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General guide to NFTs — why one guy paid $208k for a video clip of LeBron James dunking

General guide to NFTs — why one guy paid $208k for a video clip of LeBron James dunking



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9 Comments

  1. Article pretty much covers everything. You buy an NFT either for the bragging rights or for the sole purpose of reselling it, just like we’ve been doing all these decades/centuries with trading cards, rare cars, and art pieces.

  2. I still don’t get these. What stops me from making a NFT just like the Lebron one, now there are two. Now everyone makes one and the original isn’t rare since there’s millions of exact copies. Who cares if this guy has the original

  3. > That someone shelled out $1.5m for a piece of code designating them the owner of a pixelated ape wearing a fedora seems to defy any semblance of rational market behavior.

    > After all, the image above can easily be captured with a screenshot, downloaded, or recreated by any Redditor with access to Microsoft Paint.

    Yup

  4. I don’t know guys. I like NFT’s but I still think it’s ridiculous for the prices to be as high as they are.

    Also what do you think is happening with all the crypto that is being spent on these NFTs? I would not be surprised if people are spending massive amounts of ETH on these and that ETH is being cashed out for Fiat. I’ll wait for the trading card games and the games useful NFTs that allow me to find equipment in game and store them as an NFT.

    Also scarcity isn’t the only thing that makes something collectible. It has to have nostalgia and a base of fans. For instance magic cards and Pokémon cards are nostalgic, they also still are used in a game that has a large player base. They also were made long ago and no others can be made from those same sets. The cards lasted over 25 years since being printed.

    And last but not least. Most collectibles start off being bought in a store for a few cents or a dollar. It’s kind of annoying to be that they things are being minted and sold for millions from the actual source.

    I think these art NFTs that have no use case will have a huge bubble burst. The tech bubble burst because the companies were unuseful but eventually as Web 2.0 and 3.0 rolled out people found ways to utilize the web in lasting ways. These NFT’s are going to be worthless once we see a bear market, and they will stay worthless for years maybe even decades until enough people forget their seed phrases and lose access to them. Then a small amount of high profile art NFTs will become worth something again. In the mean time gaming will adopt NFT’s. They can be used for deeds to houses, titles for cars… birth certificates, marriage licenses. lots of great use cases out there!

  5. It still does not make sense to me. It still looks like speculation and the comparison with art is specious. Mona Lisa is a physical painting, it can not be easily copied and there is the emotional meaning of being the canvas used by Da Vinci.

    Of course, monetary value in some goods is determined by what people give value. It has no rhyme or reason. It will be more honest to just say that.

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