So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

[MTF]

@AceVentures, could you write a post about how to invest in NFTs in a sensible way, if such a way exists? I mean it as a individual investor, not as a business owner. Stuff like how to invest in NFTs that really have some value due to some particular unique feature or how to invest in a new NFT marketplace/project/whatever. Any way to invest in NFTs that would generate regular cashflow?

 

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[AceVentures]

Any way to invest in NFTs that would generate regular cashflow?

My personal opinion?

Invest in the underlying network on which NFT sales/transactions are settled upon - and validate that network (like mining) to receive staking rewards, which are a function of the fees people/businesses are willing to pay to settle their txs. That's your business model that fits the CENTS commandments to the tee.

Currently that network is ETH. But I personally believe that most NFT txs will be settled on other more custom chains designed specifically for handling this type of behavior.

My current bet is on an emerging network called LUKSO - ticker is $LYXe. Project scheduled to go live before EOY - founder of the project created the ERC20 standard (the standard on which 90%+ of existing projects are built) and has created a new NFT standard called the ERC725. Coin is currently sold on the Kucoin exchange as well as decentralized money markets (UNISWAP).

I've talked in large detail about this project in the Bitcoin/Cryptocurrency thread so make sure to read-up on those. If you still have questions afterwards shoot me a DM.

 

[MTF]

My personal opinion?

Invest in the underlying network on which NFT sales/transactions are settled upon - and validate that network (like mining) to receive staking rewards, which are a function of the fees people/businesses are willing to pay to settle their txs. That's your business model that fits the CENTS commandments to the tee.

Currently that network is ETH. But I personally believe that most NFT txs will be settled on other more custom chains designed specifically for handling this type of behavior.

My current bet is on an emerging network called LUKSO - ticker is $LYXe. Project scheduled to go live before EOY - founder of the project created the ERC20 standard (the standard on which 90%+ of existing projects are built) and has created a new NFT standard called the ERC725. Coin is currently sold on the Kucoin exchange as well as decentralized money markets (UNISWAP).

I've talked in large detail about this project in the Bitcoin/Cryptocurrency thread so make sure to read-up on those. If you still have questions afterwards shoot me a DM.

Thank you, I'll look into it (already checked some of your posts in that thread).

Just a quick question beforehand: to understand NFTs, do I need something more than a basic understanding of crypto?

Should I invest in BTC and ETH first and then play with stuff like LUKSO or do you think it's fine to start right away with it and skip the "boring" main cryptocurrencies?

The idea of speculating doesn't really appeal to me but the idea of getting consistent cashflow does. Staking ETH at 6.8% yield considering the risk isn't super attractive to me, though.

 

[AceVentures]

Thank you, I'll look into it (already checked some of your posts in that thread).

Just a quick question beforehand: to understand NFTs, do I need something more than a basic understanding of crypto?

Should I invest in BTC and ETH first and then play with stuff like LUKSO or do you think it's fine to start right away with it and skip the "boring" main cryptocurrencies?

The idea of speculating doesn't really appeal to me but the idea of getting consistent cashflow does. Staking ETH at 6.8% yield considering the risk isn't super attractive to me, though.

Pretty personal question that I wouldn't have an answer for. My suggestion to anybody that's interested in this space: buy a bit of ETH, throw it onto your MetaMask wallet, and start hopping around to different Dapps. Get a feel for the space. After you get a collateralized loan within a click, after you buy your first NFT, after you see the powers enabled by a 24/7 open-economy that cannot be shut down, you don't need any convincing from anybody else, you'll be able to choose for yourself.

If you've got additional questions regarding crypto I'm sure you'll find plenty of help on the main Bitcoin/Crypto thread.

For now let's get back on track about the NFT abstraction and what the technology enables.

 

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[AceVentures]

ENS - Ethereum Name Service --> akin to a DNS in web2.0. These are NFTs - and yet another example of what this abstraction unlocks.

