NFTs (thread now extremely NSFW)

okay but how about right now? can you swap out with the same ease as you would euros to dollars or is everyone pretending the play money is totally real money even if they can't get it in their wallets?

Maybe, but right now, this stuff is so convoluted that it is a long way from mainstream adoption. Summary of my journey to get that damn horse:

1. Create MetaMask wallet to connect to the Zed.Run website
2. Purchase eth through MetaMask using my debit card (fee 2.9% + $.0.30 + gas fees ($5 minimum))
3. Wrap the eth to turn it into weth, more gas fees (which were astronomically high at the time, at this point I learned what gwei is/gas limits/transaction speeds, etc )
3. Use weth to try and buy a horse, failed.
4. Said fuck it and unwrapped with weth back to eth, more gas fees.
5. Another horse drop a few weeks later, eth to weth again, with gas fees, failed again.
6. Received free horse from Zed.Run because the whole experience was miserable.
7. List horse on opensea, which required me to do two transactions for verification, minimal gas fee for the second one
8. Sold horse, paid in weth, had to convert that back into eth, this time went through the polygon network, which required a couple of transactions and fees
9. Eth back in my MetaMask wallet, want to cash out but can’t from my wallet, have to use an exchange
10. Send eth to my Coinbase account, withdraw to my debit account, fees apply.

All of those could have been handled numerous different ways, so I’m sure someone who is more knowledgeable than me could do it with lower fees or jumping through fewer hoops. The gas fees themselves were perplexing. They could be minimal or more than the cost of your transaction, all depending on network utilization. This is made more confusing by being able to pick your gas price to speed up the transaction.

Until Paypal/Amazon/large financial institutions make this easy, it’s going to stay cryptobros, meme investors, and dorks like me with time and money to waste.

Not to mention tax implications, saving that headache for next year.

the future!

given the amount of time and fees that were involved in this and the time you will need to continue to spend to cash this in, what amount per hour would you say you have been paid for buying this digital horse? more or less than NY minimum wage?

How to get rich in 3 easy steps:
1) Steal hotel soap
2) Invest savings in S&P
3) Become millionaire pic.twitter.com/GSQBsopb6z

— TikTok Investors (@TikTokInvestors) May 17, 2021

given the amount of time and fees that were involved in this and the time you will need to continue to spend to cash this in, what amount per hour would you say you have been paid for buying this digital horse? more or less than NY minimum wage?

Oh and the wild fluctuations of the price of eth over this time frame makes it less lucrative as well. When I started this in early may, it was at $3500. Today, just over $2000.

https://niftys.com/events/spacejam#free-nfts

Summary of my journey to get that damn horse:

Getting to the 'create a MetaMask' blah blah blah line at the beginning of the Zed Run newb FAQ is where I jumped ship. Buying DMT off the darknet was simpler than all that shit.

Damien Hirst is launching an NFT. $2,000 for a digital print and ownership of a print (1 of 10,000 made). After two months, the buyer has to choose whether to own the physical object or the NFT, but can't have both.

Here's a link to the @FT article covering my first NFT series 'The Currency'. Launching 3pm BST today! https://t.co/U7WiKnGpyX

— Damien Hirst (@hirst_official) July 14, 2021

makes u think.

"But here’s the special Hirst-devised twist..."

aaarrggh!

Grifter heaven

Until Paypal/Amazon/large financial institutions make this easy

this will never happen with cryptocurrencies as we know them

Leading speculator Hirst has entered the market

newchallenger.gif

I have Bugs Bunny and Lebron Space Jam NFTs, will I be able to retire on them in a few years?

ah Damien Hirst, all the fucking charlatans coming out to play

https://techcrunch.com/2021/07/27/shopify-now-allowing-imerchants-to-sell-nfts-directly-through-their-storefronts/

I was able to get the first two Bulls NFTs, one of only 26 people that have gotten them all so far. Just when I think I’m out, I get pulled back in.

