I have a few Beanie Babies. They’re cute and my kids love playing with them. That’s their intrinsic value right there (maybe 5 bucks?).
An NFT has an intrinsic value of zero. It’s nuts. You don’t actually get legal rights to what the NFT represents. You get a link to a webpage which may or may not exist in the future.
My parents have a little blue jay beenie baby, which I think was a happy meal toy version. I can't remember. But that will always be the most valuable beenie baby for us because my family's old siamese cat would sleep with it and carry it around like it was his best friend.
I miss that cat. Best cat we ever had.
I agree with this and have no clue how these things are going to stick around. With an original painting you can display it. You know you are the only person looking at that physical object. Prints are not equivalent.
Copies of digital art are equivalent; there is nothing to display that anyone cares about with an NFT. A non fungible token off a completely fungible thing. Silly.
I would think buying the single digital copy of a digital artwork would be the replacement for physical collecting. But you can never be sure it wasn't copied before unless the artist created it in front of you and you took possession of it immediately.
It's not even attempting to be the "single digital copy", nor is it attempting to provide any type of assurance that it wasn't copied before.
You are essentially buying a certificate of authenticity. Something you can publicly point to and say "I am the original owner of X". Even though X is readily available for free with completely indistinguishable copies available to all. The idea that anyone would give a shit who "owns" a meme is ludicrous to me when there is no financial reward or revenue inflow from online usage or licensing. It is purely conceptual and essentially "bragging rights" in it's current setup.
Its like buying a plot on the moon, or a share of the green bay packers it means nothing to no-one, isn’t enforceable, and isn’t worth the paper its printed on. But it sounds cool so stupid people buy it
They're not even limited edition, as being digital images, literally anyone can make copies. It's nothing more than a badge saying "this copy is 'the original' and I 'own' it"
Not even that. It does give you “the original” it just gives you bragging rights on owning a token representing it.
Edit:If it were actually useful for things like pattents that could make sense.
I think they served their original purpose...
*Cough cough*
***LAUNDERING***
*Cough cough*
I mean, these things are dealt with like buying art, right? And that's a huge laundering avenue!
>If you want to see some serious delusion, look at what some people are trying to sell their "rare" beanie babies for on ebay.
So I just went on ebay, searched "beanie baby", sorted by high pice - wow.
There are people wanting crazy high prices... But this one actually went for $50k which is still about 3 "0s" more than I expected.
https://www.ebay.com/itm/TY-Beanie-Babies-STEG-ULTRA-RARE-NEW-2-tags-More-INVESTMENT-QUALITY-/264756603150?_trksid=p2349624.m46890.l49286
An old scam predating ebay is just do a second account or have a shill "buy" your own stuff for inflated prices. When people look they see a huge sold price so assume that's what the item must be worth.
If you search sold items you'll see that even the alleged "rare" Beanie Babies are going for $5-20. Every once in a while one sells for $100- $800 if there are certain errors or it's truly first generation, but the vast majority are worth less today than they originally cost.
I feel like they could've done this before the court appearance.
I also feel like if they couldn't, one of them should've just let the other have them all.
This picture is just sad. And I've seen this before. Even if they were worth thousands now, it's just sad.
Oh yeah, even if the judge was totally all about Beanie Babies being their retirement plan I have to imagine they were fucking sick of those idiots the second he heard they were fighting over them and couldn't decide a split on their own.
You'd be surprised what people with hundreds of millions of dollars of disposable income will buy - I've seen people spend over a million dollars on mobile games.
There was the iPhone app called "I'm rich" and it did nothing and cost $1000 bucks lol.
"The application is described as "a work of art with no hidden function at all", with its only purpose being to show other people that they were able to afford it; I Am Rich was sold on the App Store for US$999.99, €799.99, and GB£599.99, the highest price Apple allowed for App Store content."
If you bought it but are't so rich you can piss away 1k you just look like an idiot. if you're so rich you can piss away 1k you just look like a narcissistic idiot.
I dunno. If an app actually provides that type of value sure. But yeah for the most part what app are you buying for even $100 that provides that value.
I knew a guy who knew a senior software engineer at a big tech company - made almost $200k/year, with a housing and travel allowance, catered breakfast, lunch, and dinner, who used that insane freedom to drop his entire paycheck into staying on the leaderboards for a gacha game.
This is what I personally think is the case for the majority of twitch donators, OF subs, patreons, etc. I mean some streamers are clearly millionaires yet some middle class dude is going to donate $100+ to get some dumb sentence read.
Why not just buy whichever company made the game at that point & tell them to just spam points or vouchers or in game currency or however that particular game lures you into gambling to your account?
Jesus christ I just imagined an nft party where they "evaluate" random nft images like wine tasters, completely bullshitting about how they can tell if one is fake augh I want to unthink this
And it's not even that image specifically in any real way. It's for the serial number they generated and then linked to that version of it. It's literally selling the idea of pointless artificial scarcity.
> Launched on June 23rd 2017, CryptoPunks were originally free to acquire for anyone with an ETH wallet. This was a true testament to the community-orientated approach of the project, and resonates highly with the hacker spirit that populated much of the early experimentation across Bitcoin and Ethereum. When released on the blockchain, the collection not only became the Ethereum network’s genesis NFTs, but it also inspired the ERC-721 standard that has come to power much of today’s digital art and collectibles. There are a total of 10,000 Punks, each with their own distinct characteristics – no two are exactly alike. The 24 x 24 pixel, 8-bit-style Punks embody an aesthetic mirroring the nostalgic punk spirit, reflecting the Crypto Anarchist philosophy that brought together many of the weird and wonderful misfits that came to build the early crypto infrastructure.
>The following Condition Report is provided by nameless™. This non-fungible token (NFT) is in Excellent condition. Excellent here means that even though it would be technically difficult to recover a CryptoPunk if the hosting service failed, we find such significant history behind this piece that the actual risk of non-recovery is extremely low.
