NFT's - Page 2

JRX · 03-11-2021, 01:05 PM

You seem incapable of understanding what intrinsic value means. Paper of any kind has intrinsic value because it exists.

monkeymcgee · 03-11-2021, 01:10 PM

Quote:

Originally Posted by JRX

You seem incapable of understanding what intrinsic value means. Paper of any kind has intrinsic value because it exists.

That intrinsic value is minuscule. Save the burning cards for heat argument--you already used that one with me before.

JRX · 03-11-2021, 01:14 PM

Quote:

Originally Posted by monkeymcgee

That intrinsic value is minuscule. Save the burning cards for heat argument--you already used that one with me before.

Have fun burning your blockchain.

mjohnatgt · 03-11-2021, 01:15 PM

Search keyword "blockchain" and you'll get about 10 more threads between the Panini basketball thread, another one in baseball, and a bunch in the nonsports forum.

monkeymcgee · 03-11-2021, 01:16 PM

Quote:

Originally Posted by JRX

Have fun burning your blockchain.

You do realize by your rationale every card has the same value. So why are some cards worth more?

JRX · 03-11-2021, 01:20 PM

Quote:

Originally Posted by monkeymcgee

You do realize by your rationale every card has the same value. So why are some cards worth more?

The same intrinsic value. Though that's obviously not the same since some cards are larger than others, some probably give off fumes if burned (again just using that as an example). All pieces of gold have the same intrinsic value a gold coin from Roman times has the same intrinsic value as a gold coin today. People assign more value to the former because its rare and has historic value, but that's all made up. The point is the NFT has zero intrinsic value, people can assign whatever value they want to it, but that doesn't give it any intrinsic value.

Mandy1320 · 03-11-2021, 01:22 PM

The sole purpose of a NFT is to be bought and resold.

Can't wrap my head around buying a digital form of art as a collector.

I can't knock the hustle, though. Get your money where you can.

monkeymcgee · 03-11-2021, 01:22 PM

Quote:

Originally Posted by JRX

The same intrinsic value. Though that's obviously not the same since some cards are larger than others, some probably give off fumes if burned (again just using that as an example). All pieces of gold have the same intrinsic value a gold coin from Roman times has the same intrinsic value as a gold coin today. People assign more value to the former because its rare and has historic value, but that's all made up. The point is the NFT has zero intrinsic value, people can assign whatever value they want to it, but that doesn't give it any intrinsic value.

I will trade you a Puig boxtopper for a Trout rookie. You'd be a fool not to take it--think of all that extra fuel for a fire

GoTribe!!! · 03-11-2021, 01:24 PM

NFTs = No Frank Thomas sorry

Boredlawyer · 03-11-2021, 01:24 PM

If you're good at timing the market and direction of social media, and you can identify trends before they happen, more power to you.
Since 2018 its seemed to be impossible to lose no matter what you do. Invest in Tesla, real estate, Bitcoin, NFTs, junk stocks like AMC. I don't think anything has lost except oil, cruise ships and airlines.
They say the market can stay irrational longer than you can stay solvent. I stay on the sidelines with stuff that I don't value. I might be able to make money in it, but if I don't believe in it, and the economy takes a bearish turn and suddenly everything isn't going to the moon, I don't want to say "well I bought it because I trusted what Gary Vee told the masses on Instagram".

If I understood NOTHING, what makes more sense?

Bob made a million in real estate?

Or Bob made a million on digital NBA highlights that he didn't own the rights to?

MiamiMarlinsFan · 03-11-2021, 01:37 PM

Like it or not, it’s not going anywhere for now. There’s money in them thar hills!

https://www.cnn.com/style/article/be...ult/index.html

https://www.cnn.com/style/article/nf...oom/index.html

pewe · 03-11-2021, 01:45 PM

Quote:

Originally Posted by monkeymcgee

Pewe: Can't quote you, but regarding the intrinsic value I find it so interesting that a forum largely devoted to buying, holding, and selling printed cardboard struggles so much with this concept of value

So... I have no issue with NFT / digital assets being valuable, including art (as I saw someone else reference)... I’m just trying to figure the angle.

