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

[Devampre]

Is your goal to maximize profit? To get them sold as fast as possible? Something else?

Well I mean, I'd like to sell most of them quickly and of course make as much as possible. But, right now, I just want to see if my idea resonates with more people.

 

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[Ing]

Wondering about NFTs, I came across this, which I consider interesting.

The Craze for NFTS and the Downsides | HackerNoon

Despite its relative straightforwardness as a token, NFT industry participants can have wildly differing opinions on what NFTs really are. Here are 4 viewpoints

hackernoon.com

 

[ivanp]

I invested about 40 hours in the last 5 days to learn something about NFT's. Everybody is getting this TikTok or Instagram ads or is sees the influencer posts about NFT's.

"How he made $300k with NFT's in 2 days" and similar storys.
A very complicated matter, you have to find out exactly about the community, the roadmap and the team and do it properly in depth. Art is certainly important but expandable and changeable.

Are the founders well known people in the crypto or NFT space, how they are?
LinkedIn, Twitter, Discord, Instagram all need to be checked.

Is the community about: "to the moon" and sh*t like that or are they really interested in the project itself?
Hyped on all Instagram and TikTok Influencers? - Usually paid ads and sh*tty projects.

Great opportunity but only for those of us who do our homework, otherwise you pay a lot of tuition.
We are with NFT's in 1999 everyday several projects appear with the craziest roadmaps and ideas on how to expand the metaverse and web 3.0. Some will stay, many will not exist after a short time.

If someone is interested in a Discord group and has already gathered some experience feel free to contact me privately.
You need to go deep with your research and learn everything you can about the big guys in the segment. Follow what NFT projects are investing in, but again do your own research on the project.

Exceptionally interesting but also a very risky investment case.

 

[Antifragile]

Crypto exchange Kraken’s new NFT marketplace to issue loans

CEO shares 2022 plans for Kraken to expand into a marketplace for NFTs and NFT-backed loans.

cointelegraph.com

 

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[biophase]

Would it be possible to issue 1000 NFTs and say that each nft equals .1% of the company. So an nft is equivalent to a stock share? Then they get sold and sold and go up and down based on the company’s performance.

 

[MTF]

Would it be possible to issue 1000 NFTs and say that each nft equals .1% of the company. So an nft is equivalent to a stock share? Then they get sold and sold and go up and down based on the company’s performance.

I think that a DAO with its own token would be a simpler idea and it would give people easier voting rights.

 

[CareCPA]

Ok, I've spent way too much time thinking about this, especially for someone without a tech background. But in my mind, there are currently two popular types of NFTs.

One is the "art" NFT, which I don't really understand because I don't understand art to begin with. I have no idea how to value it, and it has no real use to me. So if someone creates some digital art and wants to sell it as an NFT, that's great, but that holds no interest for me.

The second is what I will call a "utility" NFT - there is probably a technical name for this, but I have no idea. This thread is long and hard to digest for the non-techy.
This type of NFT actually allows you to do something or have access to something that you would not otherwise have.
Since @MJ DeMarco has been brainstorming here, let's come up with a new idea.

Maybe MJ wants a more exclusive group than just the INSIDERS, so he develops a VIP level. He only wants 200 members at a time, because more than that and it just becomes noise.
To accomplish this, he creates an NFT, and 200 can be minted (I get fuzzy on this part, but that's why there are consultants to pay). He can invite people he likes to mint them (or probably mint them himself and sell them?) so that he can control the quality of the group in the beginning.

Anyone who holds this NFT can have access to a hidden area of the forum. From a procedural standpoint, if you have the NFT in your Metamask wallet, then you can connect to the website and see the hidden area. I'm sure there are other ways to accomplish this, but I've at least played with Metamask so I have a vague idea of how it works.

The NFTs can also be resold, and MJ can collect a royalty on each sale (built into the NFT/contract so it is automatic). Residual money = win.

But, more importantly, it encourages the group that holds the NFT to provide actual value in their section of the forum. The value of the NFT they hold is directly related to the value of the information that is in the hidden forum to which the NFT grants access. If no one participates, then the NFT will have no value. If the forum is lively and full of great, actionable info, then NFT will rise in value and can be sold at a profit. So it is in the NFT-holder's best interest to provide value.

