Non-fungible tokens

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Space Cowgirl

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Non-fungible tokens
« on: April 30, 2021, 07:31:00 AM »
https://www.theverge.com/2021/4/29/22410070/disaster-girl-popular-meme-nft-500000-dollars

"Disaster girl" just sold for $500,000, "nyan cat" sold for $600,000, some other memes have been sold as well. Are nfts the next big thing, or will it fizzle out?
I'm sorry. Am I to understand that when you have a boner you like to imagine punching the shit out of Tom Bishop? That's disgusting.

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Stash

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Re: Non-fungible tokens
« Reply #1 on: April 30, 2021, 07:43:12 AM »
I kinda don't get it. Twitter what's-his-name kind of kicked things off with his NFT sale of the first Tweet. Then all these other ones have taken off. But what I don't get, using "Disaster Girl" as an example...I buy it for $500k which means I own the "original". But there are 1000's of memes out there with "Disaster Girl". Does that mean I can now go after each and every one with a copyright infringement gambit?
I guess my over-arching question is, what's the real benefit of "owning" the original? Is it like buying a Basquiat at Sotheby's for $50 million and hanging it on my penthouse wall in Trump Tower only instead it resides solely it my blockchain wallet?

Maybe NFT's are just like cyber currency in a way.

Re: Non-fungible tokens
« Reply #2 on: April 30, 2021, 09:37:48 AM »
https://www.theverge.com/2021/4/29/22410070/disaster-girl-popular-meme-nft-500000-dollars

"Disaster girl" just sold for $500,000, "nyan cat" sold for $600,000, some other memes have been sold as well. Are nfts the next big thing, or will it fizzle out?
Dunno, but I feel like I'm in a William Gibson novel.
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markjo

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Re: Non-fungible tokens
« Reply #3 on: April 30, 2021, 10:06:48 AM »
I guess my over-arching question is, what's the real benefit of "owning" the original? Is it like buying a Basquiat at Sotheby's for $50 million and hanging it on my penthouse wall in Trump Tower only instead it resides solely it my blockchain wallet?
Not really because you can never actually possess the "original" of any electronic document that you didn't create yourself.

Maybe NFT's are just like cyber currency in a way.
I think that it's just another way to exploit people with more ego and money than brains.

Speaking of which, anybody want the NFT for this insightful post?  A real bargain at $50,000.
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Re: Non-fungible tokens
« Reply #4 on: April 30, 2021, 10:07:28 AM »
Does that mean I can now go after each and every one with a copyright infringement gambit?

Not unless the contract, terms and conditions transfer the ownership of the copyright to you, which is not usual for NFTs (although certainly allowable). In most cases you "own" the original, but not the rights to the original. And for copyright infringement, prosecuting a claim takes a reasonable amount of money, so the only upside would be if someone were using it and making a lot of money off of it, which is not the case with your example. If you just wanted to be a rich dick that pissed people off, you could throw money away doing that, but the result would likely be you would prevent them from using it in future, with little to no recompense for past violations.

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Stash

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Re: Non-fungible tokens
« Reply #5 on: April 30, 2021, 10:31:19 AM »
Does that mean I can now go after each and every one with a copyright infringement gambit?

Not unless the contract, terms and conditions transfer the ownership of the copyright to you, which is not usual for NFTs (although certainly allowable). In most cases you "own" the original, but not the rights to the original. And for copyright infringement, prosecuting a claim takes a reasonable amount of money, so the only upside would be if someone were using it and making a lot of money off of it, which is not the case with your example. If you just wanted to be a rich dick that pissed people off, you could throw money away doing that, but the result would likely be you would prevent them from using it in future, with little to no recompense for past violations.

I agree with all that you wrote. I guess dropping half a mill on an NFT is really about bragging rights. Or perhaps an investment of some sort in hopes that the NFT somehow goes up in value? It's still unclear to me where the value is.

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Space Cowgirl

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Re: Non-fungible tokens
« Reply #6 on: April 30, 2021, 10:35:26 AM »
Quote
Interestingly, Roth’s NFT was purchased by 3F Music, a Dubai-based music studio with surprisingly deep pockets that also bought several other big-ticket NFTs, including Overly Attached Girlfriend ($411,000) and The New York Times’ meta NFT-column ($560,000).

In a statement provided to the NYT in March, 3F Music explained its purchase by commenting that “Our management team is always in cooperation with some highly knowledgeable and experienced art advisers who believe that we must grow with technological movements that help us to not only promote our business but also to support artists and the art market.”


It's a weird fad for rich people, I guess. It seems about as useful as literally setting money on fire.
I'm sorry. Am I to understand that when you have a boner you like to imagine punching the shit out of Tom Bishop? That's disgusting.