Sports cards and digital art actually share some similarities into why they are valuable: there is an implied or real contract with the creator that your item is one of x# of copies, and no more will ever be made (and generally you, as asset owner, are also not allowed to make more copies and sell those copies as originals of the asset). And you as the owner have full property rights to that item.

But you just told me the NFT doesn’t follow those same intrinsics. The asset the NFT represents isn’t property of the NFT owner, and there isn’t even any implied contract saying the underlying asset won’t be made accessible to anyone else without the NFT owner’s consent.

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notoriousrmb · 03-11-2021, 01:46 PM

Quote:

Originally Posted by JRX

Its a new medium for money laundering.

Most accurate comment I've seen so far.

Guy wants to drop $10k on the latest hot RC, seller wants that full 10k.

Neither wants to deal with taxes and tracking the sale.

Seller says, ok buy my NBA Top Shot moment of whoever, serial number 4525/15000 for $10k and the card is yours.

Transaction done, looks as if a moment was sold for some unreasonable amount online and the physical card changes hands, tax free.

Let's not overthink what all these NFT items are actually used for, if it looks too good to be true, it probably is.

noaskiecards · 03-11-2021, 01:48 PM

Quote:

Originally Posted by notoriousrmb

Most accurate comment I've seen so far.

Guy wants to drop $10k on the latest hot RC, seller wants that full 10k.

Neither wants to deal with taxes and tracking the sale.

Seller says, ok buy my NBA Top Shot moment of whoever, serial number 4525/15000 for $10k and the card is yours.

Transaction done, looks as if a moment was sold for some unreasonable amount online and the physical card changes hands, tax free.

Let's not overthink what all these NFT items are actually used for, if it looks too good to be true, it probably is.

This is scary stuff

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2010GBPackers · 03-11-2021, 01:54 PM

Quote:

Originally Posted by Boredlawyer

If I understood NOTHING, what makes more sense?

Bob made a million in real estate?

Or Bob made a million on digital NBA highlights that he didn't own the rights to?

This made me laugh. Thank you for that.

pewe · 03-11-2021, 01:54 PM

Quote:

Originally Posted by MiamiMarlinsFan

Like it or not, it’s not going anywhere for now. There’s money in them thar hills!

https://www.cnn.com/style/article/be...ult/index.html

https://www.cnn.com/style/article/nf...oom/index.html

This goes to what I’ve seen in the past: NFT gives the original asset ownership right to someone. Who can earn royalties etc. from it, and also prevent others from disseminating the likeness without permission as they don’t own the NFT copyright.

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mfw13 · 03-11-2021, 01:57 PM

NFT = WTF???

One just sold for $69.3 million.....

notoriousrmb · 03-11-2021, 01:58 PM

Quote:

Originally Posted by mfw13

NFT = WTF???

One just sold for $69.3 million.....

And what else changed hands under the table other than the NFT...

pewe · 03-11-2021, 01:59 PM

Quote:

Originally Posted by mfw13

NFT = WTF???

One just sold for $69.3 million.....

NFT didn’t sell for that, the original digital 1/1 artwork sold for that amount. The NFT is just the authentication the owner has that it’s their property

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JRX · 03-11-2021, 02:05 PM

The question is what does owning something that's digital mean? Do you own that specific series of 1s and 0s that create said digital item? What if someone invents a new method of computing that doesn't rely on binary?

notoriousrmb · 03-11-2021, 02:06 PM

Quote:

Originally Posted by JRX

The question is what does owning something that's digital mean? Do you own that specific series of 1s and 0s that create said digital item? What if someone invents a new method of computing that doesn't rely on binary?

Or, what if something like NBATopShot closes up shop in a few years? What happens to all those "assets"?

PFF100 · 03-11-2021, 02:09 PM

Quote:

Originally Posted by ThoseBackPages

NFT = Not For Trade

Bingo

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JRX · 03-11-2021, 02:10 PM

Quote:

Originally Posted by notoriousrmb

And what else changed hands under the table other than the NFT...

