Have you bought any NFTs?

Have you bought any NFTs?

  • Yes

    Votes: 13 5.8%

  • NF'whats? (No)

    Votes: 201 88.9%

  • Other

    Votes: 12 5.3%
  • Total voters
    226
Snyper564 said:
Its silly calling it a scam. Ppl hype it up etc but at the end of the day economics still come into play.

WILLING BUYER WILLING SELLER.

Whether you like it or not doesnt matter.

People pay silly amounts for art, beanie babies, baseball cards, stamps, whether it has a use case or not whether it can be "copied" or not hell art stamps etc all can be forged.
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Magic the Gathering cards are another wild lot, they can go for crazy prices but there is still a company making them that is trying to make a profit. The dynamics between making them scarce for value versus the need to make a profit for shareholders is fascinating, overprinting, scarcity, over pricing, it's really interesting if you don't have a stake in any of it.

I mean there are guys who literally hold seven figures in US dollars of sealed Magic boxes, that could all go to zero if everyone stopped playing but that isn't going to happen. They only have value as long as the game has interest but they do currently have a lot of value that can be realised.
 
Snyper564 said:
Its silly calling it a scam. Ppl hype it up etc but at the end of the day economics still come into play.

WILLING BUYER WILLING SELLER.

Whether you like it or not doesnt matter.

People pay silly amounts for art, beanie babies, baseball cards, stamps, whether it has a use case or not whether it can be "copied" or not hell art stamps etc all can be forged.

Calling above scam doesnt change anything.

At the end of the day if no one buys it, it simply doesnt get sold.

I have a rock there on the floor if someone wants to buy it for a few million calling it a scam doesnt change the fact that someone has placed that value on it.
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How much did you spend on NFTs?
 
Cray said:
Magic the Gathering cards are another wild lot, they can go for crazy prices but there is still a company making them that is trying to make a profit. The dynamics between making them scarce for value versus the need to make a profit for shareholders is fascinating, overprinting, scarcity, over pricing, it's really interesting if you don't have a stake in any of it.

I mean there are guys who literally hold seven figures in US dollars of sealed Magic boxes, that could all go to zero if everyone stopped playing but that isn't going to happen. They only have value as long as the game has interest but they do currently have a lot of value that can be realised.
Click to expand...
You miss why MTG is successful. It is because they are very clever with their business model.
This is what I have observed about them:

1) The cards are used to play an actual competitive game. That is first and foremost the objective.

2) The cards expire for use in competitive tournaments.

3) They do a huge amount of support for their community. They will sponsor prizes for tournaments in pretty much any club. Games Workshop on the other hand don't give a flying F about this.

4) They sell the cards in blind packs, so there is an element of surprise to buying a pack of cards. And you inevitably end up with cards you don't want, which creates a market for the cards.
 
konfab said:
You miss why MTG is successful. It is because they are very clever with their business model.
This is what I have observed about them:

1) The cards are used to play an actual competitive game. That is first and foremost the objective.

2) The cards expire for use in competitive tournaments.

3) They do a huge amount of support for their community. They will sponsor prizes for tournaments in pretty much any club. Games Workshop on the other hand don't give a flying F about this.

4) They sell the cards in blind packs, so there is an element of surprise to buying a pack of cards. And you inevitably end up with cards you don't want, which creates a market for the cards.
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I fully agree with all of that, however recently their continuous drive for profit has made Wizards of the Coast less than popular, especially with the 30th-anniversary release.

Agree they are a lot better than Games Workshop but the recent events in MTG have not been great for Wizards.
 
Snyper564 said:
Its silly calling it a scam. Ppl hype it up etc but at the end of the day economics still come into play.

WILLING BUYER WILLING SELLER.

Whether you like it or not doesnt matter.

People pay silly amounts for art, beanie babies, baseball cards, stamps, whether it has a use case or not whether it can be "copied" or not hell art stamps etc all can be forged.

Calling above scam doesnt change anything.

At the end of the day if no one buys it, it simply doesnt get sold.

