Wait, what the fuck? Is this what I’ve been missing? Jfc
Basically Topshot is the gateway drug but most of us have moved on to the hard stuff at some point. Some of us earlier than others. NFTs may be in a death spiral right now though. The last week or two has been rough.
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Thats what I was thinking
What type of initial investment are we talking here?
some of us didn’t and are sad
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I’m just completely baffled (and somewhat frustrated) that you all have been making that kind of money, like, one thread over, and I never bothered to even open it up because it sounded so stupid.
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For Topshot you literally need like $100. For ETH based NFTs probably 3-5k to get started. Gas (fees) on the ETH network have been absurd for most of the last month though and that has sort of tanked things lately.
God damn it. Now I gotta look into this.
Maybe if I can actually wrap my mind around how things are valued I can take a crack at it.
Seriously, when the topshot thread first started it seemed like you all were speaking a completely different language
But like you said, im sure people who didnt get poker felt the same way when we started talking about running things twice and being coolered etc etc
you’re into video games so it might be easier for you
i wasn’t able to so i tried to give the rich people money and have them buy things for me and that ended up being the only losing deals in the history of nfts
you probably missed this too: **Official Pak Thread** about Cubes, $ASH, and all things Pak
mid may would have been a good time to jump in lol
My problem with NFTs (and crypto) is that by the time it hits my ears, especially when it’s an idea that sounds so fucking stupid, I assume it’s the top of the bubble and don’t bother. Clearly I’m missing out. It’s an incredibly frustrating feeling to be aware of something long before it blows up and to have never done anything about it.
Bitcoin.
NFTs.
Shiba coin when it was a joke after that Doge runup.
Gamestop when it was $15.
Sigh.
Same here. There were a number of times I considered bitcoin when it was below a thousand but the concept is mind numbingly dumb to me.
Guess that just makes me the dumbass
the whole thinking of i can just right click save something so nfts are stupid is lol bad. every museum has infinite prints you can buy but that doesnt mean you own the mona lisa.
i mean if you’re stuck at that part no one can help you
but the jump from nft makes tons of sense to 4 million dollar cartoon ape is too much for my brain to handle
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I get it. Its the next step in art and how its valued. I just… sigh.
People make millions off thos shit and im worried about a 70K loan for my kid to go to college.
Gonna go put my head in the oven.
I missed out on tons of stuff because I thought it was stupid and also lost money trying to fight the trends (buying TSLA puts, buying GME puts, buying SPY puts in mid-2020). Hell even with NFTs I thought the animal/PFP NFT craze was super dumb and stuck around in topshot way too long. It cost me probably hundreds of thousands of dollars. Sometimes it doesn’t matter if it makes sense to you. If a lot of people are throwing money at something that is almost always the right side regardless of how dumb it is.
Now of course you also have to figure out when to sell and for how much in these spots because the mania never lasts. Maybe the highest end NFTs will hold value or appreciate long term but I have a ton of NFTs that are basically worthless at this point.
Also BJ is making the case that some % of NFTs are legitimate high end art and the high valuations are warranted and actually make sense. I think that is undeniable.
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to make the last jump i think you have to look at the traditional art economy, before NFTs and before internet. if digital art can be considered “art” then it’s only fair people pay “art prices” for digital art pieces. and, have you seen modern art and the prices they fetch?
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but i don’t know shit about art.
like i want to say i don’t know any art collector or art dealer but my wife’s grandma was one. other than her, i never knew anyone. suddenly every single person i know is a fucking art dealer (and to make things worse, not a single one is actually an art collector. everyone are buying and selling “art” to make a profit)
don’t think i’d bet money on the number #1 profession in 2021 being goddamn art dealers. topshot made sense to me because while i never collected sport cards, at least i understand the premise.
Yeah, its like 2008 poker but because everyone is insane now everyone has to 24 table
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The simplest explanation for Crypto valuations is that it’s what happens when you have massive investment gains in an asset class where basically nobody is actually paying any taxes
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Had some $$ was willing to take a ride on the NFT thing (have been stealing from BJs Bovada account for years) but I couldn’t make heads or tails of the Discord and quickly got discouraged so I spend most of my time grazing Sotheby’s auctions instead.
This was kinda cool today:
https://www.sothebys.com/en/buy/auction/2021/the-ricky-jay-collection?locale=en
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