The buying and selling of NFTs in popular collections suddenly makes Pokemon feel ancient to me. The market moves quick, the drug of FOMO drives people to make crazy decisions, and the whales in the industry are TRULY whales. People are throwing millions of dollars at the top end of projects for “the chase”. All the same, the process of minting profile pictures NFTs is a very similar drug to opening pokemon packs - mint something and hope for something with good rarity. The whole space is really blowing my mind.
and god, it’s 100% speculative investing and almost entirely flipping. and you can fck up so easy. I am glad pokemon are my more stable assets in the grand scheme of things
I also clicked buy on this beauty which was listed at 150 earlier but his transaction to unlist processed faster than mine to purchase it and I’ve been depressed all morning
The space is moving at absolutely incredible speed now. Visa (the company) buys a punk today, Gary V sweeps scribbled boundaries floor, Fidenza sells for $3.3m… all just today. What a time to be alive
Oh and my wife also hung this in my office today as an attempt to keep me sane
I’ve been having a lot of fun getting into NFTs in the past week! Buying what I like and spending what I can afford to lose. Agree with @primordialaa earlier posts that the taste and judgement I’ve developed collecting TCGs has made it easier to ignore the noise.
I did really well buying 3 Diela Maharanie pieces before her feature on the OpenSea homepage. Had no idea that was coming! I bought a Gizmobotz just because it was an Art Blocks piece I liked and could afford. Now they are starting to move. Also bought a SpacePunksClub with purple lipstick at floor price (curious about the airdropped dino they are promising) and a Nightkids Dream Membership (curious to experience what they’re promising too) for much lower than they are going now. It’s been fun seeing the energy in the SpacePunksClub discord as the floor moves up and # of unique holders grows.
I even fell for a MetaMask customer support scam a few days ago but fortunately only lost $200 and none of my NFTs. Great learning experience for how important it is to understand the tools I’m using, secure my most valuable holdings, and not get desperate even if I’m worried about missing a drop.
Right now my goal is just to avoid getting burned by the space by taking on too many risks or expecting unrealistic gains. I want to continue learning and joining projects I like!
I can kinda wrap my head around cryptopunks values right now but Fidenzas just came out like 2 months ago. I’m a programmer who loves generative art but I feel they’re overvalued right now (aka mad im priced out).
@mannynotfound Fidenzas just happen to be beautiful relative to most other early generative art and are always going to be at the core / solidified as ‘earliest’. In terms of pure quality I’d agree, maybe, but in terms of provenance they are becoming unbeatable. similar to punks vs every other pfp project. I will own a Fidenza… if it’s the last thing I do :-p. I’m picky though which means I’m praying for a massive dip or for ETH to wildly outperform so I can buy what I want without feeling tooooo egregious on how much it cost me
I did not, I have not done any pfp projects since Degen Ape Academy.
I also just had to say goodbye to this guy. I am now punk-less. It’s a sad day. I’m off to have an existential crisis, good luck all!
NFTs are the virtual equivalent of rolling coal. With most hobbies there is at least a pro-human trade-off for the energy consumption (eg creating jobs in printing, design, manufacturing, distribution, shipment). Unless you produce computer hardware for Chinese mega mines there is no benefit to your local community when you mint an NFT.
The mental gymnastics people have to take to discredit the environment impact is laughable. Young people love to complain about Boomers cavalierly ruining the environment for their generation and then go out and start pumping NFTs. It is capitalism in its purest form but with tangible benefits to society removed. Input = Electricity cost, Output = Pixels you can sell. The epitome of selfish and wanton disregard for consequences. And please don’t try to compare to any other industry, the energy consumption is magnitudes higher compared to other “useless” products.
If you told someone “hey if you turn your home AC to 60 degrees when you’re out on vacation for two weeks and not home, and also leave the shower on running hot water for those two weeks, and for the hell of it leave all the lights on and the oven at 400 degrees to make the AC work harder, and in return you’ll get an ugly pixel art that might be worth something if a speculative investor decides to purchase one day” they would think wtf?
I don’t give a fuck how much Gary Vee made off his pixel art or what a credit card company thinks. The world would be better off without any of this crypto bull shit. I’ve tried to be open minded in the past but have been so disgusted by NFTs I have given up. Reminds me of this meme.
“2011: In ten years bitcoin will have revolutionized the world but for now it’s mainly used to speculate and to buy drugs online.
2021: In ten years bitcoin will have revolutionized the world but for now it’s mainly used to speculate and to buy drugs online.”
