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General Stock Discussion / Re: Thoughts on Non-Fungible Tokens (NFTs)
« on: June 07, 2021, 00:22 »
The primary reason for creating an NFT is to have a record of ownership on the Ethereum blockchain, not making money.
I've been involved in buying and selling cryptocurrency for about 6 years now, and the most important thing to understand about it is the purpose of blockchains. There's several different types. In the case of NFTs, the blockchain acts as a ledger and records transactions, contracts, etc. Various uses include cataloging county records, real estate transactions, antique collections and transactions, etc. I'm planning on creating NFTs for my physical antique collection, so I can have a record of ownership in case of a fire or theft. If anything is stolen, I can prove I'm the rightful owner should it turn up somewhere. If my house burns down, I can prove my insurance company that I owned this collection.
I'm also going to do the same for my best photography and digital art. What's so great about this is I no longer have to save all my RAW files or PSD files to prove I created my photos. I can prove it via the record on the blockchain and produce those files via the website where I uploaded them.
Because the blockchain is a ledger that records transactions, sales of my antiques or photography are also recorded on the blockchain, if they are sold on auction or art sites that deal in NFTs. It's the NFT record that is most valuable, because it establishes and tracks provenance. For example, I have a complete press kit for the debut of "The Simpsons" that I got at a national college journalism conference that I'd like to sell one day. Matt Groening chose the conference to announce "The Simpson's" because he'd been a journalism major, got his start at his college newspaper, and wanted to give us the scoop. I can document that when I create and later mint an NFT for the press kit, and that documentation will follow it for the life of the press kit. It also documents the press kit actually exists (or existed, in the event it's lost or destroyed).
For all these reasons and more, NFTs aren't just a bubble waiting to burst.
As for making money from selling your art (or whatever), it can definitely be done. Just make sure you price your work so it covers your time and expenses at the very least (including the gas fee for minting and equipment/office costs). Only mint and sell your very best work. Price it fairly, but don't overprice hoping for a huge sale or sell yourself short. Keep in mind you're selling the original, not a copy. That adds value, too. You can also sell images as limited editions, which lets you lower the purchase price to something more reasonable. So say I want to sell an image for $1000. That might seem like too much money for an original by an unknown artist, but if I sell 5 limited editions at $200 each, I can still earn the $1000 I believe it's worth. Those who buy them know they aren't getting the original (or my copyright), because they're limited editions.
Etc. etc. etc.
I've been involved in buying and selling cryptocurrency for about 6 years now, and the most important thing to understand about it is the purpose of blockchains. There's several different types. In the case of NFTs, the blockchain acts as a ledger and records transactions, contracts, etc. Various uses include cataloging county records, real estate transactions, antique collections and transactions, etc. I'm planning on creating NFTs for my physical antique collection, so I can have a record of ownership in case of a fire or theft. If anything is stolen, I can prove I'm the rightful owner should it turn up somewhere. If my house burns down, I can prove my insurance company that I owned this collection.
I'm also going to do the same for my best photography and digital art. What's so great about this is I no longer have to save all my RAW files or PSD files to prove I created my photos. I can prove it via the record on the blockchain and produce those files via the website where I uploaded them.
Because the blockchain is a ledger that records transactions, sales of my antiques or photography are also recorded on the blockchain, if they are sold on auction or art sites that deal in NFTs. It's the NFT record that is most valuable, because it establishes and tracks provenance. For example, I have a complete press kit for the debut of "The Simpsons" that I got at a national college journalism conference that I'd like to sell one day. Matt Groening chose the conference to announce "The Simpson's" because he'd been a journalism major, got his start at his college newspaper, and wanted to give us the scoop. I can document that when I create and later mint an NFT for the press kit, and that documentation will follow it for the life of the press kit. It also documents the press kit actually exists (or existed, in the event it's lost or destroyed).
For all these reasons and more, NFTs aren't just a bubble waiting to burst.
As for making money from selling your art (or whatever), it can definitely be done. Just make sure you price your work so it covers your time and expenses at the very least (including the gas fee for minting and equipment/office costs). Only mint and sell your very best work. Price it fairly, but don't overprice hoping for a huge sale or sell yourself short. Keep in mind you're selling the original, not a copy. That adds value, too. You can also sell images as limited editions, which lets you lower the purchase price to something more reasonable. So say I want to sell an image for $1000. That might seem like too much money for an original by an unknown artist, but if I sell 5 limited editions at $200 each, I can still earn the $1000 I believe it's worth. Those who buy them know they aren't getting the original (or my copyright), because they're limited editions.
Etc. etc. etc.
hahahah
I've sent two support tickets (one before, one after discovering the error) and will let you know what I find out.
