Anyone dipped their toe into this growing trend/market and have anyâŚ
to share?
Seems to have exploded pretty quickly and you already have folk out there flipping NFTs as a means of income. Pretty crazy rate of adoption when you think about it.
Really good question actually, and Iâm intrigued for the answers for those who are actually educated on the subject.
If Iâm self reflective on my extremely short investment journey to date; Iâve learnt that Iâm risk averse. Particularly with the ânew stuffâ such as crypto and the hyper growth stocks and have effectively missed the boat.
So anyone who knows a lot in the space, Iâm all ears!
there is a lot of creators that are completely sold on NFTs and hyped to be involved, but then there are also plenty who donât really see it.
Personally, I see this more like a renewal on the whole âcopyright/creative commons issueâ or âwatermark or donâtâ argument. Itâs nice to get an equivalent to the official limited print series compared to the mass-market photopaper copy in digital format. Itâs also nice that the system aims to return a percentage of sales back to the creator (the artist, photographer, videographer etc) every time it changes hands, but I donât yet know how well implemented the system will be.
how do they prevent similar shots at popular photo-sites by different creators being made into NFTs? wouldnât each copycat photo detract from the original except for the fact the original was taken by a specific person?
I know people who would be perfectly fine with a picasso on their wall that was actually a copy done by an art major in the local university, over an authentic picasso because its price and exclusivity make it unattainable within their means.
I think making NFTs or flipping them into your means of earning a salary is insanely risky and I canât understand what must have been going through their head to make such a decision honestly.
I will get better with my camera and watch where this goes before I personally consider releasing one, it would have to become a well established practice by then for me to dip my toes in. I would also need a certain degree of popularity to justify releasing an NFT, in hopes that it would actually sell. It could potentially be a new way to earn a passive income from photography on the side.
How do you even create an NFT and sell it?
there seems to be many places, but the one I know of is Foundation.app
it seems crypto.com has a marketplace too.
for popular creators with a dedicated following, or those who make something of great quality its already possible to sell your work for a good price, the issue is how to get there in the first place. this piece is currently being auctioned for 3ETH which is pretty crazy if you consider that most wouldnât even commission an artist for a piece for even 1% of that price.
Right now it feels mostly its a mixture of greater fool theory (the people who are flipping NFTs for profit) and then fan monetisation, where people want to collect NFTs of certain artists or companies. As I am not really into either I am staying out of it right now.
I think a interesting thing will be (or maybe is already?) about like in virtual games or apps where only you can use a design or skin etc.
One thing with lots of NFTs is so like say you have a picture/design. If I redesign it but with like a 1 pixel difference barely noticeable, how would that be stopped? Or say 10 pixels, or 100âŚetc. I am assuming there are no firm copyright type rules with NFTs yet? Interested if people have any articles discussing this side of it. As the key thing on âinvestingâ is protected the capital so you wouldnt want a caveat that makes your token worthless instantly.
Too many people just flip for profit, people arenât buying for the art, they are buying to make money.
I see a place for NFTs (collectible sports cards for example), but the current iteration or use is just not it.
All the people flipping poo coins went to NFTs. That alone should tell you all you need to know.
Whatâs wrong with that though? At the end of the day, no matter your strategy, everyone wants the same thing surelyâŚ?
Nothing wrong with it if thatâs your thing.
Just know before getting in to it that many people end up bag holding like they did with poo coins when the rug is pulled. People are literally using NFTs as a way to make money rather than being appreciative of any âartâ that is created, if you can even call some of it art.
The âartâ is just a sidepiece to the real action, which is trying to make money.
I probably just donât know enough to follow the correlation between sh!t coins and NFTs though. Where does the bag holding come in?
A piece of art is worth as much as someone is willing to pay for it, right?
Itâs the same crowd that used to pimp poo coins⌠We all know how that ended, rug pulls left and right.
Many NFT projects just donât make it off the ground, so there are bag holders who bought in the expectation of selling for higher and nobody cares about the NFT, because the smart money has already sold and moved on.
