pollz66
New Member
Posts • 321
Likes • 199
May 2008
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Why art NFTs are a bad investment, by pollz66 on Jan 7, 2022 15:22:32 GMT 1,
The problem with art NFTs is they are expensive, which means they are also a huge risk.
Great for the people and artists selling them. Not so great if you're looking for investment.
If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place.
As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk.
If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive.
How many NFTs are going to be yield anywhere near that sort of return in ten years' time?
The problem with art NFTs is they are expensive, which means they are also a huge risk.
Great for the people and artists selling them. Not so great if you're looking for investment.
If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place.
As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk.
If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive.
How many NFTs are going to be yield anywhere near that sort of return in ten years' time?
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Gunny
Junior Member
Posts • 1,576
Likes • 1,087
July 2012
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Why art NFTs are a bad investment, by Gunny on Jan 7, 2022 15:31:27 GMT 1, The problem with art NFTs is they are expensive, which means they are also a huge risk. Great for the people and artists selling them. Not so great if you're looking for investment. If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place. As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk. If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time?
The problem with art NFTs is they are expensive, which means they are also a huge risk. Great for the people and artists selling them. Not so great if you're looking for investment. If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place. As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk. If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time? Thats the thing, you don't know. You could have said the same for Bitcoin |
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Wearology
Junior Member
Staff at FatFreeArt
Posts • 3,564
Likes • 4,398
April 2008
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Why art NFTs are a bad investment, by Wearology on Jan 7, 2022 15:33:57 GMT 1, Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum.
Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum.
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Big Bad Mo
New Member
Posts • 68
Likes • 51
March 2016
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Why art NFTs are a bad investment, by Big Bad Mo on Jan 7, 2022 16:05:56 GMT 1, Beeple has already made ridiculous returns if that’s how you want to measure things. He already has a record sale of 80 million. Same with punks going from free to mint, now $200k up to $10 million. Punks since their inception were a far better return than bitcoin. Same with BAYC.
The Hirst currency NfT was a great art investment imo. A original for 2k either a nft or Physical. The second drop not so much lol.
A lush sux nft for 5 times the price of a original wouldn’t be something of interest to me either.
A obey nft for drop price will be a good long term hold imo.
Whilst there is obvious ponzinomics occurring it’s hard not to feel a bit excited at the fact that there will be new artists/ art forms come through this and some will be amazing as artists and also investments.
I would say NFTs as a investment is no different than art generally. 99% of it has no real value to anyone. 1% can make you life changing money and make you look really smart. It’s often a case that the 1% is also heavily manipulated!
Beeple has already made ridiculous returns if that’s how you want to measure things. He already has a record sale of 80 million. Same with punks going from free to mint, now $200k up to $10 million. Punks since their inception were a far better return than bitcoin. Same with BAYC.
The Hirst currency NfT was a great art investment imo. A original for 2k either a nft or Physical. The second drop not so much lol.
A lush sux nft for 5 times the price of a original wouldn’t be something of interest to me either.
A obey nft for drop price will be a good long term hold imo.
Whilst there is obvious ponzinomics occurring it’s hard not to feel a bit excited at the fact that there will be new artists/ art forms come through this and some will be amazing as artists and also investments.
I would say NFTs as a investment is no different than art generally. 99% of it has no real value to anyone. 1% can make you life changing money and make you look really smart. It’s often a case that the 1% is also heavily manipulated!
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Monkey
New Member
Posts • 381
Likes • 458
January 2016
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Why art NFTs are a bad investment, by Monkey on Jan 7, 2022 16:12:58 GMT 1, If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time? Not sure to understand your point pal If something doesn't bring a 4 000 benefit ratio it's not worth investing / paying attention to it ? Then probably you should advise not to buy physical art neither  If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time? Not sure to understand your point pal If something doesn't bring a 4 000 benefit ratio it's not worth investing / paying attention to it ? Then probably you should advise not to buy physical art neither |
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CREAM
New Member
Posts • 422
Likes • 513
June 2015
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Why art NFTs are a bad investment, by CREAM on Jan 7, 2022 16:13:53 GMT 1, If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release.
Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell.
If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release.
Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell.
