Nonfungible Tokens (NFT’s)

Nice Guy Eddie · January 25, 2022

2 hours ago, ZB'Tejas said:

Wow. Amazing pulls. The Luka is already selling for $8K.

In other NFT worlds have you heard of "The Suites"? 5000 unique sports viewing suites that the idea is some sort of gathering of individuals can gather in your suite. Still reading up but post minting the floor price was 13 SOL yesterday.

Yeah, I hit the TS lottery. Lucky to get a pack, got luckier to get a Luka. His value seems to be 3-4x of the others. Finally I hit a decent serial #.

There's a Holo challenge tomorrow. If Luka is part of it, it could raise his value and put me to a decision is it better to buy the challenge, depending on the prize. When you have the most expensive challenge item, it can usually be more profitable to win the challenge. Regardless its a good position to be in. Better to be lucky than smart.

Let us know what you do with the Suites.

Edited January 25, 2022 by Nice Guy Eddie

gyroprotagonist · January 27, 2022

@Nice Guy Eddie nice pull! i don't know how the whole TS thing works, but it is like opening a pack of baseball cards?

I had a moment of brilliance. some random p2e game that was emulating the Wolf Game. bought in at .15 and did not really want to mess with the game as a lot of other copycats had failed big time. So when the floor started ramping up prior to the game launching i exited at 1.2e and then forgot about it. Looked a week later and these things peaked at 9e! doh! I always tell my self to buy 2-3 of each project so you can take profit and still hold it if looks good, but i seldom do it.

Nice Guy Eddie · January 27, 2022

1 hour ago, gyroprotagonist said:

@Nice Guy Eddie nice pull! i don't know how the whole TS thing works, but it is like opening a pack of baseball cards?

I had a moment of brilliance. some random p2e game that was emulating the Wolf Game. bought in at .15 and did not really want to mess with the game as a lot of other copycats had failed big time. So when the floor started ramping up prior to the game launching i exited at 1.2e and then forgot about it. Looked a week later and these things peaked at 9e! doh! I always tell my self to buy 2-3 of each project so you can take profit and still hold it if looks good, but i seldom do it.

TS is basically like collecting baseball cards. You earn points based on your collection which can improve your chances to buy rarer packs.

They also have frequent challenges like requiring you own a moment from the highest scorers in tonight’s games, or whatever. If you buy/hold those moments by the next afternoon, you receive a free, unique moment. These challenges create large amounts of speculative buys.

ZB'Tejas · January 27, 2022

https://www.partyhorses.com/

New NFT from Louisville. Not sure if it will end up more like Bored Apes or Zed but here is a write up:

https://www.bizjournals.com/louisville/inno/stories/news/2022/01/24/party-horses-nft-launch.html?utm_source=st&utm_medium=en&utm_campaign=inno&ana=e_n&utm_content=au

gyroprotagonist · January 28, 2022

1 hour ago, ZB'Tejas said:

https://www.partyhorses.com/

New NFT from Louisville. Not sure if it will end up more like Bored Apes or Zed but here is a write up:

https://www.bizjournals.com/louisville/inno/stories/news/2022/01/24/party-horses-nft-launch.html?utm_source=st&utm_medium=en&utm_campaign=inno&ana=e_n&utm_content=au

mint 3/15? that's like 6 months NFT time. But thanks for the link!

ZB'Tejas · January 28, 2022

On 1/25/2022 at 5:20 PM, Nice Guy Eddie said:

Let us know what you do with the Suites.

Floor was 13 SOL a few days ago and jumped to 19 this morning. I went ahead and bought a 3 digit one just to get in and see what happens.

gyroprotagonist · January 28, 2022

i tried to get into sol nfts. bought in to 2 duds right off the bat then just liquidated my sol holding to fiat before it tanked. guess it's a good time to buy back in for messing around with nfts.

who are good people to follow on twitter for sol nfts?

jimmyjazz · January 28, 2022

Question from a neophyte: one of my best buddies is a terrific, moderately-well-known artist in central Texas. If he creates an NFT of a painting and transacts it, what are his rights regarding the original artwork? Not digital, actual hand-painted art, the NFT would be a scan or photo.