People are buying up ENS for their Public Addresses - this makes it infinitely easier for people to find them across the stack instead of having to search for their public address which is a very weird set of numbers.

Compare something like:​

0xc1a1E381389cb927f1d57511E144B644Ef0c6384 --> AceVentures.eth​

Budweiser just paid $100,000 for beer.eth - source.

 

[stantechie]

ENS - Ethereum Name Service --> akin to a DNS in web2.0. These are NFTs - and yet another example of what this abstraction unlocks.

People are buying up ENS for their Public Addresses - this makes it infinitely easier for people to find them across the stack instead of having to search for their public address which is a very weird set of numbers.

Compare something like:​

0xc1a1E381389cb927f1d57511E144B644Ef0c6384 --> AceVentures.eth​

View attachment 39623


Budweiser just paid $100,000 for beer.eth - source.

That's really interesting about domain names in the .ETH space. But I gather they don't resolve in the DNS namespace (Internet we are using by default when we are online).

I was looking at ENS domains and the gas fee has me all confused. Is there no way to set a maximum for that even if it takes longer to process? Can people mine that (do the transactions) to collect the gas fees? That sounds like the more useful side of all this.

I guess I'm too new to all this.

 

[Archer_Zero]

I don't care at all about the silly virtual collectibles and find it hard to believe that they'll be ever valued the same way as physical stuff.

What I find possibly revolutionary is how NFTs can allow authors to get paid each time someone resells their ebook. Via Joanna Penn and Simon-Pierre Marion:

Hi @MTF

1. how is this different from selling the book on amazon or another website with an affiliate program ? ( it is more transparent, but I don't see anyone complaining about amazon stealing them by reporting less sales than the actual sales )
2. people can still download your book & distribute or sell pirated copies of the book.

 

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[MTF]

1. how is this different from selling the book on amazon or another website with an affiliate program ? ( it is more transparent, but I don't see anyone complaining about amazon stealing them by reporting less sales than the actual sales )

As a reader, you only license the e-book from Amazon, you don't actually own it. This means theoretically they can take it away if they like (unlike taking away a print book you really own). An NFT ebook is only yours, certified by the author to be original, so it's more like a print copy than a Kindle book. You can resell it and the author can set it up in such a way that they'll get a cut when you resell it. Then the next person who resells it also means another cut for the author. This means a completely new income stream for the author as long as the second-hand market is active.

2. people can still download your book & distribute or sell pirated copies of the book.

Piracy is not my concern at all. Most of my books are pirated. I don't care. The ones who download them wouldn't buy any of my stuff anyway even if it wasn't pirated.

 

[Ocean Man]

AceVentures.eth​

The .eth domains are going fast!

I remember originally thinking about starting a small decentralized website when I was first starting to learn about the blockchain and crypto. Much of the .eth domains I wanted were already gone!

The idea was a small yearbook application. Basically sign your name, wallet address, whatever on the website and since it's on the blockchain your transaction would be there forever lol. It was going to look like the MillionDollarHomepage.com, haha.

 

[Ocean Man]

Compare something like:​

0xc1a1E381389cb927f1d57511E144B644Ef0c6384 --> AceVentures.eth​

This is super cool.

 

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[Archer_Zero]

As a reader, you only license the e-book from Amazon, you don't actually own it. This means theoretically they can take it away if they like (unlike taking away a print book you really own). An NFT ebook is only yours, certified by the author to be original, so it's more like a print copy than a Kindle book. You can resell it and the author can set it up in such a way that they'll get a cut when you resell it. Then the next person who resells it also means another cut for the author. This means a completely new income stream for the author as long as the second-hand market is active.



Piracy is not my concern at all. Most of my books are pirated. I don't care. The ones who download them wouldn't buy any of my stuff anyway even if it wasn't pirated.