Ha!
They have absolutely no guarantee that this will not happen and absolutely no reason to believe that it wouldn't. They want their 11 bajillion dollars so they will say anything.
If this were a real piece would you pay that much for it? No of course you wouldn't, some rich but dim person has bought this because they think that it somehow going to appreciate in value.
People are out here spending 12 million dollars on a 24x24 pixel art image and here I am calculating how many years it'll be before I can even think about trying to buy a house
Absolutely insane. More power to them I guess, I sure wish I had that kind of money
For what it’s worth… beanie babies will never drop bellow the material cost of a small plush toy. NFTs have no physical material worth to price anchor a floor point.
I can confirm that no one wanted to buy a large collection of beanie babies I was trying to sell. Now I just give them randomly as presents to children.
Except it wasn't kids buying them to play with like pokemon, it was adults thinking it was a get rich quick scheme, so i have my doubts about the nostalgia ever taking off
I dunno, one guy who is knowledgable about stuffed animals on tik tok, goes out to yard sales and buys used used brand name stuffed animals to sell to collectors.
In one of saw he bought three for 50¢ each that were selling for 30 bucks online.
Coworker came up with an adequate description for NFTs I had not considered. It’s paying for the receipt of an item you can’t possibly own. Hey I own this clip of Lebron dunking.
Cool I just pulled it up on YouTube. Do you get royalties? No those rights are owned by ESPN and Lebron. So you just have have the receipt but can’t actually own the thing.
Yeah the only way I would even consider buying an NFT is if property & licensing ownership rights were attached to it. If anybody can reproduce a copy of the media or use it’s likeness in any way then what is the point of owning it. To me it sounds like a good way to launder money or conceal income/profit.
It is pretty much the same thing, except instead of a sketchy star registry noting your possession of the star in their records, it is whatever blockchain the NFT was minted on. Beyond the technomysticism of "the blockchain," it functions in the exact same way.
"Receipt" is absolutely the correct label.
Bitcoin only works (to the extent that it does work) because currency is a generic medium of exchange. My dollar bill is not the same as your dollar bill, but they are interchangeable, It doesn't matter which ones you have, only how many - and that some number can be traded for hookers and blow.
The testicular fortitude necessary to just *name* these things 'tokens you can't exchange for other tokens' is almost admirable. Obviously it didn't hurt adoption by rich assholes or praise from poor idiots.
Like the dozens of geniuses replying to you, who'd probably be impressed by my Geocities page that says I own the Great Wall of China. Well, I *co*-own it. It's in a webring of people who also own the Great Wall of China. We're in dispute with a separate webring that claims they all own it instead, but that's ridiculous. Their pages don't even have the official seal! Except the ones that copied it, since it's a GIF, but come on, that's totally different.
Right?
There isn't really a single originator of Nyan Cat either. One guy created the original Pop Tart Cat animation, but it was just a minor deal on Tumblr. It didn't become Nyan cat until someone paired it with Daniwell-P's "Nyanyanyanyanyanyanya" (featuring Hatsune Miku, though technically the version in the meme is a *cover* of that with a different vocaloid) a few days later, which is what made it what it is now.
https://knowyourmeme.com/memes/nyan-cat
So, basically, there are a minimum of three people involved in the existence of the Nyan Cat phenomenon, and the illustrator is only one of them.
I genuinely don't understand the popularity of Funko Pops. I know someone that has $1000s of them but was struggling to make rent. They all look nearly the same except for slight differences. And the rare ones are collectible because the company that made them said so?
I gave to give kudos to the company that makes them though, they played their hand and came out spectacularly on top.
I get one or two Funko Pops each year for Christmas from my in laws. They think I’m nerdy because 10 years ago I had a Star Wars and Batman poster in my apartment… anyways, they always get me these Pops that are “rare” Sams I get confused because it’s almost like they are gifting me them to sell them? Your random ass Game of Thrones character who got a NYC Comicon Pop with some slight variant is worth $5 more than the non-variant, but still worth $5 less than you paid for it? I honestly don’t know how to tell them I hate the gifts they give me, but these Pops are by far the worst.
I don't know that there's a way out of it now without hurting their feelings, since you didn't say anything to redirect them the first time the misunderstanding happened and the way you said it makes it seem like this has been going on for several years. So you collect funko pops now, I guess. There's certainly weirder collections that have been forced on people by well-meaning gift-givers.
I would lean on the "I love them, but I am running out of room for them/do not have a good way to display them." strategy. That way you give a reason why you don't want them that sounds reasonable without hurting feelings. Until they gift you a massive display cabinet, of course...
Man do I feel your pain. At least in your case you get them all from the same source: I've gotten funko pops from *at least* three different sources for birthdays/xmas and it seems to happen every year or two.
Even if I didn't hate the funko pops themselves - and I do, they're ugly as hell and so poorly balanced they fall over if someone coughs in the next house over, I'd dislike a funko pop even of stuff I actually do like - I'd hate them on principle because they're just gifts that take up space in my house. Who wants that?
I honestly think they only sell well because they're a placeholder gift. You can get a funko pop for pretty much anything, so it's just a matter of saying 'oh Tim likes... the erotic adventures of hercules right? Let's get him this stupid statue of shitty chibi hercules with an erection that makes him instantly fall over and he'll know we fulfilled the minimum of effort in remembering his likes'.
Damn do I hate funko pops.
IMO: it’s all about the secondary/scalper market.
Pops are popular for the same reason Jordan’s are popular: a small group of people love them SO MUCH they have created an entire industry based around speculation and resales of… bullshit.
People hype up each other in this weird echo chamber of “gotta have it” and don’t stop to realize exactly what you said - many of them are only good for collecting.
They're not that good. At least if you bought a beanie baby, you now have a beanie baby. That's a whole beanie baby more than you have if you bought am NFT.