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artylang
New Member
Posts • 875
Likes • 337
December 2010
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Why art NFTs are a bad investment, by artylang on Jan 7, 2022 16:36:16 GMT 1, youre overthinking it. In the case of artists who use or incorporate smart contracts as an artform, it's just another medium. It can also be a means of distributing digital art. Really isnt much more to it. What people are willing to pay seems as irrelevant as discussing the price of paint and canvas. Markets find their equilibrium over time. Back in 2006-8 people on here paid much higher prices for artists no one talks about anymore. Diving into digital art has been the most enjoyable and exciting art experience since discovering banksy in 2005-6.
of course there are loads more use cases.
youre overthinking it. In the case of artists who use or incorporate smart contracts as an artform, it's just another medium. It can also be a means of distributing digital art. Really isnt much more to it. What people are willing to pay seems as irrelevant as discussing the price of paint and canvas. Markets find their equilibrium over time. Back in 2006-8 people on here paid much higher prices for artists no one talks about anymore. Diving into digital art has been the most enjoyable and exciting art experience since discovering banksy in 2005-6.
of course there are loads more use cases.
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Why art NFTs are a bad investment, by Arty Farty 15 on Jan 7, 2022 16:37:39 GMT 1, Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum.
This trade is so 2020
Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum. This trade is so 2020 |
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handy
New Member
Posts • 269
Likes • 170
August 2014
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Why art NFTs are a bad investment, by handy on Jan 7, 2022 17:13:56 GMT 1, If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release. Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell.
Our ot interest, what are your thoughts on the Edgar Plans NFTs?
If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release. Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell. Congrats for your NFT investments there! It feels a bit like the wild west at times. Fortunately you didn't invest in another 3D avataor project, Unc0vered, that appears to have turned into a rug pull? Our ot interest, what are your thoughts on the Edgar Plans NFTs? |
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CREAM
New Member
Posts • 422
Likes • 513
June 2015
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Why art NFTs are a bad investment, by CREAM on Jan 7, 2022 20:34:15 GMT 1, If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release. Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell. Congrats for your NFT investments there! It feels a bit like the wild west at times. Fortunately you didn't invest in another 3D avataor project, Unc0vered, that appears to have turned into a rug pull? Our ot interest, what are your thoughts on the Edgar Plans NFTs?
Should do well he's a big name and the discord is really big/active. Not sure what his plans are long term with utility of it other than being a pfp type project. If you can get white list I'm sure you can make some nice gains.
If you don't like the concept of NFT's in general I totally get that it's a strange space to try to understand. But if your reasoning that they are to expensive is the reason you shouldn't invest that is laughable. You would be surprised how many NFT are actually free and only need to pay gas. Most cost a few hundred dollars at the the time of release just like any print release. Those can be hard to get at release though which is why I mostly buy projects I believe in on the after market. For example just this week I bought into a project called psychedelic anonymous on the after market at .5 eth which may seem like a lot but now it's at 2.2 eth. I'm up 10 eth (30k) this week alone. Point being yes this asset class is risky but if you do your own research and find things that have a good team and good utility you can get rich as hell. Congrats for your NFT investments there! It feels a bit like the wild west at times. Fortunately you didn't invest in another 3D avataor project, Unc0vered, that appears to have turned into a rug pull? Our ot interest, what are your thoughts on the Edgar Plans NFTs? Should do well he's a big name and the discord is really big/active. Not sure what his plans are long term with utility of it other than being a pfp type project. If you can get white list I'm sure you can make some nice gains. |
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pollz66
New Member
Posts • 321
Likes • 199
May 2008
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Why art NFTs are a bad investment, by pollz66 on Jan 9, 2022 12:14:01 GMT 1, Beeple has already made ridiculous returns if that’s how you want to measure things. He already has a record sale of 80 million. Same with punks going from free to mint, now $200k up to $10 million. Punks since their inception were a far better return than bitcoin. Same with BAYC. The Hirst currency NfT was a great art investment imo. A original for 2k either a nft or Physical. The second drop not so much lol. A lush sux nft for 5 times the price of a original wouldn’t be something of interest to me either. A obey nft for drop price will be a good long term hold imo. Whilst there is obvious ponzinomics occurring it’s hard not to feel a bit excited at the fact that there will be new artists/ art forms come through this and some will be amazing as artists and also investments. I would say NFTs as a investment is no different than art generally. 99% of it has no real value to anyone. 1% can make you life changing money and make you look really smart. It’s often a case that the 1% is also heavily manipulated!
