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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#211

Post by Applejinx »

andrefuchs wrote: post #83
fergie wrote: post #76

Earlier quoted context omitted.

"If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M." Is this actually a feature of NFTs?

At least on hicetnunc (art focus) it is. You can set your royalties to 10-25 percent of future sales.

If you set your royalty to 25%, meaning that a million dollar sale will have to burn off $250k to you, that million dollar sale will NEVER EVER EVER happen.

Think of it like a processing fee making the platform completely unworkable. Nobody will ever deal with that kind of inefficiency unless they are doing something so desperately illegal that they'd willingly pay that much for the money laundering.

And there's bound to be more efficient ways to money launder. Nope. The artist royalty promise is a pure con.

Re: The NFT market bubble has popped?

#212

Post by bhandziuk »

aga98mtl wrote: post #122
Nursie wrote: post #104

Earlier quoted context omitted.

Usually this is where someone from Venezuela comes along and tells us that this is a tiny minority, and most people want US Dollars because they can actually use those.

The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.

> Crypto shines where the government is messing with banking and currencies

but isn't any cryptocurrency still directly tied to some fiat currency? Unless everyone uses crypto then at some point it gets exchanged for dollars at which point the low value of the dollar in a place like Venezuela is realized and you're stuck in the same situation but with more hassle.

Re: The NFT market bubble has popped?

#213

Post by ansible »

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…

> A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich.

And that's because it is true. The vast majority of the financial services industry is designed to screw people over.

The only thing an average citizen can do is let them skim off as little money as possible. Buy stocks in solid companies, and hold on to them for a long time. Index mutual funds with minimal administration overhead. Things like that where you can invest a portion of your life's savings without getting screwed over too bad.

Re: The NFT market bubble has popped?

#214

Post by bhandziuk »

andrefuchs wrote: post #59
tauntz wrote: post #53

Earlier quoted context omitted.

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.

> but with an easy option to support the artist by buying their creations directly from them as a NFT.

Why not buy directly from them without an NFT? What does the NFT bring to the table? Isn't what your describing what places like Etsy already do?

Re: The NFT market bubble has popped?

#215

Post by Nursie »

aga98mtl wrote: post #122
Nursie wrote: post #104

Earlier quoted context omitted.

Usually this is where someone from Venezuela comes along and tells us that this is a tiny minority, and most people want US Dollars because they can actually use those.

The government controls the traditional US Dollars remittance systems. They can force absurdly bad exchange rates. Crypto shines where the government is messing with banking and currencies.

That's nice, but you appear to be bringing up theoretical conditions as a counter to actual observed behaviour.

Crypto might well potentially shine under such circumstances, or under your view of what such circumstances might be, but the truth on the ground is apparently different.

Re: The NFT market bubble has popped?

#216

Post by scsilver »

nly wrote: post #92
WanderPanda wrote: post #69

Earlier quoted context omitted.

Is it lack of understanding of the financial industry or the opposite? I observe that through Bitcoin much more people have become interested in (austrian) economics. I think especially in times when everyone says that the problems e.g. central banks are “solving” are too complex to understand for 99.99% of the people, an uptrend in a much more simple theory (that is hence also more compatible with Occam’s razor) is…

For me the ultimate problem with deflationary currencies is that you get rewarded for doing nothing . Every year as keys to wallets are irreversibly lost, or the value of the real economy grows relative to the supply of BTC, your Bitcoin gets more and more valuable. Many Bitcoin hodlers actually have an expectation of becoming extremely wealthy, despite having done nothing for society, because they've been swept up i…

You get rewarded for your risk, its not nothing, its second key building block for a financial system. Those that have time, trade risk for money, those that have money trade money for reduced risk over a period of time. If this wasnt the case, people couldn't retire safely, there would be no one to trade their money for lowered risk.

What is interesting is that this setup has been exploiting youth for a long time. Its only now that, with crypto, GME, AMC, the younger investors can ramp up the volitility in the market, creating more risk for older more established investors, who then need to pay to reduce their expose to that risk.

There a lot more to this that further blurs the morality of positioning yourself within this power struggle, but ultimately, its just market forces at work.

At the end of the day, this revolution could be stymied by actually providing the next generations with a foreseeable path to home ownership, a family with good education and healthcare, and the american dream, without having to yolo it all, even on an engineers salary. But it seems the next generation is only path to enact change is by staking their assets for generational speculation war.

Re: The NFT market bubble has popped?

#217

Post by jokoon »

Was working with a guy to start a card game, it ended, he had other project on NFT. I wonder if I should share this with him. It's weird how easy it is to sell any cool sounding tech to laymen, even if laymen understand the tech a little.

Why isn't everybody able to draw a simple pro/con list to have a minimum of skepticism? Is it because it's marginally better than having a more normal salesman job, to be a nurse or to stay unemployed?

Tech is often like a tulip bubble. Businessmen go into the tulip market because as long as people like tulips, there is money to be made, so it's always money lost when you miss a trend.

I wish there was some rulebook on how to spot trends that will be short-lived.

Re: The NFT market bubble has popped?

#218

Post by dfxm12 »

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…

What would jumping on the bandwagon mean in this case? If you think you could've been Beeple, that bandwagon left in 2007 when he started making Everydays, or maybe in 2019 when his work was associated with Louis Vuitton. If you think you could've been Christie's, that wagon left long before that...

People who are already rich/famous in some way are benefitting from this stuff. Are regular joes making anything worth while?

As for the why, well, you can look at similar purchases: https://www.cnn.com/2020/07/29/business/art-money-laundering...

Re: The NFT market bubble has popped?

#219

Post by lotsofpulp »

curation wrote: post #204
lotsofpulp wrote: post #97

Earlier quoted context omitted.

> What if society really appreciated its essential workers and compensated them like it did? The person I was responding to was arguing against compensation as a concept in general.

Have you read Another Tomorrow by Yanis Varafoufakis?

No.

Re: The NFT market bubble has popped?

#220

Post by koheripbal »

ansible wrote: post #213
nly wrote: post #28

Earlier quoted context omitted.

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…

> A large % of people now believe that the finance industry only exists to work against them and make an elite minority rich. And that's because it is true. The vast majority of the financial services industry is designed to screw people over. The only thing an average citizen can do is let them skim off as little money as possible. Buy stocks in solid companies, and hold on to them for a long time. Index mutual fund…

> The vast majority of the financial services industry is designed to screw people over.

I don't know where to begin with a comment like this. It's being so heavily reinforced by social media, but is so hyperbolically outside reality that I honestly don't know where to start.

It's similar to saying that the vast majority of the medical industry only exists to make people sick. Do people die on the operating table? Sure. Do people contract illnesses in hospitals? Yes. Is the VAST MAJORITY of medicine DESIGNED to make people ill? Convincing someone who believes this is impossible, because it's such an extreme view it cannot possibly be based on logic or evidence.

The financial system is a vast and complex. It's as old as the first Egyptian farmers. Do you honestly believe it was DESIGNED to screw over humanity since inception?

Is it so impossible for you to imagine the utility of bank accounts? Futures contracts? Mortgages? Bonds? Stock Exchanges? Fiat money? If these are all just elaborate scams, why does every society on Earth use them since literally 3000 BC?

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