Hmmm there was a little doc people had put together with beginner info but I don’t see it anymore.
Floor is generally used to describe the cheapest listings for a collection.
Gas is what drives any transaction on the blockchain. Anytime you need to interact with the blockchain (buy, sell, approve a token, move a token from one address to another) you have to pay a gas fee. The gas fee will vary based on how busy the network is and how complicated the transaction is, can range from $20 or $30 up into thousands of dollars. If you want a transaction to be picked up quickly by a miner you pay more in gas. It’s is a huge drain on the nft economy, some of us have paid 6 figures just in gas fees since we started. Gas gas been high lately, if a collection price is low often times the gas fee ends up being more than the token itself, that sucks obviously and kills cheap collections.
Minting is buying a token from the creator as opposed to buying it on a marketplace. When someone creates an nft collection they’ll usually set a mint price (normal prices range from 0.05 - 0.15 eth), they become available to buy at a certain time and date and you can buy them off their website or through interacting with the contract. If they all sell out then the only way to obtain one is to buy off a marketplace like Opensea. If I say I minted 10 that means I bought 10 tokens from the nft creator at whatever the mint price was plus gas. You don’t know how rare or what traits the tokens have when you mint. That isn’t revealed until after you mint.
Tulip mania and the fact you can right click save the nfts doesn’t change the reality of how much money there is to be made guys. The fact it is a bubble (it is) isn’t relevant imo. 2003-2010 poker was a massive bubble that collapsed and a couple hundred or more millionaires were made. This is poker on a grander scale and way less soul sucking imo. Granted we are probably in 2006-2007 in the timeline but we are still at least months from the end.
Yes this is dumb, but sitting around a table gambling on unexposed cards is pretty dumb also and the WSOP isn’t really that much smaller now than it was at the peak.
Most of us aren’t holding these things as long term investments outside of a very few projects btw. Lots of times I mint stuff and sell it profitably within an hour. If you mostly do that it really doesn’t matter when the end is.
BOA reversed the transfer by Coinbase as unauthorized.
Coinbase now wants to charge me for the reversal … and now won’t let me disconnect my payment connection on the threat they will just deduct it from my account.
I have family in town and they asked me how work was today. I told them I spent most of the day learning about NFTs and funding my account.
I tried to explain to them what they were and the best I could settle on with my limited knowledge was somebody buying the ownership right to the Mona Lisa but not really having the ability to take it home from the museum.
Then we tried to figure out why anybody would pay $200k for a jpeg of an ape and decided it’s all just rich people flexing with a handful of other folks making money along for the ride.
Opinions differ I like to think of it as a pure trading game with a few extra layers of bullshit spread over it. I don’t think just telling people you’re trading crypto is incorrect or even misleading really.
pretty close i think. this technology + digital art that is actually considered culturally significant artwork = art prices, naturally. spending silly money on art is nothing new, just the NFT technology is new, allowing digital art to be “owned” in a way that can be independently confirmed as a 1/1 or 1/100 or whatever directly from the artist.
but NFTs are bigger than just art, a token can be an aesthetic masterpiece that moves the culture forward, or a club membership, or a crazy new combination of both.
but obviously none of it matters if nobody buys into it. USdollar isn’t worth the paper it’s printed on if everyone doesn’t collectively agree that yeah that’s the global reserve currency because america is #1 and could never ever fail. if the art world (sothebys, christies) buys into NFTs being a medium for art, then that’s what it is, i’m not gonna argue with them on art i don’t have a degree in art history at all.
and if art experts agree this is a legitimate space for these high value transactions, then what else can the ethereum blockchain do? and if eth2.0 can solve the electrical costs of blockchain it’s gonna be the space to do all kinds of new internet things way beyond art sales that we can’t even think of yet that are gonna be huge. so even just buying and holding eth is owning a piece of this network that is gonna blow gold all over the place in the next few years
I like to think of it as a pure trading game with a few extra layers of bullshit spread over it. I don’t think just telling people you’re trading crypto is incorrect or even misleading really.