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So what the hell are NFTs?

I’m reading about them all the time and apparently they are (usually shitty) digital art that people can support by buying them, but you don’t actually get ownership of them?

One Zee said in trying to explain them like they’re virtual beanie babies, but of course that’s bullshit, because you have physical custody and ownership of the beanie baby and can sell it, cashing out your interest. Then the buyer has sole custody of the image.

So what am I missing? Meanwhile who gets the money paid by the suckers for the NFT?

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by Anonymousreply 37January 26, 2022 8:17 PM

Sorry I meant “sole custody of the beanie baby” ^^^

by Anonymousreply 1November 24, 2021 3:21 PM

All junk. Bitcoin only.

by Anonymousreply 2November 24, 2021 3:23 PM

What does that mean, r2?

by Anonymousreply 3November 24, 2021 3:43 PM

Money laundering.

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by Anonymousreply 4November 24, 2021 3:54 PM

As an experiment, I bought an NFT for "x" altcoin (not BTC). I now have in on sale for 3x what I paid for it. Will see if it sells. And I'm with OP -- I don't really get it. Why do these have value? But if someone wants to give me a 300 percent return on an investment, then I'm not going to say no.

by Anonymousreply 5January 18, 2022 4:56 AM

It's digitized unique artifacts. Think if the original Mona Lisa painting was put on the blockchain and had its own, unique, blockchain address to prove its authenticity. You could then have proof it's the real deal and increase its value.

That's basically all it is.

That being said, Coin Bureau can explain it in better detail. And there's pictures for those of you who are more visual learners.

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by Anonymousreply 6January 18, 2022 5:01 AM

Melania is involved in this shit so it MUST be a scam. Those Trump grifters don't get involved in anything that isn't

by Anonymousreply 7January 18, 2022 5:07 AM

What the hell is a blockchain?

by Anonymousreply 8January 18, 2022 5:41 AM

America’s deathgrip on any excuse to make a buck. Capitalism uber Alles.

by Anonymousreply 9January 18, 2022 5:47 AM

Jealous, bitches?

A man in Indonesia has struck gold after managing to sell hundreds of his own selfies as NFTs on the OpenSea NFT art market platform.

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by Anonymousreply 10January 18, 2022 5:51 AM

R10 that is BONKERS. I don't totally get it, but I kinda do. Like someone said on another thread, it's like Mary Kay for young men.

by Anonymousreply 11January 18, 2022 6:22 AM

[quote] Capitalism uber Alles.

Lol, no. Crypto is, quite literally, the very embodiment of decentrilized finance. You have absolutely no idea what you are talking about. Like...at all.

by Anonymousreply 12January 18, 2022 6:59 AM

Question - According to MicroSoft, someone (likely Russians) is quietly infecting Ukraine’s computers with a virus that irretrievably locks them down as a prelude (or an alternative) to a possible invasion. If true, and tens of thousands of Ukrainians have valuable NFTs, or even online bank accounts, what becomes of their “assets”?

by Anonymousreply 13January 18, 2022 7:34 AM

I'm with R9 - it's another sign of the awfulness of capitalism. Where's the revolution?

by Anonymousreply 14January 18, 2022 7:39 AM


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by Anonymousreply 15January 21, 2022 1:00 AM

where are you buying your bitcoins? robinhood?

by Anonymousreply 16January 21, 2022 1:07 AM

They're ways for people with cryptocurrency to pretend they have found a good use for cryptocurrency. And for people with more money than sense.

Some people are making money trading them, but they are Ponzi schemes, just like the rest of crypto.

Twitter has started allowing NFT user profile pics and they are already getting the Google Glass-style backlash.

by Anonymousreply 17January 21, 2022 1:18 AM

Incidentally most NFTs are traded using Ethereum, not Bitcoin.

by Anonymousreply 18January 21, 2022 1:19 AM

[quote]where are you buying your bitcoins? robinhood?

No. The crypto on Robinhood is not the "real crypto." It's basically an IOU of sorts. You don't actually hold the coin itself. Read their TOS.

