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NFTs & WAGMI

Discussion in 'General Chat' started by JonButterfield, Feb 9, 2022.

  1. JonButterfield

    JonButterfield Star Player
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    I see that, in your opinion, there is no value in NFT's.

    But in the actual, real world, there's a huge amount of value in NFT's.

    The most expensive NFT collection ever sold went for $91.8m (https://www.dexerto.com/tech/top-10-most-expensive-nfts-ever-sold-1670505/). The Merge was bought by 30,000 collectors, each getting a piece or pieces called 'masses'.

    But of course, the single most expensive NFT isn't really representative of what NFT's go for, particularly individually.

    There are so many collections of NFT's now that social media accounts dedicate themselves to people getting in on the 'ground floor', ie, when they're cheapest and before they've become a craze - which isn't guaranteed. But for those collections that did take off, here's a list: https://coinmarketcap.com/nft/collections/

    1 SOL, by the way, is worth around £85.45 (https://www.coinbase.com/price/solana) - they were worth £5.65 in February 2021 - which means any NFT from any of the top 40 collections in this particular list starts at around £41.02 (0.48 of £85.45). In the vast majority of cases, that price is now up from the original 'floor price', some of which start as high as over £400.

    Last year, a couple in Atlanta who were facing foreclosure of their house by the bank decided to start 'Dastardly Ducks', a series of computer-generated cartoon duck images that sold old in less than 6 hours for a total of $120,000. Home saved (https://www.techtimes.com/articles/271028/20220125/nft-ducks-120-000-six-hours-nft-ducks-designer-home-foreclosure.htm).

    Now I'm not telling you to go buy NFT's, but if a couple can create and sell $120,000 worth of NFT cartoon ducks (https://opensea.io/collection/dastardly-ducks?search[sortAscending]=true&search[sortBy]=PRICE) that mean absolutely nothing to anyone and have zero innate meaning yet still have a ton of resale value, you'd be a bit daft to write off the industry as useless.

    Last year, the UFC teamed up with Panini to offer NFT 'cards' - pack price can be anything from $10 to hundreds of dollars, and the most expensive sale thus far (since November 2021) is $4,750.

    The most expensive Panini NFT ever went for $61,714.30 - Kobe Bryant if you're wondering. Both these sales are peer-to-peer, so that amount went to the seller, not to Panini.

    The UFC have since launched 'moment' NFT's through Strike.com, with packs starting at $50. There was 100,000 packs available on the first drop. The first drop acquired 50,000 brand new subscribers, and all 100,000 packs sold out in 4 hours. $5,000,000 worth of digital art snapped up in 4 hours, yes, you are reading this right.

    The point is, the NFT market is massive, and worth billions of dollars. Creativity is the key, you aren't going to sell an image of Lavery taking a throw in for $900 as you say, but that does not mean people with a brain and a bit of an understanding of the NFT market can't sell non fungible tokens and quickly make a significant amount of money.

    Your outlook, just like the outlook of Simon Parker in that embarrassment of an article he wrote, is pretty silly, mate.
     
    #1 JonButterfield, Feb 9, 2022
    Last edited: Feb 9, 2022
  2. Petrov

    Petrov Squad Player

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    I'm not going to pretend I understand NFTs because I don't, but it really does seem that people will by owt these days.
    Apart from a league 2 football club that doesn't own it's own ground and trains at a school ffs.
     
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  3. Botswana Bantam

    Botswana Bantam Regular Starter
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    Good post Jon.

    I've been taking an interest in digital art for about a year now. I can understand some people think it's weird but then others thought it was weird when Sky went to the West Indies to live broadcast cricket. Some said espn cricinfo was bonkers writing a blog of ball by ball cricket coverage! They were wrong on both counts.

    I wish people would said "I don't understand something" and have an open mind in trying to understand it rather than coming out with nonsense and actually lies that you did so well to de-bunk there!
     
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  4. Rogered Tart

    Rogered Tart Regular Starter
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    I kinda understand it whens it explained like a teacher would explain maths to a primary school kid. Any more technical than that and I'm lost.
     