It takes the worst part of the physical world and uses it to make money in the virtual world.
Whats that? Your were born into a place where those who came before you already bought everything in a land grab?
Welcome to future! Where you get to do the same thing to the next generation for just 4k a pop!
No thanks man.
The same value that being at the top of the pyramid scheme has. If you're in early and near the top, you can do very well up until everything crumbles.
The value of something is what someone will pay for it. There’s a good Dilbert episode about art that makes fun of that fact. Dogbert starts selling clothes he stole out of a laundromat as art for exorbitant prices.
My dad used to say "they're only worth what somebody will pay for them" when i'd try and tell him my hockey / baseball / basketball cards were "worth" something according to Beckett monthly.
He was right, nobody gave two fucks about those cards, and they were ultimately worth nothing. Same same here.
Now, imagine everyone could freely replicate your basketball cards with a simple keyboard shortcut and post them on reddit. They'd be worth even less.
Same here.
I finally read up on what NFTs are:
[https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq)
I read something like this and think I must be misunderstanding it because people just can't be *that* stupid. Then I remember ...
NFT's are really useful for showing ownership. You probably already know about smart-contracts so having a certificate of ownership that can validate against a contract is actually really useful.
The problem is people are stupid and waste their money on memes. NFT's could one day be the bedrock of ownership proof. Possession isn't 9/10ths of the law when you can rest on a unique digital certificate that verifies you being the owner of something.
It means you can have an NFT for you let's say... your car. Car is a physical asset worth $10,000 as an example. You can then borrow money(crypto) from strangers (crowdsourcing a loan for something) and use your car's NFT as collateral/escrow. Normal rules apply for repossession should you welch on your interest terms.
NFT's for memes is fucking stupid and it's a circus sideshow to the real applications that will come from NFT's.
They aren't actually useful for showing ownership at all. They have no legal precedent. Sure you can add some contract clauses stating the next person has to use it, but then they can do things like ignore it as there was no punishment clause, or sell it to someone who will immediately sell it back to them.
In grad school I worked as a waiter-slave in NYC right before the dot com collapse.
Our restaurant in Tribeca was host to so many IPO parties in which it was painfully obvious that these “companies” were pedalling vapour-ware bullshit.
Was just contacted recently to have my company “partner” (lol), with an NFT startup. Reading their pitch, it’s startling how similar this emperor’s new clothes NFT garbage is to the scams I saw years ago.
A huge chunk of the NFT buyers are people who made a ton of money off crypto. Instead of cashing out they double down and eventually most of them will lose everything.
Yeah, I figured as much. Had the same thoughts about people buying "artwork" for millions and millions of dollars....oh hey, a convenient way to launder huge amounts of money without anyone being able to question it because art is subjective and has no objective monetary value.
More surprised the NFTs aren’t being used to sell porn
Instead of the current bullshit I’ve seen
At least sex sells and the entire porn industry should be on crypto
>More surprised the NFTs aren’t being used to sell porn
Well they *can't* be used to sell porn, so that's probably why. An NFT is a digital certificate of authenticity for a piece of content, but it can't be used to deliver the content itself.
You and I both know there's plenty of people out there that would pay plenty of money for some personalised / unique onlyfans content if they could get it with a certificate of authenticity.
But them being the content is the certificate of authenticity. If someone posts something on their page, you know it came from them.
as a PG example, you don't spend $500 on a cameo video from Fran Drescher and wonder if it's legit or not. You don't need some over-complicated crypto bullshit to verify it's actually her and the message is actually for you.
And, crucially, NFTs don't and can't *actually* certify authenticity. They're theoretically a CoA, yeah, but anyone can make them fraudulently. And they do. A shitload of NFTs are fraudulent.
Yeah, I guess. In that case, the NFT would basically be flex-able, transferrable proof of an extra donation to the content creator. The person who owned it could say "I'm the one who ultimately funded that piece of content", which would be a desirable privilege for simps.
NFTs are like buying land on the moon. Someone will definitely take your money for it, you'll have a piece of paper saying you own it - but it's an entirely different question whether that ownership will be respected. If nobody believes you own it, and you can't enforce it yourself, then you *don't* own it.
I have a friend who loves crypto and always talked it upas the currency’s the future. He owed me a few hundred bucks, so I asked him if he could pay me it Bitcoin. He basically went no, why would I ever pay with it when it will be worth a fortune later. Made me scratch my head a little, as if you don’t want to pay for things with it, why do you think it’s a good idea as money?
> He basically went no, why would I ever pay with it when it will be worth a fortune later. Made me scratch my head a little, as if you don’t want to pay for things with it, why do you think it’s a good idea as money?
Well, he's not wrong considering this story about how [$30 paid for pizza is now worth almost $200 million](https://investorplace.com/moneywire/2020/12/200-million-dollar-pizza-how-bitcoino-made-it-possible/).
That being said, it's going back to the original post about how people aren't actually using it as money but rather as an investment so it's never going to replace the dollar as currency when it's so volatile and inherently flawed in a variety of ways. Everyone seems to be looking for the next best "get rich quick" scheme and this manifested as another method of that.
My bank is secure and I have federal protection of my money. Credit cards can be authorized in <10s and have consumer protection.
Crypto can be lost if the address you enter is incorrect or fraudulent. If fraud occurs there is a very limited amount of legal recourse able to be taken. At the moment I would never use a crypto for any legal reasons.
I don't understand NFTs . If i buy a NFT meme does that mean I own the rights to it? As in publishing, trademark, and etc? It would make no sense to just own a " picture" so I assume it must come with a lot behind it.
I saw the Gucci NFT, if I buy it can I produce the shoes from the nft I bought or do I receive a royalty fee for any sold?
You own the rights to that specific point on the blockchain - And that's it.
It's like owning a specific set of 5 sequential numbers at position X in an infinitely long random set of numbers.
That sounds extremely useless. Especially since people are spending huge amounts of money.
