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Thread: NFT's

  1. #1
    Lighting Specialist jaudette3's Avatar
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    NFT's

    OK, I know that the Off Topic forum is dead without our old friend. But it's the holidays, we have a little time on our hands, and, I have never been so gobsmacked in my life. I'm frozen in confusion. Having spend the last 40 years of my life in technology I'm not going to stipulate that I'm simply old and out of touch. I'm posting here because this is most intelligent group of folks that I associate with and I need to be rescued.

    NFT's - Non Fungible Tokens? If you don't know what they are look it up. I don't have the strength to describe them.

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    Sold by Beeple by Christie's for $69,000,000 - You can download your own copy!

    Is this one of the greatest con games of all time? You "own" it but anyone can have a copy, thousands of copies all over the world. I saw Beeple present one his NFT works of art to Joe Rogan a couple of days ago. It was done elaborately with a back lighted shadow box that was enough to convince me that the con was on. A new high water mark for my spidey sense.

    I have been suspecting that we are in some kind of mass psychosis and this is a affirming piece. Have you seen what some people are paying for these 8 bits of code that exist only in the metaverse? Has our youth spent so much of their lives playing video games that they don't have a solid sense of reality? Human beings appear to be utterly incapable of handling the present complexity of the world - which is only going to get worse.

    I've never been so happy to be 78 years old - and to have my old feet on the ground.

    Cheers,
    John
    Last edited by jaudette3; 12-18-2021 at 07:17 PM.
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  2. #2
    You can also buy a high-resolution print of the Mona Lisa that will look the same, perhaps better, from 3 feet away. Same difference. A copy is a copy is a copy. NFT just means that there is an immutable record of the history of your digital asset which is a benefit we don't enjoy in the real world. In the end, nothing changes very much and digital assets are valued exactly the same way that physical assets are valued - they're worth what someone will pay.

  3. #3
    Senior Member BrentF's Avatar
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    NFT's make even less sense than BitCoin, but what do I know?
    Now the Blackhawk Collection (classic cars) is getting into the game, with their first auction reaching $60k., on a 1937 Rolls Royce Phantom.
    How appropriate, phantom indeed!
    https://www.einnews.com/pr_news/5584...royce-phantom3
    https://digital.blackhawkcollection.com/#about
    Brent
    '70 911S
    '68 TR250

  4. #4
    Senior Member bob joyce's Avatar
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    just how many Bennie babies do you or any one you know have?

  5. #5
    Quote Originally Posted by bob joyce View Post
    just how many Bennie babies do you or any one you know have?
    Limited experience in the Beanie Baby world but I made my first $1 million in Furbies (true story).

  6. #6
    Senior Member bob joyce's Avatar
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    that sounds quite enjoyable ...
    way to go..

  7. #7
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    As I understand an NFT, all you get when you purchase one is a unique block in a blockchain that contains an internet link to the item. There is no ownership of the item itself. Anyone can save the same link on their computer, or save the image itself, all at no cost. If the website that hosts the image fails, or changes the image the link points to, then even the link is useless. If you like the image, save a copy on your computer, then on a flash drive. As far as I have been able to determine, there is absolutely no value in an NFT.
    Porsche Historian, contact for Kardex & CoA-type Reports
    Addicted since 1975, ESR mbr# 2200 to 2023 03
    Researching Paint codes and Engine Build numbers

  8. #8
    Quote Originally Posted by davep View Post
    As I understand an NFT, all you get when you purchase one is a unique block in a blockchain that contains an internet link to the item. There is no ownership of the item itself.
    Well, it's complicated. But it can differ from NFT to NFT and is often defined by a "smart contract" in the blockchain. As far as "ownership", the definition is certainly evolving. But almost all buyers of an NFT can resell it so that's what most people care about. One of Beeple's other works sold not that long ago for $66k and the buyer recently resold it for $6.6 mil.

  9. #9
    Lighting Specialist jaudette3's Avatar
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    I think some people are genuinely confused when it comes to defining reality in the digital realm. This is probably especially difficult for folks who spend countless hours playing video. NFT's are not really very clever, but they're evidently enough to exploit that confusion.

    P.T. Barnum is purported to have said that a sucker is born every minute. Add finding them to that and you have a business model, albeit a very slimy one.
    Lighting Resources for Hardcore Air-Cooled Porsche Enthusiasts”
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  10. #10
    member #1515
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    Isn't an NFT similar to a share in a public company, sort of fractional ownership?
    One difference is that the original emitter can receive a bit of future resales if stipulated.
    Tulips anyone?
    David

    '73 S Targa #0830 2.7 MFI rebuilt to RS specs

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