I have a rock there on the floor if someone wants to buy it for a few million calling it a scam doesnt change the fact that someone has placed that value on it.
Click to expand...
In a scam there's also a willing buyer and a willing seller and economics. People aren't getting scammed at gun point. Then it is no longer a scam, but just straight up theft like taxes.

A scam is basically over promising(flat out lying) when selling an item or service without the intent to deliver. a get rich quickscheme from the seller where they are selling worthless pictures for a lot of money hoping to take advantage of a stupid person. A lot of NFTs is just that when the seller promises ridiculous returns.
Some of it is not a scam if both parties are slightly more educated on the topic. Then it is just digital stamp collecting.

I don't have much of a problem with the above type of scam. I see it more as rightful redistribution of wealth. If you are stupid enough to fall for it that's your problem. It is morally questionable on the side of the seller but should not be illegal.
 
Cray said:
Magic the Gathering cards are another wild lot, they can go for crazy prices but there is still a company making them that is trying to make a profit. The dynamics between making them scarce for value versus the need to make a profit for shareholders is fascinating, overprinting, scarcity, over pricing, it's really interesting if you don't have a stake in any of it.

I mean there are guys who literally hold seven figures in US dollars of sealed Magic boxes, that could all go to zero if everyone stopped playing but that isn't going to happen. They only have value as long as the game has interest but they do currently have a lot of value that can be realised.
Click to expand...
Spot on all we seeing is this https://en.m.wikipedia.org/wiki/Tulip_mania

Not a scam.

Only valuable whilst people are paying the moment they are its worthless...
 
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rietrot said:
In a scam there's also a willing buyer and a willing seller and economics. People aren't getting scammed at gun point. Then it is no longer a scam, but just straight up theft like taxes.

A scam is basically over promising(flat out lying) when selling an item or service without the intent to deliver. a get rich quickscheme from the seller where they are selling worthless pictures for a lot of money hoping to take advantage of a stupid person. A lot of NFTs is just that when the seller promises ridiculous returns.
Some of it is not a scam if both parties are slightly more educated on the topic. Then it is just digital stamp collecting.

I don't have much of a problem with the above type of scam. I see it more as rightful redistribution of wealth. If you are stupid enough to fall for it that's your problem. It is morally questionable on the side of the seller but should not be illegal.
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But returns arnt promised.

You observe the market and assume your rock is going to be worth loads.

It's literally just another bubble.

But you are right a definite redistribution of wealth will take place.
 
Snyper564 said:
But returns arnt promised.

You observe the market and assume your rock is going to be worth loads.

It's literally just another bubble.

But you are right a definite redistribution of wealth will take place.
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Yes rock collecting/stamp collecting same thing. If that is your hobby good for you
 
Yes... I unwittingly got them for my ex wife... Oh wait... reading this I see we're not talking the same NFTs... I thought you were referring to "new f-ing tits".
 
Got in last year August, made some good trades made some bad trades. Net positive but only because of a bumper sale. NFT'S will be here for the future but 99% will go to zero
 
No, but I had a friend who set up a complex set of bots to trade cryptocurrencies for him. He ended up turning R100 000 into nearly R1m through Bitcoin, Dogecoin, and other currencies that went up and down. He sold everything just before most of them went to ****.

Funny thing is, he told me from the start that the idea of crypto, nfts and any type of digital object that holds value is a terrible idea.

Only people who got into NFT's were rich people and suckers who thought that if they bought into the system maybe other suckers would too and they'd be able to get their money back...
 
Hardman24 said:
No, but I had a friend who set up a complex set of bots to trade cryptocurrencies for him. He ended up turning R100 000 into nearly R1m through Bitcoin, Dogecoin, and other currencies that went up and down. He sold everything just before most of them went to ****.

Funny thing is, he told me from the start that the idea of crypto, nfts and any type of digital object that holds value is a terrible idea.

Only people who got into NFT's were rich people and suckers who thought that if they bought into the system maybe other suckers would too and they'd be able to get their money back...
Click to expand...
Is your friends name Johann Steynberg by any chance??
 
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