Rare Alien CryptoPunk NFT Sells for $23.7 Million

[Emn1ty]

On 13/02/2022 at 10:50, NFT_QUEEN said:

NFTs metadata is frozen; it cannot be changed.

 

It's true that some NFTs link to centralized databases and are vulnerable. It's a new technology and a work-in-progress.

 

In the future, the storage databases will be fully decentralized.

 

You're missing the point. It doesn't matter if https://image-host.com/my-art.png can't be changed in the NFT or not. If the domain https://image-host.com goes down, or the file is deleted, you lose your content. You're buying metadata to a link to a file, not the contents of the file itself (the technology inherently cannot hold the entirety of an image's data within its record). The NFT doesn't have to change, just the source it points to which is completely outside the control of that NFT.

 

Think of it like this... say you buy a certificate for a painting. Great... but the certificate just points you to the address where that painting resides. It doesn't stop the painting from being destroyed in a fire, or the address being relocated, or evicted. You didn't actually buy the painting, just metadata about where it is.

 

 

On 13/02/2022 at 10:50, NFT_QUEEN said:

The same is true for the value of your house, the car you drive, the clothes you wear, and the food you eat.

I think you're conflating market driven with marketing driven. Market driven implies actual value. A house is a tangible asset that exists on land, another tangible asset. Even if the house itself goes to 0, the land also has independent value. Someone can use that land for something, be it building a brand new home, etc. There's also other factors, like location, schools, crime... all these things factor in to the desire-ability of housing and land.

 

Cars immediately lose value unless there is a limited number of them out there, usually < 3000 and in most cases < 1000 of them manufactured. And they are still a tangible asset with parts, utility, etc. They can take you from point A to point B, something useful in everyday life (and a house gives you a place to live, bathe, and be secure). Clothes are a requirement for daily life, and food is a matter of actual survival and life itself.

 

NFT's do not compare to any of those things, and are entirely speculative in value. They don't provide a service, a utility, or any other thing that can influence their value other than novelty.

 

On 13/02/2022 at 10:50, NFT_QUEEN said:

That's incorrect. All depends on a project and the people behind it.

 

Clearly the Alien Punk in OP just sold for a lot more that its original sales price.

Among people who buy into NFT's only, which is a tiny group of people in actuality.

 

On 13/02/2022 at 10:50, NFT_QUEEN said:

Yes, it's exactly like trading cards, which is what artists and collectors have been craving for - digital scarcity.

Digital scarcity is definitely an interesting concept, except in this case it's not actually true. I've been in tech since Blockchain reared its ugly head, this is a ploy at trying to monetize a technology that has gone nowhere outside of crypto. Companies have invested billions over the last few years trying to find a use for blockchain and haven't found anything. It's been so bad, there's meme's about how you can ask if blockchain is needed for almost every possible situation but it's almost always not the answer. NFT's are an attempt to finally find a monetizeable use, and it's honestly a poor one. Most market advisors and economists hate them.

 

On 13/02/2022 at 10:50, NFT_QUEEN said:

 

Incorrect.

 

Many NFTs come with all sorts of utility.

 

Some NFTs serve as attendance tickets to real world events.

 

Those are the only real use of them, where they grant admittance to something. The art scene for NFT's is a sham, which is what this article is about and is also the biggest current NFT craze (outside of all the art theft that's going on with them).

[Joe User]

On 13/02/2022 at 14:40, NFT_QUEEN said:

 

 

Some people buy $20K Hermès Birkin bags.

 

While the others buy $20 knock-offs of those bags.

 

 

Both are physical bags and have use.

 

How about a permalink to a picture of the bag? That's gotta be worth at least $100k.

[NFT_QUEEN]

On 14/02/2022 at 01:36, Joe User said:

Both are physical bags and have use.

 

How about a permalink to a picture of the bag? That's gotta be worth at least $100k.

