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Which triggers a new thought. I wonder if there could be some technology for Cancel NFTs. Trade in the ability to never be exposed to a song, meme, etc.
I'd probably go broke with that one.
It’s probably just the usual bored rich people plus pandemic social deprivation mass psychosis something something...
Seems to be some throwing out of babies with the bath water here. Blockchain tech isn’t the same as speculative markets based on blockchain tech.
+1
but yes, for now, there are significant environmental concerns.
Well, exactly. I could tell this was not going to end up an expert-level discussion when Bitcoin kept getting mentioned irrelevantly.
Unfortunately Bitcoin is absolutely relevant, because the price of Ethereum (which NFTs are traded in) closely follows the price of Bitcoin. When Bitcoin goes up, Ethererum goes up, when Bitcoin goes down, Ethereum follows. So if Bitcoin crashes, it's likely to take the whole NFT market down with it.
My social media channels have been awash these last 3 or 4 weeks with artists excited about NFT, because a few artists have made a lot of money very suddenly, and understandably got a lot of publicity for it. What's less talked about is all the less well-known artists who are already losing money, because minting NFTs is expensive, and of course the vast majority of the artwork doesn't sell.
The people who have done well are already well-known, or at the very least have substantial followings on social media. No-one is making money without an existing following.
And inevitably most of the issues around Bitcoin also exist with NFT: the speculative aspect, the energy use etc... You can't really have a discussion about NFT without mentioning this stuff.
Maybe the issues will get resolved, maybe NFT does have a future, and maybe it can help artists and musicians. But it could also just be a fad. Again I don't know what the future holds, but all of these things have to be an important part of this discussion IMO.
Very timely thread,
One of my buddies is trying (and failing) to get me into NFT artwork. I’m a freelance artist. I’m not really seeing the upside and I definitely don’t need the added headache of dealing with crypto. Seems like one of those things where if you were in on it from the beginning you made money, but now it’s just people chasing.
Guilty. But having been gently shamed, I see the error of my ways and am quite happy to realize the distinction. You have cured me of using "Bitcoin" as a metonym for all cryptocurrency.
Would the method for making an NFT though be consistent despite this fluctuation? Or would you have to employ different parameters or tools when making an NFT depending on the price of Bitcoin / Ethereum? In my mind this fluctuation is only for the 'cash out' part and not the NFT uhhhh, making / mining / crafting part.. (whatever you call it?)
I think that is primarily what @u0421793 is interested in. How are these things would be made for music, distributed, sold etc despite the variability of cash out kaching kaching etc.
Sounds like there is a site that does some autocash out thing where you dont actualy need to use crypto yourself but they do it on their end. I don't know which as I am not into this myself but I think it was referenced in this video..
But yah I do think to get in on the frenzy part you likely need a fan base and lot of numbers / rich bored followers.
If Ethereum becomes decoupled from Bitcoin, then sure. That's not the reality right now though.
$69 million:
Sure what?
Sure there might be a future where NFT is not tied to Bitcoin and doesn't have the ethical issues that currently affect it, but we're not there yet.
That wasn't the question though.
@u0421793 is asking "about the actual mechanism and process of releasing music (a thing that many of us do) as NFTs (a thing that probably not many of us have explored)?"
So what I am still asking (along these lines) is does a person at this moment have to employ different parameters or tools when making an NFT depending on the current (as of the moment you are making the NFT) price of Bitcoin / Ethereum?
https://help.foundation.app/en/articles/4742869-a-complete-guide-to-minting-an-nft
So looks like the price to mint over the past six months (and depending on the service(s)) has fluctuated between 15-100$ per NFT but the process itself seems more or less unaffected but with different sites etc coming on board with their own potential twists.
Here's a music-based site:
https://beta.catalog.works/
I think it can go up to $200 or more depending on how busy the network is, with the current gold rush things could get expensive quickly.
yah too rich for my blood. If I had amassed followers/cultists I would consider it... but probably feel weird/dirty about it for some reason.
Good thread (IMO of course) 👇
It's definitely an inflated bubble, but it's still good news for digital creators as any new ways for creators to get paid is welcomed. I think the environmental issues will have to be fixed, and after the bubble bursts, a cheaper and more mature system will emerge.
Also just in US, energy wasted by stand-by mode electronic devices which are not turned off, spend for year, will be able to feed 1.7 year of bitcoing mining... Many more examples of true wasting of energy (clothes dryers, warm tubes,...)
Bitcoin minimg is not wasting, it transforms electricity into monetary imformation. It's current nararive is "store of value" against inflation....
EPIC nonsense... Especially because BTC is just pseudo anonymous and basically all big exchanges are implementing KYC (google to learn what it is). Based on analysis, during 2020 just 0.25% of transactions vere used for money laundering - a LOT less than laudering using fiat cash, a lot less than money laundered by traditional banks
Current narrative around bitcoin is store of value, not money. Yeah it's volatile, but in long term it goes up straight during last 12 years. It's volatile because it is early but as it's marker capitalisation rises, it's volatility will decrease. Currently really big institutional investors are putting money into BTC as hedge against fiat currencies devalvation (because of inflation). It's made huge leap forward especially during last year. It's considered as LONG TERM store of value.
Btw yeah. Bitcoin is "crashing". It's called "correction" and i's normal part of it's cycles (which are long approx 4 years). But then it again retraces to new all time high.. It's main power is scarcity. There will never exist more than 21000000 btc and that is. There is infinite supply of money in central banks.
Just don't believe that much shit spreaded by mainstream media. This thig is very different. It's very complex topic and it took me years to get deeply into it and understand it. I think Bitcoin is biggest financial invention humans ever made. It's good thing. Lot of lies and misinformstions in mainstream media.
ad NFTs - that is crap :-)))) My prediction, based on years of experience in crypto - this thing will die. Few years from now price of this nonsense will be zero. Bullshit. Only thing in crypto which really makes sense is Bitcoin, rest is noise.
Could be, but given the $69,000,000 sale I think this is the point where there will always be a sizeable chunk of society that %100 will defend, justify, rationalize, idolize, build their world view regarding abstract ideas of 'value' etc. The potential for it to fade off completely as a pog/beanie baby fad seems highly reduced now. In the same way physical galleries sell all sorts of questionable items of perceived value this sort of statement has teeth and legions of people growing up will probably be molded in line with this thinking.
3rd place was previously held by a large balloon animal...
I mean... it is orange...
this is good article about bitcoin power consumption widespreded myths, understandable also for beginners... i suggest to read it to everybody who wants to get a biz more relevant information than classic mainstream media shitstorm
https://blog.trezor.io/three-myths-about-bitcoins-energy-consumption-ef613a1f3d5?gi=f301ab0582c
regarding NFTs - i would say to try to sell own art through that - that's ok, you have nothing to loose .. but beware of investing any money into it - there is great risk of loosing all money...