NFT market insanity - $560,000 paid for pic of newspaper column
NFT is a new type of digital asset - a non-fungible token
the NYT columnist Kevin Roose, who until today I've never heard of did it as a stunt
he was shocked when he auctioned off a picture of his column and it cleared him more than half a million
https://www.nytimes.com/2021/03/26/technology/nft-sale.html?action=click&module=Top%20Stories&pgtype=Homepage
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NYT is behind a paywall, so maybe you have an alternative source?Quote: lilredrooster........................
NFT is a new type of digital asset - a non-fungible token
the NYT columnist Kevin Roose, who until today I've never heard of did it as a stunt
he was shocked when he auctioned off a picture of his column and it cleared him more than half a million
https://www.nytimes.com/2021/03/26/technology/nft-sale.html?action=click&module=Top%20Stories&pgtype=Homepage
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Quote: OnceDearNYT is behind a paywall, so maybe you have an alternative source?
the NYT paywall and any other newspaper paywall I've ever encountered can be beat by clearing your history and cookies
they don't track your IP address
but just in case here is another link:
https://www.thewrap.com/new-york-times-nft-560000-sold/
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. Will this be Bitcoin or Beanie Babies? I tend to get these wrong....Quote: lilredroosterthe NYT paywall and any other newspaper paywall I've ever encountered can be beat by clearing your history and cookies
they don't track your IP address
but just in case here is another link:
https://www.thewrap.com/new-york-times-nft-560000-sold/
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I believe it started with this, (at least for those that have blockbuster costs):
https://www.nbcnews.com/business/business-news/digital-artwork-sells-record-60-million-christie-s-first-nft-n1260544
It is described as:
"The work, “Everydays: The First 5000 Days,” is by Mike Winkelmann, who goes by the name Beeple. The work is a collage of 5,000 drawings, one created and posted every day for the past 13 and a half years."
It's a nice collage I guess, if you like that kind of thing.
About the same time that sold so did a "real" painting of Van Gogh.
https://nypost.com/2021/03/26/previously-hidden-van-gogh-painting-sells-for-15-million/
So a collage now is worth almost 4 times that of a well acclaimed painter?
Earlier this week brought this:
https://www.msn.com/en-us/news/technology/virtual-house-nft-imagined-on-mars-sells-for-more-than-500-000/ar-BB1eYgVk
It's a pretty picture. Is it worth half a million? I guess it was for someone.
And then Jack Dorsey, the CEO of Twitter, sold the first ever tweet, for just shy of 3 million.
https://www.republicworld.com/world-news/us-news/twitter-ceo-jack-dorseys-first-ever-tweet-sells-as-nft-for-dollars-2-dot-9-million.html
It is kind of historic, giving it some additional value, but 3 mil?
Is it "art"? Maybe. Are the prices reflective for the efforts? I can't see it. But it does show how far away the wealthy of the world are compared to us little people.
I think I'll try to see if there's some way to short it.
And now that I've finished my coffee I'm hitting the loo with which I'll take a picture and sell online, calling it "Float Or Sink: The Evolution Of Art".
I'll start the bidding at the low, low price of one bitcoin.
It is sort of like owning the original copy of the Mona Lisa vs owning a replica. Except in the case of digital art, a “replica” can be copied easily copied anyone bit for bit.
No one is going to pay millions of dollars for digital art that anyone else can copy, right? That is where NFT’s come in. They are “non-fungible tokens” meaning they can’t be copied. So the artist generates one “original” and unique token ascribed to a piece of digital art, so that the “original” copy can only be owned by one person at any given time.
If all of this sounds stupid and doesn’t make sense, you aren’t missing anything. It’s the stupidest thing I have seen in a while.
But seriously, don’t listen to me. I have been following Bitcoin since 2010 and have made nearly $0.
Quote: gamerfreakThe best way I can explain NFT’s is that they are like digital collectibles. It’s a way for a digital creator of something to digitally sign something as being the one and only “original” copy.
It is sort of like owning the original copy of the Mona Lisa vs owning a replica. Except in the case of digital art, a “replica” can be copied easily copied anyone bit for bit.
No one is going to pay millions of dollars for digital art that anyone else can copy, right? That is where NFT’s come in. They are “non-fungible tokens” meaning they can’t be copied. So the artist generates one “original” and unique token ascribed to a piece of digital art, so that the “original” copy can only be owned by one person at any given time.
