[Finance] Non Fungible Tokens - NFTs

[Sid and the Sharknados]

Err yeah I’ve come across Black Rock in my 30 year career as a derivative trader.

Genuine question, aren't you a teacher of some description? Or have I been consistently misreading r as e, and d as ch?
This is entirely possible, given I'm normally a bit pissed while reading posts on here.

 

[Tyrone Biggums]

Digital tickets are paid for with conventional money.
Cash is being replaced by credit and debit cards. Bills for these are paid with conventional money.

Conventional money is something you can physically touch.

We've been moving bit by bit to a cashless society.

You can go a whole lifetime now without ever physically handing cash. It's all just digital ledgers interacting with digital ledgers now.

What was once considered non-conventional is now conventional.

 

[Cheshire Cat]

Scam

 

[Herr Tubthumper]

You can go a whole lifetime now without ever physically handing cash.

….until it’s Burnley away.

 

[BN9 BHA]

You can go a whole lifetime now without ever physically handing cash.

You wouldn’t make a very good plumber

 

[pb21]

You wouldn’t make a very good plumber

We just had plumbing work done, paying by cash was ~30% less than bank transfer...

 

[BN9 BHA]

We just had plumbing work done, paying by cash was ~30% less than bank transfer...

Your plumber must be earning far too much to knock 30% off, you have done well there.

 

[Knocky's Nose]

NFTs as a proof of ownership of an expensive physical item (such as a car, watch etc) will probably have interesting applications in the insurance industry, but IMO it is absolute nonsense as stand-alone digital 'collectibles'.

This.

For anyone new to the space, PLEASE do not think of NFT's as 'cartoon images on the internet'.

NFT's will represent anything from your car's log book to your house deeds, through to your stocks and shares. It's basically a digital representation of ownership which will make transfer of title a lot easier in the new blockchain based financial system.

If you don't understand this, or can't be arsed, just imagine buying things from Amazon on your phone or computer. You transfer your pounds in the click of a button dead easy, and you get goods in return. Now imagine doing that with houses, shares and cars. It's the next step...

It's all coming folks. Do not doubt it.

 

[Tyrone Biggums]

You wouldn’t make a very good plumber

Black market economy.

 

[Tyrone Biggums]

Sports Illustrated Launches NFT Ticketing Platform on Polygon

Sports Illustrated's ticketing marketplace SI Tickets has developed "Box Office" in partnership with Ethereum software company ConsenSys.

www.coindesk.com

 

[Happy Exile]

A quick check on ebay shows that a paper ticket from the 1950 FA Cup final is on sale for £20. I doubt that a computer picture of a similar ticket is going to sell for the same amount even if you do hold it for 70 years.

There is no freebie on earth that has no intrinsic value that will attract 12,000 extra people to a pre-season friendly. You can't get value by dishing out 20,000 collectible items, because when there are so many of them, they aren't collectible. If everyone has one, there is no scarcity premium.

The scarcity premium is that they are numbered and there are variations. So in examples I've seen there might be 10,000 for an event but each is individually numbered. In that 10,000 there might be randomly assigned variants with uniqueness and in addition numbers 1-2000 might be different design from numbers 2001 to 4000 and so on. Humans being humans there are people who'll collect them and want a set. Business being businesses they'll find ways to maximise the profit from it too. NFTs aren't static either - they can be loaded up with benefits and features unique attributes. Attending one game could get you benefits for a whole season (discount off drinks or whatever), or priority access to a "meet the players" event all of which can be added in retrospectively too, or enter you into a lottery to win cash and prizes etc etc.

None of it is for me, but I'm in no doubt it's coming - as I said in another post it's already a market of around a billion USD a month and that's with almost none of us having any exposure to it at all yet. Amazon are creating an NFT marketplace both for primary and secondary market sales, and I'd be pretty confident eBay are probably working behind the scenes on similar. Nike, Louis Vuitton and other brands are heading down the NFT route to authenticate products, Pokemon cards are heading that way for their collector cards either as a replacement or parallel market and Nintendo are looking at it for games, if Panini sticker albums aren't doing similar in 5 years with NFT albums (hopefully alongside the physical items!) then someone else will be doing it and Panini will probably go the way of Kodak. (Again - that pre-season friendly could give you the choice of a "rare" card for your NFT Panini album instead of some other feature.)

I totally get what you're saying about the paper tickets too but again, it's different markets. Someone who buys a 1950 FA Cup final ticket is probably buying it for a personal collection. People who collect NFTs are buying them to show off / share with others as much as for themselves. Some of the uses will be just another variant of "I was there" selfies too.

 

[Barry Izbak]

This.

For anyone new to the space, PLEASE do not think of NFT's as 'cartoon images on the internet'.

NFT's will represent anything from your car's log book to your house deeds, through to your stocks and shares. It's basically a digital representation of ownership which will make transfer of title a lot easier in the new blockchain based financial system.

If you don't understand this, or can't be arsed, just imagine buying things from Amazon on your phone or computer. You transfer your pounds in the click of a button dead easy, and you get goods in return. Now imagine doing that with houses, shares and cars. It's the next step...

It's all coming folks. Do not doubt it.

I think this sums it up best for me - from the 100 responses so far.
I remain concerned that whoever invented and continues to promote NFTs haven't done a very good job explaining them to the likes of me and the majority of people who have clicked this poll.

But a word that has cropped up several times is blockchain. Can someone explain what this is?

 

[chickens]

I think this sums it up best for me - from the 100 responses so far.
I remain concerned that whoever invented and continues to promote NFTs haven't done a very good job explaining them to the likes of me and the majority of people who have clicked this poll.

But a word that has cropped up several times is blockchain. Can someone explain what this is?

Blockchain, explained | MIT Sloan

An MIT expert on why distributed ledgers and cryptocurrencies have the potential to affect every industry.

mitsloan.mit.edu

Pretty good explanation above.

The main idea being that by not needing a central trusted authority to verify ownership transaction and network costs come down, and by carrying its own audit trail baked into the protocol itself, it will (allegedly) stamp out fraud.

I’m yet to see the protocol created that can’t be messed with by people determined enough, so I’m slightly sceptical, but the description above gives the gist of what blockchain is supposed to achieve.