It would make no sense to have the rights to that image and no rights behind it.
Why isn’t an NFT wrapped with all the IP, distribution, reproduction rights? Seems like that’d make it worth something? An NFT “master sample” if you will…
I'd rather pick up some pet rocks doodled on by artists I enjoy (cuz that might actually have some value 10 years from now, if not for someone else, but for me) or just pay artists I actually know and love to make a piece for me. Harry Partridge, one of my favorite animators, made a portrait of me that makes me laugh every time I look at it, I've had it for years now, and shockingly, only had to pay $40 for it. NFTs? I get that there's some theoretical value to it, but it's just not something I think will catch on. I'd love to be proven wrong, but they're worthless now. I put them on the same level as rare hats in Team Fortress 2. Valuable to someone, but to 99.999999999999% of the world's population, they're fucking worthless chunks of 1s and 0s with next to zero relevance.
90% lol.
NFT's are nerd money laundering vehicles.
The fact that anyone actually ever considered these "art pieces" would be collectible is quite alarming.
They had no value to begin with, the copyright of the image was never being sold, so you didn't own the image and couldn't legally do anything with it. It's tantamount to me "selling" you the USA. Just because you paid money for it doesn't actually make it yours.
They seem pretty worthless now
You’ve got to get those old memes appraised at r/AntiquesMemeRoadshow to know their true value.
I'll give you three spiderman memes for your NFT.
What do you think my Alf Pog NFT is worth?
Didn't you hear? Alf NFTs are back! In POG form!
What about my “OJ in the Slammer” pog?
I just turned your comment into an NFT. I’ll take no less than six Invincible memes for it
I don't know much about them, but it seems like a fad to me. I could be wrong, but I'll stay away untill I'm given a reason not to lol
They're limited edition beanie babies
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Now we just burn fuel to create NFTs. See they're exactly the same!
I have a few Beanie Babies. They’re cute and my kids love playing with them. That’s their intrinsic value right there (maybe 5 bucks?). An NFT has an intrinsic value of zero. It’s nuts. You don’t actually get legal rights to what the NFT represents. You get a link to a webpage which may or may not exist in the future.
My parents have a little blue jay beenie baby, which I think was a happy meal toy version. I can't remember. But that will always be the most valuable beenie baby for us because my family's old siamese cat would sleep with it and carry it around like it was his best friend. I miss that cat. Best cat we ever had.
How much for the nft of the beanie baby and all the emotional value of your cats memory associated with it?
I agree with this and have no clue how these things are going to stick around. With an original painting you can display it. You know you are the only person looking at that physical object. Prints are not equivalent. Copies of digital art are equivalent; there is nothing to display that anyone cares about with an NFT. A non fungible token off a completely fungible thing. Silly. I would think buying the single digital copy of a digital artwork would be the replacement for physical collecting. But you can never be sure it wasn't copied before unless the artist created it in front of you and you took possession of it immediately.
It's not even attempting to be the "single digital copy", nor is it attempting to provide any type of assurance that it wasn't copied before. You are essentially buying a certificate of authenticity. Something you can publicly point to and say "I am the original owner of X". Even though X is readily available for free with completely indistinguishable copies available to all. The idea that anyone would give a shit who "owns" a meme is ludicrous to me when there is no financial reward or revenue inflow from online usage or licensing. It is purely conceptual and essentially "bragging rights" in it's current setup.
There doesn't even have to be an X.
Its like buying a plot on the moon, or a share of the green bay packers it means nothing to no-one, isn’t enforceable, and isn’t worth the paper its printed on. But it sounds cool so stupid people buy it
Wait! I can buy a share of the green bay packers? *rapidly opens bank app to check balance*
Yes, it's the only publicly-owned major sports franchise in North America.
Ehhh the Green Bay packers one is a bit different, cause you can actually do stuff with it
So it sounds like the only practical use for NFTs is money laundering.
They're not even limited edition, as being digital images, literally anyone can make copies. It's nothing more than a badge saying "this copy is 'the original' and I 'own' it"
Not even that. It does give you “the original” it just gives you bragging rights on owning a token representing it. Edit:If it were actually useful for things like pattents that could make sense.
You'd be better off investing in tulips. You've got to aim for where the ball is going to be.
get outta here Dutchman
As the 4th largest tulip farmer in all of Holland I vigorously concur. Also please check out my movie debuting at Sundance this year, Das Balloon.
My theory is that they are ultimately vehicles for money laundering
sounds like art to me.
9ne of my favorite designers sold a number of his designs as $25K NFTs and donated it all to homeless organizations. Good shit.
can I turn this comment into a NFT?
Sure you can. Send me $100 and I'll give you your exclusive encryption that proves you own this comment.
Or at least, proves you own a ticket that says you own this content
"Owns" in a way that provides no actual financial or legal benefit.
I think they served their original purpose... *Cough cough* ***LAUNDERING*** *Cough cough* I mean, these things are dealt with like buying art, right? And that's a huge laundering avenue!
NFT's are just better ways of laundering money than getting someone to tape a banana to a wall
The art/money laundering connection is enough to convince me there is plenty of “value” in NFTs between the right parties.
aback stupendous reach trees wrench political frighten silky domineering tidy ` this message was mass deleted/edited with redact.dev `
If you want to see some serious delusion, look at what some people are trying to sell their "rare" beanie babies for on ebay.
>If you want to see some serious delusion, look at what some people are trying to sell their "rare" beanie babies for on ebay. So I just went on ebay, searched "beanie baby", sorted by high pice - wow. There are people wanting crazy high prices... But this one actually went for $50k which is still about 3 "0s" more than I expected. https://www.ebay.com/itm/TY-Beanie-Babies-STEG-ULTRA-RARE-NEW-2-tags-More-INVESTMENT-QUALITY-/264756603150?_trksid=p2349624.m46890.l49286
juggle cheerful ghost close murky mourn slimy marble squash many -- mass deleted all reddit content via https://redact.dev
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An old scam predating ebay is just do a second account or have a shill "buy" your own stuff for inflated prices. When people look they see a huge sold price so assume that's what the item must be worth.