The art world has long been used to launder money and avoid taxes. This makes it even easier since there's no item you actually have to move around and store.

notoriousrmb · 03-11-2021, 02:11 PM

Quote:

Originally Posted by JRX

The art world has long been used to launder money and avoid taxes.

Good call. Now with NFTs you dont even have to deal with something physical like art! Just trade your "asset" and cash out tax free.

I mean do people reaaaallly think people are buying Top Shot moments for $25k? Please.

MiamiMarlinsFan · 03-11-2021, 02:15 PM

Quote:

Originally Posted by notoriousrmb

Or, what if something like NBATopShot closes up shop in a few years? What happens to all those "assets"?

The long term goal, they claim, would be to store any NFT in any approved digital wallet app. NBA TopShot claims that they want their users to be able to take their “cards” off of their TopShot wallets and put them elsewhere. That idea isn’t too crazy since they can just put in the NFT terms that they still get their cut on any and all future sales. All of these digital wallet apps will just need to agree to accept each other’s contract terms.

03-11-2021, 01:24 PM	#34
GoTribe!!! Member Join Date: Dec 2008 Location: Central Ohio Posts: 6,831 tribecollector74	NFTs = No Frank Thomas sorry __________________ I guess we're all damged in our own way Alone in our own way Distant headlights Desolate highway

03-11-2021, 01:05 PM	#26
JRX Member Join Date: May 2020 Location: Charlotte, NC Posts: 16,301	You seem incapable of understanding what intrinsic value means. Paper of any kind has intrinsic value because it exists.

03-11-2021, 01:15 PM	#29
mjohnatgt Member Join Date: Apr 2015 Location: Niceville, FL Posts: 14,924 mjohnatgt mjohnatgt	Search keyword "blockchain" and you'll get about 10 more threads between the Panini basketball thread, another one in baseball, and a bunch in the nonsports forum.

03-11-2021, 01:22 PM	#32
Mandy1320 Member Join Date: Aug 2020 Location: Tampa, FL Posts: 2,884 marande-5259	The sole purpose of a NFT is to be bought and resold. Can't wrap my head around buying a digital form of art as a collector. I can't knock the hustle, though. Get your money where you can.

03-11-2021, 01:24 PM	#35
Boredlawyer Member Join Date: Jan 2019 Posts: 2,320	If you're good at timing the market and direction of social media, and you can identify trends before they happen, more power to you. Since 2018 its seemed to be impossible to lose no matter what you do. Invest in Tesla, real estate, Bitcoin, NFTs, junk stocks like AMC. I don't think anything has lost except oil, cruise ships and airlines. They say the market can stay irrational longer than you can stay solvent. I stay on the sidelines with stuff that I don't value. I might be able to make money in it, but if I don't believe in it, and the economy takes a bearish turn and suddenly everything isn't going to the moon, I don't want to say "well I bought it because I trusted what Gary Vee told the masses on Instagram". If I understood NOTHING, what makes more sense? Bob made a million in real estate? Or Bob made a million on digital NBA highlights that he didn't own the rights to?

03-11-2021, 01:37 PM	#36
MiamiMarlinsFan Member Join Date: Jun 2020 Location: Florida Posts: 14,415	Like it or not, it’s not going anywhere for now. There’s money in them thar hills! https://www.cnn.com/style/article/be...ult/index.html https://www.cnn.com/style/article/nf...oom/index.html

03-11-2021, 01:57 PM	#42
mfw13 Member Join Date: Feb 2009 Location: Seattle, WA Posts: 18,277	NFT = WTF??? One just sold for $69.3 million.....

03-11-2021, 02:05 PM	#45
JRX Member Join Date: May 2020 Location: Charlotte, NC Posts: 16,301	The question is what does owning something that's digital mean? Do you own that specific series of 1s and 0s that create said digital item? What if someone invents a new method of computing that doesn't rely on binary?