If you wanted to join a group of 200 people, how much would you pay if that group was random people on the street? Probably nothing.
What if that group was successful business owners of multi-million dollar businesses who are inherently incentivized to participate in the conversations because the value of their NFT depends on it? Probably a lot.

I think a lot of people are currently creating NFTs just because it's new and they can, but that doesn't meant the NFT always makes sense (or maybe they are just all art, so they make sense to other people and not to me).

The trouble I'm currently having, is how do I find the NFTs that actually have some kind of use or purpose?
I see ones that can be used in games, but that doesn't interest me. I see some that can be staked, but I can stake other coins without owning an NFT. Where are the NFTs that are actually useful?

 

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[Andy Black]

But, more importantly, it encourages the group that holds the NFT to provide actual value in their section of the forum. The value of the NFT they hold is directly related to the value of the information that is in the hidden forum to which the NFT grants access. If no one participates, then the NFT will have no value. If the forum is lively and full of great, actionable info, then NFT will rise in value and can be sold at a profit. So it is in the NFT-holder's best interest to provide value.

This is the key part to me. It’s in each members interest to make the membership more valuable.

BTW… I think you coming at this from a non technical viewpoint is an advantage.

 

[MTF]

The trouble I'm currently having, is how do I find the NFTs that actually have some kind of use or purpose?

I think that right now it's mostly by following influential people directly. For example, Kevin Rose launched Proof Collective NFT recently:

A private group of 1000 dedicated NFT collectors and artists. Membership to the collective and all of the benefits come from holding the PROOF Collective NFT.

You can get it on OpenSea: https://opensea.io/collection/proof-collective

They're selling for 5 ETH now so it shows how valuable these are for the right person who wants easier access to Kevin Rose.

 

[CareCPA]

I think that right now it's mostly by following influential people directly. For example, Kevin Rose launched Proof Collective NFT recently:



You can get it on OpenSea: https://opensea.io/collection/proof-collective

They're selling for 5 ETH now so it shows how valuable these are for the right person who wants easier access to Kevin Rose.

The great irony here is that the utility of this NFT is that it grants you access to a group that's stated purpose is basically to track upcoming art NFTs.

I do appreciate you sending this link, though, as it shows that my thinking above on a "private group" is not far off. The part that would really annoy me is that it's limited to 3-years. I would think you would want to encourage long-term value?

Maybe what I'm looking for just isn't mainstream yet, or maybe I'm not in the right circles. Maybe I'm just doing a bad job of describing it, or maybe I don't even know what I'm looking for?

I'm very interested to track the current/future use of NFTs, I just don't have 20 hours a day to spend researching all of them, so maybe I need to wait until some of the initial noise clears out.

 

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[MTF]

The part that would really annoy me is that it's limited to 3-years. I would think you would want to encourage long-term value?

Where does it say it's limited to 3 years? I also thought it was lifetime. But I guess you can't offer lifetime access honestly as eventually the creator will die and then what?

I'm very interested to track the current/future use of NFTs, I just don't have 20 hours a day to spend researching all of them, so maybe I need to wait until some of the initial noise clears out.

There's a LOT of noise right now.

Here's where you can learn more about NFTs but as far as I know this is mostly about art NFTs (which I also don't find that interesting considering I don't believe as much in the intrinsic value of this kind of art):

Curious Addys - We're the first educational NFT project with a 100% refund baked into the smart contract. Mint risk-free.

We're a collection of 5,000 adorable octopuses ready to explore the wonderful world of Web3 with you. Our goal is to be the first stop for any Web3 newcomer to explore the space in a safe, fun, and welcoming environment ❤️

www.curiousaddys.com

Here's a specific non-speculative use of NFTs:

Create a Music NFT - Royalty Exchange

Learn how to create an NFT of the music you've created and list it on all NFT marketplaces.

royaltyexchange.com

 

[Antifragile]

Ok, I've spent way too much time thinking about this, especially for someone without a tech background. But in my mind, there are currently two popular types of NFTs.

