What's your thoughts about NFT's ?

[wonderfulboy]

I'm looking into selling my first NFT - it's as new as bitcoin was for 10 years ago.
https://opensea.io/
Has someone experience with this stuff for investment ?

 

[hc99]

I have an original piece of art that was released by the same artist as an NFT. An original autographed 1/50 print edition. The artist released the NFT with quantity of ten. I strategically acquired the last five NFT copies for pocket change and now the NFT is selling for $15k. Sooo, since I have five copies plus the original, sounds pretty good amirite? All in about $1k and I've got possibly $100k worth of art now...

Well, I have no idea how to monetise this at the moment, I'm just gonna sit on it. As you're saying, it's kinda like what BTC was in 2010. There's certainly money to be made, both in speculation of buying and selling, but how are you gonna monetise it differently? Are you hodling or looking to sell something viral? Just buying some more bored apes? In a way, it's a double whammy. Crypto goes up compared to fiat, then your NFT goes up in value. Or if the NFT you bought up goes up in value, then you also win. It's kinda like having your art IRL stored at a vault in an SEZ.

 

[JohnLocke]

I have no clue about NFT's but it sounds like something I want to look into

If what you bought is 100K worth right now, why don't you sell it. I know it is possible on OpenSea to sell the "art" and get it in ether somehow?

 

[JosephLL]

Everything except the immaculately conceived Bitcoin is a shitcoin by definition. Especially ethereum, the undisputed king of all ico scams.

 

[hc99]

If what you bought is 100K worth right now, why don't you sell it. I know it is possible on OpenSea to sell the "art" and get it in ether somehow?

Yes, you're right, OpenSea mostly seems to use ETH. Some sellers use wrapped ETH (WETH). There's options for a few more currencies. I really dislike ETH and the whole gas ecosystem, but the idea of smart contracts and the like has many new possibilities. Let's see if Cardano gets more traction.

I should say my collection is "worth" $100k. Because if you consider that I have five copies of the NFT at $15k each plus an limited edition original autographed artwork, maybe somehow as a package deal it might be worth something in that ballpark. BUT---I don't know if anyone would actually pay for it. And if nobody pays for it, then it's only "worth" whatever somebody pays for it. On that note, I've seen some boneheads pay 5-10 ETH (at recent fiat xrates) for what to me seems like the dumbest NFTs, ones that are now selling for less than 0.01 ETH and aren't nearly as limited in mintage as mine of 10 copies. Maybe they know something I don't?

Anyway, to continue with the point. There is actually supposedly the possibility to write ETH contracts so you can transfer ownership of art IRL (or other tangible goods) along with the NFT. You can even add yourself a percentage commission every time the contract is sold, which is an interesting possibility for residual income, especially for whoever distributes the next Picasso/Van Gogh. So, definitely an interesting sector for the future.

You're right, perhaps I should consider investigating the possibility of writing a contract to sell the group NFT and artwork. Now, do I prefer $100k cash equivalent, or my sentimental art piece everybody talks about over dinner and drinks? haha that's a tough one, especially now that I can brag about having five NFTs.

 

[JohnLocke]

Here comes the multi million dollar question. How can I produce an NFT that will stand a chance to get just 3 ETH for a sale?

If I understand NFT's concept right (I have not spend much time on it yet) the NFT has to be unique, but everyone can make a picture of his face, garden or even family and put it up on OpenSea. That said, if it is that easy, why isn't this marketplace already over spammed with crap?

Any guidelines on how to make a good and unique NFT ?

 

[cuno]

Maybe this can help
https://decrypt.co/74909/tim-berners-lee-web-source-code-nft-sells-5-43-million-sothebys

 

[RealDude]

That said, if it is that easy, why isn't this marketplace already over spammed with crap?

I asked myself exactly the same question. Maybe it's all „high profit“ unique garbage?

 

[RDuke]

Two words: money laundering

 

[RealDude]

Two words: money laundering

How does it work exactly?

 

[JohnLocke]

Two words: money laundering

I do not think we need to pull it in that direction. It is clear that this is a new technology. And make a brief comment like this, it's probably the same as they said about bitcoin.

 

[JohnnyDoe]

Here comes the multi million dollar question. How can I produce an NFT that will stand a chance to get just 3 ETH for a sale?

If I understand NFT's concept right (I have not spend much time on it yet) the NFT has to be unique, but everyone can make a picture of his face, garden or even family and put it up on OpenSea. That said, if it is that easy, why isn't this marketplace already over spammed with crap?

Any guidelines on how to make a good and unique NFT ?

Demand and offer, like any piece of art.
But a NFT can also be a real estate, a piece of a classic car, a ticket to a concert…

 

[cinquepalli]

I am deeply involved in the NFT/crypto market, most of it is either:
- Money laundering
- A collection created by a well known artist
- Collection targeting a specific niche (for example black women artists nfts)
- Pay someone to build community on twitter, discord etc.

If none of those above apply the chance of your NFT collection succeeding is very very low as the market is sature

 

[cyprusbanker]

- Pay someone to build community on twitter, discord etc.

please elaborate ?

 

[hlepic211]

The idea is great. The market isn't. For now this whole space is just a cash grab.
That doesn't mean you can't make a 10x-100x-whateverx on your initial investment, you just have to figure out what's the next hype thing. Might be the NFT+gaming merge.

 

[wellington]

Made a pocketful, in NFT's by accident, bought loads of land in Sandbox for about 90$ a pop a few year(s) ago, sold during the hype cycle, actually bought to play the game, but the offers i was getting were just unreal...

 

[hc99]

That said, if it is that easy, why isn't this marketplace already over spammed with crap?

Could we consider the Bored Ape NFTs to be spam? I've randomly browsed around on OpenSea and would say there's quite a bit of junk, crud, and rubbish on there.

There's sunk costs and fees to become a seller and make/sell NFTs, so perhaps that's a financial barrier to entry which filters some spam.

 

[troubled soul]

Whole NFT concept is new and still developing. There are many loopholes in its structure and uniqueness.

Fundamental of NFT is "Ownership of Valuable thing using block chain ". So many gambler come into play and turn into Casino and Money laundering Hub.

Real Motive was , Like If you connect the Rolex with unique address with blockchain. It is easy to trace its ownership history. and avoid fake or counterfeit item. Same can be use with painting,car,antics any art piece.
Every item in the world can be connected with it and It give good reliable Information of where it manufacture and who, where and when it manufacture.

Imagine the world , where you can buy any item in the world just scan the code and You get all its information.

Sorry for My bad english. Hope I can convey the massage

 

[cyprusbanker]

There's sunk costs and fees to become a seller and make/sell NFTs,

you can sell without to pay anything before your NFT is sold!

I have still to understand how something can be proven unique. If I have a painting on my wall, I take a picture of it with a high res camera and put the image up on OpenSea. How can this be unique, I have still the painting on my wall?

 

[RealDude]

How can this be unique, I have still the painting on my wall?

They use Quantum teleportation to transfer the painting to a cheap digital SD-Card. The fingerprint of the data is unique and can be digitaly signed. That’s it