Nice Guy Eddie · January 29, 2022

1 hour ago, jimmyjazz said:

Question from a neophyte: one of my best buddies is a terrific, moderately-well-known artist in central Texas. If he creates an NFT of a painting and transacts it, what are his rights regarding the original artwork? Not digital, actual hand-painted art, the NFT would be a scan or photo.

He would own the original, and he can earn a percent if anyone ever resells the scan/photo.

I assume he would not allow the buyer of the reproduction to license the use of the image. That could reduce the value of the nft. There is an aspect of nfts that people want to fully own the artwork and any usage of it.

I would also recommend creating X copies of the art for sale. And not screw over the buyers by creating additional copies later. You can only burn your reputation once.

jimmyjazz · January 29, 2022

21 hours ago, Nice Guy Eddie said:

I would also recommend creating X copies of the art for sale.

When you say "copies" are you talking NFTs or physical prints? He is very adept at the latter, has done it for decades, knows that part in and out. (Some of his art that I own are prints, some are originals.)

gyroprotagonist · January 31, 2022

i am not super plugged into the art scene, but have not seen artists scan previous work and then convert that into an NFT. most are originally digitally drawn and then sometimes they will make a physical copy for the holder. I guess it could work in reverse.

What @Nice Guy Eddie is talking about is collectors like to know there is a finite amount of these things. If the artist says this collection will have 10 paintings and they sell out and the floor price shoots up to 5eth, it would be a disaster if the artist decided to make another 10 or 50 of the same collection after the fact (even worse if they just made more straight up copies of previous works). rarity and exclusivity are highly valued in the nft space.

i have seen artist posting on twitter that it can take 8/12/16 months before even 1 pc gets sold, so it can be something to put out there but probably not instant gratification. Plus there will be a cost for a dev to make the smart contracts. Add in time spent curating a social media presence for exposure.

https://discord.gg/VySqukNvfD This is a discord I am in (but don't frequent too much) they host a different artist every month and make their works available to their members (for a small discount) and the public. usually host some ama's with the artist and things like that. Even these don't gain too much traction, tbh.

Generative art is big in the nft art scene. letting an algorithm dictate how a base structure will generate. it guarantees the randomness collectors like where each piece won't be the same.

Queen Bitch · January 31, 2022

Not trying to dunk, legit trying to understand.

Why would you want to open a scan of art, as opposed to owning the only physical copy of said art that exists?

Nice Guy Eddie · January 31, 2022

1 hour ago, Queen Bitch said:

Not trying to dunk, legit trying to understand.

Why would you want to open a scan of art, as opposed to owning the only physical copy of said art that exists?

I'm unsure if physical art has transferred with much success to NFTs. I could be wrong. NFTs seem to be the domain of digital artists.

At the end of the day, art NFTs are about speculation and support of the artist. But it's really about speculation that you can sell it for more later on.

Queen Bitch · January 31, 2022

17 minutes ago, Nice Guy Eddie said:

I'm unsure if physical art has transferred with much success to NFTs. I could be wrong. NFTs seem to be the domain of digital artists.

At the end of the day, art NFTs are about speculation and support of the artist. But it's really about speculation that you can sell it for more later on.

But doesn't the artist still own the original? Who's to say he or she can't sell that to someone else? And how is a carbon copy of a thing worth more than the actual thing?

(I know this sounds combative, I swear I'm trying to understand. Thanks in advance.)

Nice Guy Eddie · January 31, 2022

Usually the nft artist is selling the original, or selling a set number of them. As in, I’m selling 5 of these, serial # 1-5.

gyroprotagonist · February 1, 2022

Think you had a bad day?

gyroprotagonist · February 1, 2022

36 minutes ago, Queen Bitch said:

But doesn't the artist still own the original?

