I don't get this. NFT auction at Sotheby's of a collection of digital pictures. Where is the value here? What am I missing? They're basically sketches of apes in different costumes. https://www.sothebys.com/en/buy/auction/2021/ape-in/101-bore… Why are they fetching such an enormous sum?
Okay, old fart here, asking a genuine question as my son has some of these and I just. don't. get. it.
NFT Bored Apes - Ridiculous
miwahni on 04/09/2021 - 00:46
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Not sure why you got negged for that? Bloody oz bargain neggers I guess?
Well you're right about one thing, I don't have enough eth to buy one! :-)
Son doesn't have BAYC, I was meaning NFT in general - he has mainly 3D Zombie Apes, which haven't been too shabby but are nowhere near the BAYC prices.
Many of these are sold to themselves in order to pump the price. Or an attempt to money launder.
Eventually you repeat something enough times and people begin speculating.
"Or an attempt to money launder."
this
But that's what banks are for.
Speculation I guess, when rates are so low and everyone's hunting for the best place to put their cash.
That looks really interesting, thanks for the link. Added to my reading list.
Enjoy. I also found his other books eye-opening, most particularly Homo Deus.
Why are they fetching such an enormous sum?
Because suckers will pay for them. That's literally all there is to it.
No different to a plain black hoodie with white lettering on it selling for 20x it's usual value.
No different to a plain black hoodie with white lettering on it selling for 20x it's usual value.
But….but Kanye West wears them.
Who?
Star-lord, man. Legendary outlaw.
Try wearing an NFT in the cold..
😁Made me think of the Emperors New Clothes, what an appropriate analogy!
You're golden until some smartar$e kid points out you're cold.
Because how it is valued is subjective, the same reason someone would pay millions for a painting from Van Gogh, which to a normal person may seem completely stupid.
The Van Gogh at least is a tangible item. Obviously I'm a dinosaur as I don't see the value in an online image of something neither useful nor decorative. But there's a market for them which doesn't seem to be slowing down any.
Right click
Save as
????
ProfitNFTs are baseball cards for crypto millionaires, completely worthless in reality but limited and convey some kind of weird status within the group.
Now that is an analogy I can understand!
Baseball cards are for millionaires/billionaires.
Authentic Mickey Mantle baseball cards are valued in the millions.
1952 Mickey Mantle baseball card sells for record $5.2 million
Trout's 2009 Bowman autographed rookie card sold for $3.9 million in August, making it the highest-selling sports card until now.
https://www.usatoday.com/story/sports/mlb/2021/01/14/1952-mi…The ultra-rich have always collected things that the mere mortals can only dream of. Some of them collect 180 cars and 160 motorcycles while others have moved from tangible collectables to the 21st-century stores of value.
I get that. I would like to understand how an online picture became a store of value though. I guess if enough people see something as being desirable then up goes the price especially if there's a limited number of the things.
So there's a couple of components to NFTs and from an art perspective it's really neat having provenance built into the piece. It's instantly verifiable as to the authenticity and ownership of the piece.
And why there's extremely expensive ones booming at the moment is because as the world goes increasingly digital it's currently probably one of the strong social signals of wealth that we have that works well online.
In the same way you'd recognise a person pulling up in a Lamborghini is rich, seeing a person using a BAYC or a CryptoPunk as their profile photo is signalling that they're rich. Similar would be people knowing you own a Firenza - it's like being able to say you own a Van Gogh.
Your son is doing well if he has a few original BAYC. The floor price for a BAYC is 40 ETH.
https://opensea.io/collection/boredapeyachtclub
NFT is about ownership. People that ask why they're valued in the millions don't have enough Ethereum to buy one.
btw ETH is $4k and only 9% from ATH and BTC just hit $51k.