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

[AceVentures]

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.

Hey thank you so much for taking the time to write this.

My journey into crypto started during the elections back in November 2020. I saw so much F*ckery before my eyes, and I was tired of blindly believing and trusting these "expert" authority figures.

At the time I thought BTC was the solution - but as I actually used ETH, I recognized it as a 24/7 open economy. I could exchange information, money, get access to most financial products that exist in tradfi without any red tape, without sitting down with some a**hole in a suit and have to ask for permission.

I was hooked - nobody could cancel me, they couldn't cancel my funds, and I never needed permission for anything I wanted to do. I could get hundreds of thousands of dollars in loans within a click! It was such an empowering feeling of sovereignty that I've never looked back since.

These principles were so well aligned with the values we share on this forum as unscripted entrepreneurs that I've since been on a mission to show the path to as many folks as I can.

It means a lot to know that these words I share on a screen have had some kind of an impact on you.

Cheers bro, keep digging down the rabbit hole.

 

[drpeppehr]

Just sold two Bloots and it changed my life. Now I question my plan, and why I'm grinding making $20 bucks an hour to one day create a fastlane business.

I was able to mint two NFT's from a project called Bloot. Minting is free but it costs "gas" which was about $250. For some reason these NFT's floor price raised very quickly to $9,000 each.

 

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[AceVentures]

Thank guys for this informative post about NFT. Learning alot.

How about Crypto games though? Anyone has insights, link or opinion about this?

Probably needs it's own seperate topic but NFT and Crypto games go hand-in-hand.

I think this thread is the perfect place to discuss Gaming. It is one of the most important and emerging use-cases for NFTs, and this thread is all about breaking down what this abstraction layer enables.

Look at something like Star Atlas - it is perhaps the most hyped project right now, and for good reason. They're building out an MMO 3D universe with the Unreal Engine. Solana will be the blockchain engine they'll be using for coordination of assets/identities throughout the game.

Take a look at some of these ships that are on sale. If this game actually grows a massive fan-base, then owning valuable assets inside the game, especially a play-to-earn game, will become very valuable.

A cool observation: DAOs (decentralized autonomous organizations) have started purchasing some of these massive ships for the members of their DAO! As such, when the game goes live, the entire DAO can sail aboard these ships! This was a really neat observation of how organized efforts in the digital realm manifest as value-adds for the participating members of these organizations.



Gaming will be a massive part of the future of Blockchain tech. It is an enormous, and I mean enormous market today. Enabling players/participants to become owners across these Metaverse servers has the potential to promote never-seen before innovation thanks to the better alignment of incentives for creation/participation.

You can look at a simple game like Axis Infinity as a case-study of how the play-to-earn model manifests. I still think the game is gimmicky, but man oh man have I won big-time by investing in what at the time I saw as a powerful business model.

Keep your eyes open for emerging games/tech for the blossoming Metaverse.

The original post in this thread has a link to a fascinating article about the Metaverse. I would strongly recommend you dig thru it as it helps paint a powerful perspective around what's possible in gaming.

 

[AceVentures]

I agree that the U.S. Dollar is inflating away and that is why we see these crazy numbers in everything. However, I think we are ripe for a massive crash and crypto is not where you want your money. There is value in it but now is not the time to hold it - there's a massive dump coming.

I personally see value in Gold. Physical Bullion, ideally kept in a vault outside of your jurisdiction such as Switzerland. I am keeping the majority of my portfolio in Gold in this way. Silver also has value, but prices are high. I plan to put 7 figures into a physical type of SLV ETF when the NASDAQ crashes and institutional investors are dumping paper silver. I think there is a big opportunity there.

There is also value in what you say and in diversification. Perhaps it merits a portion within a diversified portfolio.

Regardless, some of us with more conviction and appetite for risk may want to engage with the markets slightly differently.

That approach also merits open discussion, as I personally advocate for.

