NFT investments

Huynha

I know that this may sound like a silly question but I've been hearing about NFTs lately and I was wondering if investing in some would pay off in the future. I've heard some great stories when people have become off richer because of it. Should I consider purchasing a NFT?

msallen

Sure why not. I've got a bridge you might be interested in too.

dunstonh

Huynha said:

I know that this may sound like a silly question but I've been hearing about NFTs lately and I was wondering if investing in some would pay off in the future. I've heard some great stories when people have become off richer because of it. Should I consider purchasing a NFT?

I must admit that the collapse in NFTs happened quicker than I expected.  I thought that there would be more stupid people that would fall for it before it collapsed.   Encouragingly, there are not as many stupid people out there as I thought.

Johnjdc

If you want a digital certificate stating that you own the right to tell people you own a digital certificate, which represents some low grade artwork, but you don't own the artwork, physically, intellectually, or as a matter of copyright law, sure. You might find someone down the line who wants that even more than you do and sell it to them for more than you paid, though it's beyond me why.

Albermarle

Should I consider purchasing a NFT?

If you do then I hope it does better than the NFT of the first tweet on Twitter.
Bought for $2.9 million . When the owner tried to resell it the best bid was $ 120 .....

bostonerimus

NO!       

nickkohl

hey i just stared my journey with nfts.  Just gonna buy one though my credit card has some limits so I need to contact the meritrust credit union customer support here to get the issue fixed

flaneurs_lobster

nickkohl said:

hey i just stared my journey with nfts

Well at least you've started at the bottom of the market, although whether it will ever actually rise again - who knows.

I hope you like whatever it is you think you've "bought".

Exodi

Johnjdc said:

If you want a digital certificate stating that you own the right to tell people you own a digital certificate, which represents some low grade artwork, but you don't own the artwork, physically, intellectually, or as a matter of copyright law, sure. You might find someone down the line who wants that even more than you do and sell it to them for more than you paid, though it's beyond me why.

If would be better if that was the case.

You purchase a blockchain entry of a URL, whereas the actual image is (despite what people assume) nearly always held off-chain (e.g. on a random image hosting website), as storing the actual image and metadata on-chain would be prohibitively expensive.

Most of the famous NFT projects (e.g. Bored Ape Yacht Club, CryptoPunks, etc) are held off-chain.

What this means, is if one day you accidentally gave your head a good whack and decided it was a good idea to spend £69,420 on an 'animal in clothes' jpg made in MS Paint (sorry, I meant pixel art), and it was recorded on the blockchain that you own the image on a specific URL, you could soon be the unfortunate (though not uncommon) victim of a 404 error, or on a centralised host, a new replacement image that might read "LOL, TY FOR MONEY ".

There's also no real guarantee that the 'animal in clothes' jpg was even created by the seller, or that they have any rights to sell it. It is extremely common for people to just sell NFT's of other peoples art...

The mind boggles that people dived into this with their life savings.

Albermarle

nickkohl said:

hey i just stared my journey with nfts

So maybe a journey from having a large bank account to a very small one ?

goled

When deciding whether to purchase an NFT, it is worth considering factors like your interest in the artwork or collectible, the potential for value appreciation, and the associated risks. Regarding the cost of creating an NFT, it varies depending on the platform used and additional fees, such as gas fees on blockchain networks. You can also check how much does it cost to make a nft and decide what is better for you, to buy or to create it. My advice is to research thoroughly before making any investments in the NFT market.