The artist made the money, not the investor. Whoever bought Beeple's NFT spent $69million. That's hardly low risk on an artist who's previous output was a print costing $100.
Beeple has already made ridiculous returns if that’s how you want to measure things. He already has a record sale of 80 million. Same with punks going from free to mint, now $200k up to $10 million. Punks since their inception were a far better return than bitcoin. Same with BAYC. The Hirst currency NfT was a great art investment imo. A original for 2k either a nft or Physical. The second drop not so much lol. A lush sux nft for 5 times the price of a original wouldn’t be something of interest to me either. A obey nft for drop price will be a good long term hold imo. Whilst there is obvious ponzinomics occurring it’s hard not to feel a bit excited at the fact that there will be new artists/ art forms come through this and some will be amazing as artists and also investments. I would say NFTs as a investment is no different than art generally. 99% of it has no real value to anyone. 1% can make you life changing money and make you look really smart. It’s often a case that the 1% is also heavily manipulated! The artist made the money, not the investor. Whoever bought Beeple's NFT spent $69million. That's hardly low risk on an artist who's previous output was a print costing $100. |
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rungsp
New Member
Posts • 153
Likes • 192
February 2021
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Why art NFTs are a bad investment, by rungsp on Jan 9, 2022 12:30:12 GMT 1, There is something very wrong at the heart of it all.
It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house.
That is fekkin mad...unsustainable and indefensible.
There is something very wrong at the heart of it all.
It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house.
That is fekkin mad...unsustainable and indefensible.
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iamzero
Full Member
Posts • 9,190
Likes • 8,542
May 2011
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Why art NFTs are a bad investment, by iamzero on Jan 9, 2022 13:08:35 GMT 1, Ex ETH dude Vinay Gupta is quoted as saying for people to make money in crypto lots have to lose money… I’d say the same applies to the NFT market. It’s gonna be interesting to watch out for what else he whistle blows on the the ETH ethics.
Ex ETH dude Vinay Gupta is quoted as saying for people to make money in crypto lots have to lose money… I’d say the same applies to the NFT market. It’s gonna be interesting to watch out for what else he whistle blows on the the ETH ethics.
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orchid
Junior Member
Posts • 1,450
Likes • 1,135
May 2018
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Why art NFTs are a bad investment, by orchid on Jan 9, 2022 13:26:36 GMT 1, Nfts are great because whilst people are distracted recouping any losses or trying to find the next one before the bubble pops on this sad period in art, they're missing traditional releases.
Nfts are great because whilst people are distracted recouping any losses or trying to find the next one before the bubble pops on this sad period in art, they're missing traditional releases.
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Dive Jedi
Junior Member
Posts • 6,160
Likes • 9,391
October 2015
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Why art NFTs are a bad investment, by Dive Jedi on Jan 9, 2022 13:34:53 GMT 1, The problem with art NFTs is they are expensive, which means they are also a huge risk. Great for the people and artists selling them. Not so great if you're looking for investment. If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place. As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk. If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time?
Last month I bought a couple for 60 that do 2200 now....
There's a LOT of hype going on on Discord etc. Most die about a week after release....
The problem with art NFTs is they are expensive, which means they are also a huge risk. Great for the people and artists selling them. Not so great if you're looking for investment. If you're looking into art NFTs as a way to catch the next crypto wave, then you're probably looking in the wrong place. As a comparison, if you'd bought one Bitcoin in 2011 it would have cost you $1. So a very low risk. If you'd bought $2,000 worth back then you'd be sitting on around $80 million now, give or take the odd nosedive. How many NFTs are going to be yield anywhere near that sort of return in ten years' time? I've bought NFT's for 50 that are worth 2400 now. Last month I bought a couple for 60 that do 2200 now.... There's a LOT of hype going on on Discord etc. Most die about a week after release.... |
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Dive Jedi
Junior Member
Posts • 6,160
Likes • 9,391
October 2015
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Why art NFTs are a bad investment, by Dive Jedi on Jan 9, 2022 13:38:44 GMT 1, Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum. "Batteries? Where were going we don't need batteries".
