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Nonfungible Tokens (NFT’s)

DonkeyCigars

By DonkeyCigars
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FWD

FWD 297

Posted
Posted
On 4/14/2022 at 9:12 AM, 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.

 

This makes no sense. Who would pay $277 for a screenshot of a tweet?

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imagine trying to decipher this sentence just ~5 years ago.

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I don’t want to clog up the board but I opened my $199 Rising Stars pack and got an awesome pull LaMelo Ball #774 of 2021. I’m going to list it as soon as possible and am hoping for at least $8K. Shou

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gyroprotagonist

gyroprotagonist 2592

Posted
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On 4/17/2022 at 10:02 PM, gyroprotagonist said:

Don't ask me. i just sold a pixelated owl for $57,000 that i bought yesterday for $7k.  Not sure i made the right call to sell either.

narrator:  You did not

lol but cry inside.  these are now ~38eth give or take.  $110K if you are scoring from home.  profit is profit but damn, this was the craziest run up i have ever seen.  some rare ones went for $1M over the weekend. 

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Nice Guy Eddie

Nice Guy Eddie 13512

Posted
Posted
1 hour ago, gyroprotagonist said:

narrator:  You did not

lol but cry inside.  these are now ~38eth give or take.  $110K if you are scoring from home.  profit is profit but damn, this was the craziest run up i have ever seen.  some rare ones went for $1M over the weekend. 

hindsight is 20/20. 

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ZB'Tejas

ZB'Tejas 593

Posted
Posted
narrator:  You did not
lol but cry inside.  these are now ~38eth give or take.  $110K if you are scoring from home.  profit is profit but damn, this was the craziest run up i have ever seen.  some rare ones went for $1M over the weekend. 

What was so special about the owl? It seems like an NFT should have some unique quality for it to go up like that.

My portal/ suite is still just treading water.

BAYC land sale is interesting. I only saw it from discord the other day… will it be just another universe like sand that you can buy and own a piece of?


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gyroprotagonist

gyroprotagonist 2592

Posted
Posted
56 minutes ago, ZB'Tejas said:


What was so special about the owl? It seems like an NFT should have some unique quality for it to go up like that.

My portal/ suite is still just treading water.

BAYC land sale is interesting. I only saw it from discord the other day… will it be just another universe like sand that you can buy and own a piece of?


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basically this dude already had a limited 1000 unit NFT pass that was at 90eth floor.  that one was a token that got you in an exclusive alpha discord and access to free higher value drops/mints.  main founder is fully doxxed and has 1.6M followers on twitter (Kevin Rose)

2K of the moonbirds were given out free to the 1K pass holders and the other 8K were set aside to go to people who won a raffle for the right to spend 2.5e on a pixelated owl.  there was soooooo much fomo on people that did not win the raffle that it took off like no other NFT in history. 

as to BAYC land, no one knows too much about what it will really entail.  again, just rampant hype and demand revolving around the #1 brand in NFTs.  could be a mmo game/environment.  I plan to buy as much as i can lol.  selling the ape coin as it nears $20 would be a nice little profit, but i think minting the land and selling that on the open market will be more lucrative.  

people buying $APE and getting liquid for the land sale is basically crashing some of the other NFT floors.  I think the moonbirds was down to 25eth today.  

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gyroprotagonist

gyroprotagonist 2592

Posted
Posted

NFT prices have pretty much pegged with ETH price (relative to the $) whereas before NFT prices would generally just follow market trends and the price of ETH did not affect the pricing of NFT too much.  So everything is down and people are generally bummed out right now but still looking out for the next big thing lol

does not sound like they are bringing anything new to the table.  Opensea remains the dominant force in NFT marketplaces.  I would expect this flop or not make any impact at all.  Coinbase tried this and their marketplace got basically zero traction.

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gyroprotagonist

gyroprotagonist 2592

Posted
Posted
34 minutes ago, Blotto said:

Lulz. $14M loss on this?

image.png.55eca920751b0e4c8795b87e0e5f83a1.png

im sure it was all originally paid for by profit on other crypto/nft shit. At least I hope so. 

i would say a lot of the super high crazy prices are for sure (paid for by previous gains)  i have been knocking around in the space for >1yr and still amazed at the money buying things at the top.  There are ways to tax harvest legally and illegally by selling a high priced asset and then buying it back at a low price.  but yeah, when people have made 100x/1000x on flips the ETH probably starts to look like casino chips.  That said there never seems to be an end to people who perpetually seem to buy at the top.  It's a running joke in the community that Steve Aoki always buys at the top and after he gets in a project it will tank in price.  

