I like Our favorite amateur boxer Paul and his box openings. Very entertaining. I don’t understand the appeal of NFTs at all. Branding an NFT as a collectible when all you get is a digital screenshot makes no sense to me. His NFT released with the Pokémon box opening has reduced 50% in value. linkEdit: lol. Who set up auto changing “L0gan” to “our favorite amateur boxer.” Haha
Nothing against the guy, but that “card” just makes me cringe.
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The entire point of his last box break was to pull money and hype into NFTs and crypto. Not surprising it isn’t going great.
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don’t see the appeal of NFTs when you can just download a copy of the photo or video. I guess it is just bragging rights with nfts
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I recently listened to Colin and Samir’s episode of NFT’s and they explained it in that the goal for some creators isn’t to actually have the NFT for having the NFT, its that it could grant access to certain specific events/discussions/meet-and-greets in the future. Kind of like a more exciting subscription model that can work out long term.
Really good piece to listen to when just doing some thing simple like animating (which is what I was doing lol)
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people can say the same for proxy cards. It’s simply verifiable proof of ownership of something, in the same way art/etc. have pedigree and verifiable records. Yes anybody can take a picture of the art, yes anybody can reproduce and copy it… it’s not the same. I think NFTs are a massive bubble and people are buying a ton of retarded stuff (for instance this NFT of Jack’s first tweet just got a legit bid of 2.5m: https://twitter.com/BitBitCrypto/status/1368224212922621955) but that said digital collectibles are very very likely here to stay and through all of the total garbage that comes out during this period there will absolutely be some gems that make people extremely wealthy and some longer term IP pivots or new IP that stand the test of time
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“You just don’t understand it. Just because you can go to the louvre and snap a photo of the Mona Lisa, doesn’t mean you own it.
It’s the same for NFTs because you can take a screenshot, but you don’t own the JPEG.”
Hearing this responses reminds of the people that just got into pokemon and were quoting “it’s the biggest media franchise of all time”
Pokemon and traditional art have physical assets and these do not. With NBA topshot and Logan Paul’s “Break Moments” you are buying the NFT, but you don’t even own the video associated with it. You don’t really own anything.
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definitely not going to be the best long term use case of this stuff (and I say that while having invested in like 3 of the leading companies taking this approach). Verifiable access to meet and greets is not a problem, this is not a solution for it. Not like people are faking access QRs from their phone they get when they pay with traditional methods. It literally doesn’t solve a problem.
Open economies for in game items – issue (see d2, d3, OPSkins, etc., etc., huge billion dollar volume markets)digital art – ownership was an issue prior , how can you prove you own the original. What makes it the original. This was a real problem beforedigital collectibles – similar to above
what is being solved is the fact that physical medium assets have a huge amount of friction. Custody, import tax, time to receive, time to relist, egregiously priced marketplaces/discovery, etc.
there is a reason why 99.99999999% of gold is only traded on paper these days and why oil prices went negative when nobody could take physical delivery. Tangibles have a lot of friction that digital has made infinitely better in a ton of other mediums but this was a real problem for these things now. It is being solved, the solution is real, and a new class of things will come up around it.
again… right now everything is a massive bubble and people are hysteric and acting very silly. Somebody paid me $50k 3 days ago for a knockoff version of a piece of pixel art that was given away for free. I wouldn’t spend my time buying many NFTs atm but I also think writing it off completely is extremely silly and short sighted. Look beyond the mania and find what actual value is being created
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agreed, flight will absolutely be to original IP (either newly created IP or official IP brought in from others, say… pokemon, or whoever). Disagree that you own the art in a pokemon card :-p. You own a piece of cardboard with the art printed on it, many times with unknown number of prints existing and them having full license to print it into obscurity if they choose.
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and to be 100% clear this is not my bags speaking, I have bought <$100k of NFTs and have been 100% on the sideline while many of my friends have made quite literally 10s to hundreds of millions of dollars by being extremely early and riding through this entire expansion. I think there are huge issues with the current craze, I do think current state is a massive bubble that WILL pop but ignoring the shift that is happening is very very foolish imho. Dapper just raised at $2B, it would be quite unusual for sharp $ to be this dumb across the board and a LOT of resources pouring in from all sides investment, IP, etc., I have spoken to a huge number of companies on both sides of this and EVERYBODY is looking at it including all of your favorite IP
If I had a nickel for all the times my friends made hundreds of millions of dollars…
Heh, be extremely early in one of the fastest growing spaces of all time and then have all of your friends just continually reinvest in the space. Bunch of my friends were early coinbase too which is like… $100B valuation atm and one of many many just absurd mega unicorns around. If Pokémon become last a $2T industry all of your friends would be hilariously rich too. Most of these guys were cartoon avatars shitposting on the internet and living broke for the past 10 yrs, it just happened what they were into turned insane
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Unsurprising, the art and collectability on this absolutely blows. I expect most NFTs to tank but that there will Pokemon/Magic/YuGiOhs of the bunch that emerge eventually.
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I thought Pokemon Radar and Squeaks break down of the NFT being a cheaper way to gamble on getting a pack was spot on.
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I leave this thread more confused than when I entered
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It’s genuinely hard to believe average joes are making that kind of money right now. But then I look back at Dogecoin & realize if I’d invested $100k into it before the massive pump I could’ve made $100 million just like that… I’m not broke but I’m nowhere close to being rich either. Might be wise to take a break from pokemon and start learning about these markets lol.
Pardon my ignorance. No need to answer any of these questions. I figure people deep in the weeds with this kind of stuff tend to either love talking about, or will shoot themselves if they get asked another question. If the latter, happy to do my own research.
What is the legal process behind creating and selling an NFT? I see Jack Dorsey himself listed the NFT tweet for sale with the metadata. If Twitter decided to pay dividends, could shareholders argue they are entitled to view this falling under profit eligible for dividend distribution if the sale is viewed as revenue gained from Twitter vs personal sale / will this be reported in Twitter’s taxes or in Dorsey’s? Would Twitter be able to pursue legal action if someone else tried to sell a tweet as an NFT since Twitter “owns” the tweet? Can I create and sell an NFT of me retweeting Dorsey? What about copyright – can I print out a copyrighted, not permissible for commercial use, stock photo, take a picture and digitize it, and claim as an entirely new asset under my ownership for NFT distribution?
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Yet my life is thoroughly unaffected
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Yea clearly the average person is not making $100m but plenty have. I have a bunch of friends who put literally hundreds (like $300-700) into nba topshot and have sold millions worth already. Most of those who made 9 figures have had a compounding of events over time and now write checks for $100k+, and those certainly have had the opportunity to plenty. Expansion of markets is a crazy and fascinating time but a lot of people who enter late or hold too long will get rekt. And some who hold too long but hold the right thing will be rewarded beyond belief. Look at everyone LOL’ing at Gary for asking $500k on pawn stars even just a few years ago and now he could walk away with generational wealth if he doesn’t already have it. Always a balance of early and asymmetric conviction. If everybody thinks it’s a great idea it’s probably wayyyy too late
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