These NFT things

[Jacko93]

View attachment 151310

So, NFT's aren't the asset? Is it being suggested that what I'm buying with an NFT is proof that xEmpiire has official Gucci? Or, are we expected to buy the asset and also the NFT? Would it be more expensive to buy an NFT backed Gucci bag, or the same price. If its the same price then the NFT has no value without the asset. If it costs more, then the NFT surely has no value beyond the owner of the asset the NFT covers.

Seems to me that the whole thing is built around a pissing contest. "I own more stuff than you".

 

[Jacko93]

This fella sums them up perfectly. I knew only a little about what they actually entailed, and had a feeling they were massively scammy, but after watching this, I’ve realised they’re even more hilariously nonsensical

I've just watched the first 2 minutes of that video in, and have just had an epiphany.

Sales of NFT's is the right to stand in a queue, not for the thing at the end, and the place in the queue has no more value than any other place in the queue. However, you can tell people that you are in the queue where only a limited number of people can stand.

Did we sell an NFT of our stadium to Usmanov for £30m?

 

[nosejam]

So, NFT's aren't the asset? Is it being suggested that what I'm buying with an NFT is proof that xEmpiire has official Gucci? Or, are we expected to buy the asset and also the NFT? Would it be more expensive to buy an NFT backed Gucci bag, or the same price. If its the same price then the NFT has no value without the asset. If it costs more, then the NFT surely has no value beyond the owner of the asset the NFT covers.

Seems to me that the whole thing is built around a pissing contest. "I own more stuff than you".

The world largely already is a pissing contest and why people want Gucci bags in the first place. They're a status symbol.

From the point of view of Gucci the NFT backed bag helps protect their brand from fakes. While it won't stop the £50 knock off from someone down the road it will hinder those who are trying to sell fakes at real retail value as unless it comes with a NFT on the Gucci blockchain that's transferred into my name then it's not legit. While they could in theory sell me a fake bag with a real NFT they've still had to pay face value for that NFT (and a real bag) so there's nowhere near as much gain in it for them.

For expensive brands that are marketed around exclusivity the knock off market hurts them so this allows them to bring back true exclusivity and rarity which will probably cause a price jump and thus the NFT has realised its value.

So as with so much of this world it's the rich people working out ways to get richer and gatekeep their lifestyles.

It will take a good while for the kinks to get worked out and in the same way there's a new hot crypto coin every month I'm sure we'll have many more scammy/dodgy NFT schemes come and go with a couple that do end up lasting the distance.

 

[nosejam]

I've just watched the first 2 minutes of that video in, and have just had an epiphany.

Sales of NFT's is the right to stand in a queue, not for the thing at the end, and the place in the queue has no more value than any other place in the queue. However, you can tell people that you are in the queue where only a limited number of people can stand.

Did we sell an NFT of our stadium to Usmanov for £30m?

I am fully in agreement that the NFT's of "artwork" are a load of balls

 

[longers]

lol

 

[Efcjake]

If you want some more evidence it's a sham / money laundering - it's only influencers or high profile sports people who are saying the same old script such as"I bought this weird monkey and it's not worth 200k+ if you haven't got one, get on board!"

It's a ponzi scheme - try and sell the idea to other people.

Same as all the other crypto currencies and products.

All intangible stores of wealth with nothing but 1s, 0s and enough people buying into the concept of selling it on to the next greater fool and becoming millionaires to generate value. Eventually they run out of fools and the bubble bursts.

 

[zebedee]

You 'own' a unique token that is loosely associated with a digital file. This is all stored on a block chain so ownership rights, like BitCoin, can't be manipulated*

The idea is that if you make a piece of digital artwork, such as image, video or piece of code, the origin rights (copyright) are maintained by one person.

A .jpg for example can be copied countless times from the master, but theoretically only one person will only the NFT of the original hence having ownership.

The idea is that it'll be prove those rights (e.g. as evidence for revenue or over disputes of copyright) as the person who made it will have that NFT.

The only issue is that while this all sounds wonderful and could be useful for selling digital rights for anything from tickets etc., it's mostly used illegally.

Moving money digitally around the world is now much, much easier than ever if you know how, but it's not exactly useful for your average buck dealer etc.

*apparently.

Basically it... I don't invest in the digital Bit world but some of my lads do, they keep banging on about it. Something you see but don't own doesn't interest me at all.

 

[nikom court]

Same as all the other crypto currencies and products.

All intangible stores of wealth with nothing but 1s, 0s and enough people buying into the concept of selling it on to the next greater fool and becoming millionaires to generate value. Eventually they run out of fools and the bubble bursts.

erm,the computer you typed that post with is all 1s and 0s ???

 

[BullensRoad]

Same as all the other crypto currencies and products.

All intangible stores of wealth with nothing but 1s, 0s and enough people buying into the concept of selling it on to the next greater fool and becoming millionaires to generate value. Eventually they run out of fools and the bubble bursts.

I find it bizarre you find one of them promoting a different one every week.

 

[nikom court]

like it or not investing in digital assets is the future!

 

[DuuuncanHadaPigeon]

Same as all the other crypto currencies and products.

All intangible stores of wealth with nothing but 1s, 0s and enough people buying into the concept of selling it on to the next greater fool and becoming millionaires to generate value. Eventually they run out of fools and the bubble bursts.

I agree that 95% of cryptos are a joke and won't be around in a few years time, but, crypto does have some very useful properties and is not going anywhere. BTC has gone from a penny to 60,000 usd and all a long that journey people like yourself have been calling it a bubble. The cat is out the bag.

Also, this greater fools theory is kinda stupid. I mean, if I buy apple stock, I am doing so because I hope someone in the future will buy it from me at a higher price, and don't give me this 'but apple actually makes an iphone' the price of apple stock has basically nothing to do with how many iphones they make, just like crypto, it is nearly all speculation.

 

[DuuuncanHadaPigeon]

like it or not investing in digital assets is the future!

the metaverse is so retarded

 

[Mikey_Fitzgerald]

 

[Efcjake]

I agree that 95% of cryptos are a joke and won't be around in a few years time, but, crypto does have some very useful properties and is not going anywhere. BTC has gone from a penny to 60,000 usd and all a long that journey people like yourself have been calling it a bubble. The cat is out the bag.

Also, this greater fools theory is kinda stupid. I mean, if I buy apple stock, I am doing so because I hope someone in the future will buy it from me at a higher price, and don't give me this 'but apple actually makes an iphone' the price of apple stock has basically nothing to do with how many iphones they make, just like crypto, it is nearly all speculation.

You can't compare crypto and corporate stock.

The only thing driving crypto price increases is the hope of selling it to some other idiot for more money than you paid.

You can buy a stock and the company can increase its value by generating greater revenue and profit. Crypto products don't generate revenue. They're stores of wealth like a commodity that earns value simply by existing and demand increasing for limited supply but when that demand curve stops growing it falls apart.

 

[Efcjake]

erm,the computer you typed that post with is all 1s and 0s ???

It is silicone and precious metals. It operates on 1s and 0s but it isn't solely 1s and 0s like your money.