One is the "art" NFT, which I don't really understand because I don't understand art to begin with. I have no idea how to value it, and it has no real use to me. So if someone creates some digital art and wants to sell it as an NFT, that's great, but that holds no interest for me.

The second is what I will call a "utility" NFT - there is probably a technical name for this, but I have no idea. This thread is long and hard to digest for the non-techy.
This type of NFT actually allows you to do something or have access to something that you would not otherwise have.
Since @MJ DeMarco has been brainstorming here, let's come up with a new idea.

Maybe MJ wants a more exclusive group than just the INSIDERS, so he develops a VIP level. He only wants 200 members at a time, because more than that and it just becomes noise.
To accomplish this, he creates an NFT, and 200 can be minted (I get fuzzy on this part, but that's why there are consultants to pay). He can invite people he likes to mint them (or probably mint them himself and sell them?) so that he can control the quality of the group in the beginning.

Anyone who holds this NFT can have access to a hidden area of the forum. From a procedural standpoint, if you have the NFT in your Metamask wallet, then you can connect to the website and see the hidden area. I'm sure there are other ways to accomplish this, but I've at least played with Metamask so I have a vague idea of how it works.

The NFTs can also be resold, and MJ can collect a royalty on each sale (built into the NFT/contract so it is automatic). Residual money = win.

But, more importantly, it encourages the group that holds the NFT to provide actual value in their section of the forum. The value of the NFT they hold is directly related to the value of the information that is in the hidden forum to which the NFT grants access. If no one participates, then the NFT will have no value. If the forum is lively and full of great, actionable info, then NFT will rise in value and can be sold at a profit. So it is in the NFT-holder's best interest to provide value.

If you wanted to join a group of 200 people, how much would you pay if that group was random people on the street? Probably nothing.
What if that group was successful business owners of multi-million dollar businesses who are inherently incentivized to participate in the conversations because the value of their NFT depends on it? Probably a lot.

I think a lot of people are currently creating NFTs just because it's new and they can, but that doesn't meant the NFT always makes sense (or maybe they are just all art, so they make sense to other people and not to me).

The trouble I'm currently having, is how do I find the NFTs that actually have some kind of use or purpose?
I see ones that can be used in games, but that doesn't interest me. I see some that can be staked, but I can stake other coins without owning an NFT. Where are the NFTs that are actually useful?

Profile jpeg NFTs currently are all the rage. They are crypto punks and bored apes. They signal your status. Think of it as your face and clothes, but on the internet. On the internet it’s all about your avatar. So there is a distinct utility (like you described) from being a crypto punk. You can’t be a nobody, you are either rich or early adopter. Exclusive small groups help each other. How? They do all kinds of invites for private projects and free air drops.

NFT is just programmable goods in the virtual world. In the future you’ll be able to show a cop your wallet, he’ll know your car is yours, your insurance status. You can show your house deed to insurance agents same way. Or program you home NFT for AirBNB! Best of all? You could borrow against your home equity by pledging the NFT of your house. Borrow from other people, not banks!!! All of this is way into the future.

For now, it’s mostly focused on gaming (for 2022), because the crows there already accepts token economy.

Hope this helps.

 

[MJ DeMarco]

Ok, I've spent way too much time thinking about this, especially for someone without a tech background. But in my mind, there are currently two popular types of NFTs.

One is the "art" NFT, which I don't really understand because I don't understand art to begin with. I have no idea how to value it, and it has no real use to me. So if someone creates some digital art and wants to sell it as an NFT, that's great, but that holds no interest for me.

The second is what I will call a "utility" NFT - there is probably a technical name for this, but I have no idea. This thread is long and hard to digest for the non-techy.
This type of NFT actually allows you to do something or have access to something that you would not otherwise have.
Since @MJ DeMarco has been brainstorming here, let's come up with a new idea.

Maybe MJ wants a more exclusive group than just the INSIDERS, so he develops a VIP level. He only wants 200 members at a time, because more than that and it just becomes noise.
To accomplish this, he creates an NFT, and 200 can be minted (I get fuzzy on this part, but that's why there are consultants to pay). He can invite people he likes to mint them (or probably mint them himself and sell them?) so that he can control the quality of the group in the beginning.

