Topic: Can someone explain to me what all the hype is with NFTs / digital collectables? (Read 136 times)

But they said Pepecash will build a game. We are still waiting 4 years latter for it. Probably very soon now.

The platform is probably full of like-minded people. What doesn't make sense to you could mean alot to the community.
By the way,  I wonder what dapp platform the selling of digital art is going on. Are the digital art ranked according to how many are sold? You never can tell, some owners could be buying up their own stuff just to rank up.

I hear you all, I get it, with Decentraland due to launch and everything, I get that it might be cool to hang up digital art in your virtual house and stuff BUT not at the prices people are saying we're talking three to four figure sums or more for some pieces!

Decentraland itself has become a bit of a joke, people claiming it will be the next Second Life, I doubt it. The thing with Second Life is, you could get in on the action pretty cheap, things tended to cost $ or $$ at the most, never $$$ or $$$$ and the things that did reach three of four figures or more were relatively rare and few and far between.

With Decentraland the MAJORITY of stuff is expensive so without a small loan and remortgaging your house it's pretty much off limits.

I get there might be other virtual worlds that pop up where you can display collectables and stuff but again, they're all just so expensive.

Not only that but even if something is limited and there's 100 pieces of a collectable digital art, there's nothing stopping someone creating something VERY similar or with a slight modification that is hardly recognisable and minting more. Again, all this would be fine if we were talking microtransactions, I'd get it, but we're not, everything is just so expensive.

Like I said, I get it for good causes like the FreeRoss campaign or say if there was a digital collectable for donating/helping with the Australia Fires Fund or something. I get stuff like that but having a meme that is so easily replicated and purchasing digital copy of that for $$$ or $$$$+ is just such an alien concept to me.

Who's buying this stuff, millionaires, early crypto investors who struck big and can't liquidate most of their funds?

Madness!

We got a similar feeling about these NFTs some are so expensive with no use at all it is just digital art, I prefer buying actual art physically and put it on my wall. But I guess these platforms or investors are trying to hype it to be able to gain more returns or sell it at a much higher price.

Just like this one a binance limited edition NFT was last sold for 29.8 ETH More than $5000 and now being listed for 2,980 ETH.

Links:
https://twitter.com/binance/status/1218334266683117568
https://opensea.io/assets/0xfaafdc07907ff5120a76b34b731b278c38d6043c/50885195465617477222580226411895211308669362369236485477003307623850352574474

I like the idea of collectibles, imo, we are moving to a digital age, so why not digital collectibles?
Protocols like Eth's ERC-721, actually are a really interesting way to have cryptocollectables and buy/sell trade them
Some people still like old cars too, and people will always like physical collectibles i think as well, the board here is as active as ever, prob more active then ever really
Maybe its hype, but check out ERC721, it's a pretty sweet idea

Sometimes to buy something you don't need another reason besides you like it. Maybe this is the underlying.
The most basic thing is at least they buy it as a display for the future.
In addition, even in daily life, we ​​can still see many similar things happening to some products that are expensive to hundreds of dollars but the usefulness of such objects is like similar objects that are cheaper.
The reason for all this is prestige, ownership, recognition from others. These things are what make something mediocre or look stupid to have a price.

Yeah most of them haven't got any use case, except in games. But you might be able to hang virtual art to your virtual house in the future, and i guess the same can be asked on why people collect anything? The value can be just speculative or it's just valuable to that buyer. Then again some of these nft meme art providers can just buy the art for themselves making them seem more wanted.

I honestly just don't get / understand it.

Why would someone want to own some form of digital art or meme, that, let's be honest, often aren't really unique anyway.

I get people wanting to own actual art, hang it in your house, make your surroundings look better.

Half of these meme's being sold on dapps or listed on opensea are just awful or aren't even unique, I'd literally rather find the image on Google and just save it to my computer. I honestly don't get the rage of these or why they're taking off so much.

Are they supposed to be some novelty type of digital pokemon card?

I get stuff like GodsUnchained because it's a game, it has a purpose, but then you get the likes of memefactory, where you can buy a digital meme and claim ownership of it just for the hell of it?

I don't get it?

Don't get me wrong, there are times I see a place for it, I purchased a lot of the digital collectables from freeross.org/digitable because it was for a good cause and I believed in it, but honestly people paying CRAZY money to the digital right to a meme that isn't even unique is absurd. I'd get it if it was a bit of fun and cost pennies but people are literally paying hundreds for this stuff.

I don't get it, am I missing something?