Can anybody explain me NFT

Anybody bought one? Super high risk I know. But looks like it’s fun- if you got money
How to prevent link-rot?!

 

non fungible tokens?

 

How do you store it? How to prevent linkrot? Its an interesting digital concept. Questionable intrinsic value but most in virtual world anyway. Intrinsic value sometimes hard to define in the real world even….

 

Purely opinion but I think NFTs are where crypto was Dec 2017, over the peak of the top and just been flooded with new offerings. New NFT "mints" are happening constantly just like ICOs were back in 2017. Many of these will go to zero. People are already selling below mint price.

NFT isn't crypto. Blockchains just secure the ownership rights.. NFTs are collectibles, art, etc except its way easier to produce more and more and dilute the market.

Some people do find it fun, so can buy something that you like as a collector.. but IMO one should treat it like a luxury good expense and NOT expect to get a resale or a flip out of it. Lately flippers are selling their flips for less than they paid.

 

im not into pics of rocks or apes etc as the prices are absurd (though a lot of people have made crazy amounts) but i am a fan of the 'veve' app which has legit licensed collectables / NFT's (eg marvel and DC licenses) that you can display in augmented reality etc.

i did enjoy the eth ape owners gettin annoyed at the new solanapes

Spin-Off Bored Apes and Pudgy Penguins Are Spreading Fast on Solana - Decrypt

 

I started buying NFTs a couple of months ago and have done well with it, but it's very early and speculative at the moment. A lot of new supply comes to market every day.

IMO it's too early to consider any of them worthy 'investments', but it could be worth tipping in some of the ETH you own as a side bet... or even better just buy something you love

**** Rarity, Valuations And Floor Prices. Just Buy Art You Love.

 

Type: NFT onto reddit. Good guide.

 

Read the specification for yourself here.
ERC721 - The NFT Standard - EthHub
Primary source.
And then ERC-721

 

I got NFI.

 

I think NFT are like a modern day version of the old porno stash. You kind think they are valuable but you cant part with them. They sit somewhere your mum cant access and are hard to find. Hopefully she doesnt find it.

I saw one for some "rare" picture. So its like you can "own" a right to it...But you probably have no idea if there are 0 others or if its as rare as the front page of the herald sun. People often cite ebay etc for "rare "items which is just a asking price and of no help and one of the duds in the front cover for the moon landings. They printed hundreds of millions of copies of newspapers and reprints and a moon landing front page is as rare as reflex A4 paper.

If the porn industry havent jumped onto NFT I kinda suspect its valueless. I suspect they have all the value of a pokemon or thoe chip packet tazos. The porn industry has monetised images better than anyone.

 

It is just tradable ownership rights of something on the blockchain - a digital asset.

Most are illiquid and useless and in the case of pictures, nice (subjective) to look at. So essentially there is a risk over paying for an expensive JPG file on opensea.io. i.e. most of these are mere speculation. Have a look at ether rocks for example...

Some provide voting rights for DAO governance and even entitlement to earnings, entitlement to pre sales and membership into closed communities. An example of presale is one of my recent investments in a new "play to earn" game launch, which was closed off to the public. I did 4000% return on $6K investment yesterday.

Some are for 'flexing' (if that's your thing) - no different to people owning a Lamborghini, holding some of the rare NFTs like crypto punks, cyber kongz, 'bored apes' (I have one), gives 'digital bragging rights' as people live more and more of their life online and soon 'metaverse'.

Music IP rights will also be in the form of NFT, and holders will be entitled to income streams that are linked to it. Example of such a use case: 레이블(LABEL)

 

Here is an interesting read

Explained: How NFTs and DAOs coexist | Interaxis

 

For some people maybe. But for a real car person owning a Lamborghini is about the exhilarating drive. Yes it looks pretty and is a status symbol but owning an exotic like a Lamborghini is about owning and driving the pinnacle of automotive engineering.

 

Yes fair point!

I am definitely a fan of lambos and not only for the reason of flexing

It is actually a meme within the crypto community - when something does a 100x, it "did a lambo". Or simply "sir, wen lambo?".

 

NFT Market Hits A$57 Billion, Challenging the Global Fine Art Market

 

Maybe a better analogy would be like the baseball trading cards. Sure, there could be reprints, and hell, you could even print your own probably, but collectors like to own first editions or something...?

 

This is the best I've come across.