7 ms·

This is precisely how I explained NFTs to my "How can NFTs possibly be bad?" friend. - You start the day with $200,000. You create an NFT and sell it to yours

This is precisely how I explained NFTs to my "How can NFTs possibly be bad?" friend. - You start the day with $200,000. You create an NFT and sell it to yourself for $200,000. - Now you have $200,000 and a $200,000 NFT, meaning you've doubled your wealth to $400,000. - If you can convince someone to buy that arbitrary NFT at 95% discount, you end up having $210,000 in cash by the EOD.

chii 4y ago
> You create an NFT and sell it to yourself for $200,000. > Now you have $200,000 and a $200,000 NFT But you now also have a liability of $200,000. Your total asset is still $200,000 , not $400,000. > If you can convince someone to buy that arbitrary NFT at 95% discount so you just sold the NFT for $10,000. If somebody else got tricked into thinking they got a 95% discount - that's on them. A fashion store often marks up their clothing by 100%, and have "sales" of 50%!
- three_seagrass 4y ago
  >But you now also have a liability of $200,000. Your total asset is still $200,000 , not $400,000. Assets are not liabilities, so you'll need to explain why you think it is a liability. Fashion brands and their physical goods are definitely not the same as NFTs, insomuch as they at least have intrinsic value. NFTs only intrinsic value is they good for ripping off greater fools.