Depends. Artists can set the terms. Some NFT projects give holders all the rights (to their specific piece; not overall rights to a broader series) some retain some/all rights.

Quote

Who's to say he or she can't sell that to someone else?

They can. But this would kill their rep and discourage future buyers from buying from them and from buying on open market. Say the artist gets popular and has 5 works all owned by collectors. the floor (min price to buy any of the 5 pieces) which is set by the current owner has risen from $300 to $5000. This price is based on the fact their are only 5 of these pieces. if the artist makes copies digital or physical to sell to others, then that scarcity goes down and no one would buy one of the existing pieces at $5000 because there exists the threat that the artist would increase supply and undercut the market price. The artist gets 5-10% of each sale so if their work gets to the point where it is desirable and the price is rising and it is changing owners frequently, they are making $ on each sale of the original (vs traditional art where they only get the initial sale price). It's in their interest to to want rare pieces that explode in price on the open market and that it changes hands frequently. Fidenzas https://opensea.io/collection/fidenza-by-tyler-hobbs are a collection of 999 works of art that skyrocketed in value past 100eth. Each sale at that level netted the artist 5-10eth. This is the exception obviously, but if this artist were to just create another one and try to sell it, it would crater the market for their work.

Quote

And how is a carbon copy of a thing worth more than the actual thing?

i don't think copying existing physical media into a digital format would be. Most successful projects are original works of digital art afik. Some artists offer the initial purchaser a physical companion piece as a bonus.

ZB'Tejas · February 6, 2022

Has anyone bought anything dealing with the Metaverse?

I bought a Suite but some of the other SOL projects like Portals look interesting. Portals are now a floor of 70 SOL but some other one (LUX Real Estate) just minted and is sitting around 7 SOL. The portals look like a place you can decorate and perhaps show off your NFT collection but will have gaming elements to it.

ATexanAbroad · February 6, 2022

Im trying to read this thread but jesus christ its like learning a different language. What the hell are you guys talking about?!

gyroprotagonist · February 6, 2022

46 minutes ago, ZB'Tejas said:

Has anyone bought anything dealing with the Metaverse?

I bought a Suite but some of the other SOL projects like Portals look interesting. Portals are now a floor of 70 SOL but some other one (LUX Real Estate) just minted and is sitting around 7 SOL. The portals look like a place you can decorate and perhaps show off your NFT collection but will have gaming elements to it.

from what i have seen, the biggest win for true metaverse stuff is the online gambling/poker in decentraland. people are making a ton basically renting out clothes/fashion stuff to people who want it and be seen there. I don't fully understand the mechanics, but the poker rooms were driving the most traffic.

lots of projects have sandbox avatars that you can get of another 'brand' of nft that you own.

48 minutes ago, ATexanAbroad said:

Im trying to read this thread but jesus christ its like learning a different language. What the hell are you guys talking about?!

only way to learn is to drink from the firehose, lol.

ZB'Tejas · February 6, 2022

only way to learn is to drink from the firehose, lol.

Is that from owning a parcel in Decentraland? I see people selling parcels for all amounts but have not looked into what options there are once you own it and how easy that would be.

Sent from my iPhone using Tapatalk

gyroprotagonist · February 8, 2022

On 2/6/2022 at 3:13 PM, ZB'Tejas said:

Is that from owning a parcel in Decentraland? I see people selling parcels for all amounts but have not looked into what options there are once you own it and how easy that would be.

Sent from my iPhone using Tapatalk

i don't think land is a requirement. this seems specific to decentral games https://decentral.games/

https://opensea.io/collection/decentral-games-ice?search[sortAscending]=true&search[sortBy]=PRICE&search[toggles][0]=BUY_NOW

- $6K for a pair of digital sunglasses

jimmyjazz · February 8, 2022

On 1/31/2022 at 6:28 PM, gyroprotagonist said:

i don't think copying existing physical media into a digital format would be. Most successful projects are original works of digital art afik.