Thanks for the explanation, it is a good application, here is how I see it:
1. we could do this with the current tech ( amazon, steam & other websites can allow you to own your copy, resell it & give the publisher a cut of every resell )

2. on the flipside, we can have a blockchain system that only gives you a license instead of owning the item ( just like amazon )
- If I remember correctly, Krypto Kitties did this by not giving you ownership of the cat art but only the code or the dna of the cat.

- so I see it as a policy decision not a technology capability ( even though I do realize the blockchain is a lot more transparent in this aspect )

 

[Einfamilienhaus]

Great Thread! Hopefully someone can explain, how do you actually make profit with those NFTs?

From my basic understanding, the price of your NFT (let's say it is a Meme) will increase the more people believe it has value. But, there are millions or even billions of NFTs in the "Graphic Design segment" alone. How high are the chances that your NFT will be picked by someone? If you don't have any social media power to promote your NFT, there is no chance the price will be increasing, right? So NFTs are actually useful for people who have an audience they can promote their NFTs, like Youtubers, Instagramers etc.. So for the traditional investor it is just a big gamble?

 

[Ocean Man]

Great Thread! Hopefully someone can explain, how do you actually make profit with those NFTs?

From my basic understanding, the price of your NFT (let's say it is a Meme) will increase the more people believe it has value. But, there are millions or even billions of NFTs in the "Graphic Design segment" alone. How high are the chances that your NFT will be picked by someone? If you don't have any social media power to promote your NFT, there is no chance the price will be increasing, right? So NFTs are actually useful for people who have an audience they can promote their NFTs, like Youtubers, Instagramers etc.. So for the traditional investor it is just a big gamble?

NFTs don't have to be just art and photos.

It can be videos, documents, courses, certificates, entry passes, etc.

There's more to NFTs than just investing in a photo and hoping its price raises.

 

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[Einfamilienhaus]

NFTs don't have to be just art and photos.

It can be videos, documents, courses, certificates, entry passes, etc.

There's more to NFTs than just investing in a photo and hoping its price raises.

I'm asking seriously, what does exactly more means?

 

[AceVentures]

I'm asking seriously, what does exactly more means?

Mate this thread literally breaks down all these different usecases and business models. Did you read it at all, or are you simply typing away hoping someone spoonfeeds you NFT money?

Don't mean to be a dick - but just as with everything, there's no step by step success guide. You've gotta dig

 

[AceVentures]

I was looking at ENS domains and the gas fee has me all confused. Is there no way to set a maximum for that even if it takes longer to process? Can people mine that (do the transactions) to collect the gas fees? That sounds like the more useful side of all this.

If you want access to the network - meaning you want your interaction to be placed into a block successfully, you need to pay a fee to miners that create these blocks.

The max fee you're willing to pay establishes your "priority" within the execution queue. You can certainly place a lower fee, but your tx might not be picked up by miners who have higher priority txs in the queue (mempool).

Today, this is a reflection of the demand that this network sees. People are often willing to pay a lot more than the average person to ensure their tx get's recorded in this open-economy - but there are many efforts underway to establish cheaper routes towards getting your tx validated, including many "side-chains", L2 chains, and even cheaper networks that make certain tradeoffs between decentralization, throughput, and security.

And yes, validating a network on which demand is high is a good money-making business.

 

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[AceVentures]

Great Thread! Hopefully someone can explain, how do you actually make profit with those NFTs?

The same way you make money with anything in life - deliver value to people.

The main advantages in THIS economy vs traditional marketplaces is you have pure ownership of your data, your interactions are uncensorable and transparent, and you have a direct line of communication between merchant-customer.

If you were previously not delivering any value - wrapping a shit idea into an NFT will still result in shit earnings potential. But if you deliver real value - the benefactors of this value can participate in the success of the project. If it's an art project for example - there's secondary marketplaces for your buyers to resell and effectively become promoters of the project.

Fictional Example: @MJ DeMarco creates his newest book called "How to break free from tyranny" and creates limited editions of this book in the form of an NFT. FLF fanboys purchase this new NFT and receive the value contained within the information that is shared.

