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I made $50K in three days with NFTs

paulstamatiou.com

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Re: I made $50K in three days with NFTs

#31

Post by bshimmin »

I read this article with some interest because I'm thinking of getting a new kitchen, and while I understand the technologies involved (both generative art and Ethereum), the part I'm struggling with is... why on earth anyone would pay money for these things. Can someone explain it to me?

My only guess is that the people buying these things already have large amounts of theoretical money in Ethereum anyway and thus spending a small fraction of it on some sort of very poor glowing Mondrian-esque art is little more than an amusing distraction that seems cool?

Re: I made $50K in three days with NFTs

#32

Post by pixelmonkey »

CPLX wrote: post #19

Why do people keep acting like this phenomenon is confusing? Like gee maybe people are really into mini Jpegs now. Or wow I guess if people really like spending buy-a-house money on a Twitter avatar this will be a thriving sector of the economy. I mean people really like gambling. Actually they fucking love it. Like they’ll build an entire city in the middle of an uninhabitable desert just to do it. They’ll give up t…

Your comment reminded me of this excellent post, best read with its fun accompanying illustrations, "How Money Forever Changed Us":

https://moretothat.com/how-money-forever-changed-us/

Specifically, the discussion of the "pogs" craze in elementary schools in the US in the 90s. "Basically, a nice little gambling ring was growing amongst us starry-eyed 2nd graders."

The OP would certainly read differently if he wrote, "How I won $50K in 3 days with NFTs", rather than saying how he "made" $50K.

Also the Gordon Gekko quote from "Wall Street":

"Money itself isn’t lost or made, it’s simply transferred –- from one perception to another. ... I create nothing. I own."[1]

[1]: https://amontalenti.com/2011/12/16/wall-street-the-movie-25-...

Re: I made $50K in three days with NFTs

#33

Post by bradleyjg »

bshimmin wrote: post #31

I read this article with some interest because I'm thinking of getting a new kitchen, and while I understand the technologies involved (both generative art and Ethereum), the part I'm struggling with is... why on earth anyone would pay money for these things. Can someone explain it to me? My only guess is that the people buying these things already have large amounts of theoretical money in Ethereum anyway and thus s…

You need to separate out ultimate owners from people looking to get rich quick. Maybe it’ll turn out everyone is in the second category.

Re: I made $50K in three days with NFTs

#35

Post by Dwolb »

MereInterest wrote: post #21
Dwolb wrote: post #15

Earlier quoted context omitted.

Mila Kunis has an NFT project where only token holders can view the associated episodes of a cartoon and upon NFT resale, a percent of the proceeds gets remitted back to the project creators [1]. [1] https://www.vice.com/en/article/k78kay/mila-kunis-stoner-cat...

> upon NFT resale, a percent of the proceeds gets remitted back to the project creators I'd rather have more ways to restore the First Sale Doctrine for digital goods, rather than debasing it further.

I don’t disagree and there’s two things I find interesting:

1) Remittance is easily implemented in a smart contract.

2) This aligns long term interests between the project creator and the NFT holder (and one can imagine different incentive structures can be implemented for different projects).

Re: I made $50K in three days with NFTs

#36

Post by UncleMeat »

HPsquared wrote: post #4
gjsman-1000 wrote: post #3

I am calling it now: that blockchain royalty system on NFTs? It is only a matter of time before Hollywood makes NFTs interact with DRM. Your movie purchase will be an NFT with hardware-backed chain verification.

If the NFTs could be bought and sold, this would finally allow a decentralized secondary market for DRM media.

But DRM media still requires the server to verify the product. So only part of the ecosystem is decentralized.

Re: I made $50K in three days with NFTs

#37

Post by midasuni »

rubyn00bie wrote: post #26

I just think it’s a way for people to show off their wealth. An NFT is pretty much a joke, “here’s the original” doesn’t really mean shit when I can quite literally have an exact and indistinguishable copy of the work. It honestly feels like insanity to me. Like, I can right now go set my avatar to the exact same Ape picture Curry purchased. It’s not even a replica, or recreation, it is literally the same exact image…

If you need multiple art experts to decide which of two painting is real and which is the forgery, is there really a difference in the value other than the bragging rights of owning the original?

Re: I made $50K in three days with NFTs

#38

Post by hk-im-ad »

rubyn00bie wrote: post #26

I just think it’s a way for people to show off their wealth. An NFT is pretty much a joke, “here’s the original” doesn’t really mean shit when I can quite literally have an exact and indistinguishable copy of the work. It honestly feels like insanity to me. Like, I can right now go set my avatar to the exact same Ape picture Curry purchased. It’s not even a replica, or recreation, it is literally the same exact image…

Would the Mona Lisa be valuable if DaVinci made one but we could make exact molecular replicas now? I would still say it would be valuable. You can make nearly indistinguishable copies off the Mona Lisa now, but they aren’t worth anything. The pictorial content of the Mona Lisa is only a small part of its value.

Re: I made $50K in three days with NFTs

#39

Post by kzrdude »

blue_rog wrote: post #30
teruakohatu wrote: post #6

I think the vast majority of people selling NFTs are not recouping their listing fees.

Although you may be right, OpenSea (the NFT Marketplace used in the article) does lazy minting. Of course, one can still not make any money if no one buys the NFT. The author writes about it here: > There's a bit of nuance to how OpenSea does things. They do so-called lazy minting. While you may need to pay an initial gas fee to list a new collection, each NFT listing does not require any fees. This works because the…

Why is it called "gas" fees?
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