5 ms·

The only explanation for NFTs that made sense to me is that people with an interest in the network (e.g. early investors) are bidding up some choice NFTs to mak

The only explanation for NFTs that made sense to me is that people with an interest in the network (e.g. early investors) are bidding up some choice NFTs to make news and drive interest in their network. There is no actual market for NFTs at these prices, but that doesn't stop groups with deep pockets from pretending like there is by purchasing well known memes for eye popping amounts. If internet "celebrities" are able to cash in on this nonsense, I see no harm in it. It's sort of like living off of VC subsidized products.

colinmhayes 5y ago
Could be money laundering related too. Buy NFTs for small sums with clean crypto, sell it to your dirty wallet for inflated sums. In order for something like that to work there needs to be plausible deniability so they also buy NFTs with clean wallets which would explain the volume. Plus the legitimate crypto speculators see these crazy numbers and jump aboard too.
- VRay 5y ago
  I think most of these NFT contracts will give 5% of every resale back to the original creator of the contract, too. Pretty ludicrous IMO
basch 5y ago
The real market would be owning early works by an unknown, who later becomes known. That will evolve into the patron system again, where the owner of early works becomes a hype machine to drum up their artists clout, and then offloads their early work.
hilbertseries 5y ago
The beeple NFT that sold for 60m, was obviously an attempt to make NFTs look valuable.
rtkwe 5y ago
The introduction of NFTs certainly spiked the price of ETH for a while but it seems the shine has worn off and the dump is in full force.
dorkwood 5y ago
> If internet "celebrities" are able to cash in on this nonsense, I see no harm in it. It's sort of like living off of VC subsidized products. If you only look at it from the perspective of the influencer, it doesn't seem like there's any harm. They managed to extract some wealth from crypto whales. -- where's the harm in that? But at the end of the day, they're selling a lie. The NFT-proponents want people to believe that NFTs are inherently valuable so that they can extract all of their money back, and then some. It's propaganda, and I can't get behind it, even if it means some artists are cashing out.
Crazyontap 5y ago
Yes, this and Bitcoin both feel like pyramid schemes. There is a lot of initial investment from top-tier people who convince others to invest (by showing eye-popping returns) and drive more investment. Soon the people on the top-tier gradually cash out and eventually it's the common people who lost their hard-earned money.
- Lutzb 5y ago
  The whole concept of wealth feels like a pyramid scheme. Your second paragraph could be applied to any non-crypto asset class. The only difference I can see is that crypto just made this scheme more obvious, unobfuscated then let's say the stock market with its different investor classes.

colinmhayes 5y ago

Could be money laundering related too. Buy NFTs for small sums with clean crypto, sell it to your dirty wallet for inflated sums. In order for something like that to work there needs to be plausible deniability so they also buy NFTs with clean wallets which would explain the volume. Plus the legitimate crypto speculators see these crazy numbers and jump aboard too.

VRay 5y ago
I think most of these NFT contracts will give 5% of every resale back to the original creator of the contract, too. Pretty ludicrous IMO

basch 5y ago

The real market would be owning early works by an unknown, who later becomes known. That will evolve into the patron system again, where the owner of early works becomes a hype machine to drum up their artists clout, and then offloads their early work.

hilbertseries 5y ago

The beeple NFT that sold for 60m, was obviously an attempt to make NFTs look valuable.

rtkwe 5y ago

The introduction of NFTs certainly spiked the price of ETH for a while but it seems the shine has worn off and the dump is in full force.

dorkwood 5y ago

> If internet "celebrities" are able to cash in on this nonsense, I see no harm in it. It's sort of like living off of VC subsidized products. If you only look at it from the perspective of the influencer, it doesn't seem like there's any harm. They managed to extract some wealth from crypto whales. -- where's the harm in that? But at the end of the day, they're selling a lie. The NFT-proponents want people to believe that NFTs are inherently valuable so that they can extract all of their money back, and then some. It's propaganda, and I can't get behind it, even if it means some artists are cashing out.

Crazyontap 5y ago

Yes, this and Bitcoin both feel like pyramid schemes. There is a lot of initial investment from top-tier people who convince others to invest (by showing eye-popping returns) and drive more investment. Soon the people on the top-tier gradually cash out and eventually it's the common people who lost their hard-earned money.

Lutzb 5y ago
The whole concept of wealth feels like a pyramid scheme. Your second paragraph could be applied to any non-crypto asset class. The only difference I can see is that crypto just made this scheme more obvious, unobfuscated then let's say the stock market with its different investor classes.