If anybody else wishes to know what's written in this book - their only route is to obtain this NFT version of the book on the secondary marketplace. The more people want to read the book - the more the current holders of this book can earn by reselling on the secondary marketplace. Oh and MJ collects a royalty off of any further transaction.

Say I read this book and got immense value - I can brag about all I've learned and how much this book has changed my life. This promotion is not only good for MJ, but it is especially good for me - because if someone now wants access they have to get this special access from me personally - and I'm now in a position to command whatever I want in order to transfer my rights to this knowledge to someone else.

In this process - MJ benefits from an army of shillers/promoters of his content, without himself having to shove his book down people's throats.

Now say MJ decides to host a new summit - but only people that hold the current NFT are eligible to attend this conference. This further drives the value of the NFT. And any additional input into MJ's brand can have loyalty to the original NFT holders as a baseline. You can see that the "brand" becomes win and let win. Not only does MJ win - but anybody that believed in MJ's brand also wins.

 

[AceVentures]

I'll give you guys an example of a brand I'm a big fan of - and I'll let you read between the lines to see how this process leads to winners of both the participants as well as the brand.

A brand called RTFKT studios (pronounced artifact studios) started out within the Sneaker niche. If you're not a sneakerhead, let me tell you that there is a huge market for Sneaker fans. Collectible sneakers can exceed hundreds of thousands of dollars in value.

This brand makes digital version of badass sneakers and sells them as NFTs. They then have "forging events" whereby if you own the original NFT of the badass sneaker, RTFKT studios can forge you an actual shoe of this artful sneaker and ship them to your home.

I purchased a number of RTFKT studios NFTs a few months ago because I was not only interested in the product, but I had a respect and love for both the brand as well as the community of people that believed in this brand.

Fast forward a couple of months - and RFTKT studios is now working on a new Avatar project. But here's where things get interesting. Half of all of the avatars this company will be creating will be reserved for current RFTKT NFT holders. They will be airdropping these latest Avatar NFTs directly to the wallets of the people that own these previous RTFKT NFTs.

Because people are interested in this upcoming Avatar project, they've been rushing to buy existing RTFKT pieces, some that were given out to RTFKT holders for FREE, just so they can get access to this upcoming project.

Consequently, all of the RTFKT pieces I had purchased have more than 10x in price in anticipation of this drop, and because people are willing to pay more and more to be a part of this community, recognizing that as this brand grows and becomes more successful, being a member of this community gives you priviledged access to anything they release.

The price of my NFT's have gone up by over $40,000 over the past 3 weeks because of this.

If the brand wins, so do the people that believe in the brand - because for new entrants into this community, their "access" is in the hands of people that already own the brands pieces.

I'm not shilling anything - I just want to give you an example of how leading brands in this space are using this abstraction to bring in revenue for themselves as well as their community.

WIN and let WIN is the model.

 

[MaxKhalus]

View attachment 39588

I've noticed that there is an increasing number of people on this forum that are becoming aware of NFTs and are interested to participate, but rightfully cautious at the moment. After all, it sounds absolute bat-shit crazy to talk about NFTs today. Buy a $300,000 jpg of some pixels? Bound to get ridiculed by way of pointing at ponzis and tulips. In fact, this is how I feel every time I talk about NFTs to somebody that's only known of them from word of mouth with the real value-proposition seemingly lost in translation.

So I'm starting a separate thread outside of the main Bitcoin/Cryptocurrency discussions to bring attention to this next-level abstraction that we as fastlane unscripted f*ck-you entrepreneurs absolutely ought to know about.

I've been digging and digging for the "right" resource but I've only lead myself astray - I do not believe a comprehensive medium exists that encompasses the depth/breadth of what we're talking about.

Instead, I've opted to share with you glimpses of the vision and hope that with the community here we can gather the missing pieces as the story unravels before us.

