OpenSea (NFT Platform) Surpasses $10B in sales - I don't think this is a fad
Daz_Jessica
Posts: 155
I don't think NFT's are a fad... 
The largest non-fungible token (NFT) marketplace has hit another impressive milestone in 2021 amidst growth in that market.
What Happened: OpenSea has surpassed the $10 billion sales volume milestone, just three months after passing the $1 billion mark.
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Comments
Don't worry...it's not long for this world after the world governments get to it and they are already.....
Fad or not, it's still an energy-sucking, earth-wrecking endeavor. I hope my disdain for the whole thing came thru in that last sentence, because if I said what I really think of it and Daz's involvement in it, I'd get banned ;)
Well this may be good news! It must mean that everyone getting involved, including DAZ3D, it making a ton of money off of this, and hopefully that money gets invested back into the company into QA resources, ticket management, and retaining long time vendors.
I think it's extremely fun that the decentralized for-the-people alternative to fiat currency transactions intended to empower small artists is spoken of exclusively in the value it has in dollars. Also it's incredible to see supporters of it gloat nonstop about the inevitability of it taking over the world when the whole selling point is that only rich people can drop money on these things.
The worst outcome of this is it not being a fad, because it means people with more disposable income than your local government will have brute forced a system that only benefits them, largely by cycling money through it and...gloating nonstop about the inevitability of it taking over the world.
The main benefit of this for gaming companies and other businesses that mostly do digital transactions in the long run is making it acceptable to sell digital products at a higher price point. That's it. It's "the future" in the sense that if companies can get away with saying, "Own this thing we would usually sell for $15 for $80 because if you don't pay more money you'll lose your only chance of getting it," they absolutely will. They will probably succeed, because at that point the supposed radically friendly, cyberpunk future stuff can fall away and an NFT just becomes a thing you pay more for because of FOMO and that you get to show off having more of if you can afford them. All they have to do is get enough people to uncritically repeat "NFTs are the future," which is not hard to do.
Actually, I think gushing over the whole thing is kinda sickening :)
Cory Doctorow recently published some good comments on issues related to NFTs (which, incidentally, he describes as "a massive, fraud-ridden speculative bubble that is blazing through whole rain-forests' worth of carbon while transfering billions from suckers to con-artists").
Just because something makes billions of dollars doesn't mean it is not a fad.
Exactly what I was going to say... nor does it have to be a good thing... the once popular tobacco industry made billions and resulted in more than a few people dying of cancer related issues while that industry claimed smoking was good for you, knowing full well it was addictive and deadly...
So yeah... there's that.
well, what I have noticed checking a couple of NFT's on exactly OpenSea is, that a couple of participants passing around some NFT's
A sells a NFT to B for x ETH, who sells it at the same price to B. B sells it to C without changing the price, who sells it back to A. So, the sales on OpenSea is 4 times x. The actual "sale" for participant A is zero. This happens quite often if the participants are heavily invested in NFT's. So, I take that 10 bn USD not just with a grain of salt, but with a spoonful.
The more you Daz folk keep extolling the virtues of the much-despised NFTs, the less money I will spend with Daz. It appears my Daz content money will turn out to be Blender plugin money and content money for other sites. It's true I never qualified as a big spender, but it's also true I had been spending a lot more here than I am now. Sorry Jessica. That's just how it works out.
The Benzinga link opens a "Give us your identity and WIN!!!..." popup.
No 20 something women that live less than half a mile from me though...
"What investors should know..." - [self censored]...
Yeah... I think NFTs are a fad. I've dabled in a collectibles including digital ones, and I've made money. (My Magic Collection was was the down payment on my house. I sold off my TF2 hats for a good $1200 just as COVID lockdowns hit.)
NFTs have no tangible value. Its the digital right to a digital item. I don't see the connection. TF2 hats are just items to look cool in game... but that at least has a value. (Never mind that you're just renting access to that item inside a game.)
I do buy art and things I find interesting. For instance, I have two pages from The Nuremberg Chronicle. An inculabulum... one of the first million books ever printed. My pages are almost 530 years old, and oddly, 1 is from the Latin edition, and the other is the same page from the German edition. This isn't 'flex', its just pretty cool to see and look at. (I paid like $175 each.) There are books written about this book. Heck, even the summer student at the printer that year is famous.
https://en.wikipedia.org/wiki/Nuremberg_Chronicle
But really, how do you compare a 'collectible' NFT to real work items of interest? Personally, I just don't see the link. At least with TF2 I could use the items in game. I do miss my Magic fireball deck, dang that thing would sell for $30-50k now. (I guess people are still playing magic.)
Anyways, anyone thinking this isn't a fad needs to remember their history. This isn't a new phenomenon. The great Tulip Bubble of 1637 gives a good idea about what is happening now, and exactly how it will end.
https://en.wikipedia.org/wiki/Tulip_mania
Are you telling me my tulips bulbs are worthless?... I've been holding on to them for 386 years (I got in early on a tip)... you mean they are just the mummified powdery husks they appear to be...
Aw, man...
