Can anybody explain me NFT

Discussion in 'Other Asset Classes' started by samiam, 11th Sep, 2021.

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  1. Arthurark

    Arthurark Well-Known Member

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    I think of NFTs simply as digital art. It’s a small market and favours the wealthier pockets. Think Thomas Crown affair but Gary Vee negotiating with adolescents. None of this bothers me one bit..

    My issue with NFTs however is that they all appear to be low quality 8 pixel images of monkeys and lizards. Not even Rembrandt’s of the digital age. Just monkeys. Sometimes they hold bananas.
     
  2. Gen-Y

    Gen-Y Well-Known Member

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    Wait till they NFT poop emoji and selling at $10,000 a pop for the 8 pixel image.
     
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    If they offer unicorn poop I'm in. Thats really rare.
     
  4. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    At the risk of jumping in late on this thread - I have been toying (as a rank beginner) with NFT's the last 4 months or so. The ones that are most interesting to me have utility. There is a sub section of the crypto market that does decentralised finance (defi) in an alternative to the banking and established finacial sectors - and a part of defi that gamifies these protocols (gamefi). NFT's have arrived as the doorway asset to some of these games. The picture is irrelevant, it is the code behind it that counts. Check out Chikn.farm Pizza.game and hoppersgame.io for examples. You buy an NFT, you stake it in the game, perform different actions each day with the related tokens and ideally, the thing grows in value. The NFT utility in the game is what holds the value. They call it idle gaming as generally you can just go in a few minutes each day or every few days to "play". Obviously not financial advice this stuff is at the bleeding front edge of experimental blockchain gaming and finance and totally unregulated. Scams and Rugpulls fairly common (I lost $ a couple of times) so be careful.
     
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