Anyone who holds this NFT can have access to a hidden area of the forum. From a procedural standpoint, if you have the NFT in your Metamask wallet, then you can connect to the website and see the hidden area. I'm sure there are other ways to accomplish this, but I've at least played with Metamask so I have a vague idea of how it works.

The NFTs can also be resold, and MJ can collect a royalty on each sale (built into the NFT/contract so it is automatic). Residual money = win.

But, more importantly, it encourages the group that holds the NFT to provide actual value in their section of the forum. The value of the NFT they hold is directly related to the value of the information that is in the hidden forum to which the NFT grants access. If no one participates, then the NFT will have no value. If the forum is lively and full of great, actionable info, then NFT will rise in value and can be sold at a profit. So it is in the NFT-holder's best interest to provide value.

If you wanted to join a group of 200 people, how much would you pay if that group was random people on the street? Probably nothing.
What if that group was successful business owners of multi-million dollar businesses who are inherently incentivized to participate in the conversations because the value of their NFT depends on it? Probably a lot.

I think a lot of people are currently creating NFTs just because it's new and they can, but that doesn't meant the NFT always makes sense (or maybe they are just all art, so they make sense to other people and not to me).

The trouble I'm currently having, is how do I find the NFTs that actually have some kind of use or purpose?
I see ones that can be used in games, but that doesn't interest me. I see some that can be staked, but I can stake other coins without owning an NFT. Where are the NFTs that are actually useful?

If this is accurate, this is the best explanation I've read thus far. Thank you for providing.

However my original supposition still feels the same... I don't see anything revolutionary except the ability to resale the membership at variable pricing, and get a residual on it. In theory, I could have done this 7 years ago, and without NFT or blockchain tech, the difference being I set the resale price, not the market.

 

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[MTF]

However my original supposition still feels the same... I don't see anything revolutionary except the ability to resale the membership at variable pricing, and get a residual on it. In theory, I could have done this 7 years ago, and without NFT or blockchain tech, the difference being I set the resale price, not the market.

People can do a LOT more when properly incentivized and feeling like owners. But to feel like owners of digital items they need a permissionless, trustless protocol. In your case, they would still need to trust you - and you control everything in this scenario.

Sure, you can help promote an upcoming artist by streaming their music, buying their merchandise, etc. But get their NFT which is directly tied to their value and makes you one of the "owners" of their upcoming success and I'm sure that most people would become their evangelists full-time.

Same here. The INSIDERS membership is one thing. The limited INSIDERS membership that's proven to be owned only by, say, 200 people (real verifiable scarcity), with additional exclusive perks (utility), its market value tied to the popularity of the forum and your books?

As for you setting the resale price, that's what people believing in Web3 don't want. They want full freedom to do what they want with what they (digitally) own. If they own something, they really own it without any asterisks and without asking anyone for permission.

 

[CareCPA]

If this is accurate, this is the best explanation I've read thus far. Thank you for providing.

However my original supposition still feels the same... I don't see anything revolutionary except the ability to resale the membership at variable pricing, and get a residual on it. In theory, I could have done this 7 years ago, and without NFT or blockchain tech, the difference being I set the resale price, not the market.

As @MTF mentioned above, I think this is entirely the point. Isn't "decentralization" the buzzword? It's not just you making all the decisions, it's the owner of the membership.

In the hypothetical case I created here, it's also about aligning interests. If I buy in, and I know that you are going to resell my membership, then what is my motivation to improve the community? Even if I'm getting a cut of the resale amount, I would need to believe that you care more about maximizing my return than about just completing the transaction.

But if I own my membership and can resell it on the market, then I'm incentivized to make the community better because it directly affects my return on investment.

For you as the creator of the NFT/community, you also don't need to get involved in every resale transaction, you just get your residual on the sale.

 

[MJ DeMarco]

@MTF @CareCPA ... thank you so much helping me understand, it is really helpful.

