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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#41

Post by kharak »

I personally rather like the idea of NFTs.

NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of course, achieving this is easier said than done, but an appealing vision for the future of gaming.

Also, it has historically been difficult for digital artists to get paid well, considering that copying their work is easy. I'm all for changing that. Yes, the image can still be copied, but ownership is it's own thing and some people are willing to pay for it.

Re: The NFT market bubble has popped?

#42

Post by qwerty456127 »

nly wrote: post #28
powerapple wrote: post #6

One thing I have noticed when listening to the interviews of NFT companies is that, when describing NFT is the future, the arguments from these founders are examples of people/artists made money by selling NFT online. It has become more and more a theme for cryptocurrency technology has well: the reason you should be in is that other people have made money rather than the benefit of the technology itself. It is not a…

Imho it stems from a lack of understanding and faith in the financial services industry, probably exacerbated by the financial crisis. A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. There's a strong sense of "Fuck You, I Got Mine" from the last generation, so the current generation is saying "Fine, I'm going to invent my own system... with B…

"I will never own a home" is not the only reason. The whole financial system is "fuck you this and fuck you that, incl. when you least expect and depend the most, and we won't tell you why". Yesterday here were news about PayPal terminating an account without explanation again (by the way, even when they don't ban you, their verification and customer services are a disaster anyway). This bullshit has to stop. Every person on Earth (even those with questionable reputation or even convicted felons) should be able to wire/accept some reasonable amounts of money (I don't advocate letting terrorists make million-dollar deals) freely, no questions asked, like in cash. It's a basic thing in today world, like eating and shitting.

Re: The NFT market bubble has popped?

#43

Post by nly »

jaggirs wrote: post #25
vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

It makes no less sense than a painting. If you accept that an original painting has more value than a perfectly good copy, whilst being undistinguishable for anyone except a few experts, you should realize NFT's have the exact same arrangement, except 'originality' is determined by the blockchain instead of an expert.

Paintings have provenance. If you own a Da Vinci you're literally able to touch the canvas that the master himself touched. Your ownership will forever be apart of that works history, and it's yours to enjoy privately and exclusively whenever you want. It's an indulgence.

Nobody will ask you in 20 years what it was like to own an NFT, because they can all have the exact same experience by just looking at the blockchain on their device.

Humans ultimately value stories and experiences, and anything that gets work out of the way so we can spend more time having them.

Re: The NFT market bubble has popped?

#44

Post by cryptica »

There are some legitimate use cases for NFTs but art is not one of them.

The best use case I can think of is a kind of DNS domain name system. The domain name is an NFT; it's unique and it provides value as it can be integrated with various systems.

The intrinsic value of crypto and NFT is in software integrations.

Re: The NFT market bubble has popped?

#45

Post by schrijver »

habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

This is actually a thing in the EU (and the UK), because of the Artists’ Resale Right Directive. However, it has very little influence on the livelihood of artists, because the economic value of most art works peaks when they are first sold. So the people who benefit from the resale right are a tiny minority who didn’t really need it in the first place.

It’s not dissimilar to copyright, where almost no estate gets to profit economically from copyright decades after the author’s death. Basically you get rules made for the appealing exceptions rather than the norm.

Re: The NFT market bubble has popped?

#46

Post by yoz-y »

habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

I'm a bit torn about this. For example it is generally believed that say SONY should not get a cut if I resell a CD I've bought. Why should this be different for paintings?

Re: The NFT market bubble has popped?

#47

Post by antupis »

csomar wrote: post #33
josalhor wrote: post #4

The bubble has popped, but these graphs show that we are still at January-February levels of bubble. I am not sure if the market has fully collapsed (Unfortunately?).

One thing I learned trading and navigating crypto markets, is that a $0 price type of collapse is not possible with a scarce token. If Bitcoin goes to 0, then anyone can buy all the possibly available bitcoins and then decide what the price will be later on. This makes it impossible for the price to reach 0 unless the protocol is hacked. A 90-95% decline from the height could safely be considered a total collapse. So…

If bitcoin price goes 0 then there is no mining rewards and doofus with laptop can do 51% attack so coin is basically worthless.

Re: The NFT market bubble has popped?

#48

Post by alexgmcm »

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

Crypto (and NFTs in particular) remind me of the tale of The Emperor's New Clothes.

I accept that maybe Ethereum could be valuable (I don't really understand smart contracts well enough to say..) and if they move to proof-of-stake that will make it more sustainable. Likewise, the sheer anonymity of something like Monero might be valuable for the black market.

But everything else just seems like people seeking a "greater fool" to sell to.

Re: The NFT market bubble has popped?

#49

Post by Broken_Hippo »

habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today".

Sure, but to be fair, only the smallest fraction of artists would have that happen - and most often, it happens well after the artist is dead. In general, an artist is lucky if they sell art for cheap prices, and even luckier if they sell at a decent price.

And with this, it would generally look more like, "artist sells NFT for $75, and two years later got a $8 payout from a resell." Not to mention that you won't get anything for folks gifting the NFT nor any other non-monetary trades.

And back to the "long after they are dead" detail: Who, exactly, gets the money? I mean, by all means, give the money to any immediate family - sibling, parent, spouse, children - or anyone else that would get inheritance from me. But after that, wouldn't it just all go to the owner much like it does now?

Re: The NFT market bubble has popped?

#50

Post by tomp »

jaggirs wrote: post #25
vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

It makes no less sense than a painting. If you accept that an original painting has more value than a perfectly good copy, whilst being undistinguishable for anyone except a few experts, you should realize NFT's have the exact same arrangement, except 'originality' is determined by the blockchain instead of an expert.

NFTs are like taking a Picasso, making a copy, shredding the original, and signing a paper that says the copy is actually the “real one”.

100% the same thing

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