[Finance] Non Fungible Tokens - NFTs

[Tyrone Biggums]

I know nothing about them and had to look up the definition of the word, i don't understand what's wrong with using plain old normal currency to pay people?

Governments can make your plain old normal currency worthless. They can also dictate what you can and can't spend your money on.

With the rise of the CBDCs narrative people need to wake up to where Governments are pushing their power and influence towards.

 

[chickens]

right, so dont invest thousands into something you dont know or understand. there is zero regulation of private companies, you can invest thousands into a Ltd company then they rug. law exists to cover this already.

I agree that investing in NFTs is absolutely not the way to go.

1. Buy NFT.
2.
3. Profit.

Where I do agree with our resident web3 consultant is that anything useful from all this comedy will get baked in “beneath the hood” of tech that we all use, and will largely be invisible from an end user perspective, but if anyone is trying to sell you an NFT as a store of value or investment, either run, or offer to pay with magic beans.

 

[Harry Wilson's tackle]

If any one is wondering what NFTs are and how they could work here is a video of Trump explaining his excellent range of Trump NFTs to his fans.

WTF? Greater than Lincoln and Washington?

I thought that Bernard Maffews was dead.

 

[sydney]

My expectation of NFTs is that there will be a lot of disappointed people out there when the servers hosting their NFTs are shut down and they discover they’ve paid a lot of money for a broken web link.

the juve token is doing very well , also the psg one.

 

[DavidinSouthampton]

Have no interest is what I voted.

I can’t say I have researched, but from things I have read I would be deeply suspicious of the whole concept, especially with stories of things failing and that bloke with the funny name already being charged with fraud….. I think.

I can’t remember a lot about it from history, but it makes me think of the South Sea Bubble, and that probably had more credibility because the Government of the day helped set it up.

 

[Tyrone Biggums]

So you stick it on a USB key and bury it somewhere in the outback? What a brilliant investment. Well, I can certainly see how NFTs are going to save mankind.

And my other points regarding your frankly ludicrous scenario of selling off scenes from iconic films?

Oh dear. USB?

The technology is far too complicated for you to understand I'm afraid.

So a scenario that's already happened is "frankly ludicrous" to you because again you don't understand it.

NFTs of NBA Highlights Lead to A First-Of-Its-Kind Decision in the US Courts, Holding That an NFT Can Be a Security Under U.S. Securities Law.​

A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction.

So because such things are already happening this court ruling declared them a security along with all the other things they classify as a security.

 

[Herr Tubthumper]

Money laundering pure and simple. Unregulated markets are for criminals and libertarians.

Why would a librarian want an NFT?

 

[HeaviestTed]

Going off a NSC Tuesday morning poll is probably not the demographic for information on a unique digital identifier stored in the blockchain.

We were talking to a public figure last week who was worried about AI and deep fake technology after a few very convincing videos and photos appeared of them online in web2. To dumb it down, if it was a web3 environment and the videos were NFTs, the blockchain could be used to prove provenance. Web3 is the future, you don't need to be on board with it, like doing your weekly food shop online, your banking or getting into a football match using a smart phone, you will be using NFTs too.

This is only true if you believe that the existing way of handing out tickets is broken (it isn’t) and the only possible way to fix it is to use NFT’s and blockchain (it isn’t).

Blockchain isn’t needed for the scenarios it is being suggested for, I would seriously consider changing careers.

 

[sydney]

Governments can make your plain old normal currency worthless. They can also dictate what you can and can't spend your money on.

With the rise of the CBDCs narrative people need to wake up to where Governments are pushing their power and influence towards.

total control.

 

[Tyrone Biggums]

the juve token is doing very well , also the psg one.

Yeah they function like a raffle ticket or a business token to take part in promotions.

The irony that business/shop tokens have been around for hundreds of years will be missed by many.

 

[Tyrone Biggums]

This is only true if you believe that the existing way of handing out tickets is broken (it isn’t) and the only possible way to fix it is to use NFT’s and blockchain (it isn’t).

Blockchain isn’t needed for the scenarios it is being suggested for, I would seriously consider changing careers.

