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A quick few links about NFTs, or Non Fungible Tokens. They are placemarkers tracked on blockchain held by digital information in the form of art, music or other data. And it is a red hot market right now.
https://www.thewrap.com/nft-market-surges-2100-to-2-billion-in-q1-sales/
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https://www.thewrap.com/nft-market-surges-2100-to-2-billion-in-q1-sales/
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The data can be anything, it is really just a certificate of uniqueness attached to a transfer of ownership tracked on blockchain - in the same manner & space that bitcoin is mapped.
https://en.wikipedia.org/wiki/Non-fungible_token
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https://en.wikipedia.org/wiki/Non-fungible_token
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In the Trading Cards industry NFTs are the bleeding edge of cool. A Lebron James slam dunk famously sold for $208,000. The dunk can be seen elsewhere but only one .mov is linked on blockchain to a huge sum of money.
https://www.cnbc.com/2021/02/28/230-million-dollars-spent-on-nba-top-shot.html
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https://www.cnbc.com/2021/02/28/230-million-dollars-spent-on-nba-top-shot.html
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The fans demand fuels these huge investments in images that can be seen elsewhere. But if in two years there is no demand for that particular .gif, Mpd what have you, the 100k vanishes. It vanished once you bought the dumb certificate.
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As I usually do when I thread I gotta take a Musical Interlude but will be back with at least one more round of links.
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So I keep using this word Blockchain and I am not sure you know what it means so here is this primer. It is essentially a network of trusted authentication.
https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
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https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
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It is by no means a guarantee that ecoin or NFTs will retain utility or value, a huge amount of bitcoin has gone *dead* so to speak.
https://decrypt.co/37171/lost-bitcoin-3-7-million-bitcoin-are-probably-gone-forever
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https://decrypt.co/37171/lost-bitcoin-3-7-million-bitcoin-are-probably-gone-forever
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But when it is stolen, blockchain is one of the things that makes it easier to trace than many other forms of theft.
https://www.zdnet.com/article/gbp3-5-billion-bitcoin-stolen-recoverable-hope-for-thousands-of-others/
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https://www.zdnet.com/article/gbp3-5-billion-bitcoin-stolen-recoverable-hope-for-thousands-of-others/
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Back to NFTs. It's not like you get a unique item. In this article about 2 Magic The Gathering art images that were sold as NFT markers for absurd amounts of $ they show you both images. It's like a gaudy serial # with tautological value.
https://www.hipstersofthecoast.com/2021/03/art-for-two-islands-become-the-first-magic-nfts-to-be-minted/
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https://www.hipstersofthecoast.com/2021/03/art-for-two-islands-become-the-first-magic-nfts-to-be-minted/
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A parallel item we might consider is the Wutang *Exclusive* album that Martin Shkreli bought then later had confiscated by the US government. He bought it for 2Mill was selling it for 1Mill.
https://www.theguardian.com/music/2018/mar/06/martin-shkreli-wu-tang-clan-album-shaolin-seized-federal-court
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https://www.theguardian.com/music/2018/mar/06/martin-shkreli-wu-tang-clan-album-shaolin-seized-federal-court
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That item will actually always hold value from the fandom but what about much less rare NFTs? jpgs or slam dunks you van pull up on Google? Here's another Musical Interlude will be back after dinner to sum up and close out.
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Becoz the world is still on fire and we're still on it, let's consider the environmental impact of blockchain & thusly btc, Ethereum & NFTs. Artists that plan to pay for their carbon imprint, are still contributing to accelerating ecology issues.
https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
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https://www.theverge.com/2021/3/15/22328203/nft-cryptoart-ethereum-blockchain-climate-change
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This ecoin scene is just becoming more complicated as it goes, with this new form of digital value only being attainable by cashing out or 'burning' your NFTs, giving you some ASH points which have value only in places that will honor it.
https://www.theblockcrypto.com/post/101419/pak-nft-burning-platform-burn-art-token-ash
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https://www.theblockcrypto.com/post/101419/pak-nft-burning-platform-burn-art-token-ash
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In the time I've worked on this thread this was announced. Movie and comic books writer Kevin Smith is cashing in on the craze. I told you it's a hot sector of the investment & art worlds right now.
https://collider.com/kevin-smith-killroy-was-here-nft/
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https://collider.com/kevin-smith-killroy-was-here-nft/
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As is the case with BTC I see these NFTs as bizarre & bad investments. It's a form of speculation that lots of casual investors will lose huge money on. To resell a NFT you have to generate the same excitement and demand that ppl had for it when you 1st 'drove it off the lot'
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So I hope you found something here interesting/educational/helpful. That's all I've got on the topic for now.
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