Make a living selling NFTs?

[Pieter12]

Some people are willing to hand over their personal information and cash to the "CRA/IRS" agent calling them to say the police are on their way to arrest them unless they pay up now... But why should society care if they willingly fall for a harmful scam?

But is an NFT a scam? The puchaser knows exactly what is being bought, there is nothing illegal or unethical about it. The fact is, NFTs are being bought and sold, whether you like it, whether you understand it or not.

 

[Luckless]

But is an NFT a scam? The puchaser knows exactly what is being bought, there is nothing illegal or unethical about it. The fact is, NFTs are being bought and sold, whether you like it, whether you understand it or not.

I do understand NFTs. That's why I can confidently call them out as a scam.

And given how many people trading in them are saying they're buying and selling art, rather than a receipt/contract, would suggest that most people buying them don't actually understand what they're buying...

 

[Pieter12]

I do understand NFTs. That's why I can confidently call them out as a scam.

And given how many people trading in them are saying they're buying and selling art, rather than a receipt/contract, would suggest that most people buying them don't actually understand what they're buying...

Please explain how they are a scam, so I will know.

 

[AgX]

If a photographer was selling an actual photo print and an NFT, why would I buy the NFT rather than the print? It's still not clear to me what you're buying in an NFT.

With the print you only got a piece of paper with an image on. At best that single piece has a financial value, so you might get it sold. But you could not even give it to a museum to show it.
With an NFT you would get certain rights to an image. These might be financially more valuable than a single photographic print of same image.

 

[Pieter12]

With the print you only got a piece of paper with an image on. At best that single piece has a financial value, so might get it sold. But you could not even give it to a museum to show it.
With an NFT you would get certain rights to an image. These might be more valuable than a single photographic print.

From my understanding, with an NFT you own the original, but not the rights. And you can give a print to a museum. In both circumstances, unless otherwise stipulated, the copyright stays with the creator. Many wealthy donors give art so they can (in the USA) write off the market value of the art from their taxes. As the creator of that art, if you were to donate it you can only deduct the actual cost of producing the art, not the market value. Now there's a scam for you!

 

[AgX]

Intellectual Property can include the exhibition of a work, thus a museum or gallery, may not only be restricted in making reproductions of that work, for a catalog etc. but the exposing as such can be restricted.
Also the owner of a work, such as a photographic print, maybe restricted in what to do with this, his own, piece of paper.
But I know that IP justice is very complex, and can vary amongst legislations.

Concerning NFTs, this thread shows that there is big confusion what a NFT actually contains.

 

[Alan Edward Klein]

How do you hang an NFT?

 

[Pieter12]

How do you hang an NFT?

On a video screen.

 

[Sirius Glass]

An NFT has no meaning nor value. If someone wants to spend money on it, "A fool and his money are easily separated."

 

[Pieter12]

An NFT has no meaning nor value. If someone wants to spend money on it, "A fool and his money are easily separated."

Once again, who cares, if you are the recipient of the funds. Are you saying you would refuse a fool's money?

 

[Sirius Glass]

Once again, who cares, if you are the recipient of the funds. Are you saying you would refuse a fool's money?

While that may be true, I do not like taking money from the blind and orphans.

 

[Alan Edward Klein]

How do you hang in there NFT

Once again, who cares, if you are the recipient of the funds. Are you saying you would refuse a fool's money?

YOu're not addressing the issue from the buyer;s standpoint again. Of course the seller is only interested in making money. But you have to convince a buyer that there's a reason to buy an NFT. What is that reason?> To hang it on a video screen? I can do what with a billion pictures from Flickr for nothing. Why would I want to buy an NFT that gives me some practical use?

 

[Cholentpot]

An NFT has no meaning nor value. If someone wants to spend money on it, "A fool and his money are easily separated."

Paper money has no value or meaning. We just let it.

I vote for any means necessary in having something of value not connected to the economy or stock market. Do I understand NFTs? No. Do I understand Crypto? Nope. Do I understand precocious metals? Yep. Do I understand the stock market? Nope.

I do understand things that have value regardless of fluctuations and whims.

Get back on the gold standard. It's stupid and prevents economic growth but an everyday joe can understand that $1 of gold is $1 of gold.

 

[MattKing]

How do you hang in there NFT

YOu're not addressing the issue from the buyer;s standpoint again. Of course the seller is only interested in making money. But you have to convince a buyer that there's a reason to buy an NFT. What is that reason?> To hang it on a video screen? I can do what with a billion pictures from Flickr for nothing. Why would I want to buy an NFT that gives me some practical use?

If you own an NFT, you can deal with it in any way that the market and its participants permit.
But just like a lot of digital things, they aren't really designed to be hung on a wall.
It's like having a balance in a bank account. All that is is a promise by the bank to pay you money - you don't own the money itself.

 

[Pieter12]

While that may be true, I do not like taking money from the blind and orphans.

I don't think the blind (especially) would be a buyer of NFTs. And orphans can buy anything they like, if they have sufficient funds. Or are you saying that the money spent on NFTs would be given to the blind and orphans (I assume you really mean orphanages) instead?

 

[Sirius Glass]

Paper money has no value or meaning. We just let it.

I vote for any means necessary in having something of value not connected to the economy or stock market. Do I understand NFTs? No. Do I understand Crypto? Nope. Do I understand precocious metals? Yep. Do I understand the stock market? Nope.

I do understand things that have value regardless of fluctuations and whims.

Get back on the gold standard. It's stupid and prevents economic growth but an everyday joe can understand that $1 of gold is $1 of gold.

Money has an accepted value. Coins have an accepted value. Bit Coins and NFT still do not wide or universal acceptance at this time.

 

[Cholentpot]

Money has an accepted value. Coins have an accepted value. Bit Coins and NFT still do not wide or universal acceptance at this time.

Paper money and modern coins have accepted value because society accepted it. If society accepts digital currency then it should be the same.

I remember in the 90's my Grandmother gave me a small purse of Indian Head nickels and liberty dimes. She told me 'These are coins, they're worth something'. I still have them, and guess what? They're worth more now, but a dime from 1995 is worth less.

 

[Alan Edward Klein]

Paper money and modern coins have accepted value because society accepted it. If society accepts digital currency then it should be the same.

I remember in the 90's my Grandmother gave me a small purse of Indian Head nickels and liberty dimes. She told me 'These are coins, they're worth something'. I still have them, and guess what? They're worth more now, but a dime from 1995 is worth less.

NFT's and BitCoin aren't currencies. Go into McDonald's and try to buy a Big Mac with one. At best, they're an asset you invest in like an Adams print. Of course with a print, you can hang it and enjoy it while you;re waiting to sell it if your want to sell it. What do you do with an NFT? No one here has explained why a buyer would buy one other than to hope they can sell it later to someone else. It can't be hanged and has no intrinsic value. You can't do anything with it.

Years ago there was a fad where a company was selling the stars and planets. For let's say $20, they'd send you a certificate that said you alone owned a particular star that had a specific name or number on the certificate. NFT's remind me of that.

 

[Cholentpot]

NFT's and BitCoin aren't currencies. Go into McDonald's and try to buy a Big Mac with one. At best, they're an asset you invest in like an Adams print. Of course with a print, you can hang it and enjoy it while you;re waiting to sell it if your want to sell it. What do you do with an NFT? No one here has explained why a buyer would buy one other than to hope they can sell it later to someone else. It can't be hanged and has no intrinsic value. You can't do anything with it.

Years ago there was a fad where a company was selling the stars and planets. For let's say $20, they'd send you a certificate that said you alone owned a particular star that had a specific name or number on the certificate. NFT's remind me of that.

But you can buy stuff with bitcoin. It's not widespread but it's there.

 

[Pieter12]

An Ansel Adams print has no intrinsic monetary value unless there is a market for it. There is, indeed. And NFTs seem to have a market--just not the members of this forum. The title of this thread is about making a living, not about if you approve of the idea of buying NFTs.

 

[Alan Edward Klein]

An Ansel Adams print has no intrinsic monetary value unless there is a market for it. There is, indeed. And NFTs seem to have a market--just not the members of this forum. The title of this thread is about making a living, not about if you approve of the idea of buying NFTs.

If you want to make a living from nfts, it seems like you should be able to explain to the buyer why they should buy it.

 

[Pieter12]

If you want to make a living from nfts, it seems like you should be able to explain to the buyer why they should buy it.

There is no need to explain. How did the buyer come across the NFT? If they are looking for one, then you don't need to convince them. A buyer wants it or doesn't. You're not going door-to-door or selling used cars here. If the buyer does not understand NFTs, the buyer probably should not be buying one. Do you need to explain why a buyer should buy one of your photos if they have inquired about it?

 

[Sirius Glass]

If you want to make a living from nfts, it seems like you should be able to explain to the buyer why they should buy it.

You are making the mistake of expecting logic on the internet.

 

[Wallendo]

NFT's fit into the collector mindset. An NFT owner can brag to his friends that he "owns" a unique asset. To some extent, I collect cameras and lenses. I do, however, expect to make photographs with each of them. There are others, however, seeking to buy cameras and lenses in unopened boxes and never opening the boxes. There are people with beautiful Leicas sitting in a shelf which never get used. Are cameras with low serial numbers better than those with higher numbers? There are people who assign value to objects independent of the underlying object. To these people there is value in NFT's.

To me, blockchain is a neat technology with little practical usefulness. I remember Kodak's effort several years ago to start a photographic blockchain market. I have seen many other efforts to employ blockchain, none of which panned out. It is useful for cryptocurrencies, but I don't invest in products I don't understand on a fundamental level.

On the other hand, if anyone is interested in buying an NFT of this post, I am offering it now for only $75 ,000. I'm sure its value will skyrocket when this thread is somehow resurrected a few years down the road.

 

[Pieter12]

NFT's fit into the collector mindset. An NFT owner can brag to his friends that he "owns" a unique asset. To some extent, I collect cameras and lenses. I do, however, expect to make photographs with each of them. There are others, however, seeking to buy cameras and lenses in unopened boxes and never opening the boxes. There are people with beautiful Leicas sitting in a shelf which never get used. Are cameras with low serial numbers better than those with higher numbers? There are people who assign value to objects independent of the underlying object. To these people there is value in NFT's.

To me, blockchain is a neat technology with little practical usefulness. I remember Kodak's effort several years ago to start a photographic blockchain market. I have seen many other efforts to employ blockchain, none of which panned out. It is useful for cryptocurrencies, but I don't invest in products I don't understand on a fundamental level.

On the other hand, if anyone is interested in buying an NFT of this post, I am offering it now for only $75 ,000. I'm sure its value will skyrocket when this thread is somehow resurrected a few years down the road.

Not if I register it first!