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  5. ModernBantam

    ModernBantam Fringe Player

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    You forgot the bit about the WAGMI founders teaming up with Adidas (2 days after Rupp rejected their advances) to launch their first NFT collection, it made them $23 Million in about 2 minutes. That's 23 Million REAL dollars for all the folk that call it "magic money". If only the T&A, WOAP and the loyalists who struggle to use their smartphones, could've warned Adidas before they agreed a deal with these conmen! They even duped Shaq :sob:

    Trustworthy enough for the 2nd biggest sports brand in the world but not for Bradford City...says it all :zippy:

    Imagine the horror if they did buy us though! Within a couple of reasons we'd be relegated to the division below, then stuck there after they declare the club is now becoming 'self-sustainable' (aka "I'm not putting money in"). They'd certainly be splashing the cash on fancy racecars while we're reduced to a transfer window full of loans. We'd be floundering for any sense of direction whilst they speak to us once a year from their mansions in Germany America.

    You do have to ask, would those so complacent to 'just have a club' and teeter on in League Two, making excuses for an owner who's overseen the worst decline in the EFL (besides Scunthorpe) - would they have the same attitude if WAGMI replicated Rupp's success here? Or would it be different because they're American and their product requires a little more understanding than "it's something you sit on"?
     
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  6. WilsdenBantam

    WilsdenBantam Squad Player
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    Imagine if we were like that, thankfully we’re not and but for a handful of keyboard warriors who are hysterical(Can’t think why) everyone knows things are great but for 10 evil managers on the trot who have tried to ruin things for our great owner.

    A club ran like that would be in a bad state, imagine their fans wouldn’t be happy about it…
     
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  7. Dennis

    Dennis Captain
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    Adidas have certainly moved into the NFT market for promoting their existing merchandise and launching a range of digital collectibles. They bought a couple of existing small players and are now selling promotional material and new branded merchandise on the back of this. Hence the increase in sales. Several other major companies with a global presence such as Pepsi and Budweiser have done something similar. Nearer to home, Panini have launched an NFT version of their sports stickers.

    I'm not aware however that they have teamed up with WAGMI Inc, the company who made an offer to buy us. Adidas, along with the many other new entrants in the NFT market do however use the WAGMI strapline (We Are Gonna Make It) to reinforce their commitment to NFTs and promote their products.. The generic strapline isn't the same as WAGMI Inc, the company.
     
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  8. ModernBantam

    ModernBantam Fringe Player

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    They teamed up with PUNKS Comics and 'Gmoney' for the NFT launch, PUNKS Comics is a Pixel Vault project. Preston Johnson (the face of WAGMI United) is Co-Creator of both PUNKS Comics and Pixel Vault.

    'Gmoney' is a famous NFT collector who spoke as one of the backers behind WAGMI United on the Twitter space talk they did with fans. 'GFunk.Eth' who is Pixel Vault's CEO was also in the talk and tweeted this:



    Not trying to be rude by correcting you but just wanted to show that 2/3 contributors to the Adidas NFT launch were members of WAGMI United.

    I'd also like to take this time to relay the news Pixel Vault just received $100 Million (real money) to launch a multi-platform NFT Marketplace....so much for magic beans

    Pixel Vault Receives $100M Investment After Generating 100k in Ethereum (yahoo.com)
     
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  9. HUDDERSSBANTAM

    HUDDERSSBANTAM Squad Player

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    But we need a 'Proud Custodian'.......
     
  10. Dennis

    Dennis Captain
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    There is no argument from me that NFT isn't a viable market place for many different products. It's a perfect vehicle for products which can be digitised whether that's unique artwork, collectibles or as a means of accessing large consumer markets with a loyal following. That's one reason why major companies with a global presence are investing in it. There are many people particularly early adopters who have already made a lot of money from their involvement in establishing NFT markets. Whether it's relevant to a low level, minor football club is a completely different thing.

    I still don't understand the relevance of why a couple of players who were/are involved in establishing the NFT market should automatically be lauded for showing some ill-defined interest in our club. I have serious doubts whether somebody who has little interest in owning our football club would have turned down a serious offer to buy our club, irrespective of how they made their millions.
     