So basically, my NFT would be a private mastermind full of business owners engaging in a Fastlane philosophy, limited to X users, say 100. Ownership of the project includes a private discussion group with me as host, any of my future books for free, any past books offered as wholesale, and an annual party at my home. Question, can I limited the NFT to pre-screened buyers upon initial release? 100 business owners who are engaged in their Fastlane is far better than 100 people who just agree with the books, but have NO business and NO experience. As you see here at the forum, plenty of people want to live a Fastlane, but few will actually execute it.

 

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[Antifragile]

@MTF @CareCPA ... thank you so much helping me understand, it is really helpful.

So basically, my NFT would be a private mastermind full of business owners engaging in a Fastlane philosophy, limited to X users, say 100. Ownership of the project includes a private discussion group with me as host, any of my future books for free, any past books offered as wholesale, and an annual party at my home. Question, can I limited the NFT to pre-screened buyers upon initial release? 100 business owners who are engaged in their Fastlane is far better than 100 people who just agree with the books, but have NO business and NO experience. As you see here at the forum, plenty of people want to live a Fastlane, but few will actually execute it.

Yes. You can and should if you ever do that.

I imagine the potential for people with 8-9 figure businesses of talking to each other and helping is the main value. Your screening of “I’m excited to start because I read a book” would be the value skew.

Edit-
But I guess the interesting part would be, could you prevent someone from re- selling that membership NFT? Hmmm…

 

[c4n]

@MTF @CareCPA ... thank you so much helping me understand, it is really helpful.

So basically, my NFT would be a private mastermind full of business owners engaging in a Fastlane philosophy, limited to X users, say 100. Ownership of the project includes a private discussion group with me as host, any of my future books for free, any past books offered as wholesale, and an annual party at my home. Question, can I limited the NFT to pre-screened buyers upon initial release? 100 business owners who are engaged in their Fastlane is far better than 100 people who just agree with the books, but have NO business and NO experience. As you see here at the forum, plenty of people want to live a Fastlane, but few will actually execute it.

Couldn't you do that just as easily with a regular membership system? Looks to me like a lot of people are trying to use NTF to solve problems that don't exist.

What people ask:

Here is a cool new technology called NTF - now, what problem can I solve using NTF?

What people should ask:

Here is a problem I have - what technology can I use to solve this problem as quickly and easily as possible?

 

[Andy Black]

Couldn't you do that just as easily with a regular membership system? Looks to me like a lot of people are trying to use NTF to solve problems that don't exist.

What people ask:

Here is a cool new technology called NTF - now, what problem can I solve using NTF?

What people should ask:

Here is a problem I have - what technology can I use to solve this problem as quickly and easily as possible?

I think people are trying to get their heads round NFTs.

 

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[c4n]

I think people are trying to get their heads round NFTs.

Point taken, @Andy Black

It is a new technology and there are still a lot of unknown unknows there waiting to be discovered. I do apreciate everyone participating in this thread.

 

[Devampre]

If you want to understand some of the NFT utility "nerdspeak" and can spare 25 minutes, a good video I saw on this is here:

 

[Heal Piece]

I'm know we have touched on security before, but seems appropriate to bring it up again. A person was "hacked" last night and lost 8 BAYC (worth over 50 ETH EACH) 7 MAYC (worth over 10 ETH EACH) and 1 Clone X( worth a min 4.5ETH) A conservative estimate here is roughly $2 MM in assets, but it's probably a bit more assuming he had some rares. I put hacked in quotes because the fault was actually his own, despite the malicious attempt put in front of him. He was trying to sell one or some of his pieces via a private sale to save some money. You can avoid fees on Opensea by doing this, but at your own risk. A person who was privy to this information, maybe the person who proposed to buy the NFTs sent our poor sucker a faulty link which prompts a signature for access to his wallet. He signed thinking this would prompt the sale, but did not double check the link he was clicking. It instead gave the "hacker" full access to his wallet for which he kept ALL of the assets listed above. As a matter of fact, our poor guy clicked the signature a whopping ~16 times continuously transferring more assets over. The hacker transferred everything to his own wallet at no cost then sold quickly for deep discounts on Opensea. He walked with over 1 MM last I saw.

