NFTs (thread now extremely NSFW)

reading about NFTs makes my brain freeze up faster than anything else, it seems truly misbegotten, like a flaw in the human code or something

lol, that warhol thread is amazing

xp

they were so preoccupied with whether or not they could, they didn't stop to think if they should.

i think it's worth countering them on philosophical/stoner grounds as well. there's something really sad and pathetic about accelerating and expanding speculation based on empty, mediocre, market-driven culture. i don't know how to talk about that shit with these crypto people. they put fucking $DERP signs in their twitter bios for fucks sake, it's like telling everybody to buy a certain stock or something...fuck you?

true but I think there's maybe an argument to be made that it's not ~~that~~ much different than say, record collecting today. like the whole philosophy of Record Store Day shit kinda harkens back to this. though the fact that it's some digital token that may or may not point to something does add an inconceivably dumb layer to all of this

https://protos.com/nft-market-bubble-popped-crypto-collectibles-are-over/

90% decline in daily trading value, sports collectibles are now a higher proportion than crypto-art.

Bonsai trees are blowing up.

whats funny about this is there are probably dozens of serious artists who spent the last several months developing "the most complex NFT of all time" who are gonna wind up selling them for like....a thousand bucks

Top Shot was fun when I could buy a $9 pack and get 10x-15x returns. Now I basically can make a few dollars on a pack. The thrill is gone.

"CO:QUO presents Music Futures & Simulacra: Exploring Without a Map" — seminar on NFTs and music happening live rn, watching out of morbid curiosity.

their site: https://www.coquo.co/musicfutures
the stream: https://www.facebook.com/watch/live/?v=451919682566367&ref=watch_permalink

ok the panel is not fulfilling its stated goal, which is to "break down elements of the technology as they apply to specifically to music communities." maybe i'm not familiar enough with how NFTs are supposed to work for musicians/communities to appreciate this discourse, but from where i'm sitting this is just a bunch of woo. their was mention of the 90% decline and rebuilding from the ground up but i'm not hearing answers about how that is supposed to be achieved

i'm turning this shit off and going back a few months on this guy's timeline instead

Every day this month I am going to tweet about a use case for music + crypto.

31 days of music + crypto ideas.

1. A use case
2. Example architecture
3. Existing thinking and projects working on the idea (if applicable)

Day 1: Payment Splits 👇

— Jack Spallone (@JackSpallone) March 1, 2021

fair payment splits is a bunch of BS. usually based on smart contracts, which doesn't solve the problem. covered extensively by david gerard in his book and probably on his blog.

We have to make a way for crypto to work. I mean, music plus crypto

I'm still not clear on why anyone would ever want to buy an nft

Like other than as an 'investment'

i think it's a combo of:

1) wanting to make money, thinking of it as any crypto investment. like, buy really low on this awesome digital art (heehee) or the true only NFT-certified copy of this song, and in 10 years it's going to be huge and you'll be on a space flight and won't even notice the change in your bank account because you're a fucking genius and you bought low when it was a new thing and the dumb people who wanted to be poor were yelling at you

2) being a total fucking dick

xp

sorry, disregard 1) then. all the other reasons are subservient to the health of the investment.

it's just 2)

on the side of the person selling the NFT, i think some of them just want to make some money, and that makes sense because the vast majority of artists don't make money and know they never will...until now. problem is, once they accept crypto as payment, they'll find that using it and spending it is an investment into itself, and now they're an investor. then, uh oh, you're an artist who is a fucking dick, and later you'll just be a crypto crypto who is a fucking crypto

I never got a horse. Fuck NFTs. Unless I end up with a horse.

So glad this crypto horse racing thing wasn’t around when my dad was alive, he’d have gone bankrupt in a week.

https://www.myfuckingpickle.io/

Someone offered to buy my fucking pickle for $68 this morning.

I guess one important thing about NFTs is they're bought with Etherium and when you see idiotic shit like the fucking doge jpg going for "a million dollars" there's a good chance that the person who bought it is someone who got in at the ground floor of ETH and is probably only *really* paying like $100 or whatever they invested in it, b/c to them money is infinite and easy b/c the bottom hasn't dropped out yet. this shit used to happen with online poker a lot, I had a friend who spun a $50 deposit into a five-figure sum who then started playing at the highest stakes and getting wrecked. he lost like 7 grand in a day but to him it wasn't "real money" because "I only bought in for 50" and "whatever, I'll make it back" (he did not make it back)

I’m still going on the original $9 I spent on a TopShot pack. Beyond that it totally doesn’t feel like real money.

i think making a bunch of money off of a really small amount and then eventually losing it all is a best-case scenario for gamblers. i think the real problems start when you start regularly adding in more of your IRL money to keep re-establishing your "starting money" as it drifts back to $0

All started when someone paid me $150 for a Will Barton jpg. It was so bizarre but I ran with it.