What's the difference, and who would know? If someone paints a piece and does a high-res scan, then it's digital. Can it be proven that it wasn't created in the computer? Maybe it depends on style and technique (brush strokes, etc.). The converse would seem to be true, too -- create a piece of digital art and print it out. The difference there, I suppose, is that the media is more apparent (i.e., it's not oil or acrylic or watercolor, etc.).

gyroprotagonist · February 8, 2022

47 minutes ago, jimmyjazz said:

What's the difference, and who would know? If someone paints a piece and does a high-res scan, then it's digital. Can it be proven that it wasn't created in the computer? Maybe it depends on style and technique (brush strokes, etc.). The converse would seem to be true, too -- create a piece of digital art and print it out. The difference there, I suppose, is that the media is more apparent (i.e., it's not oil or acrylic or watercolor, etc.).

just giving my opinion based my limited exposure to this stuff and i did not even stay at a digital holiday inn express last night. There are no rules; only what catches a buyer's eye. I have seen one artist that was a sculptor and sold nfts based on his pieces (the nfts were generative) and also included physical pieces for a very limited number of nft holders.

Nice Guy Eddie · February 9, 2022

15 hours ago, jimmyjazz said:

What's the difference, and who would know? If someone paints a piece and does a high-res scan, then it's digital. Can it be proven that it wasn't created in the computer? Maybe it depends on style and technique (brush strokes, etc.). The converse would seem to be true, too -- create a piece of digital art and print it out. The difference there, I suppose, is that the media is more apparent (i.e., it's not oil or acrylic or watercolor, etc.).

No offense but if an artist is looking to deceive their collectors, no one is going to touch them in the NFT space. Known scarcity is an important aspect and that is related to the artists integrity.

I imagine there are artists that claim their physical painting is one of a kind, and as soon as a buyer walks out with the purchase, the artist pulls out another copy from the storeroom. Who would know. That doesn’t fly with NFTs and it’s immediately discovered.

my advice is to find a gallery or resource that has experience in helping artists move into NFTs. If the artist sets an ongoing royalty percentage, make sure he/she owns the wallet. Meaning no one else has the security keys.

finally NFTs can be more than the art. Besides appreciation of the art itself, what else can your friend offer that only the NFT buyer would receive?

gyroprotagonist · February 14, 2022

anyone still holding their $LOOKS? debating whether to buy back in. once the rewards are cut and the wash trading dies down it should stabilize and then maybe LR can finally get some organic growth and we can see what normal sales on the platform look like.

Nice Guy Eddie · February 14, 2022

12 minutes ago, gyroprotagonist said:

anyone still holding their $LOOKS? debating whether to buy back in. once the rewards are cut and the wash trading dies down it should stabilize and then maybe LR can finally get some organic growth and we can see what normal sales on the platform look like.

I'm still in. The initial 30-day reward has already occurred and it appears that most NFT traders and stakers are aware of the ~50% drop in LOOKS rewards. This has dropped the wash sales approximately in half. See chart below.

This new reward phase is set for 90 days. The staking rewards will still be worth it unless the overall LOOKS price drops by another 50%.

gyroprotagonist · February 14, 2022

i peaced out maybe 6 days ago around ~$3.65 but tempted to buy back in close to $2 now.

Nice Guy Eddie · February 14, 2022

16 minutes ago, gyroprotagonist said:

i peaced out maybe 6 days ago around ~$3.65 but tempted to buy back in close to $2 now.

First off, good sell. Second, I think this price drop is an over-reaction from the market that became too accustomed to a short-term crazy promo. The current promo is still damn good by itself but definitely pales in comparison.

From the last few days of WETH rewards, I've seen a daily WETH return of .5% per day when normalizing both coins (LOOKS and ETH) to USD value. Over the ~90 days of Phase 2 rewards that would approach 45% return in WETH. (And for this basic calc, I'm even ignoring the LOOKS staking rewards that I would earn which by itself isn't bad.)

I'm liquidating some assets to buy more LOOKS.

