Welcome to NFTsPosted by buddyscalera on May 3, 2021 at 6:29 am
We will all be learning together. Share your ideas, links, and learnings. A few that you may have seen before, but I will reshare: https://www.coindesk.com/batman-is-ours-alone-to-exploit-dc-comics-warns-against-using-its-characters-in-nfts
IMPORTANT: I am not a financial advisor. You should not look to me or anyone on these message boards for financial advice. Seek a professional financial advisor for actual financial advice.
AdministratorMay 5, 2021 at 10:42 pm
We will talk about this in an upcoming meeting, but I will share one basic piece of information for you to start researching.
In order for you to collect/buy/sell NFTs, you need a virtual “wallet.” It’s up to you what wallet you use. I have more than one and I really use each of them in different scenarios.
Here are three that I am using:
You’ll probably recognize PayPal right away. There’s a tab on the top right corner labelled “Crypto.”
CoinBase.com and MetaMask are both free resources that you would use for different reasons than PayPal.
In the meantime, just poke around on those three to get started. It will help if you have a chance to read and understand the basics.
We’re going slow here. I am just sharing the information I have collected so far. This is not financial advice. If you want actual financial advice, talk to a financial professional.
- This reply was modified 1 year, 4 months ago by buddyscalera.
AdministratorMay 7, 2021 at 5:22 pm
It is intimidating to me as well, @jarrod-elvin – Even if people do not participate actively in the technology, I think it would be useful for them, you, and us to know the terminology.
This seems to be a trend that is being discussed among comic book professionals. If it continues, it will be a topic at live events. I want our students and community members to be able to contribute their thoughts to the conversation as a professional comic book creator.
MemberMay 10, 2021 at 6:55 amMakes 625 Forum Points
I spoke recently with a friend who pays the bills largely by making comic book art. He told me that he had been approached by someone a few months back about marketing some of his work as NFTs.
He didn’t tell me exactly what this person said or how it was presented. But, whatever the “value proposition” was, it was not convincing enough. My friend did not get on board.
It seems like, for right now, they are a FUNCTION in search of a USE.
(None of this is, or should betaken as, advice.)
AdministratorMay 10, 2021 at 10:44 pm
It is not really clear what will become of NFTs in comics. I think the first wave will be NFTs that are the “original art” of comic artists who draw on digital.
The NFT will serve as the proof that Artist A sold that art to Person B. That seems to be the first real application for this right now.
@evolver – I think that proof of ownership is going to be important in the future.
@josh-dahl – If it doesn’t feel right, then don’t do it. If your friend’s Spidey sense was tingling, then it was probably trying to tell him something. Can you invite him to join us here?
AdministratorMay 11, 2021 at 7:37 am
What you just said about NFTs being proof that Person A sold their digital work to Person B… my ears perked right up. part of my struggle personally is the difference in the price point I give between a digital work and say something like a physical painting. Both take the same amount of time and effort, yet one I can sell for markedly more, which is baffling.
This would really work well for me as well because I’m in FL, so I don’t have to charge sales tax for digital goods. If the concept of an NFT raises the market value of work, then that’s an avenue I should definitely explore. I am going to peruse the articles you’ve provided this week to see if it makes any more sense to me 😀
AdministratorMay 12, 2021 at 3:39 am
It is worth noting that some artists sell multiple versions of their work and multiple copies as well. So, for example, if you had a digital painting with a character holding a red sword, you could have a variant in blue or purple.
Some artists also sell the NFT and the original, if the original is physical.
AdministratorMay 12, 2021 at 5:04 am
@buddyscalera that makes the concept of NFTs that much more tangible for me. I definitely need to seek out examples of how artists are bundling NFTs in a manageable and viable way.
Lately, I’ve been making all of my paintings digitally first(at least the pencils) and then transferring them to canvas to paint. I just so happen to have an opportunity to package my painting with a finished digital variant(or a few) and make something special. This is very exciting!
AdministratorMay 12, 2021 at 7:26 am
AdministratorMay 12, 2021 at 9:41 am
So I went down the rabbit hole and visited your links as well as looking at coinbase/metamask… although it feels very theoretical to me, I am starting to understand the concepts and possibilities of having a product that can be sold using Ethereum’s network… the fluctuating value of ETH in tangible money is highly volatile I’m understanding, but the more users that use it, the higher the value raises…
I checked out your account on OpenSea as well @buddyscalera – I see how you can multiply your offerings using variants in the way you have those photos – which is quite enticing. I think I’m going to to try my hand at some original digital works to see what happens this weekend.
As many questions as I have, I think the only way to answer them is to jump in the deep end. and if there’s a chance to build up some cryptocurrency, this seems like a less painful way of doing it. Thank you for bringing this to our attention. I’ll keep you updated on how it goes!
