The world truly has gone insane? NBA Top Shot, NFT collectibles

[Kman]

https://www.nbatopshot.com/

People are buying "packs" to collect clips of the nba

Collecting clips.. like the free clips you can watch on youtube

Not only are they and paying to open packs, they're trading the clips and paying even more money for them like they're collectible cards  

 Spending $100,000 on a clip... a video clip ☠️ if they owned world wide rights to the footage and they earn royalties any time it's played ok, but I don't think it's that, I don't think it's that  at all

I think I've hit my head and entered an alternate reality 

You can watch the clip he bought here - https://www.nbatopshot.com/moment/jerlevine+932eee17-8bcc-4b95-b10a-a039fbf64181

All it says is: OWNED BY jerlevine

but it's a video, and we can all see it 👀 

[Kman]

This is a guy explaining why he purchased a clip for  $35,000 

https://luckymaverick.substack.com/p/nft

Apparently it's built on blockchain which makes me like it a little more, but he thinks digital  collectibles like this are the future

I've already come around a bit since my initial shock, maybe this is one of those things that seem stupid  but enough people are going to go along with it  that it's worth paying attention to

[MickB]

Part of me thinks he's onto something for the future but it will probably take a while to get my head around thinking he's not nuts.

I suppose if you get in early enough you could make a good return later. I can imagine if they sold clips of premiership games in this way it might catch on but it all seems a bit alien to collecting sports cards/Panini stickers. I guess I'm old school.

It'll be interesting to see how this goes. Thanks for posting Kman.

[MancunianStacker]

Kudos to the ones who thought this 💩 up!! 👌 

[Kman]

34 minutes ago, MickB said:

Part of me thinks he's onto something for the future but it will probably take a while to get my head around thinking he's not nuts.

I suppose if you get in early enough you could make a good return later. I can imagine if they sold clips of premiership games in this way it might catch on but it all seems a bit alien to collecting sports cards/Panini stickers. I guess I'm old school.

It'll be interesting to see how this goes. Thanks for posting Kman.

Upon further research people are selling art too, nft (non-fungible token) art or crypto art

https://www.coindesk.com/nft-art-sales-reached-all-time-high-of-8-2m-in-december

There definitely is something to this, my initial shock and dismissal has been overcome 

[MickB]

Just now, Kman said:

Upon further research people are selling art too, nft (non-fungible token) art or crypto art

https://www.coindesk.com/nft-art-sales-reached-all-time-high-of-8-2m-in-december

There definitely is something to this, my initial shock and dismissal has been overcome 

Just by looking at the idea of this has given me a better understanding of how crypto works in an odd way. I can see more people getting onboard as it's new and different. I'm still not up to speed with cryptos but am willing to learn. You could possibly do well with this of you get in early enough but it would have to be for a sport more popular in the UK for anyone to get interested.

I was just about to ask a question until I found my answer. A Dapper wallet is needed before you are able to make purchases on the Top Shot marketplace.

[Kman]

24 minutes ago, MickB said:

Just by looking at the idea of this has given me a better understanding of how crypto works in an odd way. I can see more people getting onboard as it's new and different. I'm still not up to speed with cryptos but am willing to learn. You could possibly do well with this of you get in early enough but it would have to be for a sport more popular in the UK for anyone to get interested.

I was just about to ask a question until I found my answer. A Dapper wallet is needed before you are able to make purchases on the Top Shot marketplace.

if it's profitable and working well for the NBA it will only be a matter of time before there's a version for the premier league

Then why not popular tv shows and movies? could be one massive cash grab industry 

Edit> The UFC are doing something - https://ufc.onflow.org/

 

[MancunianStacker]

🤦‍♂️ 200+ crypto coins, now this mess.

I’m sticking with gold and silver and my huge £40pm Bitcoin savings plan.

This seems too much like Tulipmania to me. The companies organising it will do well as will the Social Media influencers. I get a feeling everyone else will get rinsed, especially if cryptos get banned. Yellen has already raised this last week. 

[HelpingHands]

Believe it or not you can make offers to buy NFTs of people's tweets

https://v.cent.co/

 

[Mox]

Utter bollocks. Can’t say much more than that. Speechless.

[Kman]

I was reading the article I linked above and there was a line that interested me and made me think..

High-end alternative assets could explode with the growth of fractional investing

Say there's a a two oz gold una and the lion from RM, I don't know about you but I can't afford one even offered it, what if one was held in a vault somewhere and ownership was put into blockchain contract and you could buy fractions of it in crypto tokens? 

Would it be anything different than holding a gold or silver etf? (one backed by physical anyway) other than you're holding a fraction or a desirable numismatic coin

Would you want to own a fraction of a famous historic artists painting? 

Maybe you wouldn't but the idea of owning something important like that even though it's just through crypto and it's stored in a vault somewhere I believe has value

 

[SilverAngel]

Ok.. but then we are going down the same "derivative" mess that caused the crash in 2007/2008. Once you do that then they will leverage against it and find that its all rolled up into a larger construct. So we have just found the next decades pressure point. Back in the 90's I remember the idea being floated by few banks on leveraging how they could sell high risk strategies that were wholesale led into the retail market.. that's when mortgage backed plays were started. Are we seeing the next "bubble"?

[HighlandTiger]

I bet PT Barnum wishes he'd been born a few centuries later.  

[FlorinCollector]

@Kman People are floating this idea currently with pokemon cards. Also seen one youtuber talking about storing his success on the blockchain. For example he will sell 10% of himself. That way you can invest directly in individuals and you could receive a percent of his career earnings  

[AppleZippoandMetronome]

I spent more time looking into this than I feel I probably should have. The problem that I can see with this comes down to the fact that ownership simply isn't real. There is an illusion of ownership. The NBA provides - via a licensing agreement - the ability for this company to create this product which includes a clip of footage. You buy the product and while that ownership is real enough - certainly as real as owning bitcoin in a digital wallet from what I can see - you don't ever actually own the footage. Presumably the NBA could - for many reasons that do and do not exist in whatever contract these came up with - pull the license at any time. What then?

In a big way this reminds me of why I never stopped buying physical music. Spotify is great and all but when licensing agreements end or get cancelled - that music you love so much disappears. I don't have that problem with something physical sat on my shelf that I can pick up anytime I want to listen to it.

The above being said...  I do think they are potentially on to something this is just a bad implementation.

[Minimalist]

1 hour ago, AppleZippoandMetronome said:

ownership simply isn't real

Its the same with "owning" a property - its purchasing the rights.

[Kman]

On 25/01/2021 at 01:37, Kman said:

Maybe you wouldn't but the idea of owning something important like that even though it's just through crypto and it's stored in a vault somewhere I believe has value

Upon further research art by Andy Warhol was tokenised and sold at auction in 2018

https://www.realwire.com/releases/First-ever-multi-million-dollar-artwork-tokenised-and-sold-on-blockchain#:~:text=Maecenas tokenised 14 Small Electric,a cryptocurrency created for Maecenas.

The auction raised US$1.7m for 31.5% of the artwork at a valuation of US$5.6m.