If both bags are the same size and provide the same usage capacity, why do some people choose to buy the original Birkin worth $20K if its $20 knock-off is just as useful?

 

Why do people buy Bentleys and Rolls-Royces if a VW gets you from point A to point B just the same?

 

Why do people pay hundreds of thousands dollars for an original Picasso painting if a $25 copy looks the same?

[boo_star]

On 13/02/2022 at 22:47, NFT_QUEEN said:

If both bags are the same size and provide the same usage capacity, why do some people choose to buy the original Birkin worth $20K if its $20 knock-off is just as useful?

 

Why do people buy Bentleys and Rolls-Royces if a VW gets you from point A to point B just the same?

 

Why do people pay hundreds of thousands dollars for an original Picasso painting if a $25 copy looks the same?

None of those examples are remotely relevant to NFTs.

[NFT_QUEEN]

On 13/02/2022 at 23:53, Emn1ty said:

You're missing the point. It doesn't matter if https://image-host.com/my-art.png can't be changed in the NFT or not. If the domain https://image-host.com goes down, or the file is deleted, you lose your content. You're buying metadata to a link to a file, not the contents of the file itself (the technology inherently cannot hold the entirety of an image's data within its record). The NFT doesn't have to change, just the source it points to which is completely outside the control of that NFT.

A fully decentralized storage fixes that.

 

Quote

Think of it like this... say you buy a certificate for a painting. Great... but the certificate just points you to the address where that painting resides. It doesn't stop the painting from being destroyed in a fire, or the address being relocated, or evicted. You didn't actually buy the painting, just metadata about where it is.

 

An NFT is both the certificate of ownership and the underlying asset at the same time, using your analogy.

 

Quote

They don't provide a service, a utility, or any other thing that can influence their value other than novelty.

False.

 

We are only beginning to realize NFTs full potential and utility: Art collectibles, P2E gaming, DeFi, - there's so much more.

 

https://www.coindesk.com/business/2022/02/11/nft-linked-house-sells-for-650k-in-propys-first-us-sale/

 

Quote

Among people who buy into NFT's only, which is a tiny group of people in actuality.

And, so what?

 

Only thing it proves is that we are still early.

 

Crypto adoption right now is where the Internet was back in 1998. It's a fact.

 

 

 

Quote

Most market advisors and economists hate them.

Just a bunch of boomers FOMOing that they missed the boat.

 

"First they ignore you, then they laugh at you, then they fight you, then you win"

 

Quote

The art scene for NFT's is a sham

Strongly disagreed.

 

Just ask any NFT-artist.

[NFT_QUEEN]

On 14/02/2022 at 02:15, boo_star said:

None of those examples are remotely relevant to NFTs.

Of course they are relevant.

 

Why do people dress up in expensive clothes and go to expensive night clubs, arriving there in the latest sports cars? What's the point? 

 

 

On 13/02/2022 at 17:33, NFT_QUEEN said:

Why the NFT craze?

 

Because NFTs satisfy a basic human need in a capitalist society: to show off the wealth, to own something unique. Humans are strange, I know it. And NFTs do a much better job at it than a Picasso painting hanging locked up at someone's mansion. Why? Because of the benefits the blockchain provides being public and transparent.

Very few people can see that Picasso painting hanging on a wall at someone's mansion.

 

Everyone with an Internet access can now check out the wallet of the new owner of that CryptoPunk that's just sold.

 

https://etherscan.io/address/0x69c488bcda156379b6661f08a35db627e5d467dd

 

https://opensea.io/0xDeepak

 

If you don't wish that CryptoPunk worth 8000ETH was in YOUR wallet, you'd be lying.

Edited February 13, 2022 by NFT_QUEEN

[NFT_QUEEN]

On 13/02/2022 at 23:53, Emn1ty said:

Most market advisors and economists hate them.

Most? Did you count them all? Can you provide sources?

