Anyone here ever buy an NFT?

KevMayo88

Did anyone here ever buy an NFT? If so, what have your experiences been?

silliussoddius

If you’re thinking of getting one just send me the money and I’ll burn it for you.

Penn

https://www.boards.ie/discussion/2058238991/anyone-here-ever-buy-an-nft

I was going to, but I decided to buy an air guitar instead, which was signed by Jimmi Hendrix. Or so I'm told, it hasn't actually arrived yet. Every time after I sent the money that I've called the seller, he just laughs and hangs up.

Quantum Erasure

Got a voucher for a boat trip out of dingle before the pandemic, it's still valid but...

Imagine paying someone money for a procedurally generated picture of an ape and a link to a reference in some blockchain?

The whole cryptocurrency space is filled with scumbags, fraudsters and sociopaths ripping off some of the dumbest people on this planet.

KevMayo88

https://www.boards.ie/discussion/comment/118839236#Comment_118839236

I personally know someone who made 52k from buying and selling a few NFTs in 2020-21, so I doubt he thinks his money is burned.

arthursway

Make no mistake there is people making huge money off NFT's.

You need to have got in early about a year ago and you'd have been golden.

I personally think there was so much money injected in to the economy since the start of pandemic that so much of it made its way into crypto and NFT's.

I will be personally waiting for a big downturn in the economy to think about investing in stocks cryptos NFT's.

Prices are out of control inflated at the moment.

Jim_Hodge

https://www.boards.ie/discussion/comment/118839808#Comment_118839808

Why ask then? You already know more than most of us.

riclad

Yes buy a mediocre jpeg image and a link on a blackchain, to say joe bloggs owns image jpeg.560777773344 that can be copied by anyone ,most of crypto is a scam unless you are an russian oligarch who needs to transfer money from your bank before it gets frozen by america or eu regulators.or maybe crypto is a greater fool scam eg i,ll buy this for 1000 maybe someone else will buy it from me for 3000 euros.look up tulip mania in the 1800s ,people paid 50 pounds for tulips to sell them on .or beanie babys in the 80s which are now worth nothing. a few years ago it was vr or esports , it turns out theres very little money to be made in esports its all paid for by sponsors .A few programmers can make a cryto coin, call it something weird or trendy and some people will buy it. bitcoin has value because theres a limit to how many coins can be made.its useful for drug dealers , to find a way of sending money around the world.Or else as a way for hackers to get paid by companys they hack . I,m not saying people are not making money by nfts

The art world is used to launder money and theres rich people will buy anything that has the right brand name logo or is getting promoted by someone famous.

ctrl-alt-delete

https://www.boards.ie/discussion/comment/118839750#Comment_118839750

I don't want to give away your location, but I am sure I work in your local sorting office. I've seen and played (sorry) that guitar, the parcel is being held here as it didn't have the correct airmail sticker on it.

Penn

Many people have and will continue to make money from crypto and NFTs. Many more will lose money from them because of it.

NFTs in particular are basically a pyramid scheme. Those who have and make them need far more people to buy into them in order to make their money, so they create hype and artificial value to make people see it as an investment (which is particularly important given that most of the common NFTs are bullsh*t computer-generated variant drawings with no inherent value themselves, as you're not buying the easily-replicated drawing, you're buying the receipt; your name on the blockchain). And when some are selling, it's easy to just create more new ones and sell those too, until eventually the market is saturated with them, they lose their value, and the ones left owning them are like the people at the end of the worlds dumbest game of pass the parcel.

The people at the top, given that it costs almost nothing to create and sell the NFTs to begin with, will be long gone with the money, and several other tiers below will have profited nicely or at least broken even, but there'll be a lot of people caught up in the hype at the bottom who will have lost a fair chunk of money.