Never hold crypto on an exchange, those can be hacked (as they've been in the past) and all the crypto you hold could be lost. There are also different fees on many exchanges which could result in your holding less of the coin than if you were to keep it in a wallet like Metamask, Trust Wallet, or Exodus wallet.

I've noticed most of the users on here are completely lost when it comes to crypto and have a lot of bad information. I think it may be a generation/age issue, because I notice the same with my mom and Aunt (both Gen X and Boomers respectively). Obviously, there are exceptions, mostly with Gen X compared to Boomers on up, but overall, there's a huge generation-influenced learning curve on this. There is no way I could cover it all in just one post, but I do recommend Guy from Coin Bureau as one of the best "crypto teachers" online (see below). Also, keep in mind that not all crypto is meant to replace fiat. Many "coins" are actually just representations of a technology that has utility in the enterprise space for global supply chain management, retail, even video gaming. When you buy these coins, you're not investing in a "currency" per se, but a technology that is meant to power a business or even be contracted by businesses.

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by Anonymousreply 19January 21, 2022 1:38 AM

Thank you R19!

by Anonymousreply 20January 21, 2022 2:03 AM

Speaking of, R19, crypto.com just for hacked and a bunch of people lost millions.

by Anonymousreply 21January 21, 2022 1:59 PM

yeah, bitcoin is down today.

by Anonymousreply 22January 21, 2022 2:06 PM

r21, r22.


by Anonymousreply 23January 21, 2022 6:13 PM


by Anonymousreply 24January 24, 2022 6:50 PM

Ok, I am not ENTIRELY sure, but I think it's essentially akin to owning one of those numbered prints you can get- and overpay for. The original art still exists, posters can be made, but the fact that you have an exclusive numbered print is supposed to make it worth more and make people feel fancy about owning it. (but really, who cares). But if I could think of something creative to make, I would be making NFTs left and right

by Anonymousreply 25January 24, 2022 6:56 PM

I don't understand it at all.

[quote] ‘Our account had less than $1’: This couple made nearly $120,000 in under 6 hours selling NFTs to save their home from foreclosure

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by Anonymousreply 26January 24, 2022 9:14 PM

But r25 have you ever seen the average nft? The prints you can buy are typically prints of classic art, they’re limited in quality, and their actually physical items. You can sell them for dollars. When you buy an nft and it accumulates in value, what can you do with the accumulation?

by Anonymousreply 27January 24, 2022 9:58 PM

^^^ limited in QUANTITY

by Anonymousreply 28January 24, 2022 9:59 PM

Oh and “they’re actually” ^^^

by Anonymousreply 29January 24, 2022 9:59 PM

How does one design an NTF? Is the programming language difficult to master? I know nothing of graphic design or most anything seemingly but am intrigued.

by Anonymousreply 30January 24, 2022 10:26 PM

Here ya go r30 (and anyone else curious):

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by Anonymousreply 31January 24, 2022 10:48 PM

Btw, NFTs don't necessarily have to be works of art. Anything that can be considered a rare, digitized, collectible can be an NFT.

by Anonymousreply 32January 24, 2022 10:55 PM

OnlyFans is more profitable for me.

by Anonymousreply 33January 25, 2022 12:09 AM

Someone sells you something intangible and associates it with a long, unique code. They then go to the blockchain, which is just a ledger shared and synced on multiple servers owned by many different parties, and they record that long, unique code and the asset it's associated with. Therefore everyone knows that if you have the code, you own the asset.

Is that right? How does one make sure that only he, who purchased the asset, has access to the code? If it's on a shared ledger, won't others be able to see the code?

by Anonymousreply 34January 26, 2022 3:36 PM

Too much money is sloshing around, and not being invested into real things.

by Anonymousreply 35January 26, 2022 3:37 PM

Listen, op, if you don’t know what it is by now, you’re never gonna know.

by Anonymousreply 36January 26, 2022 3:41 PM

So does that Indonesian guy actually have a million dollars? Or does he have something that claims he has a million dollars?

by Anonymousreply 37January 26, 2022 8:17 PM
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