NFT's and Beanie Babies, interesting article

t206fanatic · #1 01-23-2022, 09:09 AM

Quote:

Originally Posted by Rhotchkiss

I think some NFTs make sense, even a lot of sense. I think NFTs are similar to trade marks or copywrites, which are hardly novel. Trade Mark is defined as "A name, symbol, or other device used to identify and promote a product or service, especially an officially registered name or symbol that is thereby protected against use by others." A trade mark is an ownership interest in an intangible item, and it has value -- the Nike Swoosh, Tony the Tiger, the McDonalds Arch, etc. There is no inherent value in the Nike Swoosh, and it can be seen everywhere and be reproduced easily, but that sucker is a worth a buttload!

A copywrite is defined as "the exclusive legal right to reproduce, publish, sell, or distribute the matter and form of something (such as a literary, musical, or artistic work)". You can hear Hey Jude by the Beatles all over the radio. You can sing it yourself and learn it on the guitar. Yet someone owns the rights to that song and can license it and make real money. Plus, there is substantial value in owning the rights to Hey Jude

To me, NFTs are the "tangible" property version of a trade mark or copywrite. Take, for example, NFTs that are artwork or symbols. These make sense to me and I understand why they could have value. For example, you can see the image of Starry Night by Van Gogh everywhere and there are a zillion reproductions/copies. Yet there is only one original Starry Night by Van Gogh, and that original is priceless. Thus, if an artwork NFT was ever to gain huge popularity, I think having the original/the only actual would be very valuable, both in its own right and for licensing purposes.

Suppose someone created an NFT that served as the symbol for the BLM movement or the LBGQ rainbow. Even though the symbol is used everywhere and can be recreated easily, having the original/the actual NFT would have real value.

Thus, I understand this aspect of NFTs and why/how they can have value. THAT SAID, here is what I think does not make sense with NFTs:

1. They are relatively easy to make and there are so many of them being made. I dont know the percentage, but I would guess that less than 0.01% of all original artwork being produced today will be worth in a year (let alone 10 years) what it sells for in a gallery today; indeed, it may be relatively worthless. I fear there are so many NFTs out there, and more being made all the time, that everyone is rushing to own one (or more) and nobody will eventually care about a monkey with a blue beanie, just as nobody cares about another landscape painted in oil. Some NFTs will have major value, but I think it will be a very small percent and who knows which ones that will be.

2. I totally do not understand the plays/video clips. You are not going to license a block by Zion and you can find it all over the internet and who cares, let alone understands, that you "own" that video clip. To me, this is not like digital art or a symbol. I do not understand them

great post Ryan, can tell you get it. A few things to add:

1) your point about supply rapidly expanding is a good one. Most NFT's will not have any reasonable secondary market, and the ones that do are considered the "blue chips" of the space.

2) You're referring to NBA Top Shot, which occupy an interesting niche in NFT's, not fully decentralized like most on Ethereum, but still digitally, verifiably scarce. I agree with you that those don't seem valuable, but then again a lot of the younger generation would blush at the prices we pay for pictures of dead guys. Value is in the eye of the beholder.

swarmee · #2 04-13-2022, 06:53 PM

The merging of beanie babies and NFTs? Metta World Peace (formerly Ron Artest) has started an NFT company via Dapper (home of NBATopShot and NFLAllDay) where they are minting 10,000 Meta Pandas.
For $199 they will mint you a fresh panda NFT of your own, and you also receive $199 "worth of merchandise" like swag jackets that they will mail to you.

If you happen to get serial numbers ending in 37 or 96, you get some additional perks. There is a live kickoff party Friday night in LA if you happen to get randomly gifted with an invite NFT.

I missed out on Bored Apes, so I bought 4. No joke. Let's see if chubby panda basketball gifs can go to the moon... ;-)

www.metapandaclub.com

MattyC · #3 04-13-2022, 07:12 PM

Exhibitman · #4 04-13-2022, 07:16 PM

Art is a terrible model. I recently had an estate to liquidate and the artwork was worth about 5% of what the owners paid for it. Very disappointing. If you catch a Basquiat early you make a fortune but 99.999% of the time it just takes up space and ends up at Goodwill.

swarmee · #5 04-13-2022, 07:24 PM

Quote:

Originally Posted by MattyC

That doesn't really surprise me. Those were way overhyped at the time. We'll see if I just burned $800 for some leather jackets or actually turn a profit on it over time.

rjackson44 · #6 04-13-2022, 07:58 PM

Does anyone have one of Gary vees childish drawings I�d like to invest in one😊😊

Casey2296 · #7 04-13-2022, 08:26 PM

Will the person holding the last non fungible token please turn out the lights when they leave the room...

brianp-beme · #8 04-13-2022, 08:59 PM

The above example of Jack Dorsey's first tweet is why I have always insisted that my tokens, including tokens of appreciation, be fungible.

Brian

1880nonsports · #9 04-13-2022, 09:53 PM

I might be interested in one of the jackets :-)

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