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Free registration at the forum removes this block.The main point of NFT's are to launder money. If you look at the celebrities who have been pushing for the popularization of NFT's, its all super rich people who want to hide their money. For example Logan Paul, who is moving to Costa Rica to avoid taxes. Which you can think what you want about tax havens, but I'm just saying the reason as to why NFT's were created.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.
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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.
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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.
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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.
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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.
Who are you to judge someone who wants to move to another country? It doesn't matter if it's to lessen their tax burden. That's just a smart money move.The main point of NFT's are to launder money. If you look at the celebrities who have been pushing for the popularization of NFT's, its all super rich people who want to hide their money. For example Logan Paul, who is moving to Costa Rica to avoid taxes. Which you can think what you want about tax havens, but I'm just saying the reason as to why NFT's were created.
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.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 are absolutely correct. If you're releasing an NFT collection, and the collection offers nothing else other than the NFT itself, then the NFT is what is the value, not the project itself.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.
But… If you do it the NFT route, then you could have a verifiable book as original and the community could see that you indeed own it.
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.
You are absolutely correct. If you're releasing an NFT collection, and the collection offers nothing else other than the NFT itself, then the NFT is what is the value, not the project itself.
What many of the NFT drops promise isn't that you'll get a sweet NFT, transaction over, everything's done. What they offer is the promise that the creators of the NFT have plans for the funds acquired by the sale of the mint to bigger and better projects.
You could loosely relate it to a go-fund-me campaign. In Go-Fund-Me, people will throw money at you because they believe in your project. in some cases, you'll even give them an incentive to donate more (such as giving them a free T-shirt, or the first to receive the project you're funding for). In the NFT space, not only are people funding the project, they are all immediately getting something of potential value (the NFT). What NFT projects and go-fund-me campaigns largely differ in is exclusivity.
In some of the better NFT projects, their roadmap details what additional benefits you will have if you hold onto your NFT. This might be free merchandise (in the case of the Adidas NFT), or if the NFT project is about creating some kind of platform they may allow NFT holders to be content creators (and non-NFT holders aren't allowed), It could be your pass to play an alpha of a game, or the NFT could actually be the character of a game. the list goes on.
One NFT (The Bored Ape Yaught Club, which the lowest NFT price is currently nearly $200,000) threw an actual party on a Yaught for all of its members, which included a ton of big-name celebrities, and a comedy show by Chris Rock.
There are often huge benefits to holding an NFT of a major NFT drop. One of the most common benefits is to be allowed on the whitelist for the next NFT drop collection's pre-sale. In a major NFT project, this could be an easy way to 2x-10x your investment in one day, simply because you are guaranteed a spot to buy if you choose, before the public (which means lower gas fees), and you can list the NFT for sale before the public if you'd like.
But, if you just release a collection with no additional promises or what have you, there really isn't much of an incentive to buy. (unless, of course, you're already a celebrity/well-known artist/writer of some sort)
Currently members show the “I’ve read the book” badges because they reply to a thread. Could an NFT help automate the process of attaining the badge, and could badge wearers access additional areas/content in the forum?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 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.
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.
For what its worth, the blockchain only recently (last couple of years) started showing that it has real value with Defi and smart contracts coming online. Before that, much of the crypto space looked a lot like NFT's do today. Perhaps they will mature to the point that their value doesn't really need any explaination.Blockchain is so new that it's a wild-wild west. Too much fraud and theft going on at the moment. Scams are everywhere on crypto and no, you can't call your bank to trace it or get your money back.
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".
When I buy a book on Amazon, I don't feel like I own anything. Can I gift it to my friend? No. Do I really own it then? No.
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 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.
As for your thoughts about piracy and stuff, this makes no difference whether it's a Kindle book or an NFT. Also, for the time being I wouldn't think of NFTs as an alternative to "traditional" selling. It's more like a new income stream, currently best for collectors and just as an additional way for people to show you support.
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 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".
I found an ENS domain that I like on OpenSea. There is no "offer now" button and no way to contact the owner that I can see. Is there some technical way to send a message to owners? Any suggestions? Thanks.
So, technically you cannot contact someone on OpenSea. But if there is a will, there is a way, right?
I found a work around and want to share with the rest of you guys if you ever are in my position:
- Create an image that contains the message you want to send with a way to be contacted back “Hey I need to talk to you, DM me on twitter on @ whatever”
- Mint that image on your opensea account. Your image is now an NFT
- Transfer it for free (gift it) to the account you wish to contact
- The image with the message will show in his gallery
- Watch the magic
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.
Instead of selling the book as an NFT, how about selling NFTs alongside the book's release?
An X number of NFTs - of which the designs would coincide with the book/The Fastlane - would be made available on the day the book is released.
If purchased, the NFT owner would receive the following:
This way, MJ could avoid the hesitations that he has about selling the book as an NFT. The book can continue selling through his typical avenues. However, he could bring more NFT enthusiasts into the Fastlane community, create a greater reach with his productocracy, and create another money tree with the NFT royalties. Plus, the NFT owners would receive community benefits fairly relevant to what they might expect from being an involved with an NFT project.
- Ownership of the MJ DeMarco NFT
- A copy of the book - they can choose either physical or digital
- Lifetime INSIDERS access
- Lifetime access to any Fastlane events
- Special badge on the forum
- Access to an exclusive Fastlane Discord chat with MJ
I'm still learning about NFTs as well, so how would this be as a model?
Wow, and just think of the old days when you could just send an email.
I tried to list a photo for sale, it would have cost me ~$300USD.
Is your goal to maximize profit? To get them sold as fast as possible? Something else?If you had a 5000-10000 NFT collection and you wanted to sell these NFTs one by one; would you:
a) Put it out there for free on opensea via polygon
b) Wait for etherium gas fees to lower
c) Go to a less popular, but promising NFT marketplace on a blockchain such as Solana
d) Something else? Please explain.
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