The NFT market bubble has popped? • Hacker News Board

Re: The NFT market bubble has popped?

#51

Post by phist_mcgee » Thu, Jun 03, 2021, 10:01 AM UTC

gizmo wrote: post #31

This mania might have one last leg up, but that's it. The main thing to remember with markets that have ponzi characteristics is that there are tons of latecomers and few early adopters. While the early adopters might HODL in the face of a 70% downturn, the late adopters won't. They FOMOd in because they couldn't stand seeing their friends make easy money any longer. They don't have conviction because the only reason…

Just a little correction. NFTs, and crypto in general are critiqued as ponzis, but they are more accurately described as pyramid schemes, whereby early adopters rake in the lion's share of profits. Ponzis are where later investor money is used to pay out early investor money in a fraudulent never ending cycle.

Re: The NFT market bubble has popped?

#52

Post by Broken_Hippo » Thu, Jun 03, 2021, 10:02 AM UTC

lifeisstillgood wrote: post #27

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…

Interestingly the artist retains copyright - the buyer gets the physical goods. Much like DVDs So pollock (or his estate or whatever) owns the copyright to the sold painting and so gets paid when you buy a postcard etc.

This is exactly zero change from regular artwork. If I sell a piece of art, the copyright is still mine. You can sign it away, of course, but otherwise they have to get permission to do anything with the image other than display and store it (and the stuff that goes along with this).

Re: The NFT market bubble has popped?

#53

Post by tauntz » Thu, Jun 03, 2021, 10:04 AM UTC

andrefuchs wrote: post #24

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…

I'm an artist and collector on hicetnunc.xyz. The culture is totally different there and most artists aren't there to make a quick buck.

Honest question - why are they there then if not to make money? What other reasons exist for selling NFTs if not to make (quick) money? I'm genuinely curious here :)

Re: The NFT market bubble has popped?

#54

Post by mattdesl » Thu, Jun 03, 2021, 10:05 AM UTC

Stats here fail to track OpenSea, Rarible, Nifty Gateway (three of the largest NFT platforms) and also alt/side chains like Tezos (with Hicetnunc which has recently overtaken Eth platforms in daily activity).

Though likely the headline still stands - the bubble has popped and weekly sales are down to “only” a few dozen million USD per week. ie: we may start to see how this space will look beyond the hype/fad.

Re: The NFT market bubble has popped?

#55

Post by adnzzzzZ » Thu, Jun 03, 2021, 10:07 AM UTC

tauntz wrote: post #53

andrefuchs wrote: post #24

Earlier quoted context omitted.

I'm an artist and collector on hicetnunc.xyz. The culture is totally different there and most artists aren't there to make a quick buck.

Honest question - why are they there then if not to make money? What other reasons exist for selling NFTs if not to make (quick) money? I'm genuinely curious here :)

He did say "not to make a quick buck" and not to not make money in general. As an artist, it's cool when you're getting paid for your work, but it doesn't mean it's the primary motivator for everything you do.

Re: The NFT market bubble has popped?

#56

Post by caractacus » Thu, Jun 03, 2021, 10:08 AM UTC

Barrin92 wrote: post #26

lifeisstillgood wrote: post #17

These cycles are getting faster: 1. I read a post on HN extolling a new use of some technology. I understand how it works but don't get why . I do not jump on the bandwagon. 2. I read about the same technology but not on HN - maybe an online newspaper. I recognise there is an upcurve. Maybe I should have jumped when I read it on HN. 3. Beeple makes a fortune. My son and I enjoy watching him on corridor crew. I think…

your inaction was perfectly fine. There's always a few lucky people who benefit off these things, millions don't and you don't see them. It's like becoming a TikTok star. One guy creates a meme, gets ten milion views, lives in a mansion in California. Millions of kids think they can do the same thing and drop out of school. Not worth it. I remember reading a blog post by a Wall Street banker talking about the pre-200…

"Millions of kids think they can do the same thing and drop out of school."

They do? Is this what you think is happening to millions of kids?

Re: The NFT market bubble has popped?

#57

Post by Barrin92 » Thu, Jun 03, 2021, 10:14 AM UTC

caractacus wrote: post #56

Barrin92 wrote: post #26

Earlier quoted context omitted.

your inaction was perfectly fine. There's always a few lucky people who benefit off these things, millions don't and you don't see them. It's like becoming a TikTok star. One guy creates a meme, gets ten milion views, lives in a mansion in California. Millions of kids think they can do the same thing and drop out of school. Not worth it. I remember reading a blog post by a Wall Street banker talking about the pre-200…

"Millions of kids think they can do the same thing and drop out of school." They do? Is this what you think is happening to millions of kids?

"According to a Harris Poll/Lego survey covering the United States, Britain, and China, 29% of children aged eight to 12 want to be a “YouTuber.” That’s three times as many as those who want to be astronauts.

Other polls suggest an even higher percentage of teenagers aspire to fame and fortune via YouTube or another social media platform. An eye-grabbing news report out this month suggested a whopping 54% of Americans aged 13 to 38 would become an “influencer” given the chance, with 12% already considering themselves influencers."

There's been an entire industry of so called "content houses" popping up. Okay maybe not literally millions are dropping out of school but it has become a real thing with a non-trivial amount of teenagers and 20-somethings ditching careers for what is basically entertainment gigs.

https://www.fastcompany.com/90432765/why-do-kids-want-to-be-...

Re: The NFT market bubble has popped?

#58

Post by [deleted] » Thu, Jun 03, 2021, 10:16 AM UTC

caractacus wrote: post #56

Barrin92 wrote: post #26

Earlier quoted context omitted.

your inaction was perfectly fine. There's always a few lucky people who benefit off these things, millions don't and you don't see them. It's like becoming a TikTok star. One guy creates a meme, gets ten milion views, lives in a mansion in California. Millions of kids think they can do the same thing and drop out of school. Not worth it. I remember reading a blog post by a Wall Street banker talking about the pre-200…

"Millions of kids think they can do the same thing and drop out of school." They do? Is this what you think is happening to millions of kids?

[deleted]

Re: The NFT market bubble has popped?

#59

Post by andrefuchs » Thu, Jun 03, 2021, 10:17 AM UTC

tauntz wrote: post #53

andrefuchs wrote: post #24

Earlier quoted context omitted.

I'm an artist and collector on hicetnunc.xyz. The culture is totally different there and most artists aren't there to make a quick buck.

Honest question - why are they there then if not to make money? What other reasons exist for selling NFTs if not to make (quick) money? I'm genuinely curious here :)

Artist share their work on Instagram, Tumblr, and tons of other social networks for free. Why do they do this? That doesn't make any more sense either.

About your question: hicetnunc.xyz is basically like Instagram but with an easy option to support the artist by buying their creations directly from them as a NFT. They can showcase their creations, get discovered, and make some money on top.

Re: The NFT market bubble has popped?

#60

Post by Yenrabbit » Thu, Jun 03, 2021, 10:21 AM UTC

Ignoring the hype, there are plenty of artists having fun selling work on platforms like hicetnunc for not very much and spending most of their proceeds buying other art. I joined and it's great fun trading pieces, coming up with ideas and seeing if anyone likes them, getting inspired by what other artists are doing etc etc etc. I feel like these small art playgrounds where artists can sell limited editions of their work will stick around whatever happens to the big $$$ hype train side of things.