Given how popular NFTs have suddenly become and how many organisations are putting their own out there, the time for being in the upper tiers has passed. Chances are that buying into NFTs now, you'll be one of the pricks at the bottom.

goldenmick

https://www.boards.ie/discussion/comment/118840846#Comment_118840846

Do you want paying by money transfer or bitcoin to arrange delivery?

silliussoddius

https://www.boards.ie/discussion/comment/118839808#Comment_118839808

I’m sure plenty of “creators” have made money, making money after buying one relies on the greater fool theory.

Capt'n Midnight

Over the years the Dept of Education has stashed away millions of crayon drawings made by primary school kids.

When the time is right they'll release them on the market to pay off our national debt.

Everyone of them is intrinsically more valuable than an NFT because they are a physical object hand made by someone who couldn't reproduce them to save their life because they are now a very different person. To turn them into "genuine" NFT's all you need is a large scanner with a proper document feeder.

And then you scan them again because if pages don't line up exactly the new scans will have a different checksum and you can sell the new set because they are different unique NFT's. (Now I'm curious as to how often you can scan a blank page at high resolution before you get matches.)

Capt'n Midnight

Remember yer man that was selling plots of land on the Moon ?

Imagine there was a bunch of estate agents pumping up the prices so they could make more commission on reselling bits of paper that no one could use.

growleaves

https://www.boards.ie/discussion/comment/118839774#Comment_118839774

Let us know if you find Fungie.

Capt'n Midnight

https://www.boards.ie/discussion/comment/118842353#Comment_118842353

That voucher is a Fungieable Token...

It's a scam. You don't own any image or media, all you own is a URL with no intrinsic value.

circadian

https://www.boards.ie/discussion/comment/118839797#Comment_118839797

I agree with this. I deal in crypto and have started to do my own development on blockchains.

You're right, the entire space is full of chancers and scam artists from the rug pull shitcoins to Elon Musk pumping bitcoin so Tesla can sell 10% of their holdings to "test liquidity" (make their quarterly earnings green instead of red due to "digital asset sales") then pulling it and crashing the price and burning a bunch of people in the process.

I will say this. The technology itself, outside of using currency but the underlying Blockchain concepts and even NFT concepts have use cases. It's surprisingly easy to deploy your own Blockchain and inject data into it, it's like a large distributed database but instead of having a qurom of say 3 out of 5, the entire infrastructure has visibility of transactions and secures it this way.

Anyway, yeah if anyone is thinking of buying NFTs best of luck.

https://www.boards.ie/discussion/comment/118839808#Comment_118839808

What does that prove? What is your point?

That's like saying "my mate made money off of a pyramid scheme". Ok. So should everyone get involved in them?

Borzoi

https://www.boards.ie/discussion/comment/118839808#Comment_118839808

So, not you?

Not even some guy on the net, but some guy on the net's mate?

Hmm, seems legit....

https://www.boards.ie/discussion/comment/118845179#Comment_118845179

I know a guy who won a few grand playing Three Card Monte, are you saying it's a scam?

maccored

NFT's should be pretty amazing over the next few years. those who think its a scam or a pyramid scheme (jaysus) - pretty sure you'll find people minting NFTS that wouldnt be worth the cost of minting them as much as there'll be idiots with more money than sense buying everything hoping they'll make money.

Regardless, its a good thing for art and music in the digital space.

Penn

https://www.boards.ie/discussion/comment/118846510#Comment_118846510

How? There are NFTs of art and music being minted by the people who didn't create them. I saw one group online who were selling NFTs of songs/albums from different bands/singers, and half the replies on Twitter were from the actual musicians saying they never gave permission for their work to be made or sold as NFTs.

Found an article on it:

https://loudwire.com/hitpiece-nft-music-scam/

There is no oversight, no real comeback other than trying to create public pressure over it, not for smaller artists who don't have the ability or means to hire lawyers. The marketplace companies are apparently quite slow to react and take down, if at all.

There are already existing copyright laws. NFTs don't solve that problem, if anything they're creating more problems.

Trigger Happy

"Imagine you have a wife and your wife is getting drilled by everyone and you can't do sh*t.

But you have the marriage certificate. That's the NFT."

https://www.boards.ie/discussion/comment/118846510#Comment_118846510

You don't know what you're talking about if you think it's good for art and music. You haven't done even the most basic research.

