Can someone really dumb down NFTs for me?

Mook

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I get the concept with blockchain and proving sales and ownership. But so many of the posts I see seem to make no sense. One example is below.

A guy said he made a picture(drawing) / NFT.

Then he bought it from himself for a million dollars.

He then sold it to someone for $200,000.

I can't see where this benefits him other than 1) someone gave him $200K for it and 2) showing the NFT grows in value over time. Maybe? Thus making people think his future offerings are good investments? Can someone explain what I am missing here? Is the initial million fake money? Only "on paper" money?

Because several tax lawyers chimed in saying, for tax purposes, the initial sale from himself to himself doesn't matter. So he can't say he took a $800K loss on it. The second sale of $200K would be taxable. So again, how does this benefit him?
 

sickmint79

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I get the concept with blockchain and proving sales and ownership. But so many of the posts I see seem to make no sense. One example is below.

A guy said he made a picture(drawing) / NFT.

Then he bought it from himself for a million dollars.

He then sold it to someone for $200,000.

I can't see where this benefits him other than 1) someone gave him $200K for it and 2) showing the NFT grows in value over time. Maybe? Thus making people think his future offerings are good investments? Can someone explain what I am missing here? Is the initial million fake money? Only "on paper" money?

Because several tax lawyers chimed in saying, for tax purposes, the initial sale from himself to himself doesn't matter. So he can't say he took a $800K loss on it. The second sale of $200K would be taxable. So again, how does this benefit him?

1 seems stupid

but i design 100 and i'm crypto rich and you're crypto rich and we have some friends that are. so we mint and sell 20 of the collection between ourselves for 500k to 1m

oh wow, this collection is worth a lot of money, look at it everybody

then we release 20 more on the NFT listing exchanges and maybe people buy them for 200 but they start hyping them and more people here about it

we also pay some chick with big tits and no brain whatsoever and less integrity with an insta following of 150k simptards interested in crypto to shill our collection for 5k

mint and list 20 more of nice these are going for 500k + now

by the last 20 they sell for 1m each to strangers

our cost:
- a small amout of time/effort/risk to make the NFTs, and simply move them around to eachother (net cost of no real money there)
- 5k to a titfluencer

our profits:
- millions, especially from the last 20 bag holding "investors"
 

IZZy

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Maybe it’s just me I could be wrong but I don’t see the metaverse as something that will attract everyone and be used by millions of people like social media has, seems more of a niche for people that are into this kinda thing, I just don’t see it taking off.
 
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radioguy6

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Maybe it’s just me I could be wrong but I don’t see the metaverse as something that will attract everyone and be used by millions of people like social media has, seems more of a niche for people that are into this kinda thing, I just don’t see it taking off.

VR headsets give some motion sickness and vision issues that ruins the experience too. The tech will get better, with glasses and better wearables, I think neuralink will get us closer to the matrix that everyone seems to want too :rofl:
 
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sickmint79

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VR headsets give some motion sickness and vision issues that ruins the experience too. The tech will get better, with glasses and better wearables, I think neuralink will get us closer to the matrix that everyone seems to want too :rofl:

i invested in this a while ago


that is part of what they put in tons of trial and research to address. sitting vs. standing vs. the omnipads vs. on something vs. if/how that something moves, etc. as well as the head tracking, orientation, all that. it largely has to do with brain expectations and inner ear experiences. we just got listed on the oculus store and are doing pretty well, the app is just behind fitxr and supernatural. i'm sure all have helped people lose weight, although virzoom/vz fit are typically on a bike with a cadence sensor, and i'm assuming it both burns more calories and has people coming back to it more regularly, although i could be wrong on the latter. in any case i personally know multiple people who dropped 30-50+ lbs on it.

riding on a bike (not required, but better experience) + being able to lean/control an avatar in the game really helps out with the nausea/vertigo a lot of people experience in vr. my buddy ended up liking the riding stuff while his kid liked playing games. it's a platform of games + the ability to ride through google maps.

