Pucks,
Yes but the electronic wallet they are in need a full identification to work with the financial aspect. The person’s ID is required and more than double checked.
In other words the person will probably get caught later.
Is that true?
That might be the case if the NFT’s are purchased through a platform like OpenSea. But you don’t need to use a third-party platform to transfer NFT’s. You can do it directly, without providing any ID or KYC information to anyone.
With some amount of forensic investigation, it is often possible to determine after the fact who owns a wallet - but disclosure isn’t required to set up a wallet directly on the blockchain, if you’re not using a third-party platform to do it.
Is that true? Have you actually done it yourself? I would like someone who has done it to tell me exactly how they have done it.
Andy
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In a completely unsurprising turn of events, these NFTs appear to be based on slightly modified images obtained elsewhere:
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Never done it myself. But any token in a crypto wallet can be transferred to another crypto wallet if you write a smart contract that does it and then write it to the chain. The marketplaces make it vastly more convenient to do that - they let you list the item to an audience of buyers. But if two wallets want to swap an NFT between them without going through a marketplace, my understanding is that such a transaction can be accomplished without a third party the same way that any other on-chain transaction happens.
The reason I am asking is that I do not see how that is possible. It has to be registered on the blockchain and it could be stored in a cold wallet but in order to transfer it you would have to go through a marketplace to have it registered on the blockchain and verified.
**How Do I Send Someone an NFT?
Once you are equipped with all the necessary materials, including an NFT to gift and a wallet address to send it to, the process of making a transfer is usually quite simple. Generally, it involves opening the account where the NFT is held, locating the NFT, selecting the option to transfer it, then keying in the recipient’s wallet address.
How Much Does It Cost to Transfer an NFT?
On most platforms, every time you send an NFT to someone else, you will be charged a “gas fee.” These fees cover the computational expenses of processing and validating the transfer.
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You should pay careful attention to these fees, as they can be high and eat into your profits.
Gas fees are known to fluctuate, so it’s wise not to wait until the last minute to make a transfer. Keeping tabs on fees until an opportune moment arrives could help to cut your expenses considerably. Transaction costs often have a tendency to drop over the weekend, and you may end up paying less if you opt for a slower transfer.**
Andy
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Too funny 
But at the same time very sad 
Pete
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The picture is becoming a bit more clear. A thousand NFTs were minted to a wallet DT controls, including 26% of the rarest NFTs. So an obvious pump and dump.
Is anyone surprised, anyone? iirc, a post on the other NFT thread, upon the “news” the NFTs had sold out, suggested a “painting the tape” operation to inflate the price and stoke interest in them.
“Painting the tape” is illegal when done with securities. Don’t know if the reg applies to “collectible NFTs”, especially “collectible NFTs” that infringe copyrights.
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Fools and their money are soon parted!
This phrase is at least 460 years old. It was used by a poet named Thomas Tusser in a poem he wrote called Five Hundred Points of Good Husbandry, in the year 1557. While the wording is a bit different, the expression is still similar enough to the one that’s used today:
“A foole and his money be soone at debate: which after with sorow repents him too late.”
The world is full of ‘money parters’ and fools to fleece.
The Captain
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I don’t believe that’s true. Remember, NFT’s are just another token, like ETH (or any other coin). It’s more convenient to go through marketplaces to transfer tokens than to do it directly between wallets (which is why how-to guides for beginners direct them to use third-party marketplaces). But people were exchanging tokens long before the marketplaces came into being. Including NFT’s - the marketplaces came into being in order to make it easier to trade those types of tokens, but they’re not creations of the marketplaces.
That said, I disagree with the premise of the original comment - there’s no reason to think that NFT’s would be any more useful for money laundering than any of the gazillion other tokens that already exist out there.
Have you read Kurt Eichenwald’s Substack story on the Trump playing card NFTs?
It almost looks like the purchaser is more like a renter than an owner. He is claiming that when one is sold, Trump will get some of the sale price every time it is sold.
