NFT - art files as crypto currency? -

[Leo Bonhart]

Sheeeeit, any idea of what the minting cost might been? or once you make a NFT for a piece selling 1000 of them has not extra cost?

This particular NFT set was created on crypto. com's own mainnet (which, much like Binance, just created their own vastly cheaper mainnet), so unlike most NFTs, it wasn't minted on ETH. The minting costs were essentially nothing and done with crypto. com's own resources.

I'm not an expert on NFTs, but you can read up on them here: https://eips.ethereum.org/EIPS/eip-721.
There is also a newer kind of semi-NFTs called ERC1155, which seem to be used in gaming:

https://opensea.io/blog/announcements/erc1155-marketplace/

Anyway, yes, once they are individually minted with gas fees from $2-$35 per NFT (depending on the day) they become non-fungible, so if you wanted 1000/1000 copies of a F1 NFT, you'd have to buy each one separately.

 

[Cool Dog]

This particular NFT set was created on crypto. com's own mainnet (which, much like Binance, just created their own vastly cheaper mainnet), so unlike most NFTs, it wasn't minted on ETH. The minting costs were essentially nothing and done with crypto. com's own resources.

I'm not an expert on NFTs, but you can read up on them here: https://eips.ethereum.org/EIPS/eip-721.
There is also a newer kind of semi-NFTs called ERC1155, which seem to be used in gaming:

https://opensea.io/blog/announcements/erc1155-marketplace/

Anyway, yes, once they are individually minted with gas fees from $2-$35 per NFT (depending on the day) they become non-fungible, so if you wanted 1000/1000 copies of a F1 NFT, you'd have to buy each one separately.

So basically these guys had to pay between $2-$35 for every one of those 1561 NFT pics put for sale?

 

[Leo Bonhart]

So basically these guys had to pay between $2-$35 for every one of those 1561 NFT pics put for sale?

Not in this case, because it was on the special CRO blockchain. But, in general, yes; each individual NFT has to be minted for that price and then subsequently each time it changes hands there is a transaction fee paid for in ETH gas on top of however much the person wants to pay for the item.

 

[Serbian Peacekeepers]

Question , so lets say i bought a NFT of a tweet from a artist containing said art , would i be stealing their art or would i just have a photo of it?

 

[Cool Dog]

Not in this case, because it was on the special CRO blockchain.

So in that blockchain its free? whats the downside?

But, in general, yes; each individual NFT has to be minted for that price and then subsequently each time it changes hands there is a transaction fee paid for in ETH gas on top of however much the person wants to pay for the item.

Does the price of the NFT affects the transaction cost?

 

[Kosher Dill]

Does the price of the NFT affects the transaction cost?

No, the price is just a single number, and the code processing the NFT will use the same amount of gas whatever that number happens to be.

But whoever writes the code is free to add extra fees if they want. You could write an implementation of the NFT interface that says "Any NFT transfer for more than 1 ETH won't go through unless you include another 0.1 ETH for me too". Or whatever.

 

[Ahriman]

 

[Kujo Jotaro]

Have a look at the Aston Martin F1's team NFT page done with crypto . com which is a major sponsor of the team:

Crypto.com NFT | Buy, Sell, Discover Exclusive Digital Collectibles

As a modern team with a strong heritage, we’re excited to be the first Formula One™ team to offer a new way for our fans to own a unique piece of our history. The collection of NFTs we’re making available capture the very first moments of the team’s return to grand prix racing after an absence...

crypto.com

View attachment 2032951

Look at the prices, look at the numbers minted and numbers sold. This just went live a couple of hours ago. This stuff is real.

Literal pictures lol, this is what makes me give nft's the side eye(despite it being a cool idea). People are paying thousands for literal promo photos that are not even that limited. All of this I presume is under the assumption they're going to make money off of it, saw a video on YouTube were the dude was showing you how to make money with nft's. His whole strategy was buy random art and wait for it to go up, some of it was popular artists but not all. One piece he showed was from some lower tier artist(in terms of fame) which he bought for $0.50, and sold a month or two later for $150. His strategy wasn't hold for years, it was hold for weeks then sell. The whole market just seems like a giant speculative bubble that grew overnight. Is there even a way to display your nft's? Where can I go look at your nft's outside of on market sites? If it's not about the flex then do you really think people want to stare at a $10,000 jpeg of a british flag covering a car alone in their room?

Honeslty you could probably pay $10,000 and actually get a piece of the car, which imo would be a lot cooler. Especially if it was a championship winning car.

 

[Jimjamflimflam]

Remember how we used to make fun of people who would buy microtransactions for stupid shit like digital clothes for their avatar. I miss those days.

 

[RembrandtCourage]

People's Expensive NFTs Keep Vanishing. This Is Why

“There was no history of my ever purchasing it, or ever owning it,” said one confused NFT buyer. “Now there’s nothing. My money’s gone.”

www.vice.com

Apologies for the vice article but vice did a spotlight on the nfts which seems to just reinforce the notion that this is just a rich person's game. If anyone still wants to invest in this apparent trend just keep this in mind: caveat emptor.

 

[mindlessobserver]

Have a look at the Aston Martin F1's team NFT page done with crypto . com which is a major sponsor of the team:

Crypto.com NFT | Buy, Sell, Discover Exclusive Digital Collectibles

As a modern team with a strong heritage, we’re excited to be the first Formula One™ team to offer a new way for our fans to own a unique piece of our history. The collection of NFTs we’re making available capture the very first moments of the team’s return to grand prix racing after an absence...

crypto.com

View attachment 2032951

Look at the prices, look at the numbers minted and numbers sold. This just went live a couple of hours ago. This stuff is real.