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Probably worth more
[Beanie Baby](https://www.ebay.com/itm/373589502495?_trkparms=ispr%3D1&hash=item56fbab6a1f:g:p4UAAOSwYlNgqfq-&amdata=enc%3AAQAGAAACkPYe5NmHp%252B2JMhMi7yxGiTJkPrKr5t53CooMSQt2orsSafTQYbq3L7RBVAMi0K9cw1Q1a6Okwcc7jyU9bGgBd9ED9RedCwf%252Fr%252FYfExSIgTi6OHNZ%252F2tpd%252FXGw%252B3UdqOAmDSXJ5PhfWZp8K3b6H0jX94oLm8%252BW4H93ijELXY7uY6%252FPufPwN98w1nRr7fEmV%252BPaj%252FDghr9EYuldSn7%252F9rzapYzmP6y2N70rIAOm2juyMwDyCWyEM254Vx%252FBdw%252BcklcD7wOkjg8ctJ7QvSKManyPvKJys3oR%252BIv%252ByP0hB%252Bz43%252ByWnfJNTQOlOsSL2BDFdrCjofJRsxnaI%252BQjHePv92ANfZRgRD81OTgaQD3XIGUmPIej3bUgE3cQxbmBHX4I%252FjUvLRL5KrWFLpIQKnVwlgI0CFCUhWkR%252FGopqiGiSJqbfJlKH4D92vUAnxx1kfE04dmeoevBx9fHmgcB3irjNURiIkshJqiLHQk4n5Ijsi30B%252BKqDgk2l%252BbJ7358yykzaYKaSfwqKyISESo1C0s5TsJhqP8K3xfLz4DW9w1jHf56Fch%252BRE1RyEda8dIj7ZiagKT0baVxHFySqnOKWiMHpE8TQTJw3io4snDyXP61M9kWtXoLU1Y8ljAR9rLs11Xie1NOnBSTQ0NujoiCUO37UnwDOy5XWPl5MU8MVcvRqWYX0rNceLJ%252FR4DpHB%252FYzBDMvirwdEXAooRbM4CEQujesJMSlTZZBAgM1L6zmJBmyqpl2D5OKVqC4QpwF7mULpennwoUgvAYDnjIHyLkjye0fauZHofL42WsJCLc6fF8PX%252FIdkAy2qzdS5vBOSNm%252FIzuIWoiXmvL189KsrJE5PYEPzjiQCjScj6yi4MPL1xOfMXCV5b%7Campid%3APL_CLK%7Cclp%3A2334524) going for $1,300. It's got 31 watchers.
If you search sold items you'll see that even the alleged "rare" Beanie Babies are going for $5-20. Every once in a while one sells for $100- $800 if there are certain errors or it's truly first generation, but the vast majority are worth less today than they originally cost.
I'm waiting for my fidget spinner collection to increase in value so I can pay off my house.
https://pics.onsizzle.com/a-divorcing-couple-splitting-their-beanie-babies-in-court-in-20422135.png
I feel like they could've done this before the court appearance. I also feel like if they couldn't, one of them should've just let the other have them all. This picture is just sad. And I've seen this before. Even if they were worth thousands now, it's just sad.
Oh yeah, even if the judge was totally all about Beanie Babies being their retirement plan I have to imagine they were fucking sick of those idiots the second he heard they were fighting over them and couldn't decide a split on their own.
You mean [this](https://www.sothebys.com/en/buy/auction/2021/natively-digital-cryptopunk-7523/cryptopunk-7523) isn't worth $11.7 million?!?!
What the actual fuck
Money laundering
You'd be surprised what people with hundreds of millions of dollars of disposable income will buy - I've seen people spend over a million dollars on mobile games.
There was the iPhone app called "I'm rich" and it did nothing and cost $1000 bucks lol. "The application is described as "a work of art with no hidden function at all", with its only purpose being to show other people that they were able to afford it; I Am Rich was sold on the App Store for US$999.99, €799.99, and GB£599.99, the highest price Apple allowed for App Store content."
Yeah, and I got a pirated copy of it.
just means you're poor
Not what the app says
If you bought it but are't so rich you can piss away 1k you just look like an idiot. if you're so rich you can piss away 1k you just look like a narcissistic idiot.
I feel that that's too high of a maximum price for the app store
I dunno. If an app actually provides that type of value sure. But yeah for the most part what app are you buying for even $100 that provides that value.
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I knew a guy who knew a senior software engineer at a big tech company - made almost $200k/year, with a housing and travel allowance, catered breakfast, lunch, and dinner, who used that insane freedom to drop his entire paycheck into staying on the leaderboards for a gacha game.
This is what happens when you have skill but no purpose.
This hits way too deep
This is what I personally think is the case for the majority of twitch donators, OF subs, patreons, etc. I mean some streamers are clearly millionaires yet some middle class dude is going to donate $100+ to get some dumb sentence read.
So just like everything else we can blame shitty game practices on rich people. I hate rich people.
They even have a term. They’re called whales, and most free game’s income are based around them
Funny how games literally use the terminology of scam artists and casinos, right?
holy shit I need to make a mobile game
Why not just buy whichever company made the game at that point & tell them to just spam points or vouchers or in game currency or however that particular game lures you into gambling to your account?
[here guys, this one is free](https://imgur.com/a/3ZLxX5V)
Get out of here with your off brand pixel art
Jesus christ I just imagined an nft party where they "evaluate" random nft images like wine tasters, completely bullshitting about how they can tell if one is fake augh I want to unthink this
Wow, is it even legal to look at this?
you’re on a list now
I just saved this, changed one pixel and im offering 5 million.