I'm going to Frankenstein a bunch of different things together so bear with me.

-----------------------------------------------------------------------------------------------------------------------------------------

From VISA's latest CryptoPunk purchase (today) comes an article describing NFTs. It mostly brags about VISA and lacks enough depth but it's a good start for people that have no idea wth I'm talking about. Here are some key points and I'll even highlight the bangers.

Let’s start with the basics — how do you explain NFTs?​

Cuy Sheffield: NFTs are a way to represent ownership of a digital good, like an image, video, or piece of text. Since the rise of the Internet, there hasn’t been a way to claim possession of a digital good, since most files can be infinitely copied, pasted, and shared. NFTs are unique tokens that can be used to certify the provenance, authenticity, and ownership of a piece of digital media.

Like cryptocurrencies, NFTs are tracked and exchanged on a public blockchain. But unlike cryptocurrencies, NFTs are unique. One bitcoin is identical to another, but each NFT is one-of-a kind.

What excites you about NFTs?​

Sheffield: NFTs have the potential to become a powerful accelerator for the creator economy and lower the barrier to entry for individual creatives to earn a living through digital commerce. NFTs are starting to usher in a new form of social commerce that empowers both creators and collectors.

NFTs could also fuel small and medium sized businesses (SMBs) in powerful new ways. The rise of ecommerce has made it possible for SMBs to sell online and reach customers around the globe. But they still have to produce and ship physical goods, which can have high upfront costs. NFTs give small businesses an opportunity to harness public blockchains for producing digital goods—which can be delivered instantly to a crypto wallet. We can envision a future in which your crypto address becomes as important as your mailing address.

How are you and your partners at Visa thinking about this space?​

Sheffield: From a commercial perspective, NFTs are gaining momentum as digital-first sports memorabilia. With platforms like NBA Top Shot, fans can collect and display their favorite game “moments.”

We expect a huge range of new cases in the years ahead. The ability to track and leverage a digital asset in multiple environments could mean exciting new opportunities in ticketing, gaming music, art, and beyond.

Imagine discovering a new musician online. You purchase an NFT of their album art, which can simultaneously serve as a piece of art that you can display online, an entry into an exclusive chat group where you get to connect with other superfans, and a backstage pass for an upcoming show. Ownership of the NFT could also unlock exclusive memorabilia, whether “air dropped” into the owner’s wallet or rewarded after certain behavior, like making a purchase at a specific store.

The artist and their fans can now connect directly with each other and build a powerful community that create new experiences for both.

How might Visa play a role?​

Sheffield: NFTs are rapidly gaining traction and we expect continued growth. For example, there has already been $1B in payment volume in August alone up from less than $100M in all of 2020.

Enabling secure commerce is what we do — we’re the network working for everyone — and that extends to new forms of digital commerce that unlock access. So, it’s not surprising that we’re thinking deeply about this space and how we can apply our expertise in enabling seamless and secure digital payments to make NFT-commerce accessible and useable for buyers and sellers.

In the near term, we want to help brands and businesses better understand NFTs and how they might be harnessed for customer and fan engagement. To that end, we published a paper with observations on today’s NFT landscape, as well as actionable guidance on how to evaluate and scale NFT opportunities.

Looking ahead, we’re working on some new concepts and partnerships that support NFT buyers, sellers, and creators. We look forward to sharing more in the months ahead.

-----------------------------------------------------------------------------------------------------------------------------------------

Now let's talk about imo the most exciting economy that emerges from the NFT abstraction: the MetaVerse.

I wrote the below piece back in February of this year - and it is more relevant today than ever so review it if you want to get a better feel for what the MetaVerse is all about.


-----------------------------------------------------------------------------------------------------------------------------------------

There was also a post I read this morning that describe this emerging economy nicely so I will share as well:

On Metaverse "But in the metaverse" is a running joke on cryptotwitter I regret to inform you that it is no joke. What we are playing for is whether our children will be fully free or residents in a digital company universe - with the illusion of free, but not really free.

