the next etc.

For me I can’t help but think that most of these projects were wasted time spent to make money off hype/fads when it could have been spent trying to build Satoshis proposed no-3rd party escrow project utilizing smart contracts, or a better lightning network alternative etc.

.
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October 16, 2021, 08:48:05 PM
Merited by OgNasty (1), ChiBitCTy (1)
 #28

NFTs entered the art world, but I think we will see their real value in gaming and music soon. 
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October 16, 2021, 08:56:01 PM
 #29

IMO most NFTs are the definition of an overhyped fad that will not end well.. To me they are like zero utility alts, master-nodes, and current DeFi projects..they are mostly riding off the bitcoin/blockchain hype since everyone and their mom now wants in on crypto something but aren’t sustainable long-term. I mean most of it  doesn’t make any sense really. Why would you pay all that money for weird pics that do absolutely nothing, or art that will just sit on your wallet that you’ll never look at until you go to sell them. I bought a few NBA Top Shot NFTs and wow, what a joke, The question I always ask myself with crypto stuff is what do the cypherpunks think..I believe they see NFT value in spaces such as proof of ownership that’s easy to transfer and safely stored..home/car titles, marriage license storage, ownership for gamers that they can move from one platform to the next etc.

For me I can’t help but think that most of these projects were wasted time spent to make money off hype/fads when it could have been spent trying to build Satoshis proposed no-3rd party escrow project utilizing smart contracts, or a better lightning network alternative etc.

While many will turn out to be nothing more than useless JPEGs, many won't and a lot already offer a great deal of utility simply from owning the NFT. How will you know the good from the bad if you ignore the space entirely? Where are all the people that dismissed bitcoin as an overhyped fad ten years ago? Poor I'd imagine. Remember, at the peak of the 2017 bull market, one could have easily argued that Bitcoin was an overhyped fad. Because, at that singular moment in time, it was. The world and the market weren't ready to accept Bitcoin at that time. But those who ignored the noise and held on are wealthy today.

Like any new business each year, thousands will fail, but some will succeed. And the ones that do.....
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October 16, 2021, 11:19:33 PM
 #30

IMO most NFTs are the definition of an overhyped fad that will not end well.. To me they are like zero utility alts, master-nodes, and current DeFi projects..they are mostly riding off the bitcoin/blockchain hype since everyone and their mom now wants in on crypto something but aren’t sustainable long-term. I mean most of it  doesn’t make any sense really. Why would you pay all that money for weird pics that do absolutely nothing, or art that will just sit on your wallet that you’ll never look at until you go to sell them. I bought a few NBA Top Shot NFTs and wow, what a joke, The question I always ask myself with crypto stuff is what do the cypherpunks think..I believe they see NFT value in spaces such as proof of ownership that’s easy to transfer and safely stored..home/car titles, marriage license storage, ownership for gamers that they can move from one platform to the next etc.

For me I can’t help but think that most of these projects were wasted time spent to make money off hype/fads when it could have been spent trying to build Satoshis proposed no-3rd party escrow project utilizing smart contracts, or a better lightning network alternative etc.

While many will turn out to be nothing more than useless JPEGs, many won't and a lot already offer a great deal of utility simply from owning the NFT. How will you know the good from the bad if you ignore the space entirely? Where are all the people that dismissed bitcoin as an overhyped fad ten years ago? Poor I'd imagine. Remember, at the peak of the 2017 bull market, one could have easily argued that Bitcoin was an overhyped fad. Because, at that singular moment in time, it was. The world and the market weren't ready to accept Bitcoin at that time. But those who ignored the noise and held on are wealthy today.

Like any new business each year, thousands will fail, but some will succeed. And the ones that do.....

But bitcoin had very real, right now, worldwide utility and most who said it was a fad had no idea what a blockchain even was (warren Buffett types who don’t understand it and don’t want to).  I don’t disagree that some art /collectible NFTs will be successful and long lasting, I just think most will fail and seems very hard to tell which will and won’t where it was easy to see btc and eth had massive upside from early on, for comparison. You don’t need crypto to not be poor lol. But I get your point.  I’ll admit I’m sure there are projects I don’t know of that would possibly slightly change my mind.  NFTs have tons of potential and utility value, but like smart contracts I feel like the best is yet to come. Though those things likely won’t be money makers. Just my 2.

.
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October 17, 2021, 08:52:56 AM
 #31

I'm personally a fan of the Bitbones and BullsOnTheBlock NFTs.  They seem to have hardworking teams behind them that are innovating daily to stay ahead of the pack.  Bitbones with their cool development in the Sandbox and BullsOnTheBlock with their DAO and evolutions.  

Also an honorable mention to Stoner Cats.  That's a pretty cool little cartoon and with a team made up of celebrities (Ashton Kutcher, Mila Kunis, Chris Rock, Seth Macfarlane, Jane Fonda, & Vitalik) I think it's probably a little safer than most.

I should probably also mention I released my own collection on OpenSea.io not too long ago featuring bikini models with some of my coins:
https://opensea.io/collection/blockchain-treasure

one of them forgot her Bikini  Cheesy
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October 17, 2021, 07:44:26 PM
 #32

I'm personally a fan of the Bitbones and BullsOnTheBlock NFTs.  They seem to have hardworking teams behind them that are innovating daily to stay ahead of the pack.  Bitbones with their cool development in the Sandbox and BullsOnTheBlock with their DAO and evolutions.  

Also an honorable mention to Stoner Cats.  That's a pretty cool little cartoon and with a team made up of celebrities (Ashton Kutcher, Mila Kunis, Chris Rock, Seth Macfarlane, Jane Fonda, & Vitalik) I think it's probably a little safer than most.

I should probably also mention I released my own collection on OpenSea.io not too long ago featuring bikini models with some of my coins:
https://opensea.io/collection/blockchain-treasure

one of them forgot her Bikini  Cheesy

Sure.  We'll go with "forgot" her bikini.  Smiley

One thing that didn't get forgotten, the amazing silver minted seat coins they're displaying.  If the artwork isn't beautiful enough to captivate your sense of collector's spirit, that sweet sweet silver is still for sale at your favorite online shop.   Tongue

I'm also giving away NFTs to friendly folks.  If you're a friendly guy or gal (not a troll) hit me up on the PM.


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October 17, 2021, 08:14:13 PM
 #33

Hello friends and members Smiley

The dolphin has been swimming around on opensea lately and have had a great time viewing all the art an collectibles they have.  Has anyone else been diving into the NFT space.  Feel free to comment

Hi dolphriends!

I have been swimming in the nft pool for quite a while. I recently acquired a meebit which is cute and shockingly valuable for what it is.

Cheers!

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October 18, 2021, 08:17:05 PM
Merited by OgNasty (1), Eclipse33 (1)
 #34

Bought my first NFT, a Lazy Lion. Went up 10x within a couple weeks. Thought "hey this is easy".... have lost money on every single NFT since.   Wink

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October 19, 2021, 12:27:05 AM
 #35

I try to stick to NFTs with usability unless i'm really into the specific art.
Gaming is a great part of NFTs and probably the future.

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October 19, 2021, 03:41:52 AM
 #36

nfts for access to alpha, smb on solana.

also 6529 has a great thread on the future https://twitter.com/punk6529/status/1443921334837338114?s=19

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October 20, 2021, 05:17:35 PM
 #37

Looks like there are a few serious collectors but, not enough to warrant an nft space by itself.  Enjoy the treasure hunting in this beautiful world of collectibles.  Smiley Smiley
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