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Stash

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Re: Non-fungible tokens
« Reply #7 on: April 30, 2021, 10:45:13 AM »
I guess my over-arching question is, what's the real benefit of "owning" the original? Is it like buying a Basquiat at Sotheby's for $50 million and hanging it on my penthouse wall in Trump Tower only instead it resides solely it my blockchain wallet?
Not really because you can never actually possess the "original" of any electronic document that you didn't create yourself.

Maybe NFT's are just like cyber currency in a way.
I think that it's just another way to exploit people with more ego and money than brains.

Speaking of which, anybody want the NFT for this insightful post?  A real bargain at $50,000.

I'll go with $55k. Do I hear 60?

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markjo

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Re: Non-fungible tokens
« Reply #8 on: April 30, 2021, 11:41:30 AM »
Quote
Interestingly, Roth’s NFT was purchased by 3F Music, a Dubai-based music studio with surprisingly deep pockets that also bought several other big-ticket NFTs, including Overly Attached Girlfriend ($411,000) and The New York Times’ meta NFT-column ($560,000).

In a statement provided to the NYT in March, 3F Music explained its purchase by commenting that “Our management team is always in cooperation with some highly knowledgeable and experienced art advisers who believe that we must grow with technological movements that help us to not only promote our business but also to support artists and the art market.”


It's a weird fad for rich people, I guess. It seems about as useful as literally setting money on fire.
Unless you pay for it in BitCoin, of course.  Then it's just trading "ownership" of one set of 1s and 0s for another.
« Last Edit: April 30, 2021, 05:00:36 PM by markjo »
Science is what happens when preconception meets verification.
Quote from: Robosteve
Besides, perhaps FET is a conspiracy too.
Quote from: bullhorn
It is just the way it is, you understanding it doesn't concern me.

Re: Non-fungible tokens
« Reply #9 on: April 30, 2021, 01:26:31 PM »
Quote
Interestingly, Roth’s NFT was purchased by 3F Music, a Dubai-based music studio with surprisingly deep pockets that also bought several other big-ticket NFTs, including Overly Attached Girlfriend ($411,000) and The New York Times’ meta NFT-column ($560,000).

In a statement provided to the NYT in March, 3F Music explained its purchase by commenting that “Our management team is always in cooperation with some highly knowledgeable and experienced art advisers who believe that we must grow with technological movements that help us to not only promote our business but also to support artists and the art market.”


It's a weird fad for rich people, I guess. It seems about as useful as literally setting money on fire.
Welcome to late stage capitalism.
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if Donald Trump stuck his penis in me after trying on clothes I would have that date and time burned in my head.

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Pezevenk

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Re: Non-fungible tokens
« Reply #10 on: April 30, 2021, 03:52:42 PM »
NFTs are the next big thing to fizzle out.

Best case scenario is that rich people figure out how to launder money using them.
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Pezevenk

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Re: Non-fungible tokens
« Reply #11 on: April 30, 2021, 03:56:39 PM »
I kinda don't get it. Twitter what's-his-name kind of kicked things off with his NFT sale of the first Tweet. Then all these other ones have taken off. But what I don't get, using "Disaster Girl" as an example...I buy it for $500k which means I own the "original". But there are 1000's of memes out there with "Disaster Girl". Does that mean I can now go after each and every one with a copyright infringement gambit?
I guess my over-arching question is, what's the real benefit of "owning" the original? Is it like buying a Basquiat at Sotheby's for $50 million and hanging it on my penthouse wall in Trump Tower only instead it resides solely it my blockchain wallet?

Maybe NFT's are just like cyber currency in a way.
No, you don't even have the original. You just have... Um... Not anything really. You just pay so that some number in some blockchain certifies that you have the original something. Basically it is just "written" somewhere that you have the original. But you don't really have it. Or rather you do have access to the original, if a digital asset can even be called the "original", but also in general everyone else also has access to it.
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It is not a scientific fact, it is a scientific fuck!
-Intikam

Read a bit psicology and stick your imo to where it comes from
-Intikam (again)

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Space Cowgirl

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Re: Non-fungible tokens
« Reply #12 on: April 30, 2021, 05:08:43 PM »
It's cool that Disaster Girl is going to pay off her student loans with the money. I hope the mememakers cash in while they can.
I'm sorry. Am I to understand that when you have a boner you like to imagine punching the shit out of Tom Bishop? That's disgusting.

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Crouton

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Re: Non-fungible tokens
« Reply #13 on: April 30, 2021, 06:45:33 PM »
Tulipmania.

Or maybe these people don't understand that they're basically buying a certificate of authenticity.
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