@Phil
phil spade
@Phil · 3:46

Nyan Cat sells for $590K: What are NFTs?

article image placeholderNyan cat
I think as we move into the future, a lot of people look at their phone for just about everything if they have pictures, everything's done on the phone now. So buying a digital asset is a little bit foreign to me, but it makes some sense. I'm still trying to figure out why there is so much money involved in this. It just seems to me like it's still bragging. Right?

NFTs and owning digital assets are drawing huge amounts of money. What is this?

8
@arish
Arish Ali
@arish · 1:52

https://s.swell.life/SSQtyR8oJ5O1TTt

If Bitcoin and digital currency have that kind of arbitrary value assigned to it, this is no different. It's another sequence of bits which can be kind of at least in a very secure way, guaranteed. Like who owns it. And now what value is assigned to that is pretty much arbitrary. I think it's like any other option. And whatever people agree on assigning value to something, that's what the value is, as long as people are willing to pay that value for it. Right?
4
@amadeusakreveus
Amadeus Akreveus
@amadeusakreveus · 0:42

Buy and hold

I would add in addition to bragging rights. If the person buying the asset is hopefully business savvy or financially savvy, they would buy and hold and wait for the value to increase and maybe make maybe just like how real estate works, you buy and hold. But this time the asset is not real. It's digital and maybe that doesn't make any difference. What if an asset is just an asset is whatever people call it an asset
@Swell
Swell Team
@Swell · 0:15

Welcome to Swell!

@Nic572
Nic Ray
@Nic572 · 1:03
How does someone even buy a meme? That doesn't make very much sense to me. I didn't even know about NFPs until you mentioned it in this post here. Phil. So what I'm thinking is if someone owns Nyan Cat, I think maybe that could sell for a lot down the line. I don't know why it would, but I mean, it's probably a factor of, like, hey, say it's like 2030 or like, it's 2049
@bowie
Bowie Rowan
@bowie · 2:14

Perspective of a digital artist

So I'm really excited to contribute to this conversation from the perspective of an artist or creator. When I was first starting to read about NFPs, I was laughing a lot because part of me is like this is absurd. I don't find it so surprising at all that this is happening. But even though part of me thinks it's absurd, I also very much am for the idea of digital creators being able to be compensated for their work
Swell user mugshot
0:000:00