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The Coffee Shop

  • Thread starter The Fallen Angel
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montycrusto said:
Hey has anyone heard of NFT’s? (Non Fungible Tokens, yeah I don’t get it either)

The reason I ask is that it seems to be a new way for talentless greedy asshats to make money out of genuinely creative people. Artists upload their work for free, for the joy of sharing it with others, and then some dingbat comes along and “monetises” it (without permission), selling an NFT of the artwork for profit while the artist gets nothing.

I read about it on DeviantArt, who now offer a service that scans the internet for NFT’s of your work, letting you know if someone is making money out of you without your knowledge.

One artist I follow on DA “Lipatov” is snowed under with NFT reports
www.deviantart.com

Status by Lipatov on DeviantArt

www.deviantart.com www.deviantart.com

Amazing isn’t it? :eek::confused:
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As I understand it, you pay for something you don't own and can't sell--basically like having a building named after you.

Of course you pay for it with either "fiat money" (pieces of paper with printed designs) or debits stored on some computer. It used to be you paid in gold, which is soft and mostly useless (it is a good heat and current conductor, so it is used a lot in scientific experiments and satellites when you really need performance) but pretty to look at.
 
Frank Petrexa said:
As I understand it, you pay for something you don't own and can't sell--basically like having a building named after you.

Of course you pay for it with either "fiat money" (pieces of paper with printed designs) or debits stored on some computer. It used to be you paid in gold, which is soft and mostly useless (it is a good heat and current conductor, so it is used a lot in scientific experiments and satellites when you really need performance) but pretty to look at.
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So you’re buying something with no intrinsic value, the only value it has is that someone else wants to buy it as well, and might pay you more for it, in the hopes that a third person will buy it off them for even more…. It’s sounding more and more like “Tulip Mania”, which made fortunes for a few who got in early, but ruined many who were left without a chair when the music stopped
en.wikipedia.org

Tulip mania - Wikipedia

en.wikipedia.org en.wikipedia.org
 
montycrusto said:
So you’re buying something with no intrinsic value, the only value it has is that someone else wants to buy it as well, and might pay you more for it, in the hopes that a third person will buy it off them for even more….
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Yes, that is my take on his too. I guess it's no different to other pieces of 'art' in that regard. I also get the 'supply and demand' element that means if things are sought after, no matter their lack of usefulness, and scarce, then their value will increase until such a time as they become out of fashion or more plentiful, as with the tulip bulbs. Thus, they can be a good investment of your timing is right and you have no emotional attachment to what you are trading.

What I don't get is that these can be computer generated in their thousands or millions, with tiny un-noticable differences, thus they cannot be 'rare' in the usual definition. They are no more unique than a standard Ford Fiesta. So why pay over the odds for one when another almost exactly the same will be produced any minute? At some point, and probably soon, supply will outstrip demand and values will tumble. Unless you keep re-generating the hype and enough people believe you!

I see these things are sold with crypto-currency, 'ethereum' in this case. I get some of how crypto-currencies work, but it's such a foggy area for me that I'm frankly scared to get involved. The fiat money exchange rates just seem absurd for these NFT things. I'm sure there's money to be made as long as you know what you're doing and are prepared to ruthlessly exploit others who dabble with less knowledge and/or scruples. I'm not so I'm OUT!

I'd rather trade in limericks. :lol:
 
Davec5299 said:
Yes, that is my take on his too. I guess it's no different to other pieces of 'art' in that regard. I also get the 'supply and demand' element that means if things are sought after, no matter their lack of usefulness, and scarce, then their value will increase until such a time as they become out of fashion or more plentiful, as with the tulip bulbs. Thus, they can be a good investment of your timing is right and you have no emotional attachment to what you are trading.