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  11. Clity

    Clity Fringe Player

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    You win the award for the most baloney post ever.

    Wagmi used NFTs as a basic example for people like you, who blatently know nothing about web 3.0, to understand. Seems that went way over your head. Do you really think a consortium of guys who made hundreds of millions of pounds on crypto would have a plan of selling digital pictures of Oscar Threlkeld as their main strategy? Really? The bradford city fanbase is so lucrative that they would spend their working week trying to get 15,000 bradford fans to buy some art? They would make more in 6 months trading than they would in ten years trying to bleed bradford fans dry. Its ridiculous and shows you havent thought much about it.

    NFTs would not be their sole income stream and even if it was its much more complex than your basic description. For example I sell NFT art on one of my websites. Its the most basic artwork and it goes for a tenner. The artwork is not the key thing here its what they get for the artwork. When a user buys an NFT they get access to member benefits, best deals, first to find out about new stock, limited edition stock just for them. Its much more in depth than what i am mentioning here but lets look at bradford city instead. You buy an NFT for £300 it provides you with a unique photo of your fave player, maybe an autograph something simple, you then get access to the ground on matchdays (season ticket), you get priority away tickets, you get to meet the team after a game etc. the NFT itself is just a receipt and a ledger.

    Lets look at DAOs which Salford FC are just setting up. The DAO allows fans or anyone to invest through buying tokens. Bradford city could pick a niche, use the investment to build a new academy and sell on players to bigger clubs with a portion of the sales put aside for investors. Or the DAO is setup by the club but has no bearing on the pitch such as investing in new goal line tech, VAR tech, even cheap bloody handrier tech. All would bring up the value of the coin/token and then allow the club to grow. i.e. just like SALFORD ARE DOING - just google DAO CO92

    Sorry to pick on you but the bullshit level of your post needed knocking down a peg or two. Especially given the fact that a very legitimate criticism you could have had was what has been mentioned before about them having no knowledge of football and bradford city culture. That itself was a big issue WAGMI had. Their ability to make money certainly not.
     
  12. Kevin1954

    Kevin1954 Squad Player
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    Why do I keep thinking Wagmi are a fast food enterprise?
     
  13. Dennis

    Dennis Captain
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  14. EricMcManus

    EricMcManus Fringe Player

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    NFT's may pump and dump. For me, the jury is still out - There are lots of whales manipulating wallets extracting cash from greater fools.

    https://futurism.com/the-byte/evidence-nft-sales-fake?utm_campaign=trueAnthem_manual&utm_medium=trueAnthem&utm_source=facebook

    But everyone said that the internet was a fad and crypto too. So I'm not going to dismiss it and I'll happily watch and wait.

    I can see merits in NFT's - not with penguins and duck Memes. Sony is paying hundreds of millions to buy up artists music back catalogues which in essence is just the digital Copyright. They'll make money off the royalties.

    There's no doubt that WAGMI could raise the cash. But it was easy come easy go money, with no real plan and skin in the game which was the route of the fear. The people behind it didn't get Bradford City, the essence of football and the community responsibility. It wasn't principally fear about the funny money.

    A DAO token raise to create an initial £20M treasury with a plan and people who know the club and how to run businesses would work. It ain't that difficult to do, or explain.

    It's a SPAC that is using tokens to raise money, instead of a stock market and shares. The DAO simply cuts out costly middlemen, stockbrokers and AIM fees. You use the cash to buy the club, put in a Director of football and invest cash in talent to develop/sell/reinvest. Brentford/Peterborough put prime pumped for take-off and accelerated growth.

