Post
Topic
Board Beginners & Help
Merits 4 from 2 users
Re: Non Fungible Token (NFT) questions
by
Heisenberg_Hunter
on 01/03/2021, 18:15:56 UTC
⭐ Merited by webtricks (3) ,Maus0728 (1)
A few things can never be recreated and one such thing is art. For some really good artworks, even if the artist think of recreating it he could not get to the near perfection as they did the first. There are quite a few of artists in bitcointalk like @Corrosive whose original corroded plate art can never be recreated even by themselves because each corrosion is unique. Here Digital Art in the form of NFTs are nothing but funny speculative shits just for the riches and people who are willing to take a good amount of risk by bidding on a digital art Grin

At the time of writing, Grimes Death of the Old Digital Art is auctioned and the current high bid stands for nearly $300,000 : Grimes Death of the Old Shocked Will any normal person pay $300,000 just for a digital video? This is why true crypto enthusiasts call Digital Art and Games based on NFT are highly speculative and they won't sustain for a longer period of time. Digital Art can never replace the brilliance of Physical Art (atleast this is my thought on the speculative NFT market)

NFT's are just a digital version of the traditional document "Certificate of Authenticity" or COA that has the verified signature and important elements provided by the artist in it right?
More or less yes but NFT is something more than that. NFT also comprises of online blockchain based gaming too.

Quote
Meaning NFT's doesn't provide any investment opportunities where you can easily re-sell the copy of the digital image that you bought from the artist to another art collector at a higher price?
You can and this is how the digital art market is functioning. You sell the same digital image or video at a higher price to another collector who like the art for higher price. Popular digital artists like Trevor Jones and Lucho Poletti art sells for 10x sometimes within 10 months of the creation of the digital art. I believe this is equivalent to Tulip Mania where if any popular artist does something normal and launches on the platform it would easily sell for a few millions!

Quote
So NFT's that is viewed as a money making opportunity is just bullshit right?
exactly, it would pump till there is a burst of the bubble but bursting would happen sometime soon and during the time people would be facing severe losses for sure. Be aware of receiving some harsh comments from people who are new to crypto market, they would just shill NFT and if you tend to prove that wrong they would start teasing you as if you are a no-brainer Grin (happened in my case)