This blockchain startup selling collectible NBA highlights just had $50 million in sales in 30 days

[Motife43]

Funny this got bumped. I was talking to my wife the other day about how creditors of FTX got their money back with interest because SBF invested in AI companies that have done well. People were putting money into NFTs when AI was the one that has staying power

I spent about $100 on TopShot moments and me and my homie (the one who put me on TopShot) even applied for jobs with Dapper Labs lmao smh

 

[Ohene]

This shyt never made sense to me

 

[DPresidential]

it's a confidence trick and it might work.

as for "digital ownership" we can all own unique digital "representations". i can generate them at home 24/7, 365 days a year if I want.

they are trying to massage opinion to accept the stamping of some "digital tokens" as having value.

i can see the argument for the first tweet or other significant items.

the NBA does it's own marketing so that was a good choice for these guys.

more broadly there are a number of issues which make these digital tokens different to your physical collectable and those are

i. physical objects are objective and consistent. digital assets are a representation based on human whim. the same concept can be represented in a huge number of ways.

ii. scarcity. collectables are by their nature scarce. dgital assets are not. digital assets are like having banks with no lending reserve requirements. there is no supply-side backstop to how much can be sold and how much of the real-economy it can distort.

iii. physical objects serve as a primary source of conservation of wealth because they are more permanent and more consistent than other forms of money. so gold (being unchanging) has served this purpose because soceital or system collapse does not affect physical gold. or paintings. or other collectables. they are more permanent that relatively transitory systems like our money system, capitalism, banks etc.

iv. dependancy. physical objects are not dependent on running systems for value or transacting. but they can probably solve this by duplicating digital tokens into trezor like one-way devices.

v. authority. who assume authority in the event of chain collapse. who updates in the event of collapse and technological advance.

as with any system you need confidence. so they will avoid talking about the above.

This post was essentially a kill shyt to the whole NFT market.

GG

 

[null]

how is the NFT "market" going bruddah?

can you help @Uitomy?

or @the bossman

Some of them will be worth millions in the future. look at cryptopunks. it's just like collecting art, except digital.

if you can spend some time away from the coli-lambo set.

 

[Professor Emeritus]

This is the dumbest shyt ever

but hey if people are making money off this good for them but holy shyt people buying NFTs with no intention of selling them are dumb as fukk.

Some of them will be worth millions in the future. look at cryptopunks. it's just like collecting art, except digital.

People who were buying NFTs with the intention of selling them weren't that bright either.

 

[newarkhiphop]

I have a couple of these like 4 or 5 I think as well as a couple of ufc ones. I think the technology and idea was ahead of its time. Trying to flip them or use as a investment was always dumb.

 

[Nero Christ]

Folks should've used commonsense to see something that started during the pandemic was smoke & mirrors

shyt was peak scam era

 

[Scottie Drippin]

Because now you got something worth $71k that you can resell. That Youtube video doesn't have any value or owner and nobody paid for that. The clip in itself is not important, it's the fact that it became a unique item somebody paid for.

Like a famed painting. You could do the same exact painting, watch it at a museum for free... But the original is the one which holds value.

Good lord

 

[Scottie Drippin]

This post was essentially a kill shyt to the whole NFT market.

GG

But look at what the first response was -

You make a good point, but blockchains basically answer each one of your points, that's why people with billions of dollars who influence out society are investing in the tech, it's immutable and you can't alter transactions recorded on blockchains, it checks the human condition to manipulate better than anything phsyical because there's no real protocol in a person's brain besides trust that can actually prevent them from altering scarcity and consistency

B-b-b-but the blockchain and all the billioanires

The same ones either being sued for being frauds or suing people for being defrauded

 

[BunchePark]

The the type of shyt that sucks you in when you know you need more money but have no idea how to create it

 

[blues_funk_reggae]

First page there's talk about $70K worth of a video clip...take that same $70K in 2021 and invest it in NVDA you'd be sitting good right now instead of buying a youtube video clip

 

[Richard Glidewell]

But look at what the first response was -



B-b-b-but the blockchain and all the billioanires

The same ones either being sued for being frauds or suing people for being defrauded

Always suing......always......to suppress opress or steal.......

 

[Double Burger With Cheese]

Grams Not Scams

 

[MischievousMonkey]

Good lord

Wait until I explain how money works according to the same general principle, it's going to blow your mind

 

[Ashtrey]

My friend works for this company. Been to the offices. Some dope memorobilia the NBA gave them (signed jerseys, balls, shoes, etc.) Luckily I never bought any NFTs .