There's that lake house, coming up. ^^

And now I’m 3 for 3. Next three drop over the next three days. I’m sure my luck will run out soon.

some of hirst's early work is interesting.

https://www.ranker.com/list/valuable-collectible-pogs/mick-jacobs

I'm the person who started all the fuss @FameLadySquad and @queenship_ project. I have enough proof to state that FLS was created by 3 males who are also behind a whole bunch of abandoned NFT projects.

And their "signature" convinces me Queenship is also their product. Thread/

— Fedor Linnik (@FedorLinnik) August 10, 2021

Those Damien Hirst NFTs that went for $2K in July are now going for over https://www.nftstats.com/collection/thecurrency00K.

Whoops: going for over $100K.

https://www.nft-stats.com/collection/thecurrency

i believe that converts to exactly three jugs of milk in the post-apocalyptic world

So much has happened with NFT’s in the last month, it’s been absolutely insane. I’ve stayed mostly on the sidelines, floor prices for everything I’ve been interested in have just been more than I’m willing to risk. Made a bit of money flipping the WNBA top shots that just dropped.

How is that Bulls one doing, Jeff?

Unfortunately, still waiting for them to launch their market place.

just the worst

what's the worst? NFTs?

nah. there's probably something worse. Something even more more speculative. Something that can be integrated even more tightly with things that have nothing to do with money.

https://dirt.substack.com/p/dirt-are-nfts-status-symbols

they're tacky status symbols

but reading that helped me understand the appeal more. i have never been one of those guys who wants an expensive designer jacket. i have never considered it. i would never, ever spend my money in that way, mostly because i don't have that money. maybe other people see me that way - they see me buying a $50 game that actually sucks really badly, and i only play it for 2 hours. i've done that a couple times. for me, at the time, i had $50 and it wasn't a big deal. now, at this time, $50 is everything and i would never throw it away like that. maybe nfts are like that for other people that have more money. they don't realize how completely tacky their purchase is. it's an investment, or a frivolous evening.

anyway, that hypothetical expensive designer jacket. maybe nfts are like that, for some people. it's probably more healthy for me to just think of them like that, and the people that buy them as the kind of people that buy really nice designer jackets. they're out there for sure, and they're usually really popular and influential people, but also they suck

Dirt is, of course, selling their own tacky NFTs

Ooh I been dirt, but I don’t care.

Coinbase launching an NFT market place: https://www.coindesk.com/business/2021/10/12/coinbase-follows-ftxus-into-nft-trading/

Glad to see OpenSea getting some more competition. They’ve had some growing pains.

it used to annoy me, but now i love how crypto and NFT language is sort of staring down German (the language) in terms of "ridiculous compound nouns"

I read a Twitter thread that describes NFTs as the evolution of spending money to put someone’s name on a star. It’s basically buying a spot in a ledger and you don’t own shit. Gotta respect the grift.

it's in the first post on this thread lol

I still haven't seen anything about nfts that make sense to me and I've been paying attention to a lot of different projects. I want them to make sense, because it feels like it could, but it just reads as another way to spend money, so it's like, cool, new money thing

Because of amazing blockchain technology every NFT is guaranteed to be absolutely unique in the universe. ofc, because of slight variations in DNA, every pig-ear dog chewy is guaranteed to be absolutely unique in the universe, too.

https://www.youtube.com/watch?v=kQrQcAzMb8E

Ugh

Dear Twitter Friends, good morning. A film I made for @interpol will be auctioned in 7 pieces on @superrare
Find them at https://t.co/m31joB4XHS

— David Lynch (@DAVID_LYNCH) October 26, 2021

Daddy needs a new meditation mat

Rising Eth prices and gas fees have killed a lot of my purchasing. Mainly focused on topshot and still turning a profit when flipping those. Also took a chance on a MLB icon pack today. No marketplace yet, so who knows if the pack will have a plus expected value.

Sold one of my rare Bulls NFT rings for $300. They screwed up the marketplace launch and made it difficult to buy, so I just priced it to recoup my total cost. Still have two more that I can profit from. If I can get ~$300 for the other rare one and a little more for the iconic, I’ll be happy with the investment.

https://www.youtube.com/watch?v=S3QiUH_JHBk