AdministratorMay 13, 2021 at 11:43 pm
Yes, @mikedoestheart – Poke around for a while. I am doing the same. I haven’t spent any money yet. That will take some time and trust, and I don’t know when those criteria will be met for me.
But starting your learning journey is important. You may discover it’s not right for you, and that’s possible. But if it’s right for you, then it is good to start learning now.
MemberMay 12, 2021 at 11:31 pm
interesting article on some of the challenges to NFTs https://slate.com/technology/2021/04/nfts-digital-art-authenticity-problem.html
ModeratorMay 15, 2021 at 12:12 am
This is my second attempt to post this, if you get a double post, I apologize
As I mentioned on the original call, I wanted to do some research into this topic, and my research has led me to have the following questions/concerns. I am still interested, but I do have the following concerns:
- I suggest everyone read this article by Nobel Prize economist Paul Krugman
One of the concerns he raises is that Crypto isn’t tethered to anything in reality. It is purely a digital thing that a group of people have decided is worth money. While it is true that government-issued currency is fiat currency and is no longer tied to the gold standard, Krugman argues that there is a strong real-world tether with government currency because you can use it to pay taxes. Countries like the US and Great Britain aren’t going away, they’ve been around for hundreds of years, and will be around for the foreseeable future. The fact that the government accepts their currency for taxes, fines, fees, etc gives these currencies real-world value. Krugman argues that this tether is actually stronger than a gold or silver standard as gold and silver has less real-world value. The value of crypto could collapse at any moment if investors lose confidence in it. He raises a number of other concerns, such as ease of use, the lack of real-world problems that crypto might solve, and transaction fees, but it is the tethering one that concerns me most…
- ..because, of I’m reading him correctly, it seems like crypto might be a bubble. It is possible to make money money in a bubble–most of my net worth and gain in net worth during the recent housing bubble derived from a series of purchases and sale of my apartments and house–but it’s very risky. Usually, unless there is some mitigating factor (in my case, manhattan real estate was largely shielded from the bubble collapse), most of the people who make money in a bubble, especially a new technology bubble, are early adopters. For example, when I first started working as a journalist in 2002, everyone had dreams of being the next Ben Simmons, the Boston Sports Guy, who revolutionized sports and entertainment journalism, stuck it to ESPN, and is still doing very well on his own. The trouble was that he started it in the 90s, on an AOl platform, and by the time the rest of us were tried to emulate him, it was too late.
I’d like to know where on the the bubble curve (potential bubble curve we are). It still may be early enough, but given the uptick in coverage, social media enthusiasm, etc, I’m seeing a lot of signs that make me fear a bubble, which results from overenthusiasm of investors driving price beyond real-world value (perceived value vs real value, which is where the tethering concerns come in again.
- I’d like to know more about the connection between crypto and comics NFTs. Is the only connection that comics NFTs are paid for through crypto, or is there a stronger connection? I agree with the opinion that there will need to be a reckoning when it comes to digital art/artists selling their art given that artist who do not work traditionally, which is most of them now, seem to be at a disadvantage in the current model, but what is the recourse for if/when the crypto bubble bursts? Would it move to a regular money marketplace? Is there a contingency plan?
I’d also like to get a legal opinion about the dispute between the comics companies and their artists. To what extent can the NFT market survive is the big names can’t sell through it legally? It’s a lot easier to make money with the Jim Lees of the world driving the top of the market than without them.
I’m still interested, but I would like to get some answers to the above questions/concerns which have come up in my research to this point.
AdministratorMay 16, 2021 at 9:00 am
Good questions, @thesurrealari .
Crypto could be a bubble. Very possible. Considering that the article you linked to was from 2018, yes, we could certainly be at a bubble point. Or not. Nobody can say.
Most investments have some inherent risk. It all depends on your tolerance for risk. If you don’t like that kind of risk, crypto is probably not an investment for you.
I’ve been testing the waters to learn about how it is done. I’m not ready to drop serious money into it.
NFTs are an emerging technology. It’s a similar (but not the same) kind of investment as crypto in the sense that it is built on the blockchain.
The legalities of these transactions are probably going to be sorted out in real time. I think it’s early days for most of us, so we’ll just have to see what it means for comic book creators.
What’s “valuable” evolves over time. Collectibles change. Right now, everyone is trying to figure out NFTs.
To answer one of your questions, no, NFTs are not just paid by crypto. NFTs are a form of product that people can purchase using real money. It’s a digital product.
- This reply was modified 1 year, 4 months ago by buddyscalera.
ModeratorAugust 26, 2021 at 5:45 am
An interesting article about NFTs from the perspective of the Art world. This was in my members email from MOMA today:
MemberNovember 2, 2021 at 6:48 pm
adobe announced NFT integration with Photoshop: