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

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MoneyDoc

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AceVentures

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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.
 

AceVentures

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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.

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.
 

MaxKhalus

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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.
I guess makes sense. Fees are linear losses while NFTs are exponential
 
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Jon0

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This is an interesting thread and thank you for starting. I don't profess to be any sort of expert however I have dabbled in Crypto and in list over 12 have built a circa £160k crypto portfolio from £10k principal. Of course it's paper money and purley vanity until I cash out and flip it to FIAT currency. I'll probably wind up loosing the lot through greed!

So NFT is of interest to me but I am only just starting to read up on it. I found this article which seems to talk in plain English terms around the use cases for NFT's. You can get the idea whilst skipping the plugs for the Fantom network which I am not trying to endorse, I just thought the article was an easy read and thought I would share.

https://fantom.foundation/blog/nfts-and-the-fantom-enabled-creator-economy/

Like someone else here mentioned it feels an easy route in to investing is to buy into a platform that transacts NFT's, but the entry barrier feels quite low so your essentially investing like a conventional investment, albeit with potentially higher returns and the associated higher risk. The true fastlane approach would be to create content and wrap in NFT's or figure a way to adopt the technology for traditional physical assets and build a product or service around that. The use cases for such must be huge. I definitely need to read up more on this though! Don't take my advice, I am just thinking out loud!
 
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Empires

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Is there any specific dapps that you recommend using to learn more about NFTs and how the future of how things can work?

I signed up with Metamask and loaded some ETH on there and have been looking through some of the dapps on dappradar but not really sure where to start so I have just been hopping around.
 

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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.
 

Ocean Man

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Benyamin Ahmed is keeping his earnings in the form of Ethereum - the crypto-currency in which they were sold.
Smart boy! Imagine being 12 years old and working on NFTs. How much farther ahead of the game he is. Not only that but he's keeping his earnings in the form of Ethereum. Imagine by the time he's 18 or 20 how much experience he's going to have with utilizing and navigating crypto and the blockchain.
 

DoingDeals

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These people that make fun of NFTs would agree paintings are worth millions.
 
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AceVentures

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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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DoingDeals

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The question is when will MJ DeMarco NFT the Fastlane Forums?

Cryptocurrency & NFTs aren't the future they're the present it's out there.
 

Zaratustra

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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?
Whoever is on the others side of the deal (buyer), why would they pay $60,000? This part does not make sense to me. Is it some tax evasion scheme?
 

AceVentures

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Whoever is on the others side of the deal (buyer), why would they pay $60,000? This part does not make sense to me. Is it some tax evasion scheme?
Why would someone pay $2-3M for this?

1630244180959.png

Cultural significance.

In the case of NFTs, this behavior has multiples of that cultural significance effect.

Why pay $100,000 for a Rolex when nobody gets to see your flex. It's a f*cking stupid shiny piece of metal we strap around our wrist to tell the time, nevermind that the sun is the ultimate queue for what "time" it is.

Why pay $400,000 for a Lamborghini when you're going to keep it tucked in your garage every day for nobody to potentially scratch and ruin?

How often do we drive? How often do we drive our luxury cars?

Now consider how much time we spend on the internet. We spend practically every living moment connected to the web.

A $1M CryptoPunk is a status signal and membership access into a one of a kind community. JayZ has one. Odell Beckam has one. Steve Aoki has one. Gary Vee has one.

In the digital world - being a member of the cryptopunk community is more rewarding than owning a Rolex or a Lambo.
 
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Zaratustra

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2021-08-29 20_50_13-Window.png
So this gentleman or lady, spend $12m in NFTs and already made $21m, while still selling:
2021-08-29 20_52_10-Window.png
All those celebrities mentioned above by @AceVentures , don't think they really give a damn about their "status", but I could easily imagine how they could write off their taxes payable. Later they could be sold to others with the same benefit.

There is a slight smell of Ponzi scheme with NFTs. But could be used with analog products?
Could I sell an opportunity to have a dinner with Warren Buffet as NFT?
 

AceVentures

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All those celebrities mentioned above by @AceVentures , don't think they really give a damn about their "status", but I could easily imagine how they could write off their taxes payable. Later they could be sold to others with the same benefit.
Not entirely sure I agree with you here. You don't get to write anything off by buying an NFT - as far as I understand it would be deemed the same as any other crypto asset. You don't get to write off $1M from your expenses if you buy $1M of bitcoin?

It DOES have similar properties as BTC in the sense that people view them as a store of value. You can buy a BTC, which there is only 21M of... ever! it has the scarcity aspect. So does a cryptopunk - but there are far fewer than 21M of them, there are only 10,000 of them. So far as someone out there wants it, it preserves value that's stored within.

Could I sell an opportunity to have a dinner with Warren Buffet as NFT?

Yes, if you care for such a thing. Hopefully he doesn't drown you in CocaCola and shill you his favorite index funds.

Think about it as a capsule that is cryptographically secured on a distributed ledger. Inside this capsule can live anything. Digital files, membership access, data, text, even the rights to purchase a physical item (e.g. Lambo NFT drop - NFT purchase grants you pre-sale rights to the latest Lamborghini limited-edition release), or dinner with Warren Buffet if you wish.
 

AceVentures

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You feel like you missed out on NFTs? Take a hard look below. I literally just typed up nfts are into google and look at what is being suggested.

You should look at this with bullish eyes - people are doing everything they can to deny NFTs and it shows. Please don't ape into anything, especially JPGs. I'm simply pointing out that with the herd is going the other way, this presents an opportunity to learn something and perhaps get ahead.

1630267139969.png
1630269811866.png
 
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Zaratustra

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What's the difference between creating Ethereum blockchain NFT vs Polygon blockchain NFT? Is polygon really gas free?
 
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MTF

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You feel like you missed out on NFTs? Take a hard look below. I literally just typed up nfts are into google and look at what is being suggested.

You should look at this with bullish eyes - people are doing everything they can to deny NFTs and it shows. Please don't ape into anything, especially JPGs. I'm simply pointing out that with the herd is going the other way, this presents an opportunity to learn something and perhaps get ahead.

I'm not sure if this is a good example. Take a look at suggestions for crypto or bitcoin:

c.png

c2.png


Curiously, Ethereum doesn't have such negatively-influenced suggestions (perhaps because it isn't as well known):

c3.png
 

MTF

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On the topic of NFTs for something else than speculation, RoyaltyExchange launched an NFT program that combines buying NFTs with receiving real-world royalties from them (in Ethereum).


To kick off the NFT program, Royalty Exchange will offer the first-ever NFT for a music publishing catalog, for the song “Save Dat Money” by rapper Lil Dicky. The auction listing is live now for review, and will open for bids Monday, June 7 at 11:00 a.m. ET.

The winning bidder will collect mechanical, public performance, and sync royalties, which generate income every time the song is streamed, sold, broadcast, or licensed. These royalties will be paid every quarter in Ethereum, which can be converted into fiat currency or held as cryptocurrency. The winner of the auction can also resell the NFT at any time on Royalty Exchange, or any other NFT marketplace.

The first listing was sold for 9.209 ETH ($23,209 at the time of closing the auction):
 

Phil Yu

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Its digital asset. after all these of years of internet world. it is nothing new. People is paying real money for CSGO weapon skin (there are CSGO weapon skin trading groups on Facebook), virtual weapons for LOL, diablo.


Though, the whole market is going through the same phrase as Internet in 1999.
 
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I read Opensea offers Lazy Minting which means as a seller you have to pay gas fee after every purchase to customer did, right? From your own experience, what are the expected costs?
 

sadlerj

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The blockchain is an alternative to the banks and to legal contracts. The authority is the blockchain itself. The shared ledger records transactions as well as contractual agreements.

We are very very early in NFTs. Read about future use cases. You will be your own bank, it will be on your phone, and it will be a NFT. Your mortgage will be a NFT. Your employee ID will be a NFT. Anything created digitally will automatically split royalties without any sort of clearing house.

Imagine a video game that had it's own currency that you could exchange for physical USD money. You can spectate and gamble on players with other spectators using that game's coin.
Imagine in Grand Theft Auto you have your own unique car, or apartment, you can buy it with game coin bought with real money, you can sell it for real money. That car, that apartment, is a NFT.

As it was said earlier, if you want to invest, look for NFT projects. Buying their tokens is like buying stocks.
 

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