Topic: Non Fungible Token (NFT) questions (Read 289 times)

As a way to understand the towards NFT in this market lately, that's the way the market's trends are directed that they're guiding us. Incredible auctions with formulas called art , is the NFT really worth it? I believe not, but it doesn't matter if you get it right, because it just inflates the price. But products like this give me no worth as much as a pizza, because the pizza that I can worry about is not products that are not returned multiple times. However, if I exploit it to the best of my knowledge of it, this is really a great function.

Aoa any friend tell me about nft how to claim free nft how to stake and how much it give profit I didn't now about nft because I am new thanks in advance.

It's honestly just a huge bubble that is ready to pop at any second.

NFTs are intrinsically no different to stuff that has already been thought up previously, except now with a more marketable and fancy name. The celebrity endorsements certainly are helping the cause too.

But think about the extent to which NFTs are actually going to be useful in the future. It really doesn't carry much utility other than being a "flex".

I still do not understand NFTs from OP's perspective though,,, maybe we should be asking the people who buy and sell art normally.

Why would you buy the NFT when the art itself is not necessarily non-reproducible?

Like Tweets being made NFT. How is it you can make a COA out of that? And what about music and other forms of art how do you say an NFT reflects those rights?

For anyone who's curious about creating their own NFT you can do so very cheaply using the the Avalanche wallet:

https://docs.avax.network/build/tutorials/smart-digital-assets/wallet-nft-studio

Just wait for the Bubble to burst, real world applications will emerge then. People are jumping in because of FOMO and I highly doubt that any sensible collector would even think about paying millions for a virtual cat or a punk. And those who are actually spending millions for these stuffs, do they even take a good look at it? No they don't, cause it's not art at all, it's all about money, sure enough some will make fortune but others will fail miserably while the bubble will burst and they will end up blaming the Blockchain technology for their own stupid decisions. But on the good side, NFT, Defi and Blockchain technology as a whole will gain enormous adoption because of this trend as you said "Big deals are only tools to advertise NFT and make it more popular.".

Approaching something new is not easy, so staying strong from the very first days of crowding is a way to guide us toward the upcoming trend.  Obviously, the NFT product auctions are creating a great attraction at the moment, not only that, the projects developed in this field have achieved great growth in the pastime.  But that doesn't mean everything is perfect, this is just the beginning of the field.  There are many solutions for making use of NFT, NFT can also be used to represent valuable real-world items such as paintings, antiques, gems,... helping these items to be stored,  transactions as tokens on the blockchain.  This will bring many advantages such as safety and security.

The hype that is on going with NFT brings the past stories back. Cryptokitties created a hype of games on Ethereum blockchain and I remember the Deep Onion altcoin tries to give ownership proof, certificate for crypto users. Over $1 million for one virtual cat because it is an unique virtual cat. It's mad.

NFT get a big support from Elon Musk and in this time this support makes sense for NFT. People are blurred by the big sales with NFT but do they realize that they can be able to sell the same in real auctions?

NFT is interesting but I would like to see it grows and is used for smaller items that are more meaningful in life. Big deals are only tools to advertise NFT and make it more popular.

NFT is non fungible token which mean the token can not spread in to 0.xxx. and it is used to authenticated the ownership of digital property such as art or music. It is also used to authenticated the ownership of games properties like skin or land. But people make fun of it and created bubble. The uses cases of NFT is also good and reliable.

A real use case i guess.
https://coingeek.com/canonic-launches-first-exclusive-nft-book-bitcoin/?tncpw_session=f7cc75157a8f98ce34857d6459a563d8814b2332fe07aff129eb1ecc13297ab6

This is the 90% of those nft buyers. Why do you think they will go after some digital collection even though they aren't into it? Obviously it's only about money.

Not sure about that. But I think traditional art collector still much more than nft collector since its just merely new to the art industry. But there are few who aren't collector but their numbers are probably more than traditional one and you could say that they are propietor whom after the sales and profit from the nft. It hurts but that the thing they concern not the actual art they bought of.

This. I think blockchain based gaming is a lot more applicable in terms of NFT's real use case. I've seen a lot of my friends spending most of their time farming mythical or somehow rare weapons in a game hoping that they can sell it at a higher price. Back in the days, or perhaps up until now, selling items that are rare to find has a demand in the gaming community.


