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<blockquote data-quote="Petras" data-source="post: 336841" data-attributes="member: 216">I watched the video, and a few others... this is about as accurate of a guess as any I could come up with...On a serious note, NFTs are basically a play on human psychology.&nbsp; An &quot;Artist&quot; (and I quoted artist because some of the garbage thats out there to buy is facking ridiculous) creates a digital art piece.&nbsp; THey then go and list in on a platform for sale.&nbsp; They can mint as many as they want, but heres where the psychology play comes in.&nbsp; Humans desire shit that is rare/scarce.&nbsp; An artist puts a piece out and says, &quot;ope, there's only 2 of these made, better get it now!&quot;&nbsp; so people buy them up because they are rare...&nbsp; The Artist makes money, and then the person who bought the piece either hangs on to it in hopes it appreciates, or just tries to flip it right away.&nbsp; Heres where the artists can make bookoo bucks.&nbsp; When they &quot;mint&quot; a piece, they can assign a royalty to it.&nbsp; For example, that dipshit that invented twitter sold the very first ever tweet on twitter.&nbsp; He sold it for like 2.9 million dollars.&nbsp; Not sure if he Assigned a Royalty to it (I'm sure he did).&nbsp; If he did say a 10% royalty to it, then every time it changes hands after the initial sale, he gets a 10% fee on the sale price.&nbsp; It's a great platform for actual artists to sell their creations and make money, but I fear it is just going the be a big huge popularity contest.&nbsp; Some of the shit that has sold on there for big money is absolutely mind blowing...&nbsp; and the premice of it seems gimmicky...&nbsp; The NBA actually has a huge portfolio of NFTs that the sell just like player cards... except these are basically just little video clips of shots/dunks/whatever that you buy and hold on to hoping that they will go up in price.&nbsp; Once they go up, you sell and make some money.All I did was watch a couple videos last night on this garbage so I may not be 100% correct with this.&nbsp; I think this is the stupidest shit ever.&nbsp; That being said, I fully intend to make money off it.&nbsp; I'm going to be looking at the NBA NFT's and seeing whats available.</blockquote>

[QUOTE="Petras, post: 336841, member: 216"] I watched the video, and a few others... this is about as accurate of a guess as any I could come up with... On a serious note, NFTs are basically a play on human psychology. An "Artist" (and I quoted artist because some of the garbage thats out there to buy is facking ridiculous) creates a digital art piece. THey then go and list in on a platform for sale. They can mint as many as they want, but heres where the psychology play comes in. Humans desire shit that is rare/scarce. An artist puts a piece out and says, "ope, there's only 2 of these made, better get it now!" so people buy them up because they are rare... The Artist makes money, and then the person who bought the piece either hangs on to it in hopes it appreciates, or just tries to flip it right away. Heres where the artists can make bookoo bucks. When they "mint" a piece, they can assign a royalty to it. For example, that dipshit that invented twitter sold the very first ever tweet on twitter. He sold it for like 2.9 million dollars. Not sure if he Assigned a Royalty to it (I'm sure he did). If he did say a 10% royalty to it, then every time it changes hands after the initial sale, he gets a 10% fee on the sale price. It's a great platform for actual artists to sell their creations and make money, but I fear it is just going the be a big huge popularity contest. Some of the shit that has sold on there for big money is absolutely mind blowing... and the premice of it seems gimmicky... The NBA actually has a huge portfolio of NFTs that the sell just like player cards... except these are basically just little video clips of shots/dunks/whatever that you buy and hold on to hoping that they will go up in price. Once they go up, you sell and make some money. All I did was watch a couple videos last night on this garbage so I may not be 100% correct with this. I think this is the stupidest shit ever. That being said, I fully intend to make money off it. I'm going to be looking at the NBA NFT's and seeing whats available. [/QUOTE]

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