In either case, I respect that people have differing opinions and approaches to this - what I would recommend is we steer away from characterizing an entire technology as a ponzi, because I believe it is simply a lazy use of vocabulary we're employing to describe an emergent force we don't quite understand yet.

 

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[biophase]

I have so many questions as I am a noob here. But I am putting together the framework to create my own community and using NFT‘s as memberships. I will be minting my first collection soon. Just working out all the benefits now. It’s a lot of work and basically like starting a new company that will be partially governed by the future NFT holders.

Is it an advantage or disadvantage to use a polygon network versus Ethereum?

Should I do:
100 unique NFTs, 1 of 1
1 NFT, 100 of 100, each NFT is exactly the same
100 NFTs, but the image on each one is 95% the same with subtle differences in some of them? What I’ve heard is that this would make the rarer NFTs more valuable than the common ones.

 

[Arithen]

OK, this makes some sense. So my NFT (a book) which will also have to include some private party at my home once per year. This adds to the "project".

Haha, yeah, essentially.

There are, of course, NFT collections that are purely sold as collections, as I mentioned; in this case, an investor would be investing in the person themselves.

But, from what I've experienced, that majority of NFT collections act simply as the 'shares' of the company.

I saw a very good tweet at one point with the following comparisons:

NFT Terms |-|Traditional Investment terms
Project |-----| Company
Creator |-----|Founder
DAO |--------|Management
Collector |----| Shareholder
NFT |--------|Shares
Jpeg |--------| Stock certificate
Roadmap |---| Product
Community |-| Marketing
Royalties |----| Revenue

Didn't know how to make a graph more readable, sorry, haha.
Token = Dividend

 

[biophase]

The seems just like clever wordsmithing to me. If someone buys the book from Amazon, they also have an "original" and "the community" can see you own book... it all just seems like a bunch of flimsy value skew that really isn't skew at all.

I find there is negligible value skew for the buyer, and more so, for me. Financially speaking, I'd be better off selling 100,000 books on Amazon VS selling an NFT for $100 that transfers ownership 50 times because ultimately, it will be stolen anyway.

The bottomline is, I see no benefit to the arrangement as it limits my work to a few people. Worse, I get no protection from copyright theft which ultimately occurs on every book I write. I'm still not convinced we're operating in Greater Fool market.



Thank you, this definitely adds intrigue and value, but I still doesn't constrain supply. That's the problem with this. If someone wants my book, they buy or steal it. Under the NFT ecosystem, that remains the same, just that buying it becomes more difficult, and more expensive, royalty or not. And when a $15 book is suddenly a $500 NFT through resale, the torrent thefts will only become more predominant.



OK, this makes some sense. So my NFT (a book) which will also have to include some private party at my home once per year. This adds to the "project".

The way I currently view NFTs is more like a membership program. I’ve been toying with launching one of these for my business. And it would go something like this. You would buy a piece of minted jpg from my company for let’s say $500.

The benefit of this of holding this piece of art in your wallet is that you will get one of our products sent to you every month for the next 10 years.

If somebody does the math, they will see that that equals 120 items which would imply a cost of about $4 per item. Of course we would be shipping items worth anywhere from $15-$100 to them. What this would do would drive the value of these NFTs up.

As somebody else mentioned, the actual JPEG is not worth anything. The value comes from belonging to a club that has a limited membership.

Imagine if you sold an NFT platinum edition of your first book and limited to 1000. And then six months later you tell everybody that whoever bought your NFT gets a copy of all the books you write delivered automatically into their wallet for life.

Imagine what the demand for the NFT platinum edition for your second book would be like.

Then imagine that you announce that anybody who has the NFT platinum edition of both of your books is automatically invited to your Fastlane yacht party.

Then your fans who have read your books, whether they paid for them legitimately or pirated them have no other choice but to try to purchase these two special NFTs to get to your party.

 

[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]

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?

Yes! I've had NFTs 10x overnight before, so I care little about fees.

I'm also impatient and want my txs thru immediately, so I always pay max fees lol, if your tx value is high enough, the fees are justifiable.

View attachment 39646

Luckily this just launched a few days ago,

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

Careful about hopping onto just any NFT platform. This is not anything new, there are dozens of "NFT" chains.

Especially when it comes to investing in underlying technology/platform. Most of these are just rehashes/forks of other platforms.

One of the reasons people are super bullish on ETH NFTs is because they believe in the longevity of the chain, thus assurance that their NFT assets will be preserved in the future.

@AceVentures LUKSO?

Won't it be cross compatible with ETH? I remember Fabian saying so in one of his interviews/discussions.

Yep there you go - They call these chains EVMs (ethereum virtual machine).

But so is BSC! The reason I'm bullish on LUKSO is not only because it's an EVM and thus easily integradable with most existing projects, developers and tools, but because of the ERC725 smart contract they will be using.

Here read thru these two resources. It's OK if you don't understand it all. Just let your mind soak it up. Simply being aware of these things can do lots for you over time.

Link1 - ERC725
Link2 - LSP4 - digital certificate

These standards literally open up a new world of possibilities with NFTs that are simply not possible today.

 

[AceVentures]

While most of my friends and peers in my age group spend Saturday nights poisoning their bodies with alcohol and tobacco, frantically trying to seduce the opposite gender into a night of frisky adventures, I spent the evening at home flipping JPGs for a cool $60,000.

To each their own eh?

 

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[AceVentures]

@AceVentures do you think it's worthwhile tracking down influencer wallet addresses and using an app like zerion to track down what they're minting? Seems like everything is being shilled right now and there's an opportunity to purchase right before a Twitter post or a YouTube vid.

Onchain analytics can teach you lots yes. I would certainly encourage you to dig deeper down this rabbit hole if your aim is to make money, you will not regret it.

I'm personally bowing out of further NFT/Crypto discussions. I've made more money than I need - and I'm starting to feel disgusted with myself.

More money is not the answer to any of my needs at this point. I apologize in earnest to anyone who I have hurt with my words in these forums by being overly passionate or by not giving enough love to the way I handled our fragile discussions. I am angry, I am sad, I am fearful, I am wrong, and I am full of mistakes. I am sorry, and I want you to know, if you are reading this that I love you and I care for you.

I'm sure the community here will fill in the blank pages of this story - and remember the end goal of this technology is personal liberty. Not free because we have more money now, but free because our words, our love, our idea, our existence can live on uncensored.

 

[MTF]

Rolex can be faked, but authentic Rolex has value beyond $$$. To many it’s an indicator of status, wealth, power, success etc. Public wallets allow to have cyber punks owners to show off, like a Rolex. And since it’s in blockchain, you can’t claim to have it because you got a knock off. It’s in public domain (by your choice) to show you have authentic item.

Which is why the speculative NFTs value is so hard to grasp for most investors. Unless you can't contain your excitement around baseball cards and other similar collectibles, its digital counterparts make absolutely zero sense. Same if you don't care about showing off.

I mean, seriously, I can't NOT roll my eyes if someone is seriously thinking that it's impressive to "own" a piece of pixelated digital junk.

I can understand owning rare beautiful ancient/medieval art (its scarcity is real, not fabricated) but this? I'll be extremely surprised if cryptopunks and similar NFT silliness in a few years (or less) won't become another story of how people lost their life savings on something that in hindsight was so idiotic it's unbelievable.

 

[AceVentures]

im now starting to read about NFTs and understand what they are. Now what would you guys say are good NFTs to invest in? curious to see doing my own investigating as well.

One of the brands I personally follow closely is RTFKT Studios. Unreal Engine recently did a spotlight on this project to showcase how they're leveraging the Unreal Engine for their creations and it looks quite stunning!




Another upcoming project I've seen many of the leading curators I follow take interest in is the MekaVerse project.



Please keep in mind these are only two random arbitrarily selected projects to simply showcase an example of what some hot projects in the space look like. I am by no means suggesting you or anybody else invest in these.

Perhaps you find value there as well - perhaps not.

Cheers!

 

[Equilibrium]

It's really cool how you're able to tokenize a community. For example, I recently purchased a Metaverse HQ Key which gave me INSIDERS access into a Discord community. Imagine if you NFT the fastlaneforum's INSIDERS membership. The only way a user would have access is if they have an NFT token. Later on if a community member wants to leave the INSIDERS, they can sell their token to another person and that person would then have access to the INSIDERS!

This is actually exactly how I intended to run a project I'm working on.
There is a massive barrier in place though., GAS FEES

when you start to sell or list a item you pay a ''gas fee'' which is essentially you paying for someone to pick your contract to be created. the fees fluctuate from demand of people wanting to use the network. This means you can try to sell something and it wants $400, close it get some coffee and come back to a $600 fee JUST TO LIST OR BUY SOMETHING ELSE.

Selling something for $30? someone first needs to register, and pay the gas fee to buy your item. Then if they ever want to sell it they need to pay again. Gas fees are insane for etherum right now.

So to buy something someone needs to
1: buy the crypto. That means opening a account and submitting documents or info to create the exchange account

2: send the crypto
Need to have metamask, a wallet or generally understand how to send the crypto to the exchange to buy the items (in this case let's use Opensea.com for buying NFT's

3: possibly pay more in gas fees if they made noob mistake of lowering gas amount
transactions can get stuck. Add more money.

4: once crypto is in wallet on Opensea pick something you want

5: oopsy. you need to pay gas to buy something.

6: okay you paid the fee and own the item.

A lot of people on Opensea (self included!) use the Polygon network. Once you start using that there are no gas fees to mint (create new items to sell) buy or sell items. However joining the polygon network requires another gas fee.

That's IF you know how to use polygon. If not then you are paying a fee every single time you add eth, withdraw eth convert to Weth (a pink version of Eth)

View: https://www.youtube.com/watch?v=yyxK81jEj9U


So there are fees everywhere and a lot of barrier to entry.
Someone needs to make a friction-less system. Right now it's just nerds like myself on the networks.

 

[Ocean Man]

I was lucky enough to mint 2/7500! Metakey: Edition 4. The key sold out in 15 minutes.

I love the art of the key and the utility of the NFT are great!

 

[AceVentures]

First of all, thank you for that incredible and eye-opening thread. @AceVentures

I didn’t know anything about NFTs before, but after reading this thread and the blog articles you suggested about NFTs, the Metaverse … I am a believer and think, that this will completely revolutionize the internet.

The question now is: what to do with this knowledge?
I am of course going to invest into NFTs and most of all the underlying technology, like for example LUKSO.
But are there other ways to participate in and benefit from that field? If so, what would that be? Should I start learning crypto programming from scratch? (Not, that I know anything about normal programming.) Or is there a way to benefit while using already existing skills? I work in marketing and public relations, for example. Would there also be a way to use these skills in that field? If so, how would you do that?

Look into and study up DAOs (decentralized autonomous organizations). These are like companies, but they are run by collectives of people using crypto rails. They have treasuries and typically some kind of organizational structure to process funds, move money around, invest with the treasury, pay for work, etc.

They are growing rapidly and some DAOs have billions in their treasuries. Fortunately for anybody that can provide value via the internet, this means you can tap into these treasuries to collect bounties. What type of work do they need? Only way to find out is to participate and see where you can help out.

Here's a very quick example from something that popped up for me today: I noticed that LUKSO is offering a bounty for doing some work around the documentation of one of their tools, which is a fork from an Ethereum repository. The idea was to change the wording in many instances and replace Ethereum with Lukso, or to remove certain comments that aren't useful, or to change a photo in the folder to a more fitting photo aligned with Lukso. This task is relatively simple - anybody with half a brain could click around and after a while figure it out.

These types of tasks are plentiful - and are not the only thing available. Many functions need help. For example. design and marketing, business development and strategy, public relations, social media management, community engineering, product management, a host of engineering roles for piecing together all kinds of systems, and more. You could even serve as a meme lord - a lot of people need good memes (this is no joke btw).

