NFT Requests

[tommyf]

I post photos on various places and I often get request from people wanting to buy my photos as NFTs. I basically understand what NFTs are and I haven't felt inclined to get into it yet. But I wonder if I am missing an opportunity here or is this some sort of scam? Some people have offered to take my images and make the NFTs for me, market them and only take 10%. I don't like that approach. If I were going to do NFTs I would do them myself to be sure that I own and control them.

So, any thoughts on NFTs and those who offer to buy them from me?

Thanks,

~ tommy

 

[Replytoken]

Unless you have the stomach (and resources) for the whole world surrounding NFT's, I would just advise staying away. I tried to get a handle on it when it came out a few years ago, and it basically resembled a Ponzi scheme IMHO. And trying to do NFT's on your own required some upfront costs. At this time, I suspect anybody looking to make you an offer is looking to make money on the process. If you do decide to move forward, I would strongly encourage you to do your full due diligence so you completely understand the process from soup to nuts. And I would wager that if you did do your full due diligence that you would most likely walk away from any offers.

Good luck,

--Ken

 

[clee01l]

basically resembled a Ponzi scheme IMHO.

I agree.

 

[tommyf]

Ponzi scheme and scam have been my impressions thus far. But I had the same thoughts on bitcoin and such. I know some personally who have done very well with bitcoin world and I wonder if NFTs are an extension of that and if fully grasped, could be beneficial. I also know of several very well known photographers who do it.

But personally, I just don't feel ready for it, nor do I feel up to full understanding it or investing yet. So I was looking for anyone with experience who can "guide" one through it all. Until I find such a person, I'll probably just ignore it.

Thanks.

~ tommy

 

[clee01l]

NFTs have been likened to the Dutch Tulip craze speculation of the 1600s.

 

[Replytoken]

Ponzi scheme and scam have been my impressions thus far. But I had the same thoughts on bitcoin and such. I know some personally who have done very well with bitcoin world and I wonder if NFTs are an extension of that and if fully grasped, could be beneficial. I also know of several very well known photographers who do it.

But personally, I just don't feel ready for it, nor do I feel up to full understanding it or investing yet. So I was looking for anyone with experience who can "guide" one through it all. Until I find such a person, I'll probably just ignore it.

Thanks.

~ tommy

There used to be a few good guides on the web about NFT's. I remember trying to learn about them when someone suggested them for a photographer who I know quite well. IIRC, there were a number of up front costs that were not cheap, and then there is the whole Market for what is being sold. I thought it had dried up, and the only sales I could recall seemed like insider deals to move (and possibly launder) money, as the prices were off the charts. In the end, the person who buys and owns the NFT really doe snot have have much except some documentation that says they own the NFT. I do not believe they have control over the image or its distribution. Would you pay big money for rights to say you own the NFT to a digital copy of an image? I cannot imagine the market for such a thing. Personally, I think it sounds worse than the tulip craze. But then again, I do not find Bitcoin to be a stable investment, but some have made (and lost) a lot of money, so perhaps I do not have the stomach for volatile investments?

--Ken

 

[PhilBurton]

I know some personally who have done very well with bitcoin world

Yet another validtion of the "greater fool" theory of human behavior. It has been over 15 years now since Bitcoin was first introduced, and yet today there are no non-criminal or non-terrorist use cases for Bitcoin. When, not if, the bubble deflates, there will be a lot of angry people.

Yet another proof is Trump's recent call for a US Bitoin stockpile, followed closely by his announcement of his own cryptocurrency. Connect the dots

and I wonder if NFTs are an extension of that and if fully grasped, could be beneficial. I also know of several very well known photographers who do it.

An NFT is not a physical entity that you can actually use in any way. It has no intrinsic value

But personally, I just don't feel ready for it, nor do I feel up to full understanding it or investing yet. So I was looking for anyone with experience who can "guide" one through it all. Until I find such a person, I'll probably just ignore it.

You will be much better off if you stay away completely from NFTs.

 

[tommyf]

Has anyone here actually done NFTs? If so, I'd be interested in your take on it.