I'll understand if an artist like Beeple is selling an NFT that has established a name in the digital industry and It would not be a surprise if they could sell thousands of copies of their digital work that's worth millions of dollars.However, it is still difficult to grasp the idea that buying low and hoping that they could sell at higher price is something that drives the market. I guess it is still at an infancy stage where a real use is still not fully realized by the masses.

As I see it, though, it is not the visual nor the sentimental value that holds the importance of NFT's but rather a digital imprint to verify who is the real owner of that particular digitally made artwork, and that's something that holds the real value. Or perhaps, it could be a way to support your fellow artist or your favorite artist that is working hard in the industry but I can't see why these people are throwing their money off to some random guys and hoping that they could re-sell at a higher price.

As long as it is constructive criticism it's okay  . I am a digital artist and I would be more happy if someone recognized some of the valid point that I missed.

I am so sorry for the late reply. But anyways, thank you for a good read.

Yep, I wonder if there are statistics that shows the transitions of traditional art collector to a digital NFT collector. As I have said, I think NFT's are just mean to provide

[1] Digital Authenticity
[2] A digital imprint that you can use if ever there is someone who commissioned you a digital artwork or character designs or maybe personalized portrait drawing. This way, NFT's is solving a real problem with regards to piracy.
[3] Blockhain based gaming

And that makes it ridiculous.

It's money making 'opportunity' works much like market, people buy in hope that the prices for particular nft will go up while artist make money of their works.

And there are people who buy just for collecting's sake.

Edit: some projects give early adopter/retroactive rewards, some buy to get lucky in such.

Actually OP is right. Those nft associated with crypto project are not all into use case but just riding the hype. Only few projects are somehow exhibit the potential of nfts. We can say that there are rare created digital nfts but actually can't find any use at all, but appreciation only from those who are fond of having collections, there are people out there spend a lot for this and for them it's rare quantity plus design is already soemthing valuable.

A few things can never be recreated and one such thing is art. For some really good artworks, even if the artist think of recreating it he could not get to the near perfection as they did the first. There are quite a few of artists in bitcointalk like @Corrosive whose original corroded plate art can never be recreated even by themselves because each corrosion is unique. Here Digital Art in the form of NFTs are nothing but funny speculative shits just for the riches and people who are willing to take a good amount of risk by bidding on a digital art

At the time of writing, Grimes Death of the Old Digital Art is auctioned and the current high bid stands for nearly $388,000 : Grimes Death of the Old Will any normal person pay $300,000 just for a digital video? This is why true crypto enthusiasts call Digital Art and Games based on NFT are highly speculative and they won't sustain for a longer period of time. Digital Art can never replace the brilliance of Physical Art (atleast this is my thought on the speculative NFT market)

More or less yes but NFT is something more than that. NFT also comprises of online blockchain based gaming too.

You can and this is how the digital art market is functioning. You sell the same digital image or video at a higher price to another collector who like the art for higher price. Popular digital artists like Trevor Jones and Lucho Poletti art sells for 10x sometimes within 10 months of the creation of the digital art. I believe this is equivalent to Tulip Mania where if any popular artist does something normal and launches on the platform it would easily sell for a few millions!

exactly, it would pump till there is a burst of the bubble but bursting would happen sometime soon and during the time people would be facing severe losses for sure. Be aware of receiving some harsh comments from people who are new to crypto market, they would just shill NFT and if you tend to prove that wrong they would start teasing you as if you are a no-brainer (happened in my case)

I would recommend you to read this article for a more detailed view on NFTs : NFT Art — Historic or Hysteric?

As far as i know you cant sell the copy, but you can sell the NFT itself at higher price to the market.
This NFT thing just a hobby or enthusiast in the crypto space i thing. Its sold just based on subjective opinion.

So I am reading and researching a lot of stuff regarding the benefits and real use cases of NFT's, however there are still lots of unanswered questions regarding its concept. Based on what I have understand, though, NFT's are just a digital version of the traditional document "Certificate of Authenticity" or COA that has the verified signature and important elements provided by the artist in it right?

Meaning NFT's doesn't provide any investment opportunities where you can easily re-sell the copy of the digital image that you bought from the artist to another art collector at a higher price?

However, on another standpoint, the real use case of NFT's are just meant to provide digital imprint that certifies the real owner allowing him/her to freely sell his digital art compositions without having to worry about piracy isn't it? So NFT's that is viewed as a money making opportunity is just bullshit right?

Edit: Moved to BnH board since I can't get any response from Altcoin Discussion Board.