Until someone convinces me I can do anything with an NFT that I can’t do with my certificate to an acre of land on the moon, I’m not going to be convinced they’re worth much.
All these same arguments were made about tulip bulbs I’m sure.
i fully think NFTs are a great technology for art piece and maybe that fidenza is an example of one. but i refuse to believe that for penguins or whatever is the next cryptopunks now
you can join a private discord which has given me way more money making opportunities this summer than mar-a-lago gave to many of its members i’m sure. you can hop on a yacht party in nyc next weekend by flashing your phone to verify you’re a bayc token holder.
exclusive access to a fashion brand that sells on ebay for 5-10x instantly
You’re just imagining this is what happens then arguing for it. I’ve never heard of a rich person hanging up a facsimile. Some may keep things in vaults because they’re speculating and don’t want to hang it out. But ultimately that’s based on the tangible value of being able to display it if so desired. NFT’s don’t have that option. You can only ever display a certificate that you own it. Just like my acre of the moon.
but they already are, your line of reasoning is meaningless and i’m pretty anti nft (at least anti nft market)
as for rich people, you should check some avatars on twitter.
https://twitter.com/StephenCurry30
i think he’s rich
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I mean you can sell them for 5-7 figures. That seems significantly different. Basically every person who has participated in NFTs on UP has several NFTs that are legitimately worth thousands to hundreds of thousands of dollars.
Your moon certificate is quite similar to a lot of my NFTs though unfortunately. I will give you that 
steve wynn accidentally put his finger through an original picasso because his vision is failing. he should have hung a facsimile but he’s a dumb boomer
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You guys sound EXACTLY like the dotcom bubble on The Motley Fool circa the late 90s. Old rules don’t apply anymore. Valuations don’t matter because reasons and new definition of money and argle bargle.
Then one day, all that stuff mattered again. And the subforums turned into ghost towns over night. Everyone was sad and acted like you ran over their dog if you even gently tried to rib them about CMGI crashing. After all the “Well you may have your facts and reasoning, but CMGI keeps going TO THE MOON BABY!” - there was no joy in the collapse.
Anyway I’ll check back in a year or two. Things can always get much much crazier, but ultimately that just means the freefall is going to be more devastating.
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you posted this exact same point in may and it aged really hilariously
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yeah tech companies are worthless
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Is anyone arguing valuation here? You just raised that these things had zero utility. Also what about tech companies (edit: slow ponied)?
Suzz, the people here aren’t buying these things because they believe they will always appreciate.
Theyre trying to get in in the floor and sell them to whales for the most part. There are a ton of people who have way too much money, who will spend it on stupid shit and there is a chance to be the people who sell it to them.
It’s not like a stock or whatever where you buy it then forget about it for a decade. It’s a hustle.
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i never got ‘bubble’ arguments.
you can make a shit ton of money in bubbles. fuck i’d invest my life savings in tulips and flip the shit out of them and buy belgium.
if you argue that nfts have no LONG term value, maybe. I def think most nfts projects right now are going to be worthless. but why does that matter? arguing that it’s not a MONEY MAKING mechanism right now is hilariously stupid, as beetlejuice can attest from his private jet.
my beef is against pretending that it’s anything other than a money making mechanism.
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And I’m sure I made the point then too that things can always get crazier. I’ve gone out of my way to make the point that I could never time the top or know when the music is going to stop.
The dotcom bubble was like that. Bears were calling it out and going nuts trying to short things in 1996. They lost a lot of money and/or looked really stupid for a long time. Then a new round of bears came along in 1997, 1998, 1999 - and all got destroyed. But then in early 2000 the bubble popped and most of those stocks did went to zero or never came close to recovering.
Sure you can - just recognize it’s a bubble that’s gonna pop some day, and don’t get high on your own supply and become a true believer.
NFTs provide a way for people to spend digital wealth that might not be easy to convert to cash. They provide a way for people with large crypto holdings to use it to buy things without feeling like they are betraying the ethos of hodling. I could be wrong, but I don’t think people are buying NFTs unless they are already enmeshed in the crypto ecosystem. Are people writing checks to buy digital apes?
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i’m with you on that, but that’s not what you were arguing
I liked topshot and made some good money from it. But, I did get consumed with it, and because I didn’t have the computer speeds or scripts of goofy or others, my hourly was basically worse than in poker, but much less variance.
I’m out for now because I just dont want to put in the time right now, but best of luck to those still hustling.
I think its dragged a lotttt of people into Crypto. I know a fair few people from UP hardly owned any crypto prior to this and now probably have six figures of Ethereum.
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I can physically hang that in my house and it’s an amazing story to anyone who comes to visit - instant conversation starter. If I was rich I would have gobbled that up the second it happened.
NFTs are only going to be a conversation starter to other NFT-heads.