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Explain this NFT thing to me


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I like crypto. I'm a believer. From the first moment my friend showed me one of the early youtube videos explaining bitcoin, I knew it was genius. Yes, it is magic internet money with ridiculous returns, but that doesn't mean it's not real, that means it is magic internet money with ridiculous returns! When people say the future is DeFi I believe them. When people say XRP is gonna be used by three household names, I believe them. When Saylor says bitcoin is going to cure cancer and bring back the dodo, I believe him. 

And yet...

2802471-1141576147.jpg.76ba7f211cf40ce4afe74086011e8824.jpg

I don't get it. I did a bit of reading, and I find that there's like a thousand of these monkey things and so people are collecting them. But artistically they are not special, aesthetically they are not special. So here we are. When people said crypto was a fad, it was back when crypto didn't do anything. Crypto still kinda doesn't do anything, but it's doing a decent job at faking it until you make it. People understand now that crypto (except BTC) is not just a string of letters and numbers, but instead it can actually be used to do stuff. So they are different from tulips. But these jpegs... are these the real tulips of crypto?

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4 hours ago, Seoulite said:

When people say XRP is gonna be used by three household names, I believe them.

Not related to your question,  but the above is a classic example of Chinese whispers in action.  I’ve seen it on this board many times.  People end up getting riled up about outrageous things that Ripple have done and it’s often bs based on this kind of honest mistake or the deliberate lies of bad people.

Anyway, to set the record straight…

Two names.  Not three.    :) 
 

 

 

 

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4 hours ago, Seoulite said:

I like crypto. I'm a believer. From the first moment my friend showed me one of the early youtube videos explaining bitcoin, I knew it was genius. Yes, it is magic internet money with ridiculous returns, but that doesn't mean it's not real, that means it is magic internet money with ridiculous returns! When people say the future is DeFi I believe them. When people say XRP is gonna be used by three household names, I believe them. When Saylor says bitcoin is going to cure cancer and bring back the dodo, I believe him. 

And yet...

2802471-1141576147.jpg.76ba7f211cf40ce4afe74086011e8824.jpg

I don't get it. I did a bit of reading, and I find that there's like a thousand of these monkey things and so people are collecting them. But artistically they are not special, aesthetically they are not special. So here we are. When people said crypto was a fad, it was back when crypto didn't do anything. Crypto still kinda doesn't do anything, but it's doing a decent job at faking it until you make it. People understand now that crypto (except BTC) is not just a string of letters and numbers, but instead it can actually be used to do stuff. So they are different from tulips. But these jpegs... are these the real tulips of crypto?

Finally....I thought it was just me!!! I thought maybe I'm the ******* idiot for not seeing the value in all of these Ape emojis. Apparently, they are exquisite pieces of fine artwork representing/capturing the personality and overall mood of an individual. So much so that ppl are willing to pay millions for them. I guess the phrase, "Beauty is in the eye of the beholder" is true. 

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44 minutes ago, King34Maine said:

Finally....I thought it was just me!!! I thought maybe I'm the ******* idiot for not seeing the value in all of these Ape emojis. Apparently, they are exquisite pieces of fine artwork representing/capturing the personality and overall mood of an individual. So much so that ppl are willing to pay millions for them. I guess the phrase, "Beauty is in the eye of the beholder" is true. 

The ONLY thing I can think of that might be adding value is that they are among the first famous NFTs. But even that is pretty weak sauce and I’m fairly certain that that fact is not adding six figures to the value.

Who knows we could be insanely wrong, but art NFTs are not that rare. Five years from now is anyone gonna care about this monkey pictures? I don’t think so, but let’s see.

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15 minutes ago, Seoulite said:

The ONLY thing I can think of that might be adding value is that they are among the first famous NFTs. But even that is pretty weak sauce and I’m fairly certain that that fact is not adding six figures to the value.

Who knows we could be insanely wrong, but art NFTs are not that rare. Five years from now is anyone gonna care about this monkey pictures? I don’t think so, but let’s see.