 

For each and every anti-crypto, anti-NFT report that you provide, I'll link you a bunch of pro-crypto and pro-NFT reports by Bloomberg Intelligence, Coinbase, Goldman Sachs, etc.

 

 

[rmorris003]

Digital is just not the same as physical. I don't care who owns what digitally. Physical is just way better than something behind a screen. Like UFC is selling a Belt as a NFT for $200? I would rather have the belt in my hands than have to spend time pulling it up on a screen. Oh wait I have a belt hanging on my wall.

[Joe User]

 

I'm thinking about getting into the NFT scene, but I don't have any money to set on fire.

 

Can I trade some of my tiger repelling rocks for NFTs?*  I have not seen a tiger since I got mine.

*Offer valid only in the US. Rocks only work in private dwellings. Offer not valid to sell to Elmo, Zoe or Rocco. (Rocco is a rock, everyone knows it's a rock)

Edited February 14, 2022 by Joe User

[NFT_QUEEN]

On 14/02/2022 at 03:30, rmorris003 said:

Digital is just not the same as physical.

True.

 

One is tangible, the other one is intangible.

 

However, as technology progresses, we WILL be able to touch and feel digital objects in virtual worlds.

[+Nik Louch Subscriber²]

On 13/02/2022 at 20:26, NFT_QUEEN said:

The blockchain doesn't lie. It's infallible, immutable, and fully predictable. It does exactly what it's been programmed to do. It's free of corruption.

And?  It's still entirely arbitrary.

 

Don't get me wrong, at it's root, so is traditional money - but it's a model that EVERYONE works to.  

[+Nik Louch Subscriber²]

On 13/02/2022 at 23:33, NFT_QUEEN said:

Why do people dress up in expensive clothes and go to expensive night clubs, arriving there in the latest sports cars? What's the point? 

How did these brands (let's take Bentley and Verscace if we continue your paradigm)... how did they get to be the desirable brands?

 

They offered tangibly better products.  Let's look at clothing - I could buy a £600 jacket or a £30 knock off. They may look the same, but they are not.  The £600 has better stitching, the patterns line-up better, they carry a warranty.

 

A digital copy of a digital item holds the exact same value as the original.  No blockchain entry denoting ownership means anything to anyone beyond those who simply seek to see the value of NFTs rise.  It's an industry propping itself up, creating it's own hype because otherwise it's worthless.

 

Do I see value in the blockchain concept?  Oh hell yeah, an indisputable data source is absolutely important.  But NFTs are not the way to demonstrate this to the average person - they are a game for wealthy people to make inflated amounts of money from content creators.

On 14/02/2022 at 10:23, NFT_QUEEN said:

True.

 

One is tangible, the other one is intangible.

 

However, as technology progresses, we WILL be able to touch and feel digital objects in virtual worlds.

We will be able to SIMULATE the senses of touch and feel against SIMULATIONS of objects.  BIG difference.

[NFT_QUEEN]

On 14/02/2022 at 16:35, Dick Montage said:

How did these brands (let's take Bentley and Verscace if we continue your paradigm)... how did they get to be the desirable brands?

 

They offered tangibly better products.  Let's look at clothing - I could buy a £600 jacket or a £30 knock off. They may look the same, but they are not.  The £600 has better stitching, the patterns line-up better, they carry a warranty.

An original CryptoPunk is a million times more desirable than a plethora of its knock-offs. You're helping me prove my point. Thanks!

 

Quote

A digital copy of a digital item holds the exact same value as the original.  

Strongly disagreed.

 

On 13/02/2022 at 17:33, NFT_QUEEN said:

Sure, you can right-click and save the underlying JPEG. But that won't make you the owner of the original NFT. There's big difference there.

On 13/02/2022 at 21:36, NFT_QUEEN said:

You can right-click and save the underlying JPEG, but you cannot make a copy of an NFT; it's non-fungible; it's unique.

 

If you right-click and save a JPEG, and mint a new fake NFT with it; then thanks to blockchain being public and transparent, anyone can verify which NFT was original and which one was a fake copy.