  

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Nice Guy Eddie

Nice Guy Eddie 13512

Posted
Posted (edited)
On 6/23/2022 at 3:56 PM, FWD said:

 

 

Obviously everyone uses USD as the ultimate valuation but he bought it for 8,000 ETH and is now listing it for 9,000 ETH.

Some crypto investors value their holdings in btc or eth. It doesn’t mean they don’t recognize the lower usd value. They’re not blind.  If this owner would have kept the 8000 ETH as ETH instead of buying the NFT, a sale for 9000 is a gain. 

Edited by Nice Guy Eddie
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gyroprotagonist

gyroprotagonist 2592

Posted
Posted

lulz candidate of the summer

 

This dude is pretty well known.  He has like 50+ BAYC nfts.  he was fucking around and getting cute by minting an ENS name "stop-doing-fake-bids-its-honestly-lame-my-guy.eth"

- Then he put in a 'fake' 100 ETH bid on his own nft to be funny

- Next he accepted a bid of 1.89 ETH (and went on twitter to brag about it) for the same nft but forgot to cancel his own 100 ETH bid.  Even when nfts change hands, the bids on the blockchain stay there until canceled.

- the buyer immediately accepted that 100 ETH bid and made a cool 98 ETH off of that dumbass

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gyroprotagonist

gyroprotagonist 2592

Posted
Posted

for a lot of the images associated with NFTs, the graphic files are hosted on other servers.  The blockchain contract 'points' to those websites to link the image and then pull it up when a website references an NFT blockchain.  So the NFT is not really gone, but the image link is broken.  could probably be fixed by whoever has the keys to the contract, but i don't think the holders themselves could fix the issue of getting the image to display properly.

I really have no idea how FTX did their NFTs though.  so my explanation could be way off.  what i described above was in reference to ETH based NFTs.

I don't think i have made a single transaction in 7+ months as there is just no money to be made like in the 'old' days (well, no easy money).  Still follow the action a little on twitter and a few discords but had liquidated a lot of my stuff in Dec of last year.   

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Captainant

Captainant 27668

Posted
Posted
5 minutes ago, gyroprotagonist said:

this has to be the bottom

sooooooooooooooooo many magas are going get wrekt trying to buy these.  i have not even looked, are they are matic chain?

lmao I just looked and they do actually publish a hideously unreadable "NFT OWNER AGREEMENT" that only mentions the word "blockchain" four times but not which blockchain your NFT's will be registered to.

Oh, and there's a perpetual 10% sale royalty attached to any future sale of the NFT as well lololololol

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gyroprotagonist

gyroprotagonist 2592

Posted
Posted
On 12/18/2022 at 6:05 PM, YGIFS said:

C'mon, one of you moronic cunts fess up and admit you bought one of his trading cards.  It's okay, being stupid isn't a sin.  

Be a fucking man and admit what you did.  Be brave.  Be bold.  Be a cunt.

i've been pretty much out of the game for quite some time, but if you minted those, you could have sold for a profit a short time later.  i was actually kinda surprised at that and thought they would flop.  

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BehoId, The Underminer!

BehoId, The Underminer! 11669

Posted
Posted

Sotheby’s, others sued by Bared Ape owners.  TURNS OUT THEY DIDNT HOLD VALUE!!!

Quote

‘Bored Apes’ investors sue Sotheby’s, Paris Hilton and others as NFT prices collapse

By Christy Choi, CNN

230817130448-bored-ape-yacht-club-logo.j
CNN  —  none

A group of investors is suing Sotheby’s Holdings Inc. and others over a 2021 auction and promotion of Bored Ape Yacht Club non-fungible tokens (NFTs) following a collapse in prices for the celebrity-endorsed collectibles.

The four named plaintiffs in the class action lawsuit allege that the auction house “misleadingly promoted” the NFTs and colluded with creator Yuga Labs to artificially inflate their prices.

