NFTs, Non-fungible Tokens

Is there not a separate thread for NFTs?

Here are some very unique ones offered by the US government.

Space Force is doing more than pushing the boundaries in space. They’re exploring the metaverse by launching satellite NFTs in conjunction with the actual launch.

What Is an NFT?

An NFT is a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.

Although they’ve been around since 2014, NFTs are gaining notoriety now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.

I’m selling an NFT of the first 3 comments in this thread. Bidding starts at $450 million NTD.

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This is one hell of a story.

"After launching in July, the entire collection sold out in nine hours, and Ahmed made [over 80 ether] in one day. Since he has held his profits in ether, that sum is worth over $255,000 [with today’s pricing]. He then earned an additional [30 ether], worth over $95,000, from the resale market, since Ahmed earns a 2.5% royalty on each secondary sale.

Ahmed has made over $350,000 to date, and by the end of August, projects his total earnings will be over $400,000."

NFTs are just digital drugs. The high being that rush you get when other people are willing to blow cryptocurrency smoke up your digital asset.

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The Emperor needs a feckin big wardrobe for all his new clothes these days.

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Count me in as one of the “I have no clue whatsoever wtf would anyone pay that kind of money for such worthless crap” people.

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These seem to be the most pointless things in the world, yet suckers are clamoring for them.

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I can sort of see a point to them for things like corporate stock issuance or DRM control over textbooks to prevent piracy. This silly crap about “digital art” (most of which is garbage) is just peak bubble behavior.

And that’s not even taking into account that ETH “gas fees” are something like US$6 (or maybe it’s US$50, that’s what I see people complaining about, but a site I looked up just now says 97.13 “gwei” at 21,000 per tx which I think works out to about $6.11) per transaction nowadays. It’s getting more and more obvious that ETH is a failure; its original purpose was to provide some sort of cheap sidechain to manipulate smart contracts that were linked to the “real money” BTC, but it’s turned into its own completely separate thing which is an even bigger waste of money than BTC mining fees (currently around 230 sats for the simplest transaction, which is around twelve U.S. cents).

I considered trying to sell some. The gas fee (which I didn’t understand at all) was over $100 when I logged on, so I think it changes for peak time.

I’ve no idea what a gas fee is–it stopped me from trying to sell any immediately–but I don’t get why people don’t just use a service that doesn’t need one, or sell them privately on their own website without the cryptocurrency nonsense.

I guess there’s always something new to get fools to waste their money on.

Same as a “mining fee” for Bitcoin. ETH is supposed to allow for complex transaction programs to run, as compared to BTC’s relatively simple scripts.

In computer science terms, ETH can execute a Turing-complete program, meaning that absolutely any calculation that a computer can do can be calculated during an ETH transaction. However, this means that the computation might potentially take a long time, or even get stuck in an infinite loop. So instead of “this fee is for including the transaction in a block”, ETH is “this fee is for a certain amount of processing time, and if the calculation doesn’t complete in that time, then keep the fee and end without sending the transaction.” Or, now, “burn the fee” since miners no longer get to keep it. So the ETH “gas fee” gets burned no matter whether your transaction goes through or not, unlike BTC’s “take it or leave it” fee structure where (if there are more pending transactions than can fit in one block) the more you pay, the sooner your transaction is likely to get processed, and you only pay if your transaction IS processed.

As far as “sell[ing] them privately … without the cryptocurrency nonsense” the point of them is to secure uniqueness and provenance. The problems with that are that most NFT “artworks” are crappy JPGs that anyone can look at even without the NFT attached to them, so anyone can download the exact same “artwork” free, just not with “ownership” of “the original”; and so the NFT is actually necessary to provide proof of “ownership”; and that there is no way to know whether the particular app or blockchain that the NFT is stored on will still exist in six months, or five years, or a thousand years from now when these Great Works Of Primitive Art are looked upon with fascination by our tentacled overlords. In fact, given the last ten years of app and shitcoin history, odds are pretty good that the only way to trace an NFT will be to excavate a hard drive out of some Dorito-dust-covered neckbeard’s basement and do a forensic data recovery on the platters to find the transaction data.

When the market for new-fangled turds eventually crashes on the shoals of common sense it’s important to not be left holding the bag.

The world is getting weird. I don’t recall seeing NFTs in any old science fiction novels, predictions by Nostradamus, the Bible, etc.

In the future, people including children, are going to sell nothing, and receive nothing, and become wealthy.

Yeah there is a shift of values right now that is not good at all.

  • Article is about a picture that is non fungible
  • The picture gets duplicated in the same article.

:thinking:

I think I’ll make 1000’s of variations of my middle finger into NFT’s.

Most artists encourage people to copy and distribute their NFTs.

I may or may not know of someone in Taiwan that sold an NFT for over USD $150,000 on a piece of art.

Still has the piece of art, the other person has NFT on it, and doesn’t really care about the physical piece.

That’s like a diagnosable ailment. :laughing:

Just like the market for any art , branding is important along with rarity. So these Apes NFTs will probably be tremendously valuable in future. Probably others of iconic sporting movements etc. 99% of art NFTs will be worth next to nothing though.

NFTs that demonstrate ownership of something valuable in the real world and can link back to the use or copying of that popular item are going to be the big thing surely…How exactly it plays out it’s hard to know right now. Maybe you’ll have an NFT for various famous people and then they rent out the usage to others as an avatar. I don’t know…Who knows where all this is going.