NFT? Is this for real?

So, let me get this straight.

I can take a recent comic book cover jpg from the publisher’s website, import images as planes, invert the colors, make it metallic, mix it with an iridescent shader, animate it wiggling back and forth slightly in a loop, convert it to an animated .gif and put it on sale for $15,000 as an “NFT” and there’s a greater than 1% chance someone will actually buy it… for $15,000 dollars?

Is that about right?

Can I sell each individual frame of animation as a different piece of artwork?
Can I sell a single frame but in different file formats? $2,000 for the jpg and $10,000 for the png and $50,000 for the original .blend file?

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It’s just another money laundering modern art racket. :wink:

Oh, and https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

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Recent comic book cover falls under copyright law. You don’t have the rights to it. If you made any money, the publisher could sue you.

The market won’t just happen like that. It can’t defy the rules of any economic market. People will pay for something of value that’s in short supply.

It’s not necessarily the artists that are going to benefit, and I think the people on this site sense that. That is why there is so much hostility towards this. I think artists will benefit too, just not nearly as much as investors and art collectors.

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…I am still trying to figure out what the heck this is supposed to be…
People can buy ownership of a let’s say 3D Render?
Cool… so they can go and resell it or make prints.
They don’t own the content though… like do they then own the model which is displayed in the render?
Can I still use my model in other renders?
What if someone makes a 360 rendering collection of the same model? Can they sell every frame individually even if there is only a minor difference in angle?

And it’s only Ethereum based? So who or what is ethereum and how can it be authenticating a rendering or any artwork? As soon as I upload it, is it owned by Ethereum? And any image that I upload wildly on any platform is now free for stealing unless I register it as NFT?
What about, if someone registers it before I get the chance?

haha, sorry… this is crazy… I don’t understand this a little bit :sweat_smile:

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All nft-art platforms I know are based on ethereum. Transaction prices with ether can cost $50 or more for simple transfer. Minting nft can cost several houndred $. If you’re a well known artist, and you know for sure that you will sell that for several thousands at least then it may be a plan. Otherwise you will be probably loosing money.

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An article by CTV News explaining what NFT is about (I didn’t know what it was):

" Using blockchain technology – which is what underpins cryptocurrency transactions like Bitcoin – to authenticate who owns the pieces, digital assets known as “non-fungible tokens,” or NFTs, are selling for millions.

An NFT is a singular, one-of-a-kind digital token that cannot be interchanged with other tokens – which makes them optimal for buying and selling art or other collectibles as [they accrue value independently]
[…]
A version of the “nyan cat meme,” where a pixelated cat with the body of a Poptart flies over a rainbow, sold for US$590,000 at auction, and a 10-second video clip by digital artist “Beeple” sold for US$6.6 million."

(https://slate.com/technology/2021/03/nft-non-fungible-tokens-grimes-mark-cuban-lindsay-lohan-explained.html).

How big are the chances that these are fake buys to get positive press and more artist to join to raise the market? That is so unbelievable crazy…

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I can understand people who try to sell that way… but what kind of people BUY that stuff? You’d think the world has become a poorer place over the last year. Who would want to spend money (in stupid large amounts) on something so… not real?
In my country they will be lifting the last of restrictions over the next month I think, but they warn that another wave of pandemic might hit. Even with the vaccine no one can be sure that this is over. It’s too soon.
The reasons like “owning the render” seem too silly in the face of economic crisis that everyone was supposed to have faced. Why did this thing surfaced now?
Maybe I’m overestimating the problem, but out-of-proportion prices still sound extremely suspicious.

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Because of the bubble, people are buying it as a form of investment, think of it like buying the Gamestop stock when it was hyped, or entering any other ponzi stock/pyramid scheme. They buy the token and then resell it for much more later. Easy quick money while its hot. So its become its own branch of a cryptocurrency almost.

Some want to liquify their Ethereum coins, and invest in NFTs in case of a crypto crash.

Another reason POSSIBLY why people think this is a good investment is also because of the pandemic. Cryptos are not tied to the classic currencys & valuables like the dollar & gold. So people are flocking to it when other areas are too unstable right now. They say its one of (many) reasons the bitcoin has increased so much.

You can probably make a good buck now when its a bubble.
However if another real worldwide economic crash occurs, and it will happen it just a question of when… who wants to buy your JPEG? Investing in stable companies has always been the better long term option. NFTs are a very dangerous short term investment, and a lot of people are going to get burned. But for now, its a gold rush.

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Yes, but first you have to invest money to get your artwork in the blockchain and on special art sites (where you have to stand out against all others who want to make a quick $$$ by relasing their old art)

…then you might be lucky that someone stumbles upon your work AND buys your art…

…or in other words: During the gold rush times, you could make millions selling those shovels…
Or you are btter off creating a lottery than actually participating in it.

Same mechanisms are here at work.

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last 2 days I’ve had numerous people contact me on fiverr wanting to throw an iridescent or transparent shader on somebody’s artwork and animate it doing a 360 spin and they only want to pay me after they get it sold as an NFT.

A few people have said something along the lines of “I’m trying to sell volume. Pricing at thousands of dollars makes it difficult for regular people to acquire and enjoy the art.”.

And I’m like “how the hell is paying money for an animated GIF any damn different from doing a google image search and downloading for free when it comes to the “ENJOY THE ART” part of it.???”

It’s an animated gif on a screen. The enjoyment of the art is identical if you paid nothing or $5 on freepik or $14 on adobe stock $140 on Getty or $14,000 crypto. It’s still an animated gif on screen.

I could be a retired japanese billionaire who is into 3d art (I suspect such a person used to post blends on blendswap a few years ago) and I wouldn’t pay a penny for any of the stuff I’ve seen UNLESS I was also getting the source 3d file and textures.