VR seems to finally be taking off moreso in this current generation of hardware, plus fitness apps were not really embraced in the past but are now being embraced and pushed in a big way by companies in the space. the IP and development in this company alone is pretty valuable, as we still see others experimenting with things virzoom tested out as poor solutions years ago, plus other companies having to do quirky things or have outstanding problems because they are trying to avoid infringing on virzoom IP.

wefunder is a crowdfunding platform that will let you invest $500+ in the platform. not as liquid as a stock - although certainly not as overvalued crazily in the stock market or public asset space in general either. anyway, worth a try if you have some VR equipment and really i recommend considering the investment as well. this is at a valuation of under 25m. facebook is trying to buy the company that made supernatural for 400m. i do not think it unreasonable to expect that in 5 or 10 years this $500 could turn into quite a bit more. you can see lead programmers from guitar hero on board, i'm also familiar with the CEO, who is a passionate owner and user, who i've known (online) for 15 years.
 
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FESTER665

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Think in terms of Pokémon cards, baseball cards, magic the gathering, whatever.

You own a first edition gen1 Charizard or an original print Black Lotus. Digitally, you own the exact hashcode that determines this is an incredibly rare version and every node on the blockchain agree that this is a rare copy and you own it.

That’s what an NFT is. A hashcode on the blockchain that says you own it. So for example, Jack Dorsey’s first tweet NFT is similar to the above. The entire blockchain agrees that that tweet was minted by him, is unique, and of its current owner.

Man, I'm still pissed that I sold all my MTG cards and they would have been worth a fuck ton now. ARGH.
 
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sickmint79

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Man, I'm still pissed that I sold all my MTG cards and they would have been worth a fuck ton now. ARGH.

i have all mine and my comic book collection. kid rifled through my MTG cards, let him just have a few, said nothing really worth anything in there. my comic collection is late 90s largely, huge print runs, same i'm sure. i cherish my videogame collection more, although it's not like it's worth a ton.

basically paying $100/mo for a storage unit containing like $3k max worth of stuff, so after 30 months the math will simply be that i should have just sold everything, and bought it back on ebay if i ever wanted it again. although i do like knowing that the super nintendo in there is MY super nintendo. probably not worth 3k+ for that tho...
 
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sickmint79

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Legit, how the fuck do I make TCG NFT duckets? I'm sick of seeing all these IG sloots making thousands for selling drawings of cartoon characters and shit. Fuck.
never looked into it but you can probably pay someone not an extraordinary amount of money or even learn how to make some yourself, which i assume will be copying some github repo, modifying some code, and sticking your images somewhere. the problem is the sluts have a broader audience of people to shill to, you just have tcg idiots, you'll have to make something with broad appeal and some good marketing or something that will go viral so people will dump money into yours. that being said, simply existing at this point in a mania, you can probably sell them for a modest amount of cash anyway.
 

Mook

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never looked into it but you can probably pay someone not an extraordinary amount of money or even learn how to make some yourself, which i assume will be copying some github repo, modifying some code, and sticking your images somewhere. the problem is the sluts have a broader audience of people to shill to, you just have tcg idiots, you'll have to make something with broad appeal and some good marketing or something that will go viral so people will dump money into yours. that being said, simply existing at this point in a mania, you can probably sell them for a modest amount of cash anyway.
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sickmint79

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i (super lazily) looked at the effort of making some, and there is some cost to it (gas on eth) - or you could use some cheaper chains - but there is a base investment to get going (which is probably why you don't see even more willy nilly out there) - perhaps the best course of action would be to find and team up with an actual artist if you tried to make money with this. where they provided the talent and you took care of the compute effort side of things. either way you'd still want 1. them to have some type of real audience and/or 2. some way to make what you create get noticed and at least catch a small fire.

semi-related, i follow anna aknna on facebook for some cat videos and amusing content. although plenty of her stuff i don't watch. plenty is also on relationships and introspective stuff and etc etc. then she posted pics from a photoshoot for a musk.gold crypto 'gold for the universe' where i commented it was just another shit coin money grab. i had a fair amount of other people liking it and my comment bubbled to the top where she did respond to it, but all she said was to read the white paper. which was just like a marketing brochure and that is it, because these are just influencer money grabs from their audience. what i was surprised at was someone who seems to be so introspective and share so much about problematic relationships is perfectly willing to sell out their integrity to fuck their much poorer audience in a toxic financial relationship.

coffeezilla has been pointing influencers fucking over their audiences for some time, video he just came out with about some scumbag:

 
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