Right now, the NFT space is a scam. People buying URLs and pretending they own rights to things when they don't own anything. And the artist gets **** all because most of them don't realize their work is being "sold".

Scam.

buried

https://www.boards.ie/discussion/comment/118846510#Comment_118846510

'Good thing for art' my arse. It's about as 'good for art' as that f**king 'messy bed' concoction that was made back in 1998 and sold for 5 million pounds, that absolutely nobody today gives a fiddlers twat about.

Capt'n Midnight

https://www.boards.ie/discussion/comment/118846510#Comment_118846510

How are random computer generated pictures good for art ?

Source code here : https://github.com/larvalabs/cryptopunks , a slight change in the colour of one pixel is all you need to create a new version. A 1980's home computer with 0.016Mb of memory could churn out these pictures too fast to see.

Here's the old way of doing it :

Motivator

The money being made by people on these things is insane at the moment. As someone said above, getting in now and you’re getting in at the bottom.

As with most of these things, especially the crypto scene, if you’re not first you’re last. I work with a woman who’s husband is a self proclaimed “crypto trader”. In reality, he bought Bitcoin last year just before the big surge. He made a few quid and instead of getting out, he went harder. He tied up more or less all their money in it. Last I heard from her on it he’s expanding his portfolio. In other words, he’s fuckèd and is throwing money into other coins gambling trying to get his money back because he’s in the **** having bought bitcoin at €55,000 a coin.

When you’ve lads telling you to get in now at the bottom then you know that a) it’s a pyramid scheme b) it’s definitely not the bottom.

Like the crypto boom of 2017 the vast majority of “investors” will lose money. Criminals, insiders, and some online shills make the real money and then sell worthless crap to gombeens thinking they are going to get rich.

A fool and his money and all that.

wylo

I bought one for about a tenner, not really sure why, sheer curiosity of the process mainly.

I mainly think it’s a novelty but part of me does appreciate the idea of what value is. If enough people agree something is valuable then it is.

Why is a replica of a classic piece of part, I mean a replica that was hand painted and made perfectly to be the same as the original, worth so little compare to the original. What’s the difference, intrinsically they both are just as valuable and as much craft and effort was put into each one, yet the original one can be worth millions more simply because we say so.

I guess the problem with NFTs and Crypto is they are trying to imitate that same idea, but you cannot force value for the sake of value. Those paintings became valuable by themselves. Plus having nothing physically to show for something also sucks.

Capt'n Midnight

https://www.boards.ie/discussion/comment/118846650#Comment_118846650

You don't even have the marriage cert, you only have a photograph of it.

You can prove that the photo is genuine but you can't prove the marriage cert is genuine.

And you can't prove your photo is any better than anyone else's photo of that piece of paper.

If you had a piece of paper you could at least wipe your arse with it.

silliussoddius

https://www.boards.ie/discussion/comment/118839797#Comment_118839797

Are they on the block chain, thought? Supposedly it costs a lot of money to store things on the blockchain, and high fees is supposed to be a sign if something really is o the blockchain. Is anyone familiar with the workings of the blockchain?

Capt'n Midnight

https://www.boards.ie/discussion/comment/118849434#Comment_118849434

https://xkcd.com/2030/

That's the lovely thing about the blockchain, there's lots of them to choose from. Each image can be used to produce a unique NFT per blockchains.

The ledger size is going to increase rapidly, with estimates of it each 6.5 TB by Jan 2023. It will bring in the need to buy harder disk space to participate in the network. It's getting bigger, faster than hard drives are. There are scaling issues by they can be solved by cartels.

Nothing about blockchain or NFT's is scalable to 7 or 8 billion people using it for a sizeable number of transactions directly at a reasonable cost.

Penn

https://www.boards.ie/discussion/comment/118849262#Comment_118849262

There's a reason why people are pushing crypto and NFTs (and there are a lot of TV ads in America for crypto, even some starring Matt Damon) so hard. It's because they need new investors to create a new bottom layer, so that money will be passed up to higher layers.