Buy metals that are used in electric batteries like Lithium, Cobalt, Nickel, Copper, Aluminum. "Batteries? Where were going we don't need batteries". I have about 20 of this NFT. |
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Why art NFTs are a bad investment, by Happy Shopper on Jan 9, 2022 15:40:02 GMT 1, There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible.
How is that even possible?
How is so much energy used to make a transfer between a few computers?
There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible. How is that even possible? How is so much energy used to make a transfer between a few computers? |
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Big Bad Mo
New Member
Posts • 68
Likes • 51
March 2016
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Why art NFTs are a bad investment, by Big Bad Mo on Jan 9, 2022 16:16:59 GMT 1, [/quote]The artist made the money, not the investor. Whoever bought Beeple's NFT spent $69million. That's hardly low risk on an artist who's previous output was a print costing $100.
[/quote]
I agree Beeple sold the NFT so that example is flawed. I’m not saying nor did I say that anyone should buy a beeple, punk or BAYC. OP referenced bitcoin returns that won’t be replicated and I gave examples of items in the NFT space that have made eye watering returns. Although I accept the Beeple piece referenced was not available to the public/investors.
[/quote]The artist made the money, not the investor. Whoever bought Beeple's NFT spent $69million. That's hardly low risk on an artist who's previous output was a print costing $100.
[/quote]
I agree Beeple sold the NFT so that example is flawed. I’m not saying nor did I say that anyone should buy a beeple, punk or BAYC. OP referenced bitcoin returns that won’t be replicated and I gave examples of items in the NFT space that have made eye watering returns. Although I accept the Beeple piece referenced was not available to the public/investors.
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Big Bad Mo
New Member
Posts • 68
Likes • 51
March 2016
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Why art NFTs are a bad investment, by Big Bad Mo on Jan 9, 2022 16:21:37 GMT 1, There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible.
Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible.
There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible. Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible. |
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Why art NFTs are a bad investment, by whatsthestory on Jan 9, 2022 17:10:22 GMT 1, There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible. Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible.
The Ethereum foundation recognises the issue in the link below.
ethereum.org/en/energy-consumption/
It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed.
Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever.
There is something very wrong at the heart of it all. It is now calculated that the energy required to execute just one transaction in Etherium is the same as over 7 days power for the average US house. That is fekkin mad...unsustainable and indefensible. Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible. The Ethereum foundation recognises the issue in the link below. ethereum.org/en/energy-consumption/It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed. Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever. |
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apprint
New Member
Posts • 583
Likes • 127
January 2012
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Why art NFTs are a bad investment, by apprint on Jan 9, 2022 17:18:53 GMT 1, Is the same than NFTs,
Few will make money, lots will lose lots of money
Is the same than NFTs,
Few will make money, lots will lose lots of money
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iamzero
Full Member
Posts • 9,190
Likes • 8,542
May 2011
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Why art NFTs are a bad investment, by iamzero on Jan 9, 2022 17:32:47 GMT 1, Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible. The Ethereum foundation recognises the issue in the link below. ethereum.org/en/energy-consumption/It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed. Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever.
Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn.
Any chance you can send a link to this calculation. With over 1 million transactions a day it’s doesn’t seem plausible. The Ethereum foundation recognises the issue in the link below. ethereum.org/en/energy-consumption/It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed. Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever. Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn. |
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Why art NFTs are a bad investment, by New Wave Dave on Jan 9, 2022 19:13:05 GMT 1, Nfts are great because whilst people are distracted recouping any losses or trying to find the next one before the bubble pops on this sad period in art, they're missing traditional releases.
1. people looking for a way to get rich. Basically folks who would go to gambling, the track, day trading, pyramid schemes, etc. Think Tuan Anh Vu's target market
2. Folks that are bored as sh-t during the pandemic and using this as a time waster and socializing on the discords. Looking for friends in the time of a pandemic.
I think art world folks have dipped in but not sure many have transitioned to NFTs from physical art.