Is there a tulip bulb NFT yet?

 

[BrunoMattei]

Can you sell a piece of writing as an NFT or does it have to be artwork?

 

[Large]

Can you sell a piece of writing as an NFT or does it have to be artwork?

Yes.

 

[Carlos Weston Chantor]

It's because of retards like all of you in this thread that I was forced to advertise like 2 NFT scams a day over the past few weeks. Literally none of you will become even slightly more wealthy with this shit please stop taking it seriously so that I can stop marketing it and crypto can move to another useless scam buzzword (ICO -> DeFi -> NFT -> ???).

 

[Kosher Dill]

Can you sell a piece of writing as an NFT

When you see "NFT", just read "hyperlink", because that's all it is. Yes, a hyperlink can be to a text file as well as an image.

 

[Jimjamflimflam]

When you see "NFT", just read "hyperlink", because that's all it is. Yes, a hyperlink can be to a text file as well as an image.

How much are you guys willing to pay for a NFT of my shitposts?

Actually thats a good fundraising idea for Null. He can sell off posts from the forums.

 

[Ralph Cifaretto]

Autism warning from a sports card hobbyist.

Okay here's what I don't get about NFTs as a replacement for general sports trading cards. So the rarest (and subsequently most expensive) cards in the trade are autographs and to a much lesser extent swatches (a scrap of a jersey embedded into the card). Periodically you'll see a news article about a card selling for six or seven figures, and if that card was made any point after the early 90s, it's almost always an autographed rookie card.

What I'm getting at is there's still a memorabilia aspect to the hobby in higher end cards, in that there's some tangible connection to the player whether it be an autograph or a piece of a jersey they wore in a game.

To tie this into the art collector aspect, leaving aside the money laundering and all that shit, they still have something they can put in their house to admire and show to guests. I suppose you could do the same with digital art on a screen, but the difference between a copied jpeg of a piece and the official NFT is nonexistent outside of the blockchain. I guess theoretically if 3D printers get advanced enough, they could perfectly mimic brushstrokes, pigments and whatnot of a Monet painting to the point that an appraiser would be unable to distinguish it from the original, but we're not there yet.

I just feel like such a boomer when it comes to this stuff. To tie it back into cards, I've sold some numbered cards sans autograph or swatch for $100 ish, but the real money is in the memorabilia cards. This hobby is in a massive bubble right now whether it be physical or digital, and in my opinion, these NFT cards are going to be the first to crash.

 

[mindlessobserver]

Autism warning from a sports card hobbyist.

Okay here's what I don't get about NFTs as a replacement for general sports trading cards. So the rarest (and subsequently most expensive) cards in the trade are autographs and to a much lesser extent swatches (a scrap of a jersey embedded into the card). Periodically you'll see a news article about a card selling for six or seven figures, and if that card was made any point after the early 90s, it's almost always an autographed rookie card.

What I'm getting at is there's still a memorabilia aspect to the hobby in higher end cards, in that there's some tangible connection to the player whether it be an autograph or a piece of a jersey they wore in a game.

To tie this into the art collector aspect, leaving aside the money laundering and all that shit, they still have something they can put in their house to admire and show to guests. I suppose you could do the same with digital art on a screen, but the difference between a copied jpeg of a piece and the official NFT is nonexistent outside of the blockchain. I guess theoretically if 3D printers get advanced enough, they could perfectly mimic brushstrokes, pigments and whatnot of a Monet painting to the point that an appraiser would be unable to distinguish it from the original, but we're not there yet.

I just feel like such a boomer when it comes to this stuff. To tie it back into cards, I've sold some numbered cards sans autograph or swatch for $100 ish, but the real money is in the memorabilia cards. This hobby is in a massive bubble right now whether it be physical or digital, and in my opinion, these NFT cards are going to be the first to crash.

It's part of the clawing effort to convert all these free dollars into assets. Investment banks are buying collector items like sports cards and stamps which is what is inflating the market. This bonanza in NFTs is just one component of the overall asset bubble that is inflating everything.

 

[TheShedCollector]

This is one normal way that rich people avoid paying taxes.

1) Hire artist to make some art. Doesn't matter how good or bad it is. Completely irrelevant. Pay artist whatever pittance they want.
2) Hire "independent" evaluator to determine the artworks value. Miraculously, the independent evaluator says it's worth hundreds of thousands.
3) Donate artwork to charity. Literally any charity, doesn't matter.
4) Class it as a charitable donation on your taxes.

Exactly the same thing is going to happen here.

 

[💗Bitchstopher Columbitch💗]

When you see "NFT", just read "hyperlink", because that's all it is. Yes, a hyperlink can be to a text file as well as an image.

Is there a way to customize the hyperlink? What if you want to link someone to lemonparty in a hip, modern way?

>Art as currency
Time to start selling the rare pepes.

You're years late, rare pepe NFTs have been around since at least 2016.

'Ive thought of creating a THOT coin for this very purpose. If Jack is selling his first soy-tweet for 2.5 million, how much do you think belle delphine doing a "my first anal" will go for?

SpankChain. They're already selling porn NFTs and everything.