If anyone wants to buy my fucking pickle, step right up. https://opensea.io/assets/0xf78296dfcf01a2612c2c847f68ad925801eeed80/1133

I’d rather eat shit!!!

Is my standard response

And I would. Shit isn’t that bad

If anyone wants to buy my fucking pickle, step right up. https://opensea.io/assets/0xf78296dfcf01a2612c2c847f68ad925801eeed80/1133🕸

Now I need to just sell my banana.

📢 @noncefinance is building on Polygon!

🚀 With Polygon, NFT users will be able to increase the liquidity of their NFTs by utilizing Nonce's fractionalization protocol that creates a seamless bridge between the NFT and ERC20 world.

🌐 Learn more: https://t.co/BqOV6PDvxh pic.twitter.com/F4MPy21i4t

— Polygon (@0xPolygon) July 2, 2021

lol I just learned that in the cryptocurrency world "nonce" is an abbreviation for "number only used once".

cryptography in general so sadly we can't point and laugh at the bitcoin weirdos about it. (also cf. middle english 'nonce'.)

"the nonces of Middle England" sounds like a rejected specialist subject on Mastermind

It finally happened. I have my horse. I won’t race it, deciding if I should just immediately flip it or breed it. https://opensea.io/assets/matic/0xa5f1ea7df861952863df2e8d1312f7305dabf215/44560/

Hoping one day you'll put your kid through college on this $9 investment.

She’ll have to invest in her own NFT’s!

i have previously been against NFTs

however, i guess my updated position and life motto is if that you happen to come across a lot of money for an impossibly cynical reason, it's ok as long as you give everything away to people who need it more than you do, and that if you don't do that anything you buy with the money is cursed, even if it is another financial instrument

Well I sold my horse for just over $1000. Listed it for .5 eth and it sold within 5 minutes. Probably could have gotten more or made more long term with breeding, but that would have required more effort than I wanted to put into it. That’s the last NFT I was holding to flip. Going to take my cursed money and run.

Easy money out there

how easy is it at this exact moment in time to turn "etherium" (jesus) into US dollars in a bank account?

I’m sure PayPal will make it easy within a few months. The entire app is an advertisement for crypto now.

okay but how about right now? can you swap out with the same ease as you would euros to dollars or is everyone pretending the play money is totally real money even if they can't get it in their wallets?

Maybe, but right now, this stuff is so convoluted that it is a long way from mainstream adoption. Summary of my journey to get that damn horse:

1. Create MetaMask wallet to connect to the Zed.Run website
2. Purchase eth through MetaMask using my debit card (fee 2.9% + $.0.30 + gas fees ($5 minimum))
3. Wrap the eth to turn it into weth, more gas fees (which were astronomically high at the time, at this point I learned what gwei is/gas limits/transaction speeds, etc )
3. Use weth to try and buy a horse, failed.
4. Said fuck it and unwrapped with weth back to eth, more gas fees.
5. Another horse drop a few weeks later, eth to weth again, with gas fees, failed again.
6. Received free horse from Zed.Run because the whole experience was miserable.
7. List horse on opensea, which required me to do two transactions for verification, minimal gas fee for the second one
8. Sold horse, paid in weth, had to convert that back into eth, this time went through the polygon network, which required a couple of transactions and fees
9. Eth back in my MetaMask wallet, want to cash out but can’t from my wallet, have to use an exchange
10. Send eth to my Coinbase account, withdraw to my debit account, fees apply.

All of those could have been handled numerous different ways, so I’m sure someone who is more knowledgeable than me could do it with lower fees or jumping through fewer hoops. The gas fees themselves were perplexing. They could be minimal or more than the cost of your transaction, all depending on network utilization. This is made more confusing by being able to pick your gas price to speed up the transaction.

Until Paypal/Amazon/large financial institutions make this easy, it’s going to stay cryptobros, meme investors, and dorks like me with time and money to waste.

Not to mention tax implications, saving that headache for next year.

the future!

given the amount of time and fees that were involved in this and the time you will need to continue to spend to cash this in, what amount per hour would you say you have been paid for buying this digital horse? more or less than NY minimum wage?

How to get rich in 3 easy steps:
1) Steal hotel soap
2) Invest savings in S&P
3) Become millionaire pic.twitter.com/GSQBsopb6z

— TikTok Investors (@TikTokInvestors) May 17, 2021

given the amount of time and fees that were involved in this and the time you will need to continue to spend to cash this in, what amount per hour would you say you have been paid for buying this digital horse? more or less than NY minimum wage?

Oh and the wild fluctuations of the price of eth over this time frame makes it less lucrative as well. When I started this in early may, it was at $3500. Today, just over $2000.