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If enough people stop buying it and there's no-one left who thinks he higher than the current price the price will go to 0. NFTs have no intrinsic value.

by dtech 5y ago

deleted 5y ago
[deleted]
chrisseaton 5y ago
But no artwork has any intrinsic value. How's that new or interesting or worth saying? If you think NFT's are irrational because they have no intrinsic value, then you think all artwork is irrational, which isn't a useful thing to say because it's in practice valuable because people value non-intrinsic things like art, culture, history, and that's just humanity.
- coldtea 5y ago
  >But no artwork has any intrinsic value. How's that new or interesting or worth saying? Millenia of selling fine art have shown that they have some intrinsic value and can maintain it well over centuries (I don't e.g. expect a Caravaggio to drop to anywhere near cheap) - just not a use-value. NFTs on the other hand are not "fine art", and don't have the same associate proven track record. They're closer to the pet rock and the hula hup. In general terms, nothing has "intrinsic value", including gold and petrol. If a society doesn't use petrol (for cars, factories, etc) for example, it's value is zero.
  - chrisseaton 5y ago
    > In general terms, nothing has "intrinsic value" ...so how are NFTs any more unusual than anything else?
    - coldtea 5y ago
      In that it's not just a snapshot of current "how much people pay to buy/sell" but also "how much is this item proven historically/able to maintain price/a good idea"... Like the proverbial tulips, NFTs don't fare well on the latter. Doesn't have to be a distinction between god-given naturally-occuring-intristic value vs worthless junk. There are also BS market fads.
- ssharp 5y ago
  Artwork is commonly hung up as decorations in houses, offices, etc. You can also buy mass-produced artwork at stores that have zero collectible value, so the value of that is entirely intrinsic. I'm not sure looking at your Opensea collection has the same value. While NFT owners will gladly tell you how much they enjoy looking at their collection, if the collection was all of a sudden worthless, they'd probably stop looking at it. In that scenario, right-clicking produces the exact same value. Given that, the entire value of most NFTs is in scarcity and demand for a scarce product, which is totally fine. NFTs are still super-early as well and I have no doubt they will rapidly add more non-collectible value. Some are already doing this in building exclusive communities, events, etc. for owners and those uses for owners will continue to evolve and grow.
  - chrisseaton 5y ago
    > Artwork is commonly hung up as decorations in houses, offices, etc. And people 'hang up' their NFTs on their Twitter profiles.
    - yunohn 5y ago
      I guess that’s useful for the crypto crowd who spend their entire day shilling on Twitter then. ;-)

If enough people stop buying it and there's no-one left who thinks he higher than the current price the price will go to 0. NFTs have no intrinsic value.

by dtech 5y ago

If enough people stop buying it and there's no-one left who thinks he higher than the current price the price will go to 0. NFTs have no intrinsic value.

deleted 5y ago

[deleted]

chrisseaton 5y ago

But no artwork has any intrinsic value. How's that new or interesting or worth saying? If you think NFT's are irrational because they have no intrinsic value, then you think all artwork is irrational, which isn't a useful thing to say because it's in practice valuable because people value non-intrinsic things like art, culture, history, and that's just humanity.

coldtea 5y ago
>But no artwork has any intrinsic value. How's that new or interesting or worth saying? Millenia of selling fine art have shown that they have some intrinsic value and can maintain it well over centuries (I don't e.g. expect a Caravaggio to drop to anywhere near cheap) - just not a use-value. NFTs on the other hand are not "fine art", and don't have the same associate proven track record. They're closer to the pet rock and the hula hup. In general terms, nothing has "intrinsic value", including gold and petrol. If a society doesn't use petrol (for cars, factories, etc) for example, it's value is zero.
- chrisseaton 5y ago
  > In general terms, nothing has "intrinsic value" ...so how are NFTs any more unusual than anything else?
  - coldtea 5y ago
    In that it's not just a snapshot of current "how much people pay to buy/sell" but also "how much is this item proven historically/able to maintain price/a good idea"... Like the proverbial tulips, NFTs don't fare well on the latter. Doesn't have to be a distinction between god-given naturally-occuring-intristic value vs worthless junk. There are also BS market fads.
ssharp 5y ago
Artwork is commonly hung up as decorations in houses, offices, etc. You can also buy mass-produced artwork at stores that have zero collectible value, so the value of that is entirely intrinsic. I'm not sure looking at your Opensea collection has the same value. While NFT owners will gladly tell you how much they enjoy looking at their collection, if the collection was all of a sudden worthless, they'd probably stop looking at it. In that scenario, right-clicking produces the exact same value. Given that, the entire value of most NFTs is in scarcity and demand for a scarce product, which is totally fine. NFTs are still super-early as well and I have no doubt they will rapidly add more non-collectible value. Some are already doing this in building exclusive communities, events, etc. for owners and those uses for owners will continue to evolve and grow.
- chrisseaton 5y ago
  > Artwork is commonly hung up as decorations in houses, offices, etc. And people 'hang up' their NFTs on their Twitter profiles.
  - yunohn 5y ago
    I guess that’s useful for the crypto crowd who spend their entire day shilling on Twitter then. ;-)