This NFT stuff is like a stranger version of those physical art galleries that sell a pile of cow dung and rainbow painted straw for $50,000.

I wonder if a lack of women being involved will plague NFT like it did the physical art world: https://nypost.com/2014/04/27/inside-the-mad-world-of-modern-art/

What bugs me the most is the often lengthy shity short essays that must accompany a piece in order for it to attract money are often not actually written by the artists. That writing is 99% responsible for the worth of the shit pieces and I have no idea who actually writes it or what they get paid for their essential work.

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We will consume energy exponentially, that’s part of human evolution, for us to discover the secrets of the universe. Hopefully, fusion energy will give us clean & limitless energy in a not-so-distant future.
So I’m not sure how “it consume a lot of energy” could be even an argument following the logic mentioned above.

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Garbage people would rather stay on top of the game they currently play, they already control, they already know how much money they made, make, and will make from the current system. Not only do they not want the risk of a new system, they do not want the possibility that they would not be #1 in the system, even if the new system would give them 4x more money. Getting anything less than ALL the more money for themselves is an ugly idea to them. There are so many examples of this. Many poor island nations have unreliable power, very expensive power, very dirty power, burn the worst fuels, unable to distribute it to all the islands in the country. A floating power plant would solve this issue but the people in charge of the existing power generation and distribution systems refuse all attempts at any kind of change to the status quo. So many island nations have endless sunshine. The people are already accustomed to hours long city-wide, island-wide, country-wide blackouts. They would gladly switch to a vastly cheaper 100% solar system even if it meant many nights many people without enough batteries would be without power all night long.

In New Mexico I think I had less than 20 cloudy days in all of 2020. We don’t have semi-cloudy days. The sky is either going to lay the smack down or there is not a single damn cloud in the sky ANYWHERE for days on end. There are several thousand people within an hours drive of me who do not have electricity or running water or an actual road leading to their house. The local government says it will be 20 years of MOSTLY VOLUNTEER work and DONATED money to get the CURRENT population 100% conneced to the grid. It would be better for the people and CHEAPER for the government to just give all these powerless people in the middle of nowhere some cheap solar panels so they can at least charge their cell phones and put an electric pump on their outdoor water well. It also makes no sense that I have seen ZERO solar water heaters ANYWHERE in the state. It’s hot as hell here. Even in winter if you can keep the cold air out but let the sunshine in you can get things to be hot enough to fry an egg on. At the very least everyone in the state should be using solar water heaters but for some probably corrupt reason solar-anything is not common here.

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One would expect to see a rise in energy consumption as a result of doing something useful. Like finding cure for some disease, feeding the world, terraforming… anything that requires a lot of computational power but at least worth spending that energy on. Not… this.

I have an urge to make a bad joke about women not having time for some bullshit. Sorry.

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There are LOTS of women involved in creating the strangest bullshit but they aren’t IN the circle of men who buy and sell the most bullshit for the most money.

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True.
I’m just having a hard time taking this seriously. Feels like there are more important problems out there. Like not letting people sell air in the first place.

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Nothing new. Limited edition works of art always existed. This is the digital version of it.
If you are a renowned artist, you can now sell something digitally unique to other people…

It indeed sounds silly from our current time point of view, but crypto’s tech, in general, is key to open us the door of a fully digitalized consciousness. (We coulnd’t live in a fully digital world witouth some way to control quantity & uniqueness)

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No. It is not “for real.”

Maybe it’s time to read this book – Memoirs of Extraordnary Popular Delusions and The Madness of Crowds. Since this (double …) book was first published in 1841, it is in the public domain, and the above hyperlink will give you a number of versions of it including HTML.

The book by Charles Mackay concerned itself especially with “tulip mania,” the famous Dutch swindle which had crashed and burned two hundred years before, in the year 1637. But the fundamental swindle that it describes is always the same, and it is simply repeating itself here.

Something is presented that is “too good to be true,” and dazzling examples are given of people who became fabulously rich overnight, “because they ‘got in’ early.” The irresistible-to-some inducement is to do the same. They’re all told that “everybody is doing it, you’d better hurry up,” and none of them bother to check whether that is actually true.

In this particular incarnation, your virtual “bank account” might swell to phenomenal proportions – which is all well-and-good until you actually try to convert any of it to “legal tender.”

Kindly notice that there is always some kind of “transaction fee,” payable in dollars, which is where the promoters of the scheme get their guaranteed legal tender pure-profit . . . :male_detective: The star-struck “marks” barely notice, at the time, because they think they’re really buying something. “Investing,” you know …

And so the con artists run the scam for a little while, then pull the rug out from under the suckers, leaving behind an empty shell-corporation, incorporated on some tiny far-away island with no assets, to take any pointless, helpless lawsuits that may arise.

Interestingly enough, “crypto currencies” in general are another type of scam, so this is really “a scam built on top of a scam.”

“Yes, you’ve been taken to the cleaners … but you washed your own clothes.”

“There’s one of you born every minute, and two to take him.” :man_shrugging:

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Pretty good book, can recommend reading. Can also recommend looking back at 2000 when all the scam bubble stocks called “Google, Amazon, Apple” crashed to the ground. Glad that nobody here bought those stocks. :wink:

To be honest here, the current iteration of NFT is more about speculation and gambling, than it is about generating revenue for artists. What if I told you that NFT doesn’t actually require a blockchain. It’s perfectly possible to have a trusted organization with a verifiable accounting book that is cryptographically secured, that stores all the transactions. You can create a marketplace software and companies can compete who provides the best service.

But of course the person creating that open source marketplace software wouldn’t get paid, which is why it currently doesn’t exist.

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