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What's the story here? This is normal market dynamics for collectibles where people paying what they perceive the value to be. I'm sure there are plenty of Bea

What's the story here? This is normal market dynamics for collectibles where people paying what they perceive the value to be. I'm sure there are plenty of Beanie Babies (and other Collectibles) that are nearly worthless compared to what someone payed for them previously. Note: I'm not for or against NFTs. I'm just trying to point out the dynamics of the Collectibles market.

manholio 5y ago
A NFT is not a collectible, it's a pure vehicle for financial speculation. The object being collected no longer exists in any meaningful sense.
- ineedasername 5y ago
  > The object being collected no longer exists in any meaningful sense. Depends on whether or not you set the thing on fire. But in the case of a tweet, that's rather difficult. Of course the literal original tweet might long ago have hit the bit bucket, scrubbed off an old original server that was dumpstered long ago, and now even the "real" one that showed on twitter was still just a copy. Not that an NFT with an abstract pointer to the dumpstered server would be any more meaningful.
- riyadparvez 5y ago
  The only valid use for NFT I can think of is a pure vehicle for financial speculation. It's better people do wild speculation on NFTs than housing market.
  - rurp 5y ago
    NFTs aren't even the best option for pure financial speculation, stocks are much better. At least there the money being gambled can be put towards something productive. Plus it's much better for the gambler. Random stocks don't routinely lose 99.999% of their value in a matter of months.
  - eric_cc 5y ago
    There is functional value to NFT’s. Think beyond JPEG NFT’s. If you’re a software engineer, consider building a decentralized system with unique instances of a model. Unique tokens make a lot of sense to me and certainly there is utility to them. I agree that JPEG NFT’s are ridiculous though.
- georgeecollins 5y ago
  Not to disagree, but the question of what a thing is independent of the meaning we attach to it is worth thinking about. There was this interesting passage in this book about the art world, "The $12m Stuffed Shark"-- which I recommend btw-- that went sort of like this: A famous conceptual artist died. People going through his apartment found things in his closet that were maybe lost works, maybe junk he collected. It's funny to think about but the difference of interpretation amounted to hundreds of thousands of dollars. One of the things you learn from that book is that if a famous art collector pays a lot of money for something found in that closet it will continue to be valuable and maybe end up in museum. If they don't, it's trash and never meant to be a work of art.
ineedasername 5y ago
>What's the story here?... Beanie Babies Well, the Beanie Baby craze always struck me as ridiculous too. So I guess the story is that someone famous is related to an event that many people consider ridiculous.
throwingrocks 5y ago
Regardless of the economics at play, a valuation going from $2.9M to $280 is an interesting story.
dehrmann 5y ago
> Beanie Babies At least you physically own and display them. NFTs usually don't even represent ownership of what they're attached to. People are trading baseball cars as though they're actually the player.

manholio 5y ago

A NFT is not a collectible, it's a pure vehicle for financial speculation. The object being collected no longer exists in any meaningful sense.

ineedasername 5y ago
> The object being collected no longer exists in any meaningful sense. Depends on whether or not you set the thing on fire. But in the case of a tweet, that's rather difficult. Of course the literal original tweet might long ago have hit the bit bucket, scrubbed off an old original server that was dumpstered long ago, and now even the "real" one that showed on twitter was still just a copy. Not that an NFT with an abstract pointer to the dumpstered server would be any more meaningful.
riyadparvez 5y ago
The only valid use for NFT I can think of is a pure vehicle for financial speculation. It's better people do wild speculation on NFTs than housing market.
- rurp 5y ago
  NFTs aren't even the best option for pure financial speculation, stocks are much better. At least there the money being gambled can be put towards something productive. Plus it's much better for the gambler. Random stocks don't routinely lose 99.999% of their value in a matter of months.
- eric_cc 5y ago
  There is functional value to NFT’s. Think beyond JPEG NFT’s. If you’re a software engineer, consider building a decentralized system with unique instances of a model. Unique tokens make a lot of sense to me and certainly there is utility to them. I agree that JPEG NFT’s are ridiculous though.
georgeecollins 5y ago
Not to disagree, but the question of what a thing is independent of the meaning we attach to it is worth thinking about. There was this interesting passage in this book about the art world, "The $12m Stuffed Shark"-- which I recommend btw-- that went sort of like this: A famous conceptual artist died. People going through his apartment found things in his closet that were maybe lost works, maybe junk he collected. It's funny to think about but the difference of interpretation amounted to hundreds of thousands of dollars. One of the things you learn from that book is that if a famous art collector pays a lot of money for something found in that closet it will continue to be valuable and maybe end up in museum. If they don't, it's trash and never meant to be a work of art.

ineedasername 5y ago

>What's the story here?... Beanie Babies Well, the Beanie Baby craze always struck me as ridiculous too. So I guess the story is that someone famous is related to an event that many people consider ridiculous.

throwingrocks 5y ago

Regardless of the economics at play, a valuation going from $2.9M to $280 is an interesting story.

dehrmann 5y ago

> Beanie Babies At least you physically own and display them. NFTs usually don't even represent ownership of what they're attached to. People are trading baseball cars as though they're actually the player.