Looks like there is Gold in NFT's after all

It looks like Leap1 really knows what he is doing. The NFT market is hot.

Andy

1 Like

Of course, Trump’s 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 “mint” them even though they are “sold out”, so, as PT Barnum said…

There’s a new one minted every minute.

5 Likes

No, they’re NFT’s. Or rather, NFT’s 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 NFT’s in the secondary market appears to be pretty strong, at least at time of writing (the “floor price” for the collection right now is about double the minimum price of $99).

Albaby

P.S. I’m pretty sure that none of the people “buying” these NFT’s are doing so in compliance with the owner agreement, so none of them are actually acquiring the ownership of the NFT’s they think they are. They are obtaining possession of the NFT’s - they are moving from the Owner’s wallet to their wallet. But I don’t think there’s 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 I’m wrong.

2 Likes

Since when can you right click, copy to get a copy of an NFT. I wouldn’t base anything on the agreement … they can say anything they want there.

That’s actually not correct. If you right-click and save, you get a copy of the digital art file that’s “associated” with the NFT. But you can’t get the NFT, which is a separate digital file that is stored on the blockchain.

1 Like

Sticks in my mind there are supposed to be other perks with the NFT, like a chance of a lunch. I saw the “sold out” headline elsewhere. First thing that came to mind is “painting the tape”, to make them look like the next speculative bubble being blown to trap more…umm…“easily influenced”.

Watched an old ep of “WKRP” last night, the one with the radio preacher offering a set of “Dead Sea Scroll” steak knives for a “love offering” of $5, or more.

Steve

1 Like

But isn’t 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 “art” without bothering with the NFT, what is the point of the NFT?

1 Like

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, ……… the next thing you guys are going to tell me is that some dark chocolates contain higher levels of cadmium and lead. Sheeesh.

2 Likes

The intent is to duplicate ownership of a piece of art. It’s easy to get a copy of, say, Guernica - but that’s not the same as owning the painting itself.

As the Trump NFT illustrates, though, owning the NFT doesn’t mean you own even a single instance of the art (note - copyright is a whole ‘nuther 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

1 Like

And Trump’s NFT’s. Because it can’t be nonsensical if he made millions off of them can it?

Andy

1 Like

I thought that was the proof of nonsensicality…

5 Likes

Unless the link to your digital art breaks…

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.

1 Like

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

3 Likes

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.

1 Like

There is a TV series in the US called “American Pickers”. 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 “collection” 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 museum’s 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.

5 Likes

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 “community” 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.

1 Like

Can NFTs be used as a way to launder money?