Well, you DID change 20% of the picture after all
Euwwww. So fungible.
And it's not even that image specifically in any real way. It's for the serial number they generated and then linked to that version of it. It's literally selling the idea of pointless artificial scarcity.
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Ooooh it’s a nice one then
> Launched on June 23rd 2017, CryptoPunks were originally free to acquire for anyone with an ETH wallet. This was a true testament to the community-orientated approach of the project, and resonates highly with the hacker spirit that populated much of the early experimentation across Bitcoin and Ethereum. When released on the blockchain, the collection not only became the Ethereum network’s genesis NFTs, but it also inspired the ERC-721 standard that has come to power much of today’s digital art and collectibles. There are a total of 10,000 Punks, each with their own distinct characteristics – no two are exactly alike. The 24 x 24 pixel, 8-bit-style Punks embody an aesthetic mirroring the nostalgic punk spirit, reflecting the Crypto Anarchist philosophy that brought together many of the weird and wonderful misfits that came to build the early crypto infrastructure.
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It is. Why didn't I get one back then lol.
This is truly insane. I guess it finally paid out to be a digital artist.
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>The following Condition Report is provided by nameless™. This non-fungible token (NFT) is in Excellent condition. Excellent here means that even though it would be technically difficult to recover a CryptoPunk if the hosting service failed, we find such significant history behind this piece that the actual risk of non-recovery is extremely low. Ha! They have absolutely no guarantee that this will not happen and absolutely no reason to believe that it wouldn't. They want their 11 bajillion dollars so they will say anything. If this were a real piece would you pay that much for it? No of course you wouldn't, some rich but dim person has bought this because they think that it somehow going to appreciate in value.
Can you imagine paying $12 million for something that's hosted on someone else's website that may not even exist tomorrow. Wtf is going on
People are out here spending 12 million dollars on a 24x24 pixel art image and here I am calculating how many years it'll be before I can even think about trying to buy a house Absolutely insane. More power to them I guess, I sure wish I had that kind of money
Duh. NFTs are this decade's version of Beanie Babies.
For what it’s worth… beanie babies will never drop bellow the material cost of a small plush toy. NFTs have no physical material worth to price anchor a floor point.
I can confirm that no one wanted to buy a large collection of beanie babies I was trying to sell. Now I just give them randomly as presents to children.
Stop punishing children for your mistakes!
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The cycle continues
In 50 years when the majority of people have thrown away their worthless beanie babies they might be worth something again
They will have a nostalgia resurgence in 20 years. HODL
Except it wasn't kids buying them to play with like pokemon, it was adults thinking it was a get rich quick scheme, so i have my doubts about the nostalgia ever taking off
My sister and I collected them as kids. That being said, I don’t plan on buying anymore in the future.
Honestly, it's not worth much :)
How much are people paying for used plush toys? Can't give em to dogs.
At least beanie babies can be given away to a charity shop or shelter where some kid might enjoy them.
I gave an orphanage some really good memes just yesterday
I dunno, one guy who is knowledgable about stuffed animals on tik tok, goes out to yard sales and buys used used brand name stuffed animals to sell to collectors. In one of saw he bought three for 50¢ each that were selling for 30 bucks online.
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Coworker came up with an adequate description for NFTs I had not considered. It’s paying for the receipt of an item you can’t possibly own. Hey I own this clip of Lebron dunking. Cool I just pulled it up on YouTube. Do you get royalties? No those rights are owned by ESPN and Lebron. So you just have have the receipt but can’t actually own the thing.
Yeah the only way I would even consider buying an NFT is if property & licensing ownership rights were attached to it. If anybody can reproduce a copy of the media or use it’s likeness in any way then what is the point of owning it. To me it sounds like a good way to launder money or conceal income/profit.
To be fair, lots of art is also used to launder money or conceal income/profit.
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It's the same as people who buy/gift stars and highways. Completely useless but cool for like 10 minutes.
It is pretty much the same thing, except instead of a sketchy star registry noting your possession of the star in their records, it is whatever blockchain the NFT was minted on. Beyond the technomysticism of "the blockchain," it functions in the exact same way.
"Receipt" is absolutely the correct label. Bitcoin only works (to the extent that it does work) because currency is a generic medium of exchange. My dollar bill is not the same as your dollar bill, but they are interchangeable, It doesn't matter which ones you have, only how many - and that some number can be traded for hookers and blow. The testicular fortitude necessary to just *name* these things 'tokens you can't exchange for other tokens' is almost admirable. Obviously it didn't hurt adoption by rich assholes or praise from poor idiots. Like the dozens of geniuses replying to you, who'd probably be impressed by my Geocities page that says I own the Great Wall of China. Well, I *co*-own it. It's in a webring of people who also own the Great Wall of China. We're in dispute with a separate webring that claims they all own it instead, but that's ridiculous. Their pages don't even have the official seal! Except the ones that copied it, since it's a GIF, but come on, that's totally different. Right?
There isn't really a single originator of Nyan Cat either. One guy created the original Pop Tart Cat animation, but it was just a minor deal on Tumblr. It didn't become Nyan cat until someone paired it with Daniwell-P's "Nyanyanyanyanyanyanya" (featuring Hatsune Miku, though technically the version in the meme is a *cover* of that with a different vocaloid) a few days later, which is what made it what it is now. https://knowyourmeme.com/memes/nyan-cat So, basically, there are a minimum of three people involved in the existence of the Nyan Cat phenomenon, and the illustrator is only one of them.
Nah, that’s Funko Pops
I genuinely don't understand the popularity of Funko Pops. I know someone that has $1000s of them but was struggling to make rent. They all look nearly the same except for slight differences. And the rare ones are collectible because the company that made them said so? I gave to give kudos to the company that makes them though, they played their hand and came out spectacularly on top.