The Wikipedia definition is OK "The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet."

In other words, the metaverse is a superset of virtual realities, augmented realities and the internet. NFT Twitter & Discord is a form of proto-metaverse, with its avatars, shared communities and shared 2D/3D spaces (
@opensea, @oncyber, @decentraland), hanging off it.

And this is, of course, a continuation of decades of internet communities from bulletin boards to AOL to modern social networks So what is different now? Why does this feel different? So what is different now? Well, global internet scale for one, but more importantly: - Crypto/NFTs and - UX

Crypto, and in particular NFTs, have converted our online communities for the very first time into an ownership society. Your avatar, your digital art, your in-game items, your gallery template are all NFTs and they are genuinely owned by you

This is very new, very different. You are not a 'user' on the flip side of an EULA, a mere guest on someone's server with effectively no rights whatsoever, but a true sovereign owner of your digital objects. It is BTC, but for everything digital

The scale and breadth of what this can unleash is astounding as you get huge decentralized global communities coordinated with economic incentives. Crypto is like 5x normie speed. NFTs are 2x to 3x crypto speed

What about UX? This is what drives the jokes right now. 3D worlds are still clunky. Interesting, but not ready for consumer prime-time YET. I like Decentraland, but my information flow is 100x better on Twitter

The UX issue is going to be solved in the 2020s [AceVentures here: this is what LUKSO's ERC725 asset class unlocks, seamless UX via blockchain abstraction]. You can expect photorealistic mixed reality (augmented reality, virtual reality and real reality) with minimal lag in non-ridiculous devices this decade. Mixed realty (the Metaverse) will be just your regular life.

Some of the smartest people in tech also know this, including: 1) Mark Zuckerberg 2) Epic Games https://theverge.com/22588022/mark-zuckerberg-facebook-ceo-metaverse-interview

This is both good because they have the money to invest in improving the tech but this is bad because the goal will be walled gardens. You already can't access the best VR hardware in the market without a Facebook account which is, to me, alarming

Unfortunately right now we have few allies: a) China is going walled garden b) US political leadership is not thinking strategically, sees everything through an AML/KYC lens c) EU is determined to learn nothing from the last 30 years of tech failures

So anon fam, for right now, we are on our own. We have to build, build, build now, as fast as possible, to make the default decision for corporations to join the open system, not to try to capture a closed one.

We are all in this together. Don't sweat the differences between punks / BAYC / AB or 1/1s. Right now we need to scale and onboard everyone. If we can get 1M, 10M, 100M, 1B people the experience of owning their digital assets, good luck to the in-game closed store.

The Metaverse will actually happen this decade. If it is open, human innovation will flourish. If it is closed, we are digital serfs of sorts. We 100,000 or so people right now are the front-line in this battle and we have to do it ourselves.

-----------------------------------------------------------------------------------------------------------------------------------------

There is much more to this and I will be updating this thread as I get more time. For now - let's just get a conversation started. And y'all please make an effort to keep this thread separate from the BTC/Crypto thread which has an INSANE amount of value contained within. This is not meant to replace the other thread - but instead of all the price talk, I just want us to take a step back here and understand the abstraction, to discuss emerging business models, to talk about the topic of private ownership, and ultimately to leave bread crumbs for the less fortunate amongst us to catch up with this ground-breaking model for future economies.

As a fellow Unscripted member of this forum - I salute you for taking the time to educate yourself on a controversial and technically challenging idea.

Tagging @GPM @Bekit @Ocean Man who had originally asked for some NFT info - just as a reminder that I've decided to take this conversation out of the main BTC/Crypto thread.

HOT! - INVESTING - Hey MJ & co. Why Is "Everyone Doing It" On NFTs? Is It The Real Deal?