 

Just go ahead and try to play any P2E game featuring NFTs.

 

You can right-click and save the image [of someone's CryptoKitty for example], but your JPEG will be useless if you want to actually play the game and breed a new CryptoKitty.

[+Nik Louch Subscriber²]

On 14/02/2022 at 13:46, NFT_QUEEN said:

An original CryptoPunk is a million times more desirable than a plethora of its knock-offs. You're helping me prove my point. Thanks!

A digital copy of a digital item is literally 1:1 (unless you screw it up somehow).  The only value associated is ARBITRARY.  CryptoPunks are nothing more than 8-bit art, poorly created, but something that the NFT community have latched onto.  To anyone outside that community, they are a laughable novelty.  To those within the community, the value assigned is wholly arbitrary.

 

On 14/02/2022 at 13:46, NFT_QUEEN said:

Strongly disagreed.

Because you're part of the NFT scene, you are propping it up!

On 14/02/2022 at 13:46, NFT_QUEEN said:

Just go ahead and try to play any P2E game featuring NFTs.

 

You can right-click and save the image [of a CryptoKitty for example], but your JPEG will be useless if you want to actually play the game and breed a new CryptoKitty.

I'm a wealthy 44 year old man who has made his money through working hard and smart since he was 14 years old, bricks-and-mortar investments and looking at what trends will afford me sustainable returns - the idea of "breeding a CryptoKitty" provides me no value beyond contempt.

 

All this propping up of the NFT industry is simply there as people try to scramble around to not let this castle-built-upon-sand crumble.  "Protect the bubble".  Don't worry, I've been there - I was very much involved in the early days of the commercial web - the same things happened then, what you're doing is nothing new.  I understand it, I know why you're all doing it, heck I respect the work being put in to keep it all afloat.  But the bubble will burst, parts of it will die and the valuable parts (eg: blockchain) will become something we eventually all take for granted.

[NFT_QUEEN]

On 14/02/2022 at 16:50, Dick Montage said:

It's knock-offs are literally 1:1

Wrong. Knock-off sell for a very very small faction of a cost of the original item.

 

On 14/02/2022 at 16:50, Dick Montage said:

Because you're part of the NFT scene, you are propping it up!

I see you have no further argument since you're now trying to switch the discussion away from the subject at hand to my persona.

 

And by the way, I haven't shilled a single NFT or crypto project here yet.

 

On 14/02/2022 at 16:50, Dick Montage said:

I'm a wealthy 44 year old man who has made his money through working hard and smart since he was 14 years old, bricks-and-mortar investments and looking at what trends will afford me sustainable returns - the idea of "breeding a CryptoKitty" provides me no value beyond contempt.

Mkay? 

 

What does it have to do with the topic? Oh right, you're posting this to feel better about yourself immediately after throwing an accusation at me. How pathetic.

[+Good Bot, Bad Bot Subscriber¹]

On 13/02/2022 at 08:13, Jim K said:

I'll sell you this for $10

 

 

I would have taken you up on your offer but I already scored it for free.

[boo_star]

On 13/02/2022 at 23:33, NFT_QUEEN said:

Of course they are relevant.

 

Why do people dress up in expensive clothes and go to expensive night clubs, arriving there in the latest sports cars? What's the point? 

 

 

Very few people can see that Picasso painting hanging on a wall at someone's mansion.

 

Everyone with an Internet access can now check out the wallet of the new owner of that CryptoPunk that's just sold.

 

https://etherscan.io/address/0x69c488bcda156379b6661f08a35db627e5d467dd

 

https://opensea.io/0xDeepak

 

If you don't wish that CryptoPunk worth 8000ETH was in YOUR wallet, you'd be lying.

Expensive clothes are typically of higher quality than the "fast fashion" crap that's churned out en masse, expensive cars are a nicer ride, expensive handbags typically don't fall apart within weeks like many knockoffs do.  You can perhaps argue that the additional quality/durability is not worth the price premium, fine, but you can't at all argue that they're even remotely the same thing.

