Step 37:
- Twitter (which is now run by Elon Musk and Peter Thiel) allows verified NFT holders to link their music wallet so followers can hear the songs when they look at the owners’ profile. Congrats, you just recreated MySpace …
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People are still underestimating how large the NFT world is. There are artists getting exploited and there are artists taking advantage of the ecosystem and crushing. Just like in the real art world, it only enters the mainstream when something absurd happens like a painting of 2 colored lines selling for a million dollars. Unfair compensation, valuations based on hype rather than artistic quality, and middlemen capturing large %s of profits have existed for eons before NFT even became a word. Most of the criticisms here are criticisms of the art world not the NFT world.
One of the simplest explanations is that with 21st century technology it’s fairly easy to create technically spectacular art, so the meaning and value derived from it has moved towards its meme-ification status. Does anyone really have that high of an opinion of modern culture that they think 10,000 slightly variable bored apes are an inappropriate expression of it?
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Disappointed goofy’s bot didn’t jump on that.
The article/tweet is just wrong - there was no auction. He listed it for sale at $48 million. You can do auctions - but this wasn’t one. Either someone buys it for $48 million or it doesn’t sell.
Separately you can bid on any NFT through OpenSea - both those for sale and those not for sale. So people submitted unsolicited bids of almost nothing.
Not saying it’s worth what he paid, but all we really know is no one was willing to pay the lol $48 million.
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I mean, go to sound.xyz’s Latest Sounds page and scroll down. I have never heard of most of these artists. I’m an old so that is not surprising, but I checked a couple of them and they don’t have Wikipedia pages. These are not big artists and they are typically making 2.5 to 10 eth per single released here, which is around $7.5K to $30K USD at current prices. That is a real thing that is really happening now, on a site that I have never heard of before I read this article and in a world where 95% of people still have no clue how to go about buying NFTs.
Yeah imagine a band blows up and becomes as big as like Radiohead or something and you have an NFT showing that you were one of the first 100 people to ever buy the band’s stuff. For the right people that kind of thing is worth a lot, and people with money to spend will be quite willing to gamble on hitting a winner.
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I’ve had a lucky run walking into #1 serials for floor this week. This isn’t the most valuable one, but it’s the best one and it’s going straight into the vault.
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I know a couple, but I think it’s more SoundCloud rappers/tiktok artists than actual serious, touring musicians. Nothing wrong with the former making money but have to make the distinction.
I collect art prints, some of which are concert posters rolled by good print shops (mostly it’s monoprint 1/1s I collect which map onto NFTs well, but doesn’t seem like any of my favorite printers have caught on to the potential yet). Concert posters are a collectible world unto themselves, but I’m surprised there haven’t been more of them in the NFT space. I know a guy who specifically collects / trades them, most are in $250 to $1,000 value range, and there seemed to be a strong market for it (depending on the band / print obv). People stand in line for hours to get them in some cases. Getting those people into jpegs is a little tougher though I think.
“Maybe NFTs can be used as event tickets in the future” is common speculation, but I’m not sure I really get it. Are people saying they’ll pay a premium for an NFT version of a ticket, or do they just expect to be given a “free” NFT as their ticket? If it’s the latter, then it’s not really adding any value. The former has potential, but individual bands won’t be rolling that on their own. It would be a company / platform that controls the NFT ticketing technology, so not sure that necessarily solves many of the problems related to concert tickets, but, maybe?
https://twitter.com/patriottakes/status/1514936576681267204
It was always going to take something for the magas to trade in their Iraqi dinars but maybe this is it?
It’s tax season! Time to Ask the Tax Pros:
(Play the music to get the full effect of this post.)
If a “kid” comes wandering into your CPA office looking for tax guidance, be sure to imply that maybe he’s a money launderer while giving terrible advice on wash trading that doesn’t apply. Also consider throwing in some unsolicited financial advice. How much could you expect to charge for a service like that though?
$9,000? Is that a lot? It sounds like a lot, especially if everything was contained in one wallet. I did some more digging to see if that number checks out here in Part 2:
Fuck yeah, now we’re talking. I’m writing a bot to snag multiple CPA licenses ASAP. Do I hear $100,000 retainer?
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CPAs aren’t the only people who don’t know crypto taxes. Actually, nobody does because there’s no guidance. However, there’s a pretty big gap between things like no guidance on whether NFTs are taxed as collectibles and galaxy brain tax strategies:
Wait dawg, did you really think…? Oh no.
There is zero reason to care that a school either specifically banned crypto sites or if it was lumped in with other typical shit - unless you’re part of some marketing snitch for the beginner investor which is possible, I guess.
I mean, you couldn’t access most sports sites because of “gambling” like 15 years ago.
Accesing anything important using school wifi seems like a bad idea.