I haven't found this thread in the Forum, and I'm sure many more will ask it again, so here it goes: No matter what career you have, you'll have probably stumbled with crypto and NFTs. Because they're everywhere, from Gary Vee's channel to Google News. With curiosity, I started and learned...

www.thefastlaneforum.com

 

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[Simon Angel]

I read the whole thread and I still don't understand a F*cking thing.

Is this another advancement towards a world without paper money?

 

[AceVentures]

I read the whole thread and I still don't understand a f*cking thing.

Is this another advancement towards a world without paper money?

I'm sorry that it's not as easy to explain as we'd all prefer. Will continue to refine my understanding and aspire to explain it more simply in the near future.

HOT! - INVESTING - Hey MJ & co. Why Is "Everyone Doing It" On NFTs? Is It The Real Deal?

I haven't found this thread in the Forum, and I'm sure many more will ask it again, so here it goes: No matter what career you have, you'll have probably stumbled with crypto and NFTs. Because they're everywhere, from Gary Vee's channel to Google News. With curiosity, I started and learned...

www.thefastlaneforum.com

The people that dismissed NFTs in the above thread back in March could have made millions by now had they continued to explore what it was all about.

Keep digging - keep asking questions. As fellow entrepreneurs on this forum that aspire for an Unscripted life, the only thing I ask is we continue to keep an open-mind.

 

[MaxKhalus]

I'm sorry that it's not as easy to explain as we'd all prefer. Will continue to refine my understanding and aspire to explain it more simply in the near future.



The people that dismissed NFTs in the above thread back in March could have made millions by now had they continued to explore what it was all about.

Keep digging - keep asking questions. As fellow entrepreneurs on this forum that aspire for an Unscripted life, the only thing I ask is we continue to keep an open-mind.

Probably. I ignored it completely and wished to be there back then. Luckily for us, the good stuff doesn't start until mid September. There's still time.

A few reasons I didn't enter are:
- There's a lot of crap and it's easy to lose as a beginner
- The "floor" prices can be around $200
- I still don't know how to buy an NFT

You could say there's some sort of entry barrier. You gotta own ETH, then create a wallet (I think opensea also requires a trade before you can sell stuff), and beat everyone else with your bid. With crypto, it's just one button to buy a coin.

If anyone could share how to get into NFT projects speciffically, it would be priceless. Alex Becker is constantly calling NFT projects and photography, but have no idea on how to acquire them.

 

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[AceVentures]

Probably. I ignored it completely and wished to be there back then. Luckily for us, the good stuff doesn't start until mid September. There's still time.

Fear of having already missed out will compound as everyone that considered NFTs to be a bubble continue to watch this abstraction pick up steam.

We are still very early with NFTs - we shouldn't dismiss it as being in a top, as this abstraction has barely started to make it's way into disrupting traditional markets.

If anyone could share how to get into NFT projects speciffically, it would be priceless. Alex Becker is constantly calling NFT projects and photography, but have no idea on how to acquire them.

1. Start with a centralized exchange or local peer-to-peer ETH/BTC markets
2. Buy some ETH
3. Download Metamask browser extension and create a wallet
4. Transfer your ETH into your personal Metamask wallet
5. Hop onto Opensea.io

Now you can use your ETH to either place bids on NFTs or outright purchase at the asking price.

 

[MTF]

I read the whole thread and I still don't understand a f*cking thing.

Is this another advancement towards a world without paper money?

Same for me. No matter how hard I try to understand this or crypto in general, I just don't get it except for the possible future uses (like NFTs for royalties). It feels as if it's designed like that on purpose. There's also a very distinct weird vibe going on on many of the NFT/crypto-related sites, as if it's all just an epic troll. Perhaps that's how the Internet felt in the 80s.

I'd say that this plus the fear of doing something wrong and losing access to all the crypto (the prospect of remembering a long phrase else you lose ALL that you own forever is scary as f***) or getting hacked or otherwise fooled is the biggest obstacle for me to try it.