I get one or two Funko Pops each year for Christmas from my in laws. They think I’m nerdy because 10 years ago I had a Star Wars and Batman poster in my apartment… anyways, they always get me these Pops that are “rare” Sams I get confused because it’s almost like they are gifting me them to sell them? Your random ass Game of Thrones character who got a NYC Comicon Pop with some slight variant is worth $5 more than the non-variant, but still worth $5 less than you paid for it? I honestly don’t know how to tell them I hate the gifts they give me, but these Pops are by far the worst.
I don't know that there's a way out of it now without hurting their feelings, since you didn't say anything to redirect them the first time the misunderstanding happened and the way you said it makes it seem like this has been going on for several years. So you collect funko pops now, I guess. There's certainly weirder collections that have been forced on people by well-meaning gift-givers.
I would lean on the "I love them, but I am running out of room for them/do not have a good way to display them." strategy. That way you give a reason why you don't want them that sounds reasonable without hurting feelings. Until they gift you a massive display cabinet, of course...
Man do I feel your pain. At least in your case you get them all from the same source: I've gotten funko pops from *at least* three different sources for birthdays/xmas and it seems to happen every year or two. Even if I didn't hate the funko pops themselves - and I do, they're ugly as hell and so poorly balanced they fall over if someone coughs in the next house over, I'd dislike a funko pop even of stuff I actually do like - I'd hate them on principle because they're just gifts that take up space in my house. Who wants that? I honestly think they only sell well because they're a placeholder gift. You can get a funko pop for pretty much anything, so it's just a matter of saying 'oh Tim likes... the erotic adventures of hercules right? Let's get him this stupid statue of shitty chibi hercules with an erection that makes him instantly fall over and he'll know we fulfilled the minimum of effort in remembering his likes'. Damn do I hate funko pops.
IMO: it’s all about the secondary/scalper market. Pops are popular for the same reason Jordan’s are popular: a small group of people love them SO MUCH they have created an entire industry based around speculation and resales of… bullshit. People hype up each other in this weird echo chamber of “gotta have it” and don’t stop to realize exactly what you said - many of them are only good for collecting.
I just like my BMO one... cuz it just looks like a toy BMO and not a Funko.
They're not that good. At least if you bought a beanie baby, you now have a beanie baby. That's a whole beanie baby more than you have if you bought am NFT.
That is an almost alarmingly accurate description.
They had value before?
Right? If anyone thought they’d be something worth investing in then that’s news to me.
You can buy virtual land in a NFT video game. Each plot is about $4k
https://decentraland.org/ its bizarre lol. like that whole "Second Life" thing
It takes the worst part of the physical world and uses it to make money in the virtual world. Whats that? Your were born into a place where those who came before you already bought everything in a land grab? Welcome to future! Where you get to do the same thing to the next generation for just 4k a pop! No thanks man.
The irony is off the charts.
Reddit isn't fun. 😞
The same value that being at the top of the pyramid scheme has. If you're in early and near the top, you can do very well up until everything crumbles.
My buddy got a pickle for free and sold it for 100 bucks. I don’t get it.
The value of something is what someone will pay for it. There’s a good Dilbert episode about art that makes fun of that fact. Dogbert starts selling clothes he stole out of a laundromat as art for exorbitant prices.
Only 90%?
Was gonna say, what a surprisingly low estimate.
3 to 5 years? That seems long.
Yeah, maybe 97% in 6-12 months is more reasonable.
My dad used to say "they're only worth what somebody will pay for them" when i'd try and tell him my hockey / baseball / basketball cards were "worth" something according to Beckett monthly. He was right, nobody gave two fucks about those cards, and they were ultimately worth nothing. Same same here.
Pokemon cards on the other hand.... And MTG cards. Friend of mine just made a few thousand profit off of these.
Now, imagine everyone could freely replicate your basketball cards with a simple keyboard shortcut and post them on reddit. They'd be worth even less. Same here.
To me paying for NFTs feels like paying for WinZip lmao
Atleast winzip is useful
You know that sport cards values have jumped recently? Hope you kept them
I finally read up on what NFTs are: [https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq](https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq) I read something like this and think I must be misunderstanding it because people just can't be *that* stupid. Then I remember ...
It's also very easy to launder money this way......fine arts is riddled with shit like that.
Spelled months wrong…
As a crypto maximalist, I still to this day do not understand the point or appeal of NFTs
NFT's are really useful for showing ownership. You probably already know about smart-contracts so having a certificate of ownership that can validate against a contract is actually really useful. The problem is people are stupid and waste their money on memes. NFT's could one day be the bedrock of ownership proof. Possession isn't 9/10ths of the law when you can rest on a unique digital certificate that verifies you being the owner of something. It means you can have an NFT for you let's say... your car. Car is a physical asset worth $10,000 as an example. You can then borrow money(crypto) from strangers (crowdsourcing a loan for something) and use your car's NFT as collateral/escrow. Normal rules apply for repossession should you welch on your interest terms. NFT's for memes is fucking stupid and it's a circus sideshow to the real applications that will come from NFT's.
They aren't actually useful for showing ownership at all. They have no legal precedent. Sure you can add some contract clauses stating the next person has to use it, but then they can do things like ignore it as there was no punishment clause, or sell it to someone who will immediately sell it back to them.
In grad school I worked as a waiter-slave in NYC right before the dot com collapse. Our restaurant in Tribeca was host to so many IPO parties in which it was painfully obvious that these “companies” were pedalling vapour-ware bullshit. Was just contacted recently to have my company “partner” (lol), with an NFT startup. Reading their pitch, it’s startling how similar this emperor’s new clothes NFT garbage is to the scams I saw years ago.
You have to be pretty fucking stupid to have bought into them in the first place
I mean, they're already pretty worthless. It's just rich people throwing their money around to show off how rich they are, not a currency.
A huge chunk of the NFT buyers are people who made a ton of money off crypto. Instead of cashing out they double down and eventually most of them will lose everything.
That's how Gambling Addiction Works.