To me it is seems a bit like the crypto kittie craze 

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25 minutes ago, BillyOckham said:

Andy Warhol soup cans say otherwise.   :) 
 

I agree with your view,  but the world seems contrary to my understandings lately.

I’m no art historian but I’m pretty sure Warhol’s soupcans represented a radical shift in the concept of “art” in that new age of advertisements and consumerism. The technology behind these monkeys is revolutionary, but the pictures themselves are not I think.

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1 minute ago, Seoulite said:

I’m no art historian but I’m pretty sure Warhol’s soupcans represented a radical shift in the concept of “art” in that new age of advertisements and consumerism. The technology behind these monkeys is revolutionary, but the pictures themselves are not I think.

Yeah so maybe you’ve exactly described why they WILL still be valuable in future.   :) 
 

But none of it makes sense to me (unless it’s actually mostly money laundering which some seem to think is rife in NFTs).

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1 hour ago, BillyOckham said:

Yeah so maybe you’ve exactly described why they WILL still be valuable in future.

The problem is the tech is the same for any NFT. It’s not like these monkey things are the only NFTs available.

Edited by Seoulite
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Money laundering. No one is that stupid to pay millions for a picture of a monkey !!!

Someone looking to “clean” dirty money could theoretically generate an anonymous NFT, list it for sale on the blockchain; purchase it from himself/herself from an anonymous, unregulated digital wallet with illicit funds, and then recognize the money as legitimate funds from the sale of the artwork. 

 

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1 minute ago, Kiwi said:

Money laundering. No one is that stupid to pay millions for a picture of a monkey !!!

Someone looking to “clean” dirty money could theoretically generate an anonymous NFT, list it for sale on the blockchain; purchase it from himself/herself from an anonymous, unregulated digital wallet with illicit funds, and then recognize the money as legitimate funds from the sale of the artwork. 

 

This might not be far off. Isn't this what the high end art industry is all about?

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13 hours ago, Seoulite said:

And yet...

2802471-1141576147.jpg.76ba7f211cf40ce4afe74086011e8824.jpg

I don't get it.

Dude! You just stole somebody's JPEG!

I generally agree with you that this is a bubble, but it's a bubble that could go on for a while. If you've got the guts to trade them, go for it, there's a lot of money to be made. I just wouldn't go in on them as a long term investment. NFA, DYOR, etc.

The best argument I've seen for these profile picture type NFTs is that they're a form group identity and culture. The art is purposely not supposed to speak to outsiders - you and I aren't supposed to get it. The NFTs create a cost to be in the group and whole digital subcultures evolve around them on Crypto Twitter, Discord, Telegram, etc.

I think that argument has some merit, but what really undercuts everything for me is when I did a little research and found out that almost all of these NFTs don't actually store the image on the blockchain. There are a few specialized ledgers for file storage, but all your hot NFTs on Ethereum, Solana, etc aren't using those. What you're actually buying is a link to an image that's hosted on some central server somewhere. Maybe I'm too old school for this young man's game, but that defeats the whole purpose of using a decentralized ledger.

In the big picture, I think the current NFT fad is just the demo phase, the first proof of concept for what's to come. NFTs and, generally speaking, tokenization involving various degrees of fungibility are going to be huge. You can read about the big, obvious use cases for gaming and digital rights management. But I think it's going to unlock value in ways we probably can't even imagine.

For example, earlier this week I was reading about the possibility of tokenizing your house which would allow you to use it as collateral for a loan. Imagine if you put that loan in some stablecoin investment that earns more than enough yield to pay off the interest on the loan. You could use that to set up an escrow that pays off your property taxes. Your house now pays for its own taxes. Technically you can do this now, lots of people get home equity loans, but practically speaking there's too much paperwork and too many middlemen taking their cut along the way. The fluidity of this new financial system that DeFi is building is what opens up a whole world of possibilities (and also a whole world of scams so be careful out there).

Edited by brianwalden
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6 minutes ago, Kiwi said:

No one is that stupid to pay millions for a picture of a monkey !!!

While I agree that there's some degree of money laundering going on (it happens in the regular art world too). I think you underestimate both the profound stupidity that humans are capable of and the enormous size of whales' bags.

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