A lot of people are blaming the guy for not using a hardware wallet, which I know has been preached around here. But in this case even a hardware wallet would not have saved him as he was giving access to whatever wallet was holding the asset in. So a few good rules for everyone...

-NEVER give anyone your seed phrases. For any reason. EVER!. Also, DO NOT keep your seed phrases stored on your phone or in a photo, or in any file (word doc) on your PC.
-If you did any of the above, reset your seed phrase on your wallet, hand write it down and stuff it somewhere safe (in a safe?) I have 1 sheet at home and 1 in a safe deposit box at my bank.
-NEVER click a link to give access to your wallet that isn't a link straight from an official website or official discord.
-If you have multiple valuable NFTs or large amounts of crypto, use multiple wallets! This gentleman above had over 2 MM in NFTs and 11 ETH in one metamask wallet. Make multiple metamask wallets and even spring for multiple nano ledgers.
-NFTs are in a bit of a bull run right now and some fake (rug) projects are popping up. ALWAYS DYOR! Don't hear about a project from one person and then just ape in on a mint from FOMO. Basic questions you should ask, is the dev team doxxed? Have they launched any successful NFT campaigns before? How old is the discord? What's their road map look like or is there even one? How big and active is their community? Red Flags: Non-doxxed dev team, fake giveaways on twitter, new twitter accounts with large inactive followings, "stealth launch" and open discord to public on same day as mint, copy cat art from other projects. Non of these mean anything in one singular instance ,but when you start to see multiple on one launch, tread cautiously.

It's still very much the wild wild west in crypto and NFT land and there are a lot of unsavory people out there looking to take advantage of newbies, or in some cases not so newbies! I know this seems a lot like common sense, but many of these new millionaires were made just this year on BAYC and they opt to overlook a lot of this security. And off the top of my head this is the 3rd or 4th person in the last few months who has lost multiple apes due to one of the things i described above.

A note to end on, it appears Opensea froze his assets that were stolen and are attempting to retrieve them for him. Make what you will of that, it's a happy ending, but also against what web3 should be.

Edited for random misspellings i caught, sorry wrote this in a bit of a hurry.

 

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[Antifragile]

https://twitter.com/i/web/status/1476651191144640528

View: https://twitter.com/cryptoelonjones/status/1476651191144640528?s=21

 

[Lex DeVille]

Interesting video on influencer scams surrounding NFTs. Prepare for cringe. Beware of scams.

 

[Ocean Man]

I'm potentially looking forward to investing in: Coming on 1/11: Nas Drop on Royal! through royal.io.

If I'm able to get some of the limited tokens, I'll be receiving a % of streaming royalty from Nas' song Ultra Black or Rare.

The thing is he gets 12M+ monthly streams on Spotify alone. But neither Ultra Black or Rare are one of his "popular listen", so not sure if it'll be worth it.

DROP DETAILS

1/ Ultra Black: Tuesday, Jan 11 at 1pm ET / 10am PT

A limited supply of 760 tokens total will be available for Ultra Black. The drop is first come, first served.

Tiers Available:

• Gold: 0.0143% streaming royalty ownership for $50
• Platinum: 0.0857% streaming royalty ownership for $250
• Diamond: 2.14% streaming royalty ownership for $4,999

2/ Rare: Tuesday, Jan 11 at 9pm ET / 6pm PT

Keeping the post-Grammy momentum, Nas and Hit-boy return with the lead single “Rare” off of King’s Disease II. The song shows that Nas is in rare form, cementing his spot as a veteran that’s still at the top of his game.

A limited supply of 1,110 tokens total will be available for Rare. The drop is first come, first served.

Tiers Available:

• Gold: 0.0113% streaming royalty ownership for $99
• Platinum: 0.0658% streaming royalty ownership for $499
• Diamond: 1.5789% streaming royalty ownership for $9,999

 

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[Antifragile]

I think I am developing an unexpected problem. I never thought NFTs were something I'd be interested to collect. I don't collect anything. Yet lately, I keep buying shit that I like. Totally shocked but art is like that, its about emotions and some things are just cool to no end. It's the furthest thing from investing...

