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Author Topic: How to make money with NFTs  (Read 3039 times)

Alan Klein

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Re: How to make money with NFTs
« Reply #40 on: January 13, 2022, 04:08:19 pm »

In the case of the NBA NFT's, the list of what you can do is short, and the list of what you can't do is very long, including any monetization.

https://decrypt.co/60808/so-you-bought-an-nba-top-shot-nft-what-do-you-actually-own

https://www.businessinsider.com/what-happens-to-digital-art-nft-servers-shut-down-2021-3

Basically if you decide to put money into NFT's, don't expect anything back, ever. 

The NFT itself is like a certificate of authenticity - if it doesn't convey rights to the holder, just a note that says 'this is authentic' with a way to check.  If the NFT doesn't include a full rights release to the holder of the NFT, you can't do anything other than hold it.
That's what I thought.  So you're buying nothing. You're better off buying an acre in the Florida swamp. 

The only hope you have is that some other person, under the greater fool theory, might spend more money to buy what you're holding.  Sounds like Beanie Babies.  Those used to be worth a lot.  Everyone was collecting them. My wife has a couple.  I looked them up and see I can get $3.99 for each.  I can also give them to our grandson to play with something you can't do with NFTs.

digitaldog

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Re: How to make money with NFTs
« Reply #41 on: January 13, 2022, 04:58:32 pm »

That's what I thought.  So you're buying nothing. You're better off buying an acre in the Florida swamp. 
Once again evidence of a failure to understand the text (answer) provided to his question. Followed by an assumption.
Nothing new here.
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LesPalenik

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Re: How to make money with NFTs
« Reply #42 on: January 14, 2022, 04:44:50 am »

How does that help the buyer?  What does he gain from buying an NFT? Can he make a picture from it and hang it on his wall?  Can he resell pictures made from it?

These are two different things which shouldn't be mixed:
1. NFT provides an authenticity certificate for an item.
2. Copyright for an artwork is owned by the original artist. Reproduction rights from such artwork are subject to a licence, similar to stock photography licence. One-time use, special licence to cover certain uses or royalty-free unlimited licence. In special circumstances an arrangement can be made to purchase or transfer a copyright.
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digitaldog

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Re: How to make money with NFTs
« Reply #43 on: January 14, 2022, 09:03:52 am »

These are two different things which shouldn't be mixed:
But they were and still will be mixed (up). But yes, the two of us agree on this, and yes, thanks for making an effort to explain it for further mixed-up comments that are sure to follow your explanation.  :'(
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Alan Klein

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Re: How to make money with NFTs
« Reply #44 on: January 14, 2022, 10:04:38 am »

These are two different things which shouldn't be mixed:
1. NFT provides an authenticity certificate for an item.
2. Copyright for an artwork is owned by the original artist. Reproduction rights from such artwork are subject to a licence, similar to stock photography licence. One-time use, special licence to cover certain uses or royalty-free unlimited licence. In special circumstances an arrangement can be made to purchase or transfer a copyright.

What is the intrinsic value of an NFT other than to sell it for a higher price if you can get it?
1.  What value is an authenticity certificate to the buyer?  Years ago, a company used to sell stars in the heavens.  They would send you an authenticity certificate in your name guaranteeing it was yours.  What's the point?  For ten or twenty bucks, it was a cute gimmick, a conversation piece.  But what did you really own?
2. If the NFT does not come with the rights to print it or sell it, what do you own? Nothing.  It's like the aforementioned star.  So what is the standard arrangement the buyer gets with most NFT's that are sold?  At least when I buy a photo, I get one copy.  I may not have the copyright or rights to make others.  But I can hang that one photo on the wall.  How do you hang an NFT?

digitaldog

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Re: How to make money with NFTs
« Reply #45 on: January 14, 2022, 02:49:06 pm »

But yes, the two of us agree on this, and yes, thanks for making an effort to explain it for further mixed-up comments that are sure to follow your explanation.  :'(
Like clockwork.
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LesPalenik

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Re: How to make money with NFTs
« Reply #46 on: January 14, 2022, 05:38:49 pm »

What is the intrinsic value of an NFT other than to sell it for a higher price if you can get it?
1.  What value is an authenticity certificate to the buyer?  Years ago, a company used to sell stars in the heavens.  They would send you an authenticity certificate in your name guaranteeing it was yours.  What's the point?  For ten or twenty bucks, it was a cute gimmick, a conversation piece.  But what did you really own?
2. If the NFT does not come with the rights to print it or sell it, what do you own? Nothing.  It's like the aforementioned star.  So what is the standard arrangement the buyer gets with most NFT's that are sold?  At least when I buy a photo, I get one copy.  I may not have the copyright or rights to make others.  But I can hang that one photo on the wall.  How do you hang an NFT?

I never recommended to buy NFT. Unless you buy Melania Trump's Vision NFT with her blue eyes and then you have a real conversation piece.

Quote
Back in November, Mike Winkelmann, a.k.a. the digital artist Beeple, sold an NFT titled Crossroads that changed based on the outcome of the 2020 election. If Trump retained office, the artwork depicted him muscle-bound and naked, stomping through hell. If Biden won, the 10-second video would depict the 45th president’s lifeless and graffiti-covered corpse sprawled in a park. The first time around, someone bought Crossroads for $66,666.60, but in late February, it was resold on the secondary market for a whopping $6.6 million.