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I hadn’t - but I think he’s missing the key part of what makes these NFT’s really lousy for purchasers (other than the obvious). I’m not sure that the royalty payments are the significant piece of this story. They don’t really convert ownership into rental. Sure, they’re not common to chattel ownership of goods. But the idea of royalty payments (compensating the original “artist” with each subsequent sales) has been pitched as one of the features of NFT’s for a while. They’re a devil to administer (which is why OpenSea is backing down a bit on support for them), but they’ve been part of the NFT discussion for quite some time.
No, the really nasty bit of the Terms and Conditions is that the purchaser of the NFT doesn’t get to own even a copy of the artwork. All they’re getting is a license. And that license is terminable by the issuer for any one of several reasons. One is failure to pay the royalty, but since these NFT’s are grandfathered from the OpenSea changes, that should be happening automatically as long as people are buying and selling on that platform. However, the TaC also require that anyone selling the NFT get the purchaser to read and agree to the Licensing Agreement - otherwise the purchase is invalid and the license is revoked. I don’t believe there’s any mechanism in OpenSea (or any other platform) for doing that.
So if the NFT issuer (who isn’t Trump) wants to be really nasty about this, they could probably void the license of every single card that’s been purchased on the secondary market. None of them own anything at all - not the artwork, not a copy of the artwork, and probably not the NFT itself.
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I still have not seen anything that has shown that you can trade an NFT without an exchange. I am not an expert on this but want to understand it and from everything I have read you need an exchange. Do you have specific proof on how to trade a NFT without an exchange? A procedure to do it without going through any exchange? @Leap1 do you know of a way to exchange an NFT without going through an Exchange?
Andy
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Ahhh so it’s an annuity for Trump. Nothing like setting up a recurring revenue stream.
Andy
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Nope. I just know that NFT’s predated the exchanges, and the first ones (Quantum, Cryptopunks) were all distributed prior to any NFT exchanges coming online. So it must be possible. After all, these are just tokens in a wallet. But it’s likely so cumbersome to do that no one ever really does it.
That isn’t correct. The first exchange that was traded on was in 2010.
The first NFT to be minted was in 2014.
Everything I have seen is it would be impossible to exchange an NFT without an exchange. Now there are many exchanges but they all have to be attached to the Blockchain in order to exchange the NFT.
Andy
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The first NFT exchange. The earliest exchanges pre-date NFT’s (and ethereum) - but AFAIK they didn’t provide any functionality for trading or moving NFT’s. Which makes sense - again, because they pre-dated NFT’s.
The earliest NFT’s weren’t listed on exchanges. Quantum (2014) was sold privately through auction; the Cryptopunks collection (mid-2017) was distributed completely privately, directly to their purchasers. So it must be possible to move them around without using an exchange to do so.
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Could you supply a link to where you are getting that information?
Andy
Ok I found it albaby. You are correct and here is the procedure.
Sure.
Get a wallet of your own. There are lots out there for both computers and mobile devices. Make absolutely sure you follow the directions about backups! This is just like a real wallet; if you lose it, you lose your coins.
Buy bitcoin and send the bitcoin to your wallet. Now the bitcoin is on your phone or computer. To send to someone, just get their address, hit “send” in your wallet, plug in their address and amount and poof! You’re done.
Now, in reality what’s going on is that your transaction is routed to the decentralized bitcoin network and put in a “mempool” with other transactions waiting to be processed. Every 10 minutes or so one of the miners somewhere in the world solves a cryptographic puzzle that allows them to mine a block. When they do, they reach into the mempool, grab your transaction, take your transaction fee, and put the transaction in the block. Then that block gets published to the whole network and the transaction is “confirmed.”
From where you sit, you don’t see any of that. You’re just sending your coins to a friend. There is no “trusted” middleman because the actual middleman (the miner) is selected randomly by whomever solves the puzzle that time. Next time it will be a different miner. It could be the guy next door, it could be someone half way around the world. The network of (volunteer) nodes passes the transactions and blocks along so that anyone can see (and check) them anytime.**
Andy
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