 

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[Lex DeVille]

This is hilarious. After a freediving session I was talking outside in front of the school with some guy about ways to make money as an author and mentioned that as new formats come along (such as NFTs), you can possibly take your content and adapt it into these new channels.

He started asking me various basic questions about NFTs (stuff I was also extremely apprehensive about, such as "why buy it if I can download a JPG"). Since I've done my homework I was able to answer all these questions in what I feel was a non-hypey "here's how it works" way.

Other people started listening as well and suddenly I became an NFT expert even though I know almost nothing about it LOL.

This only shows how early we're in this stuff and how little you need to know to know so much more than everyone else. If you dedicate a few dozen hours to it, you'll know more than almost everyone else in the world. When NFTs grow into new, everyday applications for regular people (like real estate, royalties, communities, etc.), you'll be far ahead.

I'll personally probably focus on NFTs for authors and/or artists in general as I think that they're so badly f*cked by big corporations that this can change their lives.

Was talking about this with @Andy Black this morning. Strange coincidence that you shared this on the same day.

A new era of gurus is being born.

At the local level, virtually anyone could start up a blockchain/crypto/nft education business.

I'm starting to think about the different roles NFT can play at all levels.

I like the idea that as more people come on board, I can bet on human potential. I can stake money on a musician I think will take off in the future. Or perhaps I can put money on the next Elon Musk before their true genius is realized. Then, because I own a piece of that, I am incentivized to promote that person - to get their name out there and to help them grow in any way possible because my profit depends on their success.

This also makes it seem like, in addition to betting on infrastructure, and instead of guessing about which NFTs will be winners, it would be smart to build your own communities and brands and to start creating your own NFTs to sell rather than to buy. In other words, betting on yourself and your own potential.

I'm also pondering what other ways NFTs will eventually come into play at the local level. Here in Joplin, MO, how will people use this? What will they do with it? We're a small town of around 50,000. So as this picks up, where are the opportunities within small businesses and how do small towns merge the world of NFT into mundane life? Not asking so others can tell me (but feel free if you want to). Just questions I'm pondering as I start to explore this world.

 

[Ocean Man]

Question...

1) I write a new book.
2) I release as an NFT.
3) It sells for $20, about the average price of a book. I get twenty bucks.
4) One person owns it, and sells it to another person. I got a small royalty.
5) This happens 10 times. I get more royalties.
6) One of those buyers throws the book up on the torrents where 1,000,000 can download it illegally, just like a normal PDF.

IOW, what stops this book from ending up on the torrents and being stolen like every one of my other books?

And BTW, claiming that "You can track your NFT and who illegally posted it" is not a security feature. The end result is the same: I write a book that everyone steals for free on the torrents. At some point, the NFT has no value in being traded because the book has already been copied and stolen thousands of times.

You're right, somebody could definitely upload the e-book to a torrenting website.

Somebody can buy a physical copy of your book right now, scan each page, stitch it all together and upload that to a torrenting website.

The thing is as the NFT creator, you're able to determine the royalties on this book. Let's say I purchase your physical book and you get some profit from that. Well typically, that's where it ends for you. We exchanged value. I got the book and you got the $$$. When I resell the physical book, you're not going to get anything from it.

But let's say that instead, I bought your NFT book and you get some profit from that. But that's not where it ends. When I resell the NFT book, you're able to receive a set % of the royalty from MY sale and any FUTURE sales. (This royalty % is set when you originally create the NFT).

But for sure, somebody could definitely just upload the PDF of the NFT book the same way as anybody could upload an ebook or physical book right now. There's no protection to that.

But let's say that you now want to hold an event or giveaway. And the ticket to the event or giveaway is the NFT book. Well, now you can determine who currently owns the NFT book and grant access to only them. It doesn't matter whether a person pirated your NFT book because they don't actually "own" the NFT. The proof of ownership is on the blockchain and now you can ensure that the only people who have access to your event or giveaway or the current owners.