Sotheby’s is among 30 defendants named in the lawsuit, with celebrities like Justin Bieber and Paris Hilton also accused of promoting the NFT collection without disclosing their financial links to it.

 

According to cryptocurrency market tracker CoinGecko, the colorful digital illustrations of apes can now be bought for as little as $52,445. As recently as May 2022, the cheapest would have cost collectors over $400,000.

In September 2021, Sotheby’s sold over 100 of the NFTs to a single buyer in an online auction for more than $24 million, beating the pre-sale estimate of $12 million to $18 million.

The amended lawsuit, which was originally filed in December without naming Sotheby’s as a defendant, claims the sale was “deceptive” and that the auction house had been hired by blockchain company Yuga Labs to “generate investors’ interest and hype around the Bored Ape brand.”

“Sotheby’s representations that the undisclosed buyer was a ‘traditional’ collector had misleadingly created the impression that the market for (Bored Ape Yacht Club) NFTs had crossed over to a mainstream audience,” the plaintiffs’ legal team added in a complaint filed in a federal court in California earlier this month.

In a statement emailed to CNN, the auction house said: “The allegations in this suit are baseless, and Sotheby’s is prepared to vigorously defend itself.”

Representatives for Paris Hilton, whom the lawsuit accuses of having “feigned interest” in the NFTs for financial gain, and Justin Bieber did not respond to CNN’s requests for comment.

A spokesperson for Yuga Labs meanwhile said, via email: “We believe that these new allegations, like those in the previous iteration of this opportunistic complaint, are completely without merit or factual basis.

“As a media and technology company, Yuga Labs has empowered strong communities of enthusiasts and entrepreneurs to innovate, connect, and build. Their creativity has fostered community-driven projects that have captured the imagination of people around the world. That’s the story worth telling.”

The investors — a term that Yuga Labs’ spokesperson rejected, instead calling them “alleged purchasers of our products” — are seeking a jury trial and have requested more than $5 million in damages.

Market in freefall 

NFTs are used to transform works of art and other digital collectibles into one-of-a-kind, verifiable assets that can be traded via blockchains.

 

Prices soared in 2021, with an NFT of Twitter founder Jack Dorsey’s first ever tweet selling for $2.9 million, a video clip of LeBron James making a slam dunk fetching over $200,000 and a “Nyan Cat” GIF going for $600,000. The first virtual NFT artwork to sell at a major auction house, “Everydays: The First 5000 Days” by a digital artist who goes by “Beeple,” fetched a record $69 million at Sotheby’s rival, Christie’s.

The Bored Ape Yacht Club, a collection of 10,000 NFTs hosted on the Ethereum blockchain, launched in April 2021. The images feature cartoon apes with computer-generated features and accessories, such as gold fur, laser eyes, “hip hop clothes,” a “sushi chef” headband or a sailor hat.

The lawsuit against their creator also names several other companies involved in promoting the NFTs, such as sportswear giant Adidas, claiming they conspired in a “vast scheme” to artificially inflate prices.

Crypto payments company MoonPay is meanwhile also accused of market manipulation. The lawsuit says that Yuga Labs used MoonPay to “discreetly pay their celebrity cohorts” and make interest in the NFTs “appear to be organic” rather than the result of a paid promotion.

The amended court filing also contains testimony from a “confidential witness” — supposedly a former compliance employee at MoonPay — claiming to have sent a memo warning MoonPay that it was “potentially running afoul of securities laws” as celebrities were promoting the NFT products without disclosing their financial interests in them.

Neither Adidas nor MoonPay responded to CNN’s request for comment.

The lawsuit comes as huge swaths of the digital asset space — which includes NFTs and the cryptocurrencies usually used to buy them — are going bust after a pandemic-driven boom. It is one of several cryptocurrency-related casesbrought to court in recent months.

Bored Ape Yacht Club was a major beneficiary of the celebrity hype, that helped attract new consumers to crypto — an industry rife with manipulation and fraud, and one that US regulators are now more closely scrutinizing in the wake of the collapse of crypto exchange FTX.

In March this year, the Securities and Exchange Commission charged eight celebrities for not disclosing they were paid to promote cryptocurrencies.

 

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