Kuwka_Atcha_Ratcha
Superstar
Explain how it's a tax shelter for the rich? Especially when it's not only rich people in NFTs.
Give examples please
After watching this video im fully convinced that NFTs are a SCAM
- Thread starter BrothaZay
- Start date
Give examples please
Kuwka_Atcha_Ratcha
Superstar
I think you misread my question breh.
To be honest breh. I don't know. I didn't buy any. My endeavor was to sell. An associate who recently discovered that I can draw put me on to it since my artwork was a niche of a niche sport. Only Tyson and Floyd got any real high quality boxing nfts artwork/graphic design shyt. The rest of the market is over saturated with a lot low quality digital shyt that dudes have for a ETH price (ETH being a crypto currency) that would translate to like a couple hundred bucks. Basically flooding the marketplace with a lot of bullshyt and duplicates to make it hard to organically find new artists/nfts.
That's why having a name/reputation is so important because it makes you easy to find and your NFTs can command a higher price. Which in turn makes your shyt more valuable to keep or trade etc...
With that said more boxers are getting into NFTs some big names like Terence Crawford as well as some lesser known names but still former champs like Tevin Farmer (famous for turning down a big fight with Tank and losing his next bout afterwards.) and their shyt is pricey but not of the same quality of Floyds and Tyson so it might not be worth as much as theirs 5 years from now.
as far as transactions go I haven't sold anything yet. But getting your funds on opensea (the marketplace im on) after you sell something is simple as sending your crypto from your wallet to your coinbase acct where you can convert it to regular money and then send it to your bank or paypal etc.....
Personally I think my shyt can really be worth a lot 5 years from now, hell even right now. I have real dope quality shyt. nikkas aint doing what Im doing. Just gotta get more known.
Apologies if that was long winded, but I hope it helped or at least made sense.
UpAndComing
Veteran
This video explains it on a surface level. The rich buy Art and NFTs because they can deduct it against their income during Tax time
And they also could buy up $million dollar art and stash it overseas, and it doesn't lose its asset value
Kuwka_Atcha_Ratcha
Superstar
So now show me 5 big examples of this happening in nft over the past year please.
UpAndComing
Veteran
beenz
Rap Guerilla
been saying that this bullshyt along with crypto for the most part are scams. and its totally unregulated which makes it even more scammier.
beenz
Rap Guerilla
no, but there's too many people thinking that NFT's and crypto are some kinda magical way to get rich quick. if people talked about real long term investing, then maybe we wouldn't get left behind. but instead, everyone wants to hop into the newest get rich quick scheme.
Kuwka_Atcha_Ratcha
Superstar
I actually don't think you can name any real world examples. If you can feel free to do so breh I could be wrong
No clicks for Vlad
Kuwka_Atcha_Ratcha
Superstar
Problem is you see it as a scheme. And photographers and artists see it as a way to distribute the art they make
UpAndComing
Veteran
Kuwka_Atcha_Ratcha
Superstar
Can you list 5 big scams you have personally seen that can't be done in traditional art world?
Kuwka_Atcha_Ratcha
Superstar
Thing is I've done my homework, I'm educated on this topic. You're the one making baseless claims then when pressed you retreat. But thanks this was all the answer I required.
UpAndComing
Veteran
Then why did you quote me asking a question, and showing proof on the Coli of the "knowledge" you know?
Like I said, you came to argue. Not my problem
KillerB88
Superstar
There are dummies that think that about thousands of different ventures. There are multibillion dollar institutions investing heavily in blockchain.