Did Ya See? NFT Bought For 2.9 Million Can't Sell For More Than $280
DaremoK3
Posts: 762
Did Ya See? NFT Bought For 2.9 Million Can't Sell For More Than $280 dollars...
Okay, it wasn't "art", but it is a NFT. Reports circulating are that he expected upwards of 50 million for the re-sell, but only a handful of buyers were even bidding and the top bid came in for only $280.00 US dollars.
Now, I'm no mathematician, but I believe if this will be the result of any future offerings, he will keep his "investment" or suffer a huge loss.
I wonder if this will start a trend of things to come...
What do you think?
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Comments
The house of cards is starting to fall apart
One of the developers of ethereum was arrested
https://yro.slashdot.org/story/22/04/14/2146247/ethereum-dev-imprisoned-for-helping-north-korea-evade-sanctions.
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I'm sure there's a tax loophole for the wealthy that will let him write the loss off of his taxes.
Well, technically they did leave the bidding open and as of April 14, it had risen to $10,000... so now it's only more or less a 99% drop in value.
You hear that folks!... NFTs are not worthless!... You can still recover around 1% of the price if you are lucky.
The "house of imaginary cards" might be more appropriate.
Y'know, if it was a tangible object I'd almost, ALMOST, be willing to pay 280 bucks for something that was once valued at 2.8 million just for the bragging rights of having it as a conversation piece. But it'd have to be a physical object I could actually hold in my hands and show people...
It is funny when Beeple did his auction he put his image on an e-frame that showed the image the purchaser had bought. I thought that alone was a really good idea. A way for digital artists to sell something physical and even unique to people who actually like their art.
I can't wait for this whole fad to disintegrate. I won't even stupid-shame the people who went all in on it, I just wanna see it gone.
Yes. NFTs are a scam. Most trades are wash trades or fools parted with their money. Roger explains it far better than I ever could.
with the Terra UST and Luna crash going on Cyptocurrency may lose some of it's shine and hopefully NFTs as well
an awful lot of people look forward to the demise of it all and I am one of them
It's crazy to me that people want such a volatile digital asset like cryptocurrency can or should replace traditional currency when massive deflation can erase millions or billions of dollars overnight at any moment. It's almost as crazy as their seemingly deepseated belief that it can simultaneously replace traditional currency and constantly accrue in value, as if wealth can continually spring from nothing without that having some kind of broader economic effect. Unless the idea is that the value would stabilize, but while "stable" is what people wanted from stablecoin like Terra, Bitcoin and traditional crypto folk usually are after "to the moon!" (Disclaimer: Not an accusation of illegal/improper behavior, as there is nothing wrong with wanting an investment to pay off).
NFT circles always seem more focused on sales than buying thouh, so it seems probable there's far more product than demand. Everyone wants to be a seller, but almost no one talks about wanting to be a buyer or being a buyer. How can the market function like that?
On the plus side, I've pretty much moved entirely to Blender at this point, and am saving a lot of money thanks to Daz's dedication to NFTs (my resolve was almost broken once but a forum incident reminded me why I've largely moved on). My Zbrush subscription is far less than I used to spend on Daz, and I've had a lot of fun learning to model and rig my own characters. Still got to work on texturing and clothes, but I don't think I was ever happy with a single Daz texture out of the box, and it sounded like a lot of the Daz quality has gone down since dynamic clothing became a replacement for proper modeling and topology? Haven't bought any in forever, and never quite moved all the way to G8 given how many of the basic morphs disappeared between generations, but I saw a lot of complaints about QA last time I was around here.
I hope this means DAZ staff also realises NFT is really worth promoting anymore and removes all mention of it. It's not an asset anymore to be in.
The amount of NFT succes stories in this forum hovers around 0 think.
OTOH, the forums are a very small cross-section of the customer base, so it would be problematic to count on only what occurs here. I have heard of success stories. So be careful to assume you see a full story within the forums. Not everyone here posts. Not everyone is in the forums.
Respectfully, considering the aggressive disdain we see for NFTs in mainstream society, what is there to suggest the Daz forum isn't a representative slice of the Daz community in this situation? It seems to be fairly representative of how NFTs are perceived in the wider society, so why not also Daz? Daz's official NFTs don't seem to be in high demand, yet Daz has a far larger audience than the average artist will reach, and unlike most sellers, Daz would definitely be a legitimate, verifiable, and trustworthy source to buy from.
Both within the Daz forums, and outside, a lot of people are ignoring NFTs, a lot of people hate them, some people want to sell them, but almost no one talks about buying them. So perhaps the better question would be, how many people truly have both the wealth and inclination to buy NFTs, and is there enough of them to support the number of artists and sheer volume of NFTs they're producing? NFTs are an expensive commodity, there's an endless supply of them (every token is unique, but there's an endless supply of unique tokens, and sometimes multiple unique tokens point to the same or a very similar image or other digital asset.).
But what is the demand, really? NFT marketplaces don't advertise those figures. I see lots of artists trying to sell, but I see far fewer artists discussing success (a couple yes, but nowhere close to the number I see trying to sell), and I see very, very few people actually showing an interest in buying. That's concerning. There's far less passion for buying than selling - I've had a lot of discussions with NFT enthusiasts, and they're almost never buyers.
A market needs buyers for the sellers to succeed, yet I don't see evidence there's a huge market full of eager buyers who want to spend hundreds or thousands of dollars on a link embedded in block chain. And if this large, wealthy, and eager audience truly does exist, were they not able to figure out how to use all of the other digital online marketplaces, Gumroad, Patreon, Kofi, or even PayPal when they wanted to support artists by paying them all this money? How do NFTs help buyers better spend large amounts of money on art that other platforms couldn't?
A comment was made that there are no success stories. It was worth pointing out that not everyone posts on topics (especially if they are in controversial threads), so a lack of success stories posted, doesn't mean there aren't any.
What is "success" in this case? Making (a lot of) money? I can't help having the feeling that if one is successfull, someone else (and probably more) has lost. You can't make money out of nothing....
My favorite recent comment on NFTs pointed out that the recent crypto crash has massively reduced the price of popular NFTs like the Bored Ape Yacht Club. In other words, you can now get your monkeys for nothing and your chimps for free.
Love the Dire Straits reference!
Brilliant! Thank you for sharing that!
Now its value is $29.
Now THAT is funny ;)
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Current bidding for the JPG of Dorsey's first tweet is now well over USD 700, so if that's not a success story, then I don't know what is.
@ jack 2006-03-21 20:50:14 - Tweets | OpenSea
It also appears that two (2) of the seven thousand seven hundred and seventy-seven (7,777) NFT's produced from the Cronos-7 Visitors series currently being promoted by Daz3D have found homes already and brought in USD 300! Cha-ching! Another success story and a slap for the naysayers!
Crypto.com NFT | Cronos-7 Visitors
Bill Gates: Crypto and NFTs '100% Based on Greater Fool Theory'
In that case he's right.
Exactly.
I am selling air castle certificates, buy them now!
selling them at 50% discount!
Whey-hey! I'm now glad I ventured into this part of the forum ^^
Success stories? You man like $300 Bat Cowls in PNG format?
regardless of my views I will admit the lack of NFT art being posted in this forum is rather disapointing
is anyone actually rendering any or are they afraid of people rightclick downloading it?
Non Funny Clowns
Download what? The NFT is not the image, except in a very few cases using small GIFs, nor would downloading the image have any bearing on the NFT's NFTness.