NFT - Non Fungible Tokens

[doodle]

Would you spend 2 millions dollars on this digital image? Because apparently thats the current bid.

EvbkGrMXcAsHWuS.jpeg (5.68 KiB) Viewed 1805 times

Move over Bitcoin and make way for non Fungible Tokens!

I never understood art collectors who would pay millions for a canvas painted black, or smeared with paint in the style of a five year old....but this is on a whole other level. From my perspective it would appear that markets have reached collective insanity.

https://www.npr.org/2021/03/05/974089 ... -buy-them

[doodle]

I’m mulling over some top shots

https://www.nbatopshot.com/

Why? I'm just curious about the psychology that inspires people to spend money on this stuff...like Jack Dorsey's first tweet...went for something like 2.5 million dollars. I just don't get it.

[vnatale]

I’m mulling over some top shots

https://www.nbatopshot.com/

Thanks for this.

I was going to respond with it but could not remember its name.

There was a segment on it during one of the last week's Celtics pregame shows. They showed a few of the ones that were related to the ex-players on that pregame show and how much they were going for. Both of the ex-players have invested in some of them (not exclusively the ones of themselves).

[doodle]

The licenses behind these things and the scarcity as well as the belief that there are many richer people than you who might also believe in its value.

You don't need a very liquid investment when it's an NFT.

This is an aspect of human psychology that I will never fully understand...perhaps to my investing detriment. It's astounding to me that an "intelligent" species will "invest" millions of dollars in a digital image that can be downloaded for free....money that could be used to channel productive work that creates real life improvements. I just don't get it. But then again, I don't understand our cultural obsession with people who can throw balls or carry a note or pretend to be superheros on a movie set either. Probably makes me a worse "investor"...

[doodle]

I’m mulling over some top shots

https://www.nbatopshot.com/

Thanks for this.

I was going to respond with it but could not remember its name.

There was a segment on it during one of the last week's Celtics pregame shows. They showed a few of the ones that were related to the ex-players on that pregame show and how much they were going for. Both of the ex-players have invested in some of them (not exclusively the ones of themselves).

21st century Baseball cards or beanie babies, reinvented.

[Xan]

The licenses behind these things and the scarcity as well as the belief that there are many richer people than you who might also believe in its value.

You don't need a very liquid investment when it's an NFT.

This is an aspect of human psychology that I will never fully understand...perhaps to my investing detriment. It's astounding to me that an "intelligent" species will "invest" millions of dollars in a digital image that can be downloaded for free....money that could be used to channel productive work that creates real life improvements. I just don't get it. But then again, I don't understand our cultural obsession with people who can throw balls or carry a note or pretend to be superheros on a movie set either. Probably makes me a worse "investor"...

To be fair, that productive capacity hasn't declined just because person A gave person B $X for something that isn't real.

[dualstow]

I want an NFT of Vinny's first

Code: Select all

!!!!!!!!!!!!!!!!!

Vinny

[vnatale]

!!!!!!!!!!!!!!!

Indeed!

Vinny




We Now Know Who Paid $69.3 Million for a Digital Artwork—Sort Of

This whole story is getting even weirder.



https://slate.com/technology/2021/03/me ... ml?via=rss

After the gavel dropped and a piece of digital art sold for $69.3 million at a Christie’s auction on Thursday, one thing wasn’t clear: who had bought it. Now we know�sort of. The buyer is a mysterious figure known only as “Metakovan” who has been hovering around the cryptocurrency space for years.

Everydays: The First 5000 Days is a collage of 5,000 pictures that artist Mike Winkelmann, better known as Beeple, started composing every day since 2007. Besides being the third-most-expensive piece of art ever sold by a living artist, the collage is notable because it is attached to a form of cryptocurrency called a non-fungible token, or NFT, and has no physical presence. In fact, the artwork itself is available for viewing free of charge across the internet. What Christie’s actually auctioned off is a one-of-a-kind cryptographic token that acts as a sort of certificate of ownership for the collage, which can in turn be sold to someone else in the future. The buyer also received a digital file of the art and some rights to display the image, but the copyright wasn’t part of the transaction, Christie’s told Slate. NFT’s are the latest cryptocurrency craze, in which celebrities like Grimes and Logan Paul are using the technology to sell digital keepsakes for millions of dollars.

Initial reports speculated that the winner of the Christie’s auction was Justin Sun, founder of the cryptocurrency platform Tron who has been willing to spend huge sums of money on other virtual grails; he recently bid $2 million for an NFT attached to Twitter CEO Jack Dorsey’s first tweet. However, Sun tweeted on Friday that he was outbid within 20 seconds of the auction closing by someone who had offered $250,000 more than his final $60 million bid. (There were around $9 million in fees added to the final bid.) Christie’s announced on Friday that Metakovan, who is a Singapore-based cryptocurrency investor, had actually won the collage.



“When you think of high-valued NFTs, this one is going to be pretty hard to beat,” Metakovan said of The First 5000 Days in a press release. “It represents 13 years of everyday work. Techniques are replicable and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”

[vnatale]

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