The only reason groups like that spend so much money on advertising is because they know they'll make more money back from new investors.

The J Stands for Jay

https://www.boards.ie/discussion/2058238991/anyone-here-ever-buy-an-nft

Got a free one from crypto.com and sold it to some mug for $10

marcbrophy

OP, take a look at this if you've a spare 140 mins, it is a must watch documentary on the problem with NFT's and crypto in general :)

https://www.youtube.com/watch?v=YQ_xWvX1n9g

KevMayo88

I've actually decided to invest in two NFT projects, one is actually Irish so happy out about that.

Penn

The thing about NFTs, is that because they're on the Blockchain, they're completely safe and secure. Absolutely secure.

https://www.theverge.com/2022/3/29/23001620/sky-mavis-axie-infinity-ronin-blockchain-validation-defi-hack-nft

Witchie

I play a property trading game and have invested a sum total of €10 in the game so far. I "own" 4 properties, 3 in LA and 1 in NY. Recently, someone wanted to buy my NY property from me for about €100. I am sitting on it a while longer as there are infinite properties available and if the game takes off I will have a great asset. If it doesn't, I spent a tenner.

silliussoddius

https://www.boards.ie/discussion/comment/118857966#Comment_118857966

How much will the digital NAMA cost the rest of us?

bodhrandude

What's a NFT, is that the same as the GFT: Glasgow Film Theatre?

Capt'n Midnight

maccored

https://www.boards.ie/discussion/comment/118846610#Comment_118846610

Havent you answered your own question?

"sell NFTs of artists using their names, images and album art for which it had not obtained the rights, nor even attempted." Thats called stealing and they rightfully got caught at it. The problem there is the shady **** doing the stealing and selling - not the concept of an NFT

maccored

https://www.boards.ie/discussion/comment/118846664#Comment_118846664

you have done the research though obviously, yes? Please share and educate.

As Ive already said, blame people for scams. not the idea of an NFT.

maccored

https://www.boards.ie/discussion/comment/118848980#Comment_118848980

define art?

You have art, which people download for free and the creators make no money from, or you have art that people buying it define the value of. Time is usually what determines which were good bets and which weren't. Im sure theres plenty who think banksey's a vandal.

maccored

https://www.boards.ie/discussion/comment/118848267#Comment_118848267

or like Damien Hirst's diamond skull? Thanks for proving the point for me - art has always been that way.

Penn

https://www.boards.ie/discussion/comment/118889514#Comment_118889514

It means the argument that it protects artists or is good for art/digital media falls down when anyone can mint someone else's work as an NFT and profit off their work without their permission. It doesn't make it more secure, it just leaves it open to different forms of stealing, and gives those shady **** more avenues to steal other people's works and profit from them. And if existing copyright, digital protection etc laws cover those thefts, then they also already cover non-NFT thefts.

Therefore, one of the biggest selling points of NFTs (digital copyright protection) is actually completely redundant.

In other NFT news, Ubisoft, a game developer who introduced NFTs to one of their games (Ghost Recon Breakpoint), has announced they're ending support for the game. Which means those NFTs are essentially worthless. They thanked people who bought the NFTs and claimed they now "owned a part of the game forever" or some such nonsense.

maccored

https://www.boards.ie/discussion/comment/118889645#Comment_118889645

its emerging tech - obviously theres glaring loopholes. though I wonder - do you complain about musicians getting **** all for the music spotify listeners only spend a tenner on?

Regardless - the concept of making a digital creation into an individual item is a massive step forward, regardless of how the conmen are running the market at present.

Rome wasnt built in a day, and its a perfect solution for new material - NFT it the minute you create it and its virtually copywrit from day 1

https://www.boards.ie/discussion/comment/118889523#Comment_118889523

That's why I said the "NFT space", genius. The space being where the scams occur.

🤯

maccored

https://www.boards.ie/discussion/comment/118889830#Comment_118889830

is that your research?