Grimes, born Claire Boucher, sold a suite of her digital artworks as NFTs in late February, netting her a cool $5.8 million. But turning just one of those pieces, with 303 editions, into an NFT produced an estimated 70 metric tons of carbon dioxide emissions. That’s about the equivalent of the electricity used by 10 homes in the course of a year.

https://www.mic.com/p/the-weirdest-nfts-being-sold-right-now-65517517

« Last Edit: January 15, 2022, 12:10:07 am by LesPalenik »
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Alan Klein

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Re: How to make money with NFTs
« Reply #47 on: January 14, 2022, 09:14:42 pm »

I never recommended to buy NFT. Unless you buy Melania Trump's Vision NFT with her blue eyes and that you have a real conversation piece.

https://www.mic.com/p/the-weirdest-nfts-being-sold-right-now-65517517


How do you show others the NFT of her eyes?  Wouldn't an 8x10 be better?

LesPalenik

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Re: How to make money with NFTs
« Reply #48 on: January 15, 2022, 12:09:26 am »

How do you show others the NFT of her eyes?  Wouldn't an 8x10 be better?

8x10 would be indeed better. But with NFT, you get the bragging rights.
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Slobodan Blagojevic

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Re: How to make money with NFTs
« Reply #49 on: January 15, 2022, 05:07:16 am »

How do you show others the NFT of her eyes?  Wouldn't an 8x10 be better?

Like this:

Alan Klein

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Re: How to make money with NFTs
« Reply #50 on: January 15, 2022, 08:55:43 am »

Like this:
The whole thing seems silly to me except for the artist who can make some money.  I wonder how much the NFT cost Mr. Nguyen?  I could just seem him walking down some dark alley in Saigon, tapping on someone's shoulder, and flashing the NFT picture, "Psst, Comrade.  Would you like to see a picture of Melania Trump's eyes?"  Yup.  Silly.

Joe Towner

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Re: How to make money with NFTs
« Reply #51 on: January 27, 2022, 05:19:17 pm »

NFT's only exist to get you to put your cash into crypto currencies, thus making you the newest fool.

https://fstoppers.com/opinion/brutal-takedown-nfts-explains-how-each-new-investor-bigger-fool-last-594239
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Alan Klein

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Re: How to make money with NFTs
« Reply #52 on: January 27, 2022, 05:56:21 pm »

NFT's only exist to get you to put your cash into crypto currencies, thus making you the newest fool.

https://fstoppers.com/opinion/brutal-takedown-nfts-explains-how-each-new-investor-bigger-fool-last-594239
It's bad enough The Fed is ripping us off. :)

digitaldog

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Re: How to make money with NFTs
« Reply #53 on: February 20, 2022, 02:53:14 pm »

It's bad enough The Fed is ripping us off. :)
Absurd as usual.
But this is a real ripoff:
Quote
Collectors of NFTs that used OpenSea have been affected by a phishing attack, with a total of 254 tokens estimated to be worth more than $1.7 million stolen over a three-hour period.

On Saturday, OpenSea became aware of rumors that smart contracts connected to the non-fungible token (NFT) marketplace. In investigating the claims, it discovered that users were actually being affected by a fairly typical phishing attack.
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Jonathan Cross

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Re: How to make money with NFTs
« Reply #54 on: February 20, 2022, 04:39:26 pm »

According to the Financial Times here in the UK this weekend HM Revenue and Customs has seized  NFTs in a suspected fraud case involving VAT. Expert opinion is that this demonstrates an increased capacity to track and trace crypto assets to crack down on evasion and ensure the right tax is paid.

Investors beware!

Jonathan
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Alan Klein

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Re: How to make money with NFTs
« Reply #55 on: February 21, 2022, 06:38:54 am »

According to the Financial Times here in the UK this weekend HM Revenue and Customs has seized  NFTs in a suspected fraud case involving VAT. Expert opinion is that this demonstrates an increased capacity to track and trace crypto assets to crack down on evasion and ensure the right tax is paid.

Investors beware!

Jonathan

It seems In America NFTs are considered an asset so no sales tax is added. Why would VAT be added there?  Would you add a VAT on a share of corporate stock? Just what is an NFT?

Jonathan Cross

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Re: How to make money with NFTs
« Reply #56 on: February 21, 2022, 07:30:56 am »

It seems In America NFTs are considered an asset so no sales tax is added. Why would VAT be added there?  Would you add a VAT on a share of corporate stock? Just what is an NFT?
In the UK selling an asset can be subject to tax, usually Capital Gains tax. If a sale occurs as part of a trade then VAT may need to paid by the buyer, currently 20%.  You can get taxed either at purchase or sale!  This does not apply to selling your house, but there is a sliding scale for the purchaser.

Jonathan
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Alan Klein

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Re: How to make money with NFTs
« Reply #57 on: February 21, 2022, 09:14:32 am »

In the UK selling an asset can be subject to tax, usually Capital Gains tax. If a sale occurs as part of a trade then VAT may need to paid by the buyer, currently 20%.  You can get taxed either at purchase or sale!  This does not apply to selling your house, but there is a sliding scale for the purchaser.

Jonathan

Capital Gains tax (Federal)  in America is on stock where you're telling it for more than you paid for it (a profit). Usually, the stock is held for over a year.  Each state may apply an income tax as well. But there's no sales tax applied.  It's not like you're buying a camera.  In UK, are VAT's applied to stock or other assets?  Is an NFT considered an asset there or a product? 

Alan Klein

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Re: How to make money with NFTs
« Reply #58 on: February 21, 2022, 09:25:14 am »

Apparently, 32 states charge sales tax for NFT's.  It's all very confusing. 
https://www.natlawreview.com/article/state-sales-tax-sale-non-fungible-tokens-nfts-questions-and-answers

LesPalenik

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Re: How to make money with NFTs
« Reply #59 on: February 21, 2022, 09:53:23 am »

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