Nfts are great because whilst people are distracted recouping any losses or trying to find the next one before the bubble pops on this sad period in art, they're missing traditional releases. I dont think its the same crowd. I see most NFT folks as of 2 types: 1. people looking for a way to get rich. Basically folks who would go to gambling, the track, day trading, pyramid schemes, etc. Think Tuan Anh Vu's target market 2. Folks that are bored as sh-t during the pandemic and using this as a time waster and socializing on the discords. Looking for friends in the time of a pandemic. I think art world folks have dipped in but not sure many have transitioned to NFTs from physical art. |
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Why art NFTs are a bad investment, by That Print Guy on Jan 9, 2022 19:23:13 GMT 1, FUD
FUD
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Why art NFTs are a bad investment, by whatsthestory on Jan 9, 2022 21:21:27 GMT 1, The Ethereum foundation recognises the issue in the link below. ethereum.org/en/energy-consumption/It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed. Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever. Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn.
Source for 6 years? Searched on Google and only reference I could see is that it's taken 6 years to develop to date.
The Ethereum foundation recognises the issue in the link below. ethereum.org/en/energy-consumption/It's the whole reason that Ethereum is moving to Proof of Stake rather than Proof of Work. With PoS it should reduce the energy footprint between a factor of around 200x and 850x (approximately - read the article for exact figures). This would make it more energy efficient than visa transactions and hopefully put the energy issues to bed. Ultimately it's still new technology and isn't that efficient. However you have to also consider that the developers behind it know this and are working on solutions that should fix it soon. It won't be a problem forever. Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn. Source for 6 years? Searched on Google and only reference I could see is that it's taken 6 years to develop to date. |
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sandinista
New Member
Posts • 569
Likes • 471
April 2020
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Why art NFTs are a bad investment, by sandinista on Jan 9, 2022 21:23:37 GMT 1, If bought bitcoins for a dollar you wouldn’t of waited for it to hit 60k. Reality is you would of taken profit at about 10 dollars
And if my aunt had testicles she’d be my uncle.
If bought bitcoins for a dollar you wouldn’t of waited for it to hit 60k. Reality is you would of taken profit at about 10 dollars
And if my aunt had testicles she’d be my uncle.
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iamzero
Full Member
Posts • 9,190
Likes • 8,542
May 2011
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Why art NFTs are a bad investment, by iamzero on Jan 9, 2022 22:42:56 GMT 1, Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn. Source for 6 years? Searched on Google and only reference I could see is that it's taken 6 years to develop to date.
Soon… six years is what Vitalik said. Proof of work doesn’t work and they know it. Crunch time for ETH. I hope they crash and burn. Source for 6 years? Searched on Google and only reference I could see is that it's taken 6 years to develop to date. |
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iamzero
Full Member
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Likes • 8,542
May 2011
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Why art NFTs are a bad investment, by iamzero on Jan 10, 2022 9:48:16 GMT 1, There’s also another video where Joseph Lubin admits there also knew it wasn’t scalable… becoming quite interesting to watch it unravel.
There’s also another video where Joseph Lubin admits there also knew it wasn’t scalable… becoming quite interesting to watch it unravel.
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Dive Jedi
Junior Member
Posts • 6,160
Likes • 9,391
October 2015
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Why art NFTs are a bad investment, by Dive Jedi on Jan 10, 2022 10:50:24 GMT 1, I have about 20 of this NFT.  Why?!
And when they are remote controlable in AR they will be worth a lot more.
You gonna need a cool ride in the metaverse....
I have about 20 of this NFT. Why?! Well, I bought them for $30 and some are worth about $500 to $1000 now. And when they are remote controlable in AR they will be worth a lot more. You gonna need a cool ride in the metaverse.... |
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sandinista
New Member
Posts • 569
Likes • 471
April 2020
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Why art NFTs are a bad investment, by sandinista on Jan 10, 2022 16:20:33 GMT 1, whose is gonna be the main metaverse? I see people already selling land, billboards etc but surely if someone like Google maps creates one that will wipe out some or all of these others?
whose is gonna be the main metaverse? I see people already selling land, billboards etc but surely if someone like Google maps creates one that will wipe out some or all of these others?
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