Art is subjective, obviously. But I think most would agree that the art being sold as NFTs is naff.
A large majority are avatars or simply random text on a coloured background. A lot of the NFTs out there are trying to jump on the bandwagon of those that succeeded and are worth a lot of money, so come off as knock offs or clones.
As I said though, I do think thereâs a place for NFTs but as it stands the tech is just being abused to make money.
Basically the system is rather sound, but people are mistaking it for another stock play like crypto when itâs not.
Sounds like youâre talking about counterfeit art. Which I imagine would be easy to spot in the NFT world due to the digital footprint you leave.
What I mean is I see lots of NFTs like this apes that people buy as their profile pictures etc. They are the same rough design with like different hats or colours etc. So what are the legalities of how close any 2 designs be, as its digital I assume it would need to be measured such as amount of pixels different or something?
Also legal wise it will be interesting to see how it develops in terms of use of the images, as right now we can right click and save an NFT image and use for our own purposes, have people been legally challenging lets say if on twitter you copy a profile pic? Heck my profile pic here is I assume a copyrighted image.
Furthermore, what if I am an NFT creator and I create an image that sells well, so I do increasingly similar ones and eventually some original ones are massively diluted in terms of differing elements and therefore originality, original owners may have an issue with that but as a creator can anyone stop me?
My point is, if I can use an image (not for profit but for my own pleasure) OR I can get one that is X pixels different (but to my human eye looks the same) then for many NFTs that decreases their value. If of course the art you have NFT of is monetised commercially like say a logo, or a popular image, then I see how NFT ownership has value as it provides a cash flow.
From my understanding, anybody can create an NFT of anything, even if it already exists as a NFT previously. The Blockchain wonât stop you, and no law would cover that.
The NFT is not about the authenticity of the image, but about the token itself.
If the Louvres museum makes a NFT of the Joconde, that specific NFT will sell for much more than any JoJo2003 creating that same token.
NFT is a digitalised certificate of authenticity market (with baked-in royalties), but what is verified and authenticated are the tokens themselves and not their underlying package.
I guess its helped by provenance, being able to see all the users who have previously owned it.
I have been following a photographer I really like for a few years now and massively pumped that they have finally made a limited run of super high quality prints for one of the shots I most want to hang on my wall.
They have been planning this for years and were waiting for all the right materials and partnerships to line up to make the final result they wanted. Not gonna lie I found it really stupid how some people are complaining that the PRINT run of the photographs werenât done as an NFT instead with the print as a âfree bonusâ and then quoted stupid things like âthey will get a percentage of the trades as an NFTâ for why it should have been an NFT instead. He isnât selling prints so they can be re-traded constantly, he is doing it because he finds it amazing how people would like his photoâs enough to want to hang them in their home/office and maybe gift to others.
the photographer heavily values quality of goods and quality of experience with every partnership he does and the NFT system cannot support any of that, yet people claiming to be his fans are ignoring everything he stands for to try and justify why they are right. The photographer in question has never once made a decision on the grounds it will earn him more money, with one of his brands he even goes as far as saying that anyone found reselling his limited run products (tokens etc) on eBay will find themselves permanently banned from ever buying from him again.
NFTs are still very much the hype and I think the biggest engagement with the art community will only come after the hype dies down.
I just made my own NFT yesterday. Minting it to the blockchain requires an Ethereum transaction though. The last fee I checked was $300 for a transaction. 300 quid to make a single transaction on the Ethereum network! Itâs insane.
I had some DeFi ETH on the coinbase wallet, given for free for learning about it and collecting interests.
Itâs worth about 15$, but because of the complexity of the transaction, requires some $900 fee to withdraw. 
Forced holding. I was in a similar situation for a while myself a few months ago. I eventually sold the ETH for small profit. Iâm hoping Ethereum 2.0 will resolve this gas fee issue. I hear theyâre focusing now on ZK-Rollups to batch process transaction off chain.