Great twitter to follow!

Decentralized storage is the only way to go for NFTs in the future. Centralized servers can get hacked, and then your 8 figure JPEG gets stolen right under your nose..

......................

NFT market insanity

the NYT columnist Kevin Roose, who until today I've never heard of did it as a stunt

he was shocked when a picture of his column was auctioned off and he cleared more than half a million - $560,000 to be exact



https://www.nytimes.com/2021/03/26/t...gtype=Homepage

What the hell's an NFT, you asked?

This is great.

Spot on lol, back in 2017 we had three letters - ICO. Now they're replaced with 3 new letters - NFT.

The vehicle is different, but it's the same old cash grab.

the nft grabs still pale in comparison to the new defi farms with governance coins that launch every day.

Seems like the cryptopunk pricefloor dropped quite a bit recently and is 17 ETH now, I'm not sure how mid- and high tier are affected.

Let's say I wanna buy a punk, how do I make sure I get a good deal? Are there bots/tools available? Something like a punk with attribute X makes it more valuable by Y% would be helpful.

The Verge has an interesting article about Top Shot: https://www.theverge.com/22348858/nb...ot-dapper-labs

Reading that just makes me even more cynical about the whole thing.

Couldn't someone create their own version of Top Shot on either the Etherium blockchain or another blockchain? What intellectual protections does Top Shot have?

Like let's say I create a bunch of NFTs on a blockchain. One is called "Lebron Dunk," one is called "Michael Jordan Dunk," one is called "Shaquille O'Neil Dunk" etc etc. How is that different than Top Shot? Remember that you don't own anything with Top Shot. It's a representation of a gif. Is the actual GIF even embedded in the blockchain?

I guess Top Shot is "officially licensed by the NBA" but what does that even mean? What protections or rights does it confer over someone else making a bunch of NFTs with the exact same properties?

It feels like people are doing a ton of mental gymnastics over the definitions of "ownership" and "value" to create this concept of NFTs, and especially with Top Shot. 99% of the people involved just seem like they want to get rich quick with it. In the Verge article they do talk about other usecases for it that are being developed, like stadium perks, but no one would care about these if they didn't have the opportunity to get rich quick.

NBA aggressively went after highlight youtube channels and 3rd party streams so the precedent is there for them to protect their copywrite material to the fullest.

Right now the NBA has full control over what clips get added to TopShot, including some legacy moments from way back, so they seem fairly invested in the idea. I'm sure they are getting some % of the revenue and the current revenues are pretty juicy.

So yeah, blockchain would add some level of uncertainty to the success of a topshot clone, but my guess is the NBA and Dapper would do everything in their power legally to shut it down immediately

But does the blockchain actually hold any of this copyrighted material? Are the gifs on the blockchain? If the GIF isn't actually part of the blockchain then what is on the blockchain? Are they even able to copyright events? Like "LeBron James dunked the ball at 3:10 in the 1st quarter in the Lakers vs Celtics game on December 10, 2015" Is that copyrightable or protectable?

Like if I create an NFT called "LeBron James dunked the ball at 3:10 in the 1st quarter in the Lakers vs Celtics game on December 10, 2015" and if the NBA doesn't like it, what is their legal recourse?

I don't think a Top Shot clone could or would succeed but my point is, when you own a Top Shot moment, what are you actually owning?

NFTs aren't going anywhere. Promise. Just wait and see. The vast majority of our physical lives is moving over to the digital and NFTs are a great infrastructure to help make this a reality.

FWIW Cryptokitties boom in 2017 shows this is Wave 2 of NFTs, not Wave 1.

2017 ICOs as an asset class are worth substantially more than the amount raised. Yes there were a ton of cash grabs and total duds, but if you had a basket of all of them, you'd be up substantially.

Watched a documentary on Netflix last night called “Made you Look”. It’s about an art gallery in NYC that sold fraudulent art for 2 decades. A total of $80million.

They sold fake Pollocks, Rothko’s (whose art STINKS IMO), and many others.

The paintings they sold had questionable provenance, as these fakes obviously had never been seen/displayed in the past.

My wife now understands why NFTs are here to stay.

Provenance!

A lot of NFTs are going to zero, probably the vast majority imho.

Can you break down the math or post?

Curious to see if ICOs as an asset class outperformed bitcoin.

I would assume not.

Most non NFT art/collectibles are essentially worthless as well. I agree many of the NFTs for sale currently will be worth close to $0 in the future.

That doesn’t change the fact that NFTs are here to stay and adoption will grow in the coming years.

I do think things like cryptopunks and beeples will be worth more than their current prices in the future.

Are you still bullish on GHST?

The ecosystem itself yeah, I barely have exposure to the GHST token though. Staking rewards (selling tickets) were underwhelming, and it feels like the tokenomics (bonding curve) are really solid and will keep the price of GHST low, probably between $3-$8. Def room for upside but it's not really an amazing buy-and-hold token, since the marketplace works so well.

I think this is something that if you interact with their internal marketplace and it clicks really fast how the EV of things fluctuate, why they will shift based on rarity farming & raffle events, what it means to own portals/gotchis/godlikes/etc, then you will do well. But if you're not native to this and never played a game like runescape or been around the pulse of an NFT community, I'd urge caution.

Aavegotchi/GHST has been one of the first big projects to move to Matic (Polygon), which I've been super bullish on for months, and now gradually it looks like everything's moving there. If you want something more understandable to go for, just hanging onto the Matic token could be wise. Not financial advice.

Phish is auctioning off an NFT that’ll give the winner a lifetime seat at their concerts. This band is always ahead of the curve. Fantastic

Fair enough. Thanks buddy!

briliant

peak was over 1.5 bil. numbers look worse than this for the HODLers cuz dappers been flooding the market with cheap cards

on the plus side for them



the MJ moments if/when they come will be yuge

damn, very glad now coinbase took forever to link with my ach

vini, you buying the dip or waiting or just getting packs?

just pax. tho the last few drops finally had some people pulling neutral or -EV packs