One last thing, there is a positive aspect to the reduced rewards: fewer new LOOKS token being dumped into circulation every day, either for sale on the exchanges or auto-added to staking.

gyroprotagonist · February 14, 2022

yeah, i told myself i would try and hold till it dipped past $4, but wanted to make sure and get a big return. all in all about $8K for free after gas fees. I did buy back in for 1000 this morning, so you can blame me if it dumps.

Nice Guy Eddie · February 15, 2022

5 hours ago, gyroprotagonist said:

yeah, i told myself i would try and hold till it dipped past $4, but wanted to make sure and get a big return. all in all about $8K for free after gas fees. I did buy back in for 1000 this morning, so you can blame me if it dumps.

The continued drop in Looks is troubling. Their yield is indirectly determined by the token price. If no one has faith in their token price, the economic model collapses.

Speculation isn’t always easy.

brownboy · February 15, 2022

On 2/6/2022 at 11:31 AM, ZB'Tejas said:

Has anyone bought anything dealing with the Metaverse?

That reminds me I need to check on my Geocities South Beach place

gyroprotagonist · February 15, 2022

51 minutes ago, Nice Guy Eddie said:

Speculation isn’t always easy.

i am in the 'take the $ and run' camp for the most part. it's easy to use the old adage 'you can't go broke taking profit'. Other times you sell a Mutant Ape for 8eth and 3 months later it's at 20eth.

Nice Guy Eddie · February 16, 2022

23 hours ago, gyroprotagonist said:

i am in the 'take the $ and run' camp for the most part. it's easy to use the old adage 'you can't go broke taking profit'. Other times you sell a Mutant Ape for 8eth and 3 months later it's at 20eth.

I decided to take a break from Looksrare. Unstaked and sold the tokens. Perhaps it will jump to $5 but I got a little unsure about their business model with the recent reward drop/reaction. I would rather lose the potential rewards than see a further drop.

Irieguy · February 28, 2022

I hit the TopShot lottery again. I got a Lebron S1 debut($7k) from a reserve pack. These are the packs that cost 350 trade tickets(cost me $1,000 when I bought the 350 moments months ago). I didn’t get a pack for months and the trade tickets sat in my account accomplishing nothing. I will definitely not do reserve packs again. But man what a rush to turn a bad investment into gold with big time luck.

Irieguy · March 6, 2022

If any of you still have “worthless” moments on TopShot you can start trading them in for trade tickets and spend the trade tickets on packs. The trade in value is $1.90 per moment and the first pack drop is Tuesday.

Nice Guy Eddie · March 6, 2022

32 minutes ago, Irieguy said:

If any of you still have “worthless” moments on TopShot you can start trading them in for trade tickets and spend the trade tickets on packs. The trade in value is $1.90 per moment and the first pack drop is Tuesday.

I traded in about 50 S3 duplicates earlier today. I’m a bit confused about what happens with these moments but I gather they will be burnt, which helps with the overall scarcity.

I read many collectors whining about negative EV with many of the recent packs. I understand but when you hit a valuable moment, it can more than cover the previous costs.

Irieguy · March 6, 2022

2 hours ago, Nice Guy Eddie said:

I traded in about 50 S3 duplicates earlier today. I’m a bit confused about what happens with these moments but I gather they will be burnt, which helps with the overall scarcity.

I read many collectors whining about negative EV with many of the recent packs. I understand but when you hit a valuable moment, it can more than cover the previous costs.

The moments don’t get “burned”. They go to a LockerRoom account. Those moments could then be loaded to locker room packs that cost 4 moments to get 3. So the size of the LockerRoom will keep growing which is almost the same as burning. 🤷🏻‍♂️ The last few packs haven’t been negative EV but they have a lot of variance so people are complaining.

ZB'Tejas · March 17, 2022

Finally got pretty lucky on the drop today. Cashed in 25 moments for the trade tickets and made the drop. Then pulled a Legendary Rudy Gobert. Not the best player but first Legendary moment for me.

