It looks like Leap1 really knows what he is doing. The NFT market is hot.
Andy
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Of course, Trumpâs are not actually NFTs ⌠just JPGs. One can even just right click and copy to get your own copy of one.
Total cumulative value, around $500,000. Of course he can continue to âmintâ them even though they are âsold outâ, so, as PT Barnum saidâŚ
Thereâs a new one minted every minute.
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No, theyâre NFTâs. Or rather, NFTâs make up a part of what someone acquires if they buy one of these things. You can read the owner agreement here:
The resale value of the NFTâs in the secondary market appears to be pretty strong, at least at time of writing (the âfloor priceâ for the collection right now is about double the minimum price of $99).
Albaby
P.S. Iâm pretty sure that none of the people âbuyingâ these NFTâs are doing so in compliance with the owner agreement, so none of them are actually acquiring the ownership of the NFTâs they think they are. They are obtaining possession of the NFTâs - they are moving from the Ownerâs wallet to their wallet. But I donât think thereâs any way to actually comply with the notice and agreement and royalty pre-conditions on any existing online platform, like OpenSea. But perhaps someone more knowledgeable with OpenSea can correct that if Iâm wrong.
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Since when can you right click, copy to get a copy of an NFT. I wouldnât base anything on the agreement ⌠they can say anything they want there.
Thatâs actually not correct. If you right-click and save, you get a copy of the digital art file thatâs âassociatedâ with the NFT. But you canât get the NFT, which is a separate digital file that is stored on the blockchain.
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Sticks in my mind there are supposed to be other perks with the NFT, like a chance of a lunch. I saw the âsold outâ headline elsewhere. First thing that came to mind is âpainting the tapeâ, to make them look like the next speculative bubble being blown to trap moreâŚummâŚâeasily influencedâ.
Watched an old ep of âWKRPâ last night, the one with the radio preacher offering a set of âDead Sea Scrollâ steak knives for a âlove offeringâ of $5, or more.
Steve
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But isnât one of the points of an NFT that you can only have the art if you buy the NFT? If you can get a copy of the âartâ without bothering with the NFT, what is the point of the NFT?
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Someone (I think it was albaby) posted a link to a great article about NFTs a while back:
My conclusion is that NFTs are nonsensical with just 1 exception (of course); my Wacky Wolf NFTs. The price has been reduced from $3.43 billion to $3.42 billion if anyone is interested.
Cryptocurrency, NFTs, âŚâŚâŚ the next thing you guys are going to tell me is that some dark chocolates contain higher levels of cadmium and lead. Sheeesh.
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The intent is to duplicate ownership of a piece of art. Itâs easy to get a copy of, say, Guernica - but thatâs not the same as owning the painting itself.
As the Trump NFT illustrates, though, owning the NFT doesnât mean you own even a single instance of the art (note - copyright is a whole ânuther thing). All you get is a revocable license to use the artwork - not ownership of a copy.
I think the point is that you own the digital copy but everyone else gets to enjoy it. Sort of like everyone tramping through your living room to see your Mona Lisa but in a digital way.
Andy
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And Trumpâs NFTâs. Because it canât be nonsensical if he made millions off of them can it?
Andy
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I thought that was the proof of nonsensicalityâŚ
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I have not seen anything to back it up but I have seen speculation that this could a way to launder money.
That has been a problem in the traditional art market and real estate before.
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Collectibles are kind of stupid, we all tend to through that phase. I used to collect T-shirts from the ports I visited and other sail related stuff.
Many of the T-shirts went to good use, the Caracas homeless.
The Captain
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Me too. They come in varying degrees of quality though. Depending on what country you visit. Also some offer a better quality of sleep than others.
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There is a TV series in the US called âAmerican Pickersâ. The show features a couple guys in a van, driving around the country buying old stuff that they think they can resell. I watch an ep from time to time, if I find one while flipping around the dial aimlessly. The guys find some world class hoarders, with several barns and sheds full to the rafters with old stuff. I have lived the life of a transient, moving from apartment to apartment with job changes, so never allowed stuff to pile up to anywhere near that degree.
The last âcollectionâ I got rid of was the car brochures I had picked up at auto shows over the span of about 50 years. Managed to sell a few on eBay. Kept a few that related to cars I have owned. The vast majority were donated to a car museum, to get them out of the house. Here is the stack, in the bags I picked up at the same car shows, at the door to the museumâs archive, the day I donated them. A year later, I was talking with one of the volunteers at that archive. They kept the bags too. He said, when someone buys a stack of items at one of their surplus sales, they will give him one of those old car show bags, to carry his purchases in.
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Using Quickbooks Online I found an app for crypto tax matters. I contacted the company. It turns out there is a way but technically it was not fully explained to me.
At the time three months ago by being listing your NFTs Opensea 60% of the market, Rarible 20% and Looksrare some percentage you could enforce the royalties. The idea at least being in part the entire thing is a âcommunityâ so you had cornered the market for listing them elsewhere off Opensea.
Note Looksrare might not be with us any longer. There was some scandal but I do not know their current status.
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Can NFTs be used as a way to launder money?