 

[AceVentures]

Same for me. No matter how hard I try to understand this or crypto in general, I just don't get it except for the possible future uses (like NFTs for royalties). It feels as if it's designed like that on purpose. There's also a very distinct weird vibe going on on many of the NFT/crypto-related sites, as if it's all just an epic troll. Perhaps that's how the Internet felt in the 80s.

I'd say that this plus the fear of doing something wrong and losing access to all the crypto (the prospect of remembering a long phrase else you lose ALL that you own forever is scary as f***) or getting hacked or otherwise fooled is the biggest obstacle for me to try it.

Then don't ape. Start with a few hundred bucks and a hardware wallet. Make a dozen transactions. Sleep with your hardware wallet for a few weeks. But get yourself comfortable with the concept of taking ownership and responsibility for your own sovereignty, because trusting authority figures today has only led us further astray.

We MUST take ownership of private property into our own hands.

The arbiters of the current system have an unfair cheat button - whereas the rest of us are plebs within a system we have no say over.

 

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[AceVentures]

That's really interesting about domain names in the .ETH space. But I gather they don't resolve in the DNS namespace (Internet we are using by default when we are online).

Ask and you shall receive my friend! This was posted just today, a few hours ago:

"We’re pleased to announce that full DNS namespace integration for ENS is now live on Ethereum mainnet"

For example, if you own “example.com” on DNS, you can import it into ENS — as example.com, not example.eth, the latter is a separate name. You can then set ENS records for it, e.g. to allow you to receive payments in cryptocurrencies like ETH, BTC, and DOGE to example.com.

→ Step-by-Step Guide to Importing a DNS Domain Name to ENS

→ How .ETH Names Compare to DNS Names Imported to ENS

 

[WestCoast]

I wanted to give a big thank you to @AceVentures for his patience and explanations of NFTs and all this.

I have personally been confused by all the terms, but his style of writing makes it more accessible.
Ace, I like how you say 'ask questions, keep digging' Buy a little of ETH, learn, explore.
I think that's so much more convincing than 'dUdE, thiS is tHe neXXXt gameStoP!' or whatever.

To everyone --> this IS confusing
Crytpo this and NFT that. (I'm still not convinced NFT art has long term intrinsic value, but, I'm very convinced on smart contracts and the gateways to brands IS)

What I do know is true: A decentralized economy, with money that can't be counterfeit and devalued by a government to bomb countries or give out to its corporate buddies - is GOOD.


The more I read about Crypto, the more I hope that speculative nature declines - and people just start using it to give a middle finger to central governments, payment processors and all those people.


Sorry, bit of a rant, but - as someone *very* skeptical of this whole scene for a while... I'm starting to get it.
I'm planning to buy into ETH myself here in the next few weeks. Just play around, learn (as Ace advised).


But, I get it now. It's confusing, yes. Kind of funny to see the underground being 'underground'
But the energy is there.

Getting rid of Fiat dollars that fund all sorts of terrible central government policies?
Sign me the f*** up.

 

[MaxKhalus]

Fear of having already missed out will compound as everyone that considered NFTs to be a bubble continue to watch this abstraction pick up steam.

We are still very early with NFTs - we shouldn't dismiss it as being in a top, as this abstraction has barely started to make it's way into disrupting traditional markets.



1. Start with a centralized exchange or local peer-to-peer ETH/BTC markets
2. Buy some ETH
3. Download Metamask browser extension and create a wallet
4. Transfer your ETH into your personal Metamask wallet
5. Hop onto Opensea.io

Now you can use your ETH to either place bids on NFTs or outright purchase at the asking price.

If you want to buy an NFT for $100-$200 with chance of going parabolic, would you still do it by paying $100 eth gas fees?

 

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[Ocean Man]

The whitepaper from Visa may be helpful: https://usa.visa.com/content/dam/VC...ents/visa-nft-whitepaper.pdf?linkId=128667502

 

[MaxKhalus]

Luckily this just launched a few days ago,

https://www.binance.com/en/nft