If all of this sounds stupid and doesn’t make sense, you aren’t missing anything. It’s the stupidest thing I have seen in a while.
But seriously, don’t listen to me. I have been following Bitcoin since 2010 and have made nearly $0.
In other words, you can literally download the 100% identical piece of art that someone paid $60m dollars for, EXCEPT for the unique digital copy that the artist “signed” as being original.
from what I understand the original creator/artist can now make money anytime the original gets re-sold. I guess this is good for the artists since they traditionally only got paid once when they originally sold the artwork.Quote: gamerfreakThe best way I can explain NFT’s is that they are like digital collectibles. It’s a way for a digital creator of something to digitally sign something as being the one and only “original” copy.
It is sort of like owning the original copy of the Mona Lisa vs owning a replica. Except in the case of digital art, a “replica” can be copied easily copied anyone bit for bit.
No one is going to pay millions of dollars for digital art that anyone else can copy, right? That is where NFT’s come in. They are “non-fungible tokens” meaning they can’t be copied. So the artist generates one “original” and unique token ascribed to a piece of digital art, so that the “original” copy can only be owned by one person at any given time.
If all of this sounds stupid and doesn’t make sense, you aren’t missing anything. It’s the stupidest thing I have seen in a while.
But seriously, don’t listen to me. I have been following Bitcoin since 2010 and have made nearly $0.
Quote: heatmaplmao to people who think they own things indefinitely you will die and someone else will own it unless you have lots of money to legally pass things off after you die
It’s called a will.
At the same time, the largest NFT marketplace OpenSea /opensea-review/ occupies almost 97% of the market for buying and selling unique tokens - this is more than the share of Google among search engines and Amazon among online stores. It manages to maintain leadership due to the fact that tokens on the platform are easy to create, find, buy and sell.
NFTs can be anything - a picture, a song, a video, or any other digital object. In 2021, investors buy them to get a unique and possibly expensive property, access to private communities, and to earn influence and status.
P.S. wife's daughter is really talented!
.Quote: jetgerardNFTs, have long ceased to be a trifle, writes ]The Generalist: in the third quarter of 2021, NFT sales amounted to $ 10.7 billion,
just wondering how it's possible to track these sales
where are they documented?
I have no idea
the source quoted here - "The Generalist" - it might be a good source
but I've never before heard of them
I spend hours every single morning scanning news stories from dozens of different news enterprises from all over the world
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Quote: lilredroosterQuote: jetgerard
I spend hours every single morning scanning news stories from dozens of different news enterprises from all over the world
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link to original post
Why? Do you think that is time well spent?The older I get, the better I recall things that never happened
Quote: billryan
Why? Do you think that is time well spent?
not in the practical sense
it's just enjoyment - satisfying my curiosity - at least to some extent
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this is my creation which I made on my computer
I call it________ 𝙅𝙪𝙢𝙗𝙡𝙚
I'm thinking of letting it go as an NFT
I'll instruct the NFT movers and shakers to start the bidding at $775,000
I don't want to seem greedy
but on the other hand I'd be a fool to let something like this go cheaply
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Quote: lilredrooster__________
this is my creation which I made on my computer
I call it________ 𝙅𝙪𝙢𝙗𝙡𝙚
I'm thinking of letting it go as an NFT
I'll instruct the NFT movers and shakers to start the bidding at $775,000
I don't want to seem greedy
but on the other hand I'd be a fool to let something like this go cheaply
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link to original post
A much better use of your limited time. Keep me in mind when you get around to fractional ownership.
Quote: heatmaplmao to people who think they own things indefinitely you will die and someone else will own it unless you have lots of money to legally pass things off after you die
link to original post
have you really never done a will, they generally free but you will want to get it notarized. so that might cost ten or twenty dollars.
Quote: lilredrooster.Quote: jetgerardNFTs, have long ceased to be a trifle, writes ]The Generalist: in the third quarter of 2021, NFT sales amounted to $ 10.7 billion,
just wondering how it's possible to track these sales
where are they documented?
I have no idea
The way I understand it is the current NFTs are just kind of like the Ethereum cats of 2017. A preview of what is to come. When you couple an NFT with a smart contract and sell something that will generate income the magic happens. Say some band sells half their song rights as a NFT. When someone legit uses the music the fees flow back to the coin holders.