What I don't get is that these can be computer generated in their thousands or millions, with tiny un-noticable differences, thus they cannot be 'rare' in the usual definition. They are no more unique than a standard Ford Fiesta. So why pay over the odds for one when another almost exactly the same will be produced any minute? At some point, and probably soon, supply will outstrip demand and values will tumble. Unless you keep re-generating the hype and enough people believe you!

I see these things are sold with crypto-currency, 'ethereum' in this case. I get some of how crypto-currencies work, but it's such a foggy area for me that I'm frankly scared to get involved. The fiat money exchange rates just seem absurd for these NFT things. I'm sure there's money to be made as long as you know what you're doing and are prepared to ruthlessly exploit others who dabble with less knowledge and/or scruples. I'm not so I'm OUT!

I'd rather trade in limericks. :lol:
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One of the people pushing “crypto” these days is a libertarian financier and “politician” called Nigel Farage, I don’t know if you’ve heard of him

Register to read | Financial Times

News, analysis and comment from the Financial Times, the worldʼs leading global business publication
www.ft.com www.ft.com
He was one of the “geniuses” that brought us Br*xit.. so you can be sure, if he’s pushing it, it’s a total scam. :doh:
 
montycrusto said:
Hahaha..

There could not be anything zanier
Than Econo-Limerick Mania,
An unlimited source
Of riches of course,
Though a terrible strain on our crania.
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I'll sell you a rhyme or two.
In fact, I'll sell quite a few.
With ethereum you can pay
And at the end of the day,
We'll both get what we're due.

We're in the wrong thread for this.
People will think we're taking the p1ss.
Let's get back to the coffee
And suck on a toffee
Before the whole site goes amiss.
 
montycrusto said:
On a more serious note. I read posts on DA by artists who are now feeling reluctant to share their work online because of these NFT things, they’re happy to share it for free but not if some grasping scumbag is going to make money out of it. There’s not even any selectivity, the artworks are gathered and offered as NFT’s automatically (by bots), and I understand that the owners of the bots make something just out of clicks, even if nobody buys anything. The whole thing seems to me to be massively immoral and parasitic at the very least. I can understand wanting to make a buck out of one’s own content, but out of other people’s? :confused::eek: I guess it’s one of those “Wild West” bubbles that will make a few people very rich before it gets shut down.
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The ghost of Karl Marx is always eager to have a chat re: surplus labour... :devil:
 
montycrusto said:
Hey has anyone heard of NFT’s? (Non Fungible Tokens, yeah I don’t get it either)
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Neither do I, but it sounds an awful lot like one of those 80's yuppie money-making scams - you know the sort of thing, where a speculator buys something that doesn't exist with money he doesn't have and then sells it back to the person that didn't have it in the first place, for more money then he didn't pay for it...

Sounds like vapourware to me (or just another millennial scam - take your pick) :)
 
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Eulalia said:
Much better to put your money in bricks and mortar ...
well, bricks ...

thehill.com

Surprising new study finds investing in Legos better than gold, stocks, bonds and art

“Investors in LEGO generate high returns from reselling unpacked sets, particularly rare ones, which were produced in limited editions or a long time ago,” said Victoria Dobrynskaya.
thehill.com thehill.com
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oho yes lego is good to invest becuse from own case know of archival sets prices who bought from 90 years becuse when they was realsed was still me not been exist on world and like they from old catalogues who saw they there they prices grow 4-5x in some years only if someone invest to lego best is to invest in 80-90 years sets from series like pirates and castle and others too ofcourse those complete and in best shape and with oryginal instrucions and boxes or still new unopened will be most worth also good choice is archival sets from star wars and harry potter and pirates of caribbean :oops: :cat:
 
Damnit. Wish I still had a soul to sell. I'll bet that would be something truly novel for a stockbroker to own. I sold early (before the NFT craze), and feel it was seriously undervalued.
Still, that was a damned good Klondike bar, on a hot day like that.
 
Kathy said:
Later today I am moving into my house
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Good luck in the new house, I hope everything will be okay with the move.
 
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