It's easier to counterfeit paper tickets.

 

[sparkie]

I wouldn't touch them with a Non Fungible Bargepoll.

( Unless my shoe shine guy starts to recommend them ).

 

[chickens]

These kinds of industries have been around for a long time now.

Photographers have been selling their images to businesses since the dawn of photography as an example.

You seem to be looking at it from the position of some working class battler buying an NFT.

Big business are who will buy a lot of the future NFTs with monetization value. So yes, they have all the resources in the world just as they do now to go after copyright infringements.

Asset digitalization is happening. They will digitalize and tokenize all kinds of things whether the rank and file can understand it or not.

Larry Fink of BlackRock Inc. is on record as promoting such a future. And if you don't know who they are, they are the world's largest asset manager with over 8 trillion in asset management.

So, you’re saying NFTs are good investments if you have the resources of BlackRock to call upon?

This was a thread started for research on selling NFTs to football fans, not global corporations.

I can see how the blockchain technology could act as a record of ownership, and between global corporations, it’s just another transfer mechanism. However, as a photographer I’d beware. The Goblintown example I gave a few posts ago showed that the images sold could be altered after sale.

Clients wouldn’t enjoy buying one image and then having it substituted for another without consent.

 

[chickens]

the juve token is doing very well , also the psg one.

So, looking at those as having a utility, and assuming they’re sold to fans, what can the fans do with them?

 

[sydney]

So, looking at those as having a utility, and assuming they’re sold to fans, what can the fans do with them?

buy club merchandise i suppose

 

[Seagull27]

There's a lot of stuff about films too - download a film on Prime or Sky and you don't own it once your subscription ends. An NFT would mean you could continue owning it because it'd be a unique copy assigned to you, and you could re-sell it too, recreating the secondary market of physical DVDs. The film industry will love this because an NFT would also support them getting some of the revenue from that ongoing sale.

I've really struggled to get my head round what NFTs are so thanks for providing some examples, makes it somewhat clearer - still don't see the appeal on most of the things you've described, but that could be an age thing!

However, in your above example of film industry - once the initial sale of a film had taken place and a critical mass of "second hand" NFTs are available, wouldn't that mean no-one would ever bother buying it new?

With a hard copy there can be degradation in quality, which means it is still attractive to buy new, but I can't see that with a digital copy?

I'm probably missing something though!

 

[Tyrone Biggums]

So, you’re saying NFTs are good investments if you have the resources of BlackRock to call upon?

This was a thread started for research on selling NFTs to football fans, not global corporations.

I can see how the blockchain technology could act as a record of ownership, and between global corporations, it’s just another transfer mechanism. However, as a photographer I’d beware. The Goblintown example I gave a few posts ago showed that the images sold could be altered after sale.

Clients wouldn’t enjoy buying one image and then having it substituted for another without consent.

I'm saying like anything in this world if something has potential to make money it's big business who will ultimately own and control the largest part of it.

The fixation on NFTs simply being digital art shows that this isn't in any way an educated crowd on the subject.

There's plenty more industries working with them than simply artists who draw/paint stuff.

Kings of Leon released the first NFT album and did 2 million in sales.

Brands are combining NFTs with physical items. This allows for the provenance of an item to be verified in an industry where knock offs cost not only the business but the customer who get's sold a fake copy of something they thought was real.

Real Easte, Sports, Ticketing all have use cases for NFTs.

An NFT doesn't have to be an investment.

 

[Springal]

Just because something is new that doesn’t automatically make it a good thing. I am an experienced investment professional and have not heard a coherent persuasive argument in favour. I have heard a lot of bullshit around the topic though. Beware of people telling you something is inevitable, particularly if they have a financial interest.

Trading shares in private equities. Currently involves multiple parties, physical paper, fees.

 

[Tyrone Biggums]

buy club merchandise i suppose

Take part in competitions/promotions. Also allow fans to take part in club decisions, to take part in a vote on something.

A Governance aspect of the token.

 

[HeaviestTed]

It's easier to counterfeit paper tickets.

Is the club struggling with people counterfeiting paper tickets?