Well... maybe an NFT of a tulip bulb?
https://markets.businessinsider.com/news/currencies/nft-crypto-dutch-tulip-bubble-bitcoin-meme-stocks-gme-amc-2021-08
That's gotta be cash bro... totally!
Just be extra careful with the tulip bulb dealers, they can get nasty at times.
Not these ones, they've been dead for quite a while... there is that one zombie dude who tries to bite, but a zombie in those old klompens isn't that fast.
I'm not really interested in NFTs, I'm not really uninterested in them, either. Its mostly something I'm at arms length on... I don't think NFT is gonna go away, but I don't think it's gonna be the Giant Wonderful Money Miracle that some people want to think it is, either. It's fate is more or less tied to the future of blockchains, and is sorta riding along with the popularity of cryptos and the other neat things that come from the existence of the blockchain, I tihnk cryptos are going to be with us from here on out. and will become more important as time goes along. NFTs are just sort of tagging along for a ride in the train with cryptos, but I suspect they're just going to remain an interesting-but-potentially-useful tool, but always will be of tiny importance in the blockchain compared to cryptos.
I had hidden this forum but after seeing today's video on DAZ's Youtube channel and getting a lot of flack on Facebook unfriending peope for being interested in NFTs, I felt the need again to voice my unwanted opinions on this latest bubble ripe for bursting.
When you guys lose all your money is the company going to be at least be in sellable shape to another investor?
I still remain excited about 3D technology and art and you do produce the best 3D assets, the dotcom bubble saw so many go under and stuff lost to the world forever, I fear the same will happen here and while that is entirely your own problem I don't want to lose access to my extensive library of assets and even software if I can still run it on my aging hardware without a newer video card.
Unless I misunderstand what's going on, I don't think that DAZ will lose all its money on NFTs. Their costs are likely to consist of:
Provided that they don't mint more NFTs than they can sell, and they keep the promotional expenses relatively low, their biggest cost is going to be the salary of the staff member who's responsible for promoting DAZ's NFT sideline.
While I share all of your skepticism about NFTs, I don't think it should necessarily endanger DAZ's business. It's possible that they'll go completely crazy and lose sight of the fact that their core business is selling content, but it doesn't have to go that way. Much as I loathe the whole concept of NFTs, and am disappointed that DAZ has embraced what I see as a particular virulent kind of scam, I can see why it might make business sense for them.
I'm sure that some people are going to lose all their money on NFTs, but I think it'll be the buyers rather than first sellers like DAZ.
from day one when they very first announced them I was utterly horrified.
to put it mildly
I have been complaining about cryptomining for a few years now and was well aware of NFTs long before DAZ first mentioned them.
One thing is certain, the Average Joe buying those will be the one paying by the nose.
The whole purpose of the campaign is to get enough Joes hooked, just like in any other similar scheme.
This is worth repeating.
I think the average Joe can't even afford it , unless their rich. ETH is a bad currency to use with NFTs. ETH is a rich persons currency.
So, it is well suited for starving artists to use when minting their NFT's in hope that someone pays a million bucks for the unique link to their artwork?
Well, they will never make millions of dollars. It's better to sell NFTs that are more reasonable priced. Then if the market raises the price. The creator gets the kickback in residuels.
Wait so you're saying if I sell something for a smaller amount, but the person who buys it from me turns around and brings in more money, I can get a cut? And then if the next level of people turns around and brings in more money, the people that came before them can get another cut? So it starts with a small point and spreads out as more people are recr-, sorry, as more buyers are found?
They should make a business model out of this. It might need a clever name though...
Ooh! We could make it all personable and call it the Charles scheme! Or maybe make it nice and snappy like NLN - Nice Large Numbers. Since it starts at a top point and flows down from there, it could be a Dome Scheme!
No the buyer get no cut other then the sale they did. No future cuts. YOu as the original creator of the NFT get the life time kickback from your creation. Let's say you sell the NFT for 10.00 usd. Then later that buyer turns around and puts it up on the market for 100.00 usd. Depending on what you put as your creator fee lets say 10 percent. you get 10.00 usd when it sells for that price. Now if it goes up again to 1,000 usd. then you get 100 usd. As long as that NFT is on the market. And not burned. you get the Creator fee.
Definitely!
But something ancient sounding... so it seems like it has history... people love history...
Babylonian... No! No!.. Egyptian!...
Everyone loves Egypt!
Maybe something that alludes to a thing they were famous for... Mummies!... No... Ponzi... No, No... Pyramids... Pyramid, pyramid... Pyramid Plan... Pyramid Plot...?...
MULTILEVEL MARKETING!
Naah... that's stupid sounding... We should stick with pyramids... and it needs a three letter acronym or else nobody would fall for it.
New Pyramid Trend!...
But nobody likes the letter "P" anymore... and in focus groups "F" tested better, so we'll stylize the "P" to look like an "F"
Brilliant!
Freakin' Brilliant!
Soooooooo, that would be the Now Focused Testgroup?
I guess 2 quotes from that article nicely sums it all up:
"you could spend a million bucks on an ape, but if the hosting site for the image goes down, you could own the equivalent of a 404 Error Page"
"most of the people spending millions on NFTs have no idea what they are buying"
No problem reading it. Yes, insightful.