 

And it's nothing like NFTs, which exist solely to be collected for the sake of collecting them. Many people buy expensive cars, handbags, shoes  and clothes to, you know, use them.  NFTs serve no purpose other than being something to blow money on because, well, "reasons."  It's a thing to collect for the sake of collecting it with zero intrinsic value.

 

I fully expect the reason for these mind-blowing prices for worthless non-existent junk is money laundering for organised crime.

[NFT_QUEEN]

On 14/02/2022 at 17:28, boo_star said:

And it's nothing like NFTs, which exist solely to be collected for the sake of collecting them. Many people buy expensive cars, handbags, shoes  and clothes to, you know, use them.  NFTs serve no purpose other than being something to blow money on because, well, "reasons."  It's a thing to collect for the sake of collecting it with zero intrinsic value.

 

Quote

I fully expect the reason for these mind-blowing prices for worthless non-existent junk is money laundering for organised crime.

Guess what? A lot more cash and other financial instruments are being used to launder dirty money. 

 

 

[+Nik Louch Subscriber²]

On 14/02/2022 at 13:59, NFT_QUEEN said:

Wrong. Knock-off sell for a very very small faction of a cost of the original item.

I think you are either hugely confused or being deliberately ignorant.

 

On 14/02/2022 at 13:59, NFT_QUEEN said:

 

On 14/02/2022 at 13:50, Dick Montage said:

It's knock-offs are literally 1:1

Wrong. Knock-off sell for a very very small faction of a cost of the original item.

 

On 14/02/2022 at 13:50, Dick Montage said:

Because you're part of the NFT scene, you are propping it up!

I see you have no further argument since you're now trying to switch the discussion away from the subject at hand to my persona.

 

I have absolutely nothing against you personally at all, I quite enjoy your posts. However, look at your name, look at the industry you are attempting to bring further legitimacy to - it’s not a personal attack, it’s a statement of fact based upon the above.

 

On 14/02/2022 at 13:59, NFT_QUEEN said:

What does it have to do with the topic? Oh right, you're posting this to feel better about yourself immediately after throwing an accusation at me. How pathetic.

Not in the least. It explains my background, how I have a sustainable income and have seen fads like this come and go.

[Gibblets]

The obscenely rich being stupid.

[boo_star]

On 14/02/2022 at 14:34, NFT_QUEEN said:

 

Guess what? A lot more cash and other financial instruments are being used to launder dirty money. 

 

 

That is a pure gimmick, and you know it is. There is no reason that that house sale couldn't have been concluded in a traditional manner, with paper contracts being written out.  And it'd be a lot more environmentally friendly too. In fact, I fully expect it was done in a traditional manner behind the scenes, but someone decided to do the N FT thing, because it'd get them some attention.

 

"Because we can" is hardly a selling point for NFTs.

[NFT_QUEEN]

On 14/02/2022 at 17:36, Dick Montage said:

look at your name

 

Ok, Dick.

 

Says "I have absolutely nothing against you personally at all" then goes to attack my name in the very next sentence.

 

 

[+primortal Subscriber²]

This is nothing but a fad (granted it's been around since 2014) but it was brought to light by the rich and just like the rich they will get bored with it and move onto something else.

[+Nik Louch Subscriber²]

On 14/02/2022 at 14:41, NFT_QUEEN said:

Says "I have absolutely nothing against you personally at all" then goes to attack my name in the very next sentence.

How is it an attack?  I referenced your name and how it is associated with your thread?  Really?  Are you of that generation that sees the whole world as either for or against?  Are you that delicate that you perceive any comment that isn't coddling to your desires as an attack?  You presented better than that

 

On 14/02/2022 at 14:41, NFT_QUEEN said:

Ok, Dick.

Yes...?

[NFT_QUEEN]