Watch out, don't be like me. I went in to learn and ended up buying a bunch on OpenSea. I need to stop. LOL

 

[Antifragile]

I'm potentially looking forward to investing in: Coming on 1/11: Nas Drop on Royal! through royal.io.

If I'm able to get some of the limited tokens, I'll be receiving a % of streaming royalty from Nas' song Ultra Black or Rare.

The thing is he gets 12M+ monthly streams on Spotify alone. But neither Ultra Black or Rare are one of his "popular listen", so not sure if it'll be worth it.

Say it makes no financial sense but the idea that you can now do that with tech... mind blowing! Cool.

 

[raylech1986.it]

To use a real world example, Art:

An NFT is a unique token (non-fungible) *proving* ownership. Nature of the block-chain ensures this.

Say in the meta-verse, you had an art gallery room and wanted to display the Mona Lisa (or your 30k JPEG )…

…if you don’t own the NFT, your meta-verse gallery room would show - clear as day - that your Mona Lisa (or JPEG) is a fake/copy/forgery.

This podcast episode by Tim Ferris with guests Naval Ravikant and Chris Dixon go into NFTs, web3, meta verse, etc.

2.5 hours of goodness.

‎The Tim Ferriss Show: #542: Chris Dixon and Naval Ravikant — The Wonders of Web3, How to Pick the Right Hill to Climb, Finding the Right Amount of Crypto Regulation, Friends with Benefits, and the Untapped Potential of NFTs on Apple Podcasts

‎Show The Tim Ferriss Show, Ep #542: Chris Dixon and Naval Ravikant — The Wonders of Web3, How to Pick the Right Hill to Climb, Finding the Right Amount of Crypto Regulation, Friends with Benefits, and the Untapped Potential of NFTs - Oct 28, 2021

podcasts.apple.com

 

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[biophase]

Question, can I limited the NFT to pre-screened buyers upon initial release?

I’d think you can only let the prescreened people know about your drop.

But they could resell to someone you don’t want in the group right after.

However I think that eventually the high price of the NFT would screen out a good majority of people.

 

[Godmode]

Right-click saving a JPG is akin to printing a picture of the Mona Lisa and hanging it on your wall. Sure there's a Mona Lisa on the wall, but it is not THE Mona Lisa. You couldn't sell or do anything with your copy, as it's not the real thing.

This is not true...

This is a a big misconception about NFTs. When you right-click on a JPG and save it, you don't save a copy. You save the original file.

The Mona Lisa original is not replicable because we can't make an atom-by-atom copy. We don't have the technology to do it.

A JPG, or any file, is replicable because, unlike a painting, we can create infinite EXACT copies of it. But beware of using the word "copy" when talking about data, because every copy of a file is 100% the same as the original file.

I know it seems counter intuitive. A file is just a sequence of data, and since data can be copied whenever we want to, we can create different originals of the same file. All exact copies of each other.

The "original" file, the one in the author's hard drive, and its copies, have no difference. There is no way to prove which file is the original (assuming you copy the file attributes too, which can be done).

When you buy an NFT, you DON'T BUY or OWN THE JPEG, you ONLY OWN THE SIGNATURE associated to the JPG file. The signature is nothing but a short string of text (the NFT token) certifying that the signature was minted by a given user, and it's unique in the Ethereum blockchain (a network of computers certifying that a token is 100% authentic in this network).

To be clear, an NFT is NOT a file, a JPG, a video, or music, it's just a "signature" in the blockchain.

The original JPG, or music, or video, or vector, is publicly accessible on NFT shops, and can be owned by ANYONE through right-clicking and saving it.

Anyone can own the original file, but only one Ethereum user owns the Ethereum blockchain signature (the NFT).

When you read articles about "X image has been sold as NFT for 10 millions of dollars", it's not true that the image has been sold. ONLY the token on the Ethereum blockchain has been sold.

It seems like many NFT collectors are being scammed by NFT online shops and artists into thinking they are buying JPGs! They aren't!
They are buying a digital signature. I'm not saying they have no value, though.