As time progresses, you'll be able to do more with NFTs and add more functionality to them and they'll have more utility.

Although it's great to buy an NFT. It's even better when that NFT has current and future utility. People will continue to hold onto the NFT if it has value to it. NFTs are a great way to start and grow a community.

That's the gist of it, at least.

Taking snapshots of current NFT holders is a pretty cool thing too. It's done a lot for determining who has access to pre-minting. Let's say 500 people own a fastlane book NFT on Dec 10, 2021. If you take a snapshot of those 500 people on Dec 10, 2021. You're able to say something like, for my next book or NFT, I'm giving purchasing priority to the 500 fastlane book NFT holders based on the snapshot which was taken on Dec 10, 2021.

 

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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.

 

[MTF]

https://twitter.com/i/web/status/1514314671108591621

View: https://twitter.com/CoinDesk/status/1514314671108591621

Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first ever tweet as an NFT for $2.9 million last year. He listed the NFT for sale again at $48 million last week. The top bid was $280 (or 0.09 ETH).

LOL this sums up pretty well what will happen with 99.9% of NFTs.

 

[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.

 

[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.

 

[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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[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.

 

[MTF]

Twelve-year-old boy makes £290,000 from whale NFTs

Benyamin Ahmed created a set of more than 3,000 whale images and sold digital tokens of them.

www.bbc.com

A 12-year-old boy from London has made about £290,000 during the school holidays, after creating a series of pixelated artworks called Weird Whales and selling non-fungible tokens (NFTs).

With NFTs, artwork can be "tokenised" to create a digital certificate of ownership that can be bought and sold.
They do not generally give the buyer the actual artwork or its copyright.

Benyamin Ahmed is keeping his earnings in the form of Ethereum - the crypto-currency in which they were sold.
This means they could go up or down in value and there is no back-up from the authorities if the digital wallet in which he is holding them is hacked or compromised.

He has never had a traditional bank account.

 

[AceVentures]

Just to lighten up the mood a little bit here for all the "Right-click and save DUH" folks out there.

 

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[Rawr]

These NFT projects are coming up with cool ideas every day.

https://twitter.com/i/web/status/1432802991308881928

View: https://twitter.com/tandavas/status/1432802991308881928



in some twisted way this feels like we're going full circle to early game dev. Only this time when u play D&D with your friends you will own the gear you start with, and can sell it.

Im gonna make a note here ,something that been rolling in the back of my mind for awhile now as I look at NFTs push for ownership and this "NFTs will eat up the internet". It starts to look like a double edged sword. Isnt this unnecessary to own everything out there? Is there going to be again a difference in access and gatekeeping between those who have and those who don't?

however i think this is inevitable because the overall fight is - either EA owns your digital items, or you fight this fight so you do.

 

[MTF]

Isnt this unnecessary to own everything out there?

I find it funny that people want to own something digital artificially made scarce but the world as a whole is moving towards the "rent, don't own" trend.

I myself don't follow this trend as I like to own stuff I use (physical stuff) but it's curious how many people who prefer to rent vs own or use Uber instead of buying their own car suddenly want to own something that has no utilitarian value. I guess maybe the reason is that owning an NFT doesn't cost you anything while owning something physical usually involves some maintenance.

 

[Antifragile]

The best description I've found is that it's simply a digital certificate of authenticity. Nothing more, nothing less. You as the creator certify the authenticity of a given digital item. It doesn't mean its copies can't still flow freely online, sort of like you buying the Mona Lisa doesn't mean there won't be its reproductions in various forms still being sold everywhere.

Rolex can be faked, but authentic Rolex has value beyond $$$. To many it’s an indicator of status, wealth, power, success etc. Public wallets allow to have cyber punks owners to show off, like a Rolex. And since it’s in blockchain, you can’t claim to have it because you got a knock off. It’s in public domain (by your choice) to show you have authentic item.

 

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