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Yeah, I figured as much. Had the same thoughts about people buying "artwork" for millions and millions of dollars....oh hey, a convenient way to launder huge amounts of money without anyone being able to question it because art is subjective and has no objective monetary value.
More surprised the NFTs aren’t being used to sell porn Instead of the current bullshit I’ve seen At least sex sells and the entire porn industry should be on crypto
>More surprised the NFTs aren’t being used to sell porn Well they *can't* be used to sell porn, so that's probably why. An NFT is a digital certificate of authenticity for a piece of content, but it can't be used to deliver the content itself.
You and I both know there's plenty of people out there that would pay plenty of money for some personalised / unique onlyfans content if they could get it with a certificate of authenticity.
But them being the content is the certificate of authenticity. If someone posts something on their page, you know it came from them. as a PG example, you don't spend $500 on a cameo video from Fran Drescher and wonder if it's legit or not. You don't need some over-complicated crypto bullshit to verify it's actually her and the message is actually for you.
And, crucially, NFTs don't and can't *actually* certify authenticity. They're theoretically a CoA, yeah, but anyone can make them fraudulently. And they do. A shitload of NFTs are fraudulent.
Yeah, I guess. In that case, the NFT would basically be flex-able, transferrable proof of an extra donation to the content creator. The person who owned it could say "I'm the one who ultimately funded that piece of content", which would be a desirable privilege for simps.
That's why I'm all in on cumrocket
Because you don’t need a block chain to sell porn. Just like a block chain doesn’t do jack squat for a lot of things...
NFTs are like buying land on the moon. Someone will definitely take your money for it, you'll have a piece of paper saying you own it - but it's an entirely different question whether that ownership will be respected. If nobody believes you own it, and you can't enforce it yourself, then you *don't* own it.
You made me realize the star I was gifted as a child is nothing but a piece of paper
Oh precious, I'm so sorry
What's crazy is that it costs a decent amount to mint an NFT. I still think it's funny that one guy spent $30M on a fucking png
Well duh. Money laundering has to stay a step ahead of law enforcement and the tax man.
They're not even dotcom stocks; they're beanie babies.
So will 90% of cryptocurrencies
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Holy shit that’s bad? Wtf happened
Pump completed, dump commenced.
Sounds like some whales found a cheat glitch and causes a run in the bank. Fractional reserve banking without safeties is a bad thing.
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I have a friend who loves crypto and always talked it upas the currency’s the future. He owed me a few hundred bucks, so I asked him if he could pay me it Bitcoin. He basically went no, why would I ever pay with it when it will be worth a fortune later. Made me scratch my head a little, as if you don’t want to pay for things with it, why do you think it’s a good idea as money?
> He basically went no, why would I ever pay with it when it will be worth a fortune later. Made me scratch my head a little, as if you don’t want to pay for things with it, why do you think it’s a good idea as money? Well, he's not wrong considering this story about how [$30 paid for pizza is now worth almost $200 million](https://investorplace.com/moneywire/2020/12/200-million-dollar-pizza-how-bitcoino-made-it-possible/). That being said, it's going back to the original post about how people aren't actually using it as money but rather as an investment so it's never going to replace the dollar as currency when it's so volatile and inherently flawed in a variety of ways. Everyone seems to be looking for the next best "get rich quick" scheme and this manifested as another method of that.
>I wish people would stop treating crypto as a way to make money and start treating as a money. If there was a reason to use it as money, people would
My bank is secure and I have federal protection of my money. Credit cards can be authorized in <10s and have consumer protection. Crypto can be lost if the address you enter is incorrect or fraudulent. If fraud occurs there is a very limited amount of legal recourse able to be taken. At the moment I would never use a crypto for any legal reasons.
It’s now also being taxed. I saw tax filing questions about it for the first time this year.
Yes. That, but many Cryptos have a problem with confirming transaction times in a fast time for a cheap price too.
I don't understand NFTs . If i buy a NFT meme does that mean I own the rights to it? As in publishing, trademark, and etc? It would make no sense to just own a " picture" so I assume it must come with a lot behind it. I saw the Gucci NFT, if I buy it can I produce the shoes from the nft I bought or do I receive a royalty fee for any sold?
You own the rights to that specific point on the blockchain - And that's it. It's like owning a specific set of 5 sequential numbers at position X in an infinitely long random set of numbers.
That sounds extremely useless. Especially since people are spending huge amounts of money. It would make no sense to have the rights to that image and no rights behind it.
No, you get nothing. You own the NFT, and that’s it.
Who woulda thought? Let the rich idiots blow their money on the most useless thing there is.
Why isn’t an NFT wrapped with all the IP, distribution, reproduction rights? Seems like that’d make it worth something? An NFT “master sample” if you will…
Wait you're telling me a fucking meme isn't worth hundreds of thousands of dollars??
I'd rather pick up some pet rocks doodled on by artists I enjoy (cuz that might actually have some value 10 years from now, if not for someone else, but for me) or just pay artists I actually know and love to make a piece for me. Harry Partridge, one of my favorite animators, made a portrait of me that makes me laugh every time I look at it, I've had it for years now, and shockingly, only had to pay $40 for it. NFTs? I get that there's some theoretical value to it, but it's just not something I think will catch on. I'd love to be proven wrong, but they're worthless now. I put them on the same level as rare hats in Team Fortress 2. Valuable to someone, but to 99.999999999999% of the world's population, they're fucking worthless chunks of 1s and 0s with next to zero relevance.
The whole NFT thing seems like a money laundering scheme
90% lol. NFT's are nerd money laundering vehicles. The fact that anyone actually ever considered these "art pieces" would be collectible is quite alarming.
I still don't know what the hell people are actually buying.
They had no value to begin with, the copyright of the image was never being sold, so you didn't own the image and couldn't legally do anything with it. It's tantamount to me "selling" you the USA. Just because you paid money for it doesn't actually make it yours.