NoName · March 17, 2022

On 3/5/2022 at 6:55 PM, Nice Guy Eddie said:

I read many collectors whining about negative EV with many of the recent packs. I understand but when you hit a valuable moment, it can more than cover the previous costs.

i never had a s3 pack with a positive EV. all 30+ s3 moments i have are only worth $3, with 1 exception with is worth.............$4.

s3 really fucked me

Nice Guy Eddie · March 17, 2022

1 hour ago, NoName said:

i never had a s3 pack with a positive EV. all 30+ s3 moments i have are only worth $3, with 1 exception with is worth.............$4.

s3 really fucked me

I see Top Shot's biggest failure with S3 is their inability to attract new customers. If they had tripled or quadrupled their core customer base, then it wouldn't have mattered if they increased the base set by >50%. Instead the customer growth appears to relatively anemic this season AND they bumped up the numbers.

I agree that the s3 common packs are all negative EV. I have made some s3 money with 1 legendary pack moment and a few rare ones.

gyroprotagonist · March 28, 2022

On 2/16/2022 at 8:07 AM, Nice Guy Eddie said:

I decided to take a break from Looksrare. Unstaked and sold the tokens. Perhaps it will jump to $5 but I got a little unsure about their business model with the recent reward drop/reaction. I would rather lose the potential rewards than see a further drop.

$LOOKS is back up and touched $2.25 today. Just going to let my re-buy ride for the foreseeable future. I think the founders had some/most of their issued amount locked, so maybe sell before that. All the little gaming coins/sidechains have been trending up the past week. JEWEL has doubled; RAIDER is up 60%. Same for SAND and MAGIC

gyroprotagonist · April 1, 2022

PSA - should probably change your discord password and remove the capcha.bot ap. strong indication that the source code was stolen and some discords were hacked through that.

The Royal We · April 1, 2022

Yup, I did that this morning.

Fudge Nuggets · April 11, 2022

Is there any way to short sell this crap?

gyroprotagonist · April 12, 2022

21 hours ago, Fudge Nuggets said:

Is there any way to short sell this crap?

to short an NFT? no. same way you cannot short the value of a baseball card.

some of the NFTs have tokens/coins tied to them. But they may or may not be shortable depending on if they are traded on a cex and if the cex allows margin/leverage trading for that coin.

Vegas64 · April 14, 2022

On 4/11/2022 at 12:56 PM, Fudge Nuggets said:

Is there any way to short sell this crap?

In March 2021, a crypto entrepreneur bought an NFT of Twitter founder Jack Dorsey’s first tweet for $2.9 million. Last week he listed it for $48 million, promising to donate half of the proceeds to charity. But when the auction closed yesterday, the top bid was…$277.

gyroprotagonist · April 14, 2022

1 hour ago, Vegas64 said:

In March 2021, a crypto entrepreneur bought an NFT of Twitter founder Jack Dorsey’s first tweet for $2.9 million. Last week he listed it for $48 million, promising to donate half of the proceeds to charity. But when the auction closed yesterday, the top bid was…$277.

it's only a loss if you sell

Incredulity · April 14, 2022

4 hours ago, gyroprotagonist said:

it's only a loss if you sell

Mark to market

gyroprotagonist · April 15, 2022

1/1 NFTs of 'real life moments' seem like a bad play to buy given what i have learned wading around the nft space the last year, but all it takes is one richer fool to want it. But it is such a niche item that there is not going to be mass fomo or the lure of a 'track record' of other similar items going up in value and showing volume sales to draw potential buyers. i guess that's why they went the auction route to try and sell.

Below is the time line for this art collection (Fidenzas). Sold for ~0.2eth from the artist almost a year ago, then peaked around 600eth (chart is avg sale price). There were sales above 1000 eth on these. Now the floor is 50eth or so. you can see a typical transaction pattern below the graph where the first person that bought is the only one to make money and the rest were catching falling knives. Well in this case the first person that minted for 0.2 sold it immediately for 1eth. Then that person held it for 5 months and sold it of 95 eth.

No real point in posting this, but you never know what is going to take off.

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