Im clueless about NFTs can someone please tell me

[Danny83]

Would love to know how people are making money of these …I still dont get it can I buy one how?

[beshannon]

https://en.wikipedia.org/wiki/Non-fungible_token

[Mifune]

Originally Posted by Danny83

Would love to know how people are making money of these …I still don't get it can I buy one how?

Non 'fungible' tokens are just that... one of a kind tokens.

these 'NFT's can be many things including one of a kind art work, music, videos... whatever. Mainly, but NOT limited to, 'digital' items.

They can also be tokenized ownership, like shares of a REIT or crowd funding fractional ownership of physical items like Real Estate or like the group of investors that tried to Purchase the Declaration of Independence when it was auctioned last week.

there are SEVERAL sites that will allow you to join and 'shop' these NFT market places... but the biggest is Opensea... but really, anyone can open their own 'market place' or offer up a Tokenization of an item, physical or digital.

you will need to own the coins in which the market is denominated... like Ethereum or Solana... in order to make any purchase.

[Mifune]

Making money with NFT's... that can be a bit more problematic.

currently, people are spending astronomical amounts of Ethereum on items that can be considered questionable IMHO. Mainly this is occurring because the asset class is brand new and has some network effect and momentum. I highly doubt that a 'crypto punk' NFT being sold at 5-10 million dollars has as much value as a 5-10 million dollar Picasso or Jean-Michel Basquiat... because it DOESN'T have that same value in my opinion.

There is a Mania revolving around Digital art NFT's that is unreasonable and quite scary. To me it looks a little like market manipulation to create market fervor... and it appears to be working.

as far as other applications of collectability, that is up to the individual buyer and as with all 'collectables', making money can be a tricky proposition when the flavor of the week item falls out of favor and the crowds move onto other goods.

The good thing about the NFT is that ownership is Immutable... that is why I can see NFT's being offered up by Luxury goods makers like Rolex or Ferrari so that the ownership history of an item is unquestioned.

[Mifune]

NFT's are just beginning to be implemented and the applications thereof are going to vast...

Metaverse plays are beginning to take shape and high net worth individuals and companies are starting to planet their flag in it.

The big play right now is buying up as much metaverse Real Estate as possible and having it in reserve when others might be willing to pay you more at some later time in the future. people and companies are beginning to construct their own little virtual worlds inside the metaverse where they can provide market places, services and informational destinations. there are places like 'Nike world' or 'planet sony' being developed and sovereign nations are building virtual embassies/consulates so that individuals can be helped to navigate all things international. In this way you can see how valuable the metaverse real estate can become.

[Mifune]

the main question about these plays is... How valuable is something when you can simply digitally make another copy.

I dont mean and exactly copy... because the nature of a non fungible token is its immutability, but something that is derivative and diluting therefore cannibalizing the original.

[Chewbacca]

Google Madoff (great guy btw).

[Mifune]

I used to know the art director at Upper Deck when the company first started... he got super wealthy in a matter of a year or two.

I remember he told me, we have a license to print money. that always stuck with me because they are merely monetizing likeness... I don't see longer term value in that.

[TheVTCGuy]

I’m just clueless.