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The OG NFT club: https://en.wikipedia.org/wiki/Augusta_National_Golf_Club https://en.wikipedia.org/wiki/Augusta_National_Golf_Club Humans just want to be feel
by jonathan-adly 5y ago
The OG NFT club: https://en.wikipedia.org/wiki/Augusta_National_Golf_Club https://en.wikipedia.org/wiki/Augusta_National_Golf_Club
Humans just want to be feel cool and part of something exclusive. It's dumb to buy digital art receipts for 6-7 figures, its dumber to pay that much and then 5 figures on a yearly basis to play golf.
People with money want their own club though, so something like that will always be around.
- the_doctah 5y agoThis is one of the worst analogies I've ever seen.
- katspaugh 5y agoI think they were alluding to the Bored Apes Yacht Club, one of the most popular "profile picture" NFT collections.
- randomhodler84 5y agoDisagree, it’s one of the best. Community access is the primary value of the “prestige nfts”. Do you think people like ape jpegs? It’s membership cards.
- the_doctah 5y agoAugusta hosts The Masters. It's the most prestigious golf club in the world. And you also get to actually play golf for your money. It's worlds away from owning a useless picture of a monkey.
- jonathan-adly 5y agoWhy do you think it is the most prestigious golf club in the world? What makes it different from my local golf club?
- the_doctah 5y agoI just mentioned it's because they host The Masters. Basically the Super Bowl of golf.
- jonathan-adly 5y agoThey host the masters because they are most prestigious, not the other way around. Any golf club can host the masters, all you need is some well-maintained grass. but Augusta will always be exclusive to the power brokers of society. Augusta, like NFT is an exclusionary club only meant for rich people. Both are useless, and probably harmful to society at large, but fulfill a basic human need.
- the_doctah 5y agoSorry but no. Augusta was created specifically for the Masters. And I'm pretty sure the people who play golf on the course don't find it useless, weird power broker rant aside. Once again, you can actually play golf there. It's not useless. NFTs are useless. Bad analogy.
- randomhodler84 5y agoI don’t love NFTs but I think it’s an apt analogy. Augusta membership card is useless, I can play golf at the public park.
- boopboopbadoop 5y agoHow does owning an NFT that is similar to someone else’s give access to that person or community? Do you have examples?
- randomhodler84 5y agoIt doesn’t matter if you have one of the many copies of the Bored Ape jpeg NFTs others have made, what matters is you have an NFT provided by contract 0xaba7161a7fb69c88e16ed9f455ce62b791ee4d03 . The jpeg is irrelevant even. If you have an NFT from this contract you are in the club.
- boopboopbadoop 5y agoIf the jpeg is irrelevant, shouldn’t all NFTs from the same contract cost the same? If it’s just a club membership, why would people buy multiple NFTs from the same contract?
- randomhodler84 5y agoOnchain metadata, the ERC721Metadata standard allows key value pairs associated with the NFT, this is where well the hyperlink to the jpeg is stored. These further allow non-fungible properties to the individual token, and where the rarity is derived (eg: hat: red, which 5/10k tokens have).
- andrewingram 5y agoBroadly, because there are multiple tiers of status at play. 1) "I was rich enough to buy a Bored Ape NFT". This is for status relative to people outside the club. 2) "I was rich enough to buy a super-expensive Bored Ape NFT". This is for status within the club, it lets them all know how rich you are. It's all yuck to me, but people have different motivations.
- Cshelton 5y agoYou get it. Another analogy I use for friends who ask (I have a sizable NFT 'bag'(investment)): I say why do people buy Rolex watches and Gucci purses? Status. So you can't show off a 'real' Rolex well in the digital world. NFT's are that. Provably scarce. Verifiable. The luxury industry is massive and people crave to have status and/or 'belong' to something. NFTs are no different and they are not going anywhere. It is early.
- BashiBazouk 5y agoI think you will find with most exclusive clubs there are a few types that join but the more common are the ones who have so much money that the cost is immaterial and those who wish access to those people. For the latter they are not paying 5 figures to play golf, they are paying 5 figures to make deals while they happen to be playing golf.
- jonathan-adly 5y agoExactly. It is the same dynamic with BAYC or similar NFTs. If I want to digitally rub elbows with some hot shot VC or CTO of a tech company, it's an easy way in. And for the ETH early adopter with cost-basis of ~$10 - it's play money.