    If anyone knows a whizz in DAO token launches and Discord groups, DM me for a chat
     
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  15. YungNath

    YungNath Impact Sub

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    very similar to wagamama
     
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  16. Rocket

    Rocket Regular Starter
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    "Got Money in my Pocket"

    Yeah man ✊
     
  17. SimonW

    SimonW Administrator
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    The problem is that NFT's are in the 'wild west' stage right now. Most of the NFT's being released now are worthless pieces of art that only really have value due to people speculating. Most of the big firms getting involved aren't even making them unique, there are hundreds or thousands of each piece of art so the only one that really holds any actual value is the number 1 mint, everything else is relying on the buzz and can quickly crash the market. The collectable figure company Funko is a good example of that, they bought a couple of companies in the NFT space and have started doing monthly NFT launches. They are using the hook of some of the cards come with a redeemable token that gets you a limited edition Funko Pop and if you collect a full set of the ones that don't come with a physical redemption you can get a limited edition pop of their Mascot Freddy Funko. They charge $10 for a pack of 5 cards. Even a day after launch most cards only resell for under a dollar. To make you money back you need to general get lucky and land a physical redemption (which you can either then sell or wait and redeem it and the physical pop could be sold for much more than you spent) or you can try spending more money to collect the rest of the collection for the Freddy Funko and then that will likely be worth more than you spent. The minute the redemption for the physical pops opens (120 days after the initial sale) the value of all the cards tanks further unless you have a number 1 mint of the card. When you have no long term, ongoing utility to an NFT then there is very little to see it keep value.

    Until we get past this stage the only people really benefiting from NFT's are the original creators of the NFT and anyone who gets in early before the buzz of that range of NFT's and anyone heavily into NFT's knows this. People buying a football club with NFT's as a business strategy aren't going to throw that income into the clubs in any real way, they will be taking the money themselves to cover their investment before the NFT market crashes. And the crash will happen when people get skittish because these non-utility NFT's suddenly see their values drop. There will only be a small number of NFT's that will come through this, those with some inbuilt utility, I suspect mostly in the gaming sector be it NFT based games like Sorare or more traditional games that find ways to include NFT's with utility in them. And it will be them and the lessons learnt that are going to push NFT's mainstream so everyone will own some NFT. Much like the early days of the internet, we may even need more than one bubble bursting to get away from the quick cash grabs so everything can be built better

    Not completely true. They are sold with Smart Contracts so the original creator gets an automatic cut of the sale, I believe Panini have it at 7% but it can be anything.
     
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  18. SimonW

    SimonW Administrator
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    Oh and just in case anyone reading my reply hasn't seen me previously discuss NFT's and Crypto and may think I'm just talking negatively because I don't 'get' them. I first invested in bitcoin when it was only a couple of dollars per coin, I hold Crypto currently in about 18 different cryptos. On NFT's this is my current NFT holdings in Sorare

    upload_2022-2-11_15-45-2.png

    So as you can see with 1.66ETH worth of NFT's on Sorare I believe in NFT's that have utility (Sorare is an NFT based fantasy football game. So the cards have both utility and you can win both Eth and additional cards. It's a project I fully recommend for anyone with both an interest in football and interested in knowing more about crypto because it's free to signup and you will get some free common cards that can be used to play in the free casual league. Just make sure you use an affiliate link, be it mine, https://sorare.com/r/simonwakefield or someone else's as if you start buying cards you will get a free one when you buy your 5th from the auctions)

    I also own 4 Football Clubs in Footium (This is an in-development Football Management game that uses NFT's) and a StonerCat NFT (An NFT backed by the Actress Mila Kunis which gets you access to Episodes of an Animated Series of the same name that has some of the biggest people in the industry involved both in the production and the voicing of the episodes). As well as about a dozen other projects.

    If NFT's have utility and some proven pedigree behind them so you know it's not just a scam then I fully believe in NFT's. The market just hasn't yet worked out how to give a worthwhile longer-term utility beyond a very narrow scope like gaming or like Stonercats giving you access to all episodes of a show for as long as you hold the token.

    With things like sports clubs that's not something, anyone has yet found something that really works because it's hard to introduce anything that might give worth without it conflicting with the fact its traditional business or having to constantly ask the same people to buy more and more or having to dilute the investment of original investors when you need more money. It might actually be something that to work needs a whole new club created and built from the bottom
     
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  19. Hoochy-Min

    Hoochy-Min Squad Player

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    Sit down, son.
     
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  20. Rogered Tart

    Rogered Tart Regular Starter
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    Said like a true maths teacher
     

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