Can someone explain the point of NFTs?

[GoldenGlove]

If the ownership exist outside their account system then can't people just sell offline then transfer ownership? It's like if I sell you a cell phone and you hand me the cash I hand you the phone. The government can't even prove that sell went down to try and collect tax on it.

Why would anyone do that with a digital asset that they want to use in a virtual world or a metaverse?


That makes absolutely no sense because NFTs are held in a crypto wallet that you own. So basically, you're saying, someone who wants to buy an NFT that I have, could theoretically meet up with me at the local police station and pay me for my wallet that has crypto related assets in it. And instead of them just buying the NFT and transferring ownership, I'm going to give them my wallet and seed phrases so that they can use the wallet how they wish. My head hurts just even trying to make what you're suggesting make any sense.

I guess, yes someone could do that, but it doesn't make sense.

 

[winb83]

Why would anyone do that with a digital asset that they want to use in a virtual world or a metaverse?


That makes absolutely no sense because NFTs are held in a crypto wallet that you own. So basically, you're saying, someone who wants to buy an NFT that I have, could theoretically meet up with me at the local police station and pay me for my wallet that has crypto related assets in it. And instead of them just buying the NFT and transferring ownership, I'm going to give them my wallet and seed phrases so that they can use the wallet how they wish. My head hurts just even trying to make what you're suggesting make any sense.

I guess, yes someone could do that, but it doesn't make sense.

Your head hurts because you don't understand a seller wanting to undercut fees on a marketplace but get the most possible?

It's the same reason I'll sell something on FB marketplace instead of eBay. eBay takes a cut of at least 10% between them and PayPal on what I sell. If I can sell it somewhere else I can get more money than I'd make on eBay after fees by getting as close to as I can reasonably but undercutting the overall eBay prices. People would be inclined to explore alternative marketplaces if selling the asset is going to trigger some fee.

You pay me the money on the side and I'll transfer ownership of the asset to you for "free" of for $1 on the official marketplace.

 

[Sonic Boom of the South]

Selling delusions


Instead of paying for the p*ssy and actually getting it

U pay for the hoe to say the p*ssy is yours with digital verification yet u never get the p*ssy

 

[Zero]

Selling delusions


Instead of paying for the p*ssy and actually getting it

U pay for the hoe to say the p*ssy is yours with digital verification yet u never get the p*ssy

 

[Diunx]

It's a fast money scheme, pretty much everyone involved is either selling NFTs they made or buying with the intention of reselling in the future, no one is actually buying this shyt for their "artistic" qualities.

 

[winb83]

Subscribe to read | Financial Times

Chainalysis found that NFTs have introduced a huge number of retail investors to the crypto world, with small transactions of under $10,000 accounting for more than 75 per cent of the market. But much like the market for cryptocurrencies, it remains dominated by a few large players, or “whales”. Between late February and November, there were 360,000 NFT owners holding 2.7m NFTs between them. Of those, about 9 per cent — or 32,400 wallets — held 80 per cent of the value of the market, Chainalysis found.

That's a surprisingly small ownership number and an even worse number hold most of the of the value.

 

[Toe Jay Simpson]

So basically, I have the same thing everybody else has but in its coding it says this one is mine

Yep this is a scam

 

[Fatboi1]

So basically, I have the same thing everybody else has but in its coding it says this one is mine

Yep this is a scam

I have a replica Pokemon Emerald cartridge that I can play on a Gameboy Advance like everybody else.

Therefore the real Pokemon Emerald cartridge existing means these games are a scam.

 

[Gizmo_Duck]

 

[BrothaZay]

2022 and no one can still give a straight answer on what NFTs are or what makes them valuable

 

[winb83]

2022 and no one can still give a straight answer on what NFTs are or what makes them valuable

I think NFTs are like BitTorrent. Fundamentally there's a sound reason for BitTorrent to exist that's easily explainable but in reality all it means to most people is piracy.

The fundamental reason for the concept of an NFT is valid. The actual use of NFTs are con games for rich people to separate fools from their money. Much of it just seems like it floats around the creation of value to items that have no value.

 

[winb83]

 

[shopthatwrecks]

find movie/ tv show gifs... put em in a folder for nostalgic purposes and ppl purchase their favorite clips


genius..

 

[5n0man]

It seems NFTs are what CSGO has been doing for years with their character skins.

Just digital proof of ownership of a physical item or some type of unique digital content.

 

[JJ Lions]

"CryptoPunk 5822 has been purchased for a record 8,000 ETH ($23.7M)"

The seller held it for 4 years, 7 months, and 3 days.

Paid: 0.08 ETH ($19) on 07/09/17
Sold: 8,000 ETH ($23,431,981) on 02/12/22