Bored Ape Yacht Club

[Ascender]

I've worked in technology all my life, but when reading about NFTs and in particular the titular apes, I feel like I'm about 100 years old, in a nursing home, sitting in a puddle of my own piss while someone tries to explain how quantum physics work.

No matter how its explained to me, it seems like the ultimate way to sucker rich people out of cash with very little pretence about what you're doing. I mean, look at this latest piece of nonsense...

https://uncrate.com/bored-ape-yacht-clu ... 0581074d5a

At the moment, the things are being traded like shares. Which makes sense. But they're trading ownership of a JPG image, often for hundreds of thousands of pounds a time based on what sort of fur their monkey JPG has.

[Carlos]

Its a difficult idea to reject publicly as the emperors new clothes as you look like a gammon !

My problem is i may stink of bacon

[mik]

I’m at a total loss to explain this phenomena also. And the ownership rights for the images seem to be pretty woolly too. Feels very like these “buy a star and name it” thangs.

[ZedLeg]

It's a scam, interest is being inflated by bots on social media and the values are being inflated by people trading back and forth amongst themselves.

The saddest thing is the amount of artists I like going in for it when it's basically a forum for art theft.

[Ascender]

It did make me wonder if we'd have the necessary skills on here to do a similar scheme using famous facing liveries & numbers on generic looking car silhouettes....

I know there's the social club aspect of it with online and actual events, but even that can't possibly be worth these sums of money. The ownership thing is weird too as its a URL you seem to own which can (and has been) tampered with/re-sold/lost in a few occasions already.

[ZedLeg]

Yeah it’s not actually the image your paying for, it’s a receipt held in the blockchain. As with crypto, if you lose control of your wallet you’re fucked.

[DeskJockey]

I'm not sure I understand the idea. How is it different from normal IP that can be bought and sold?

[jamcg]

I'm not sure I understand the idea. How is it different from normal IP that can be bought and sold?

Zero regulation. This one was sold recently for a massive amount below its actual “value”

https://www.bbc.co.uk/news/technology-59638565

If this was artwork banks and other financial establishments can get involved and cancel the sale

[Mito Man]

Reminds me of CSGO skins all over again. At least its not 13 year olds this time round.

[Jobbo]

[Gavster]

While the idea of an NFT as a device to mark ownership of an entity seems perfectly reasonable, I'm shocked at the piss-poor AI produced "art" identikit cartoon characters which are selling for insane values. I mean, it's literally bullshit art, not even good art.

[jamcg]

While the idea of an NFT as a device to mark ownership of an entity seems perfectly reasonable, I'm shocked at the piss-poor AI produced "art" identikit cartoon characters which are selling for insane values. I mean, it's literally bullshit art, not even good art.

It’s all just 1’s and 0’s

[DaveE]

2000’s tech industry: what if anyone could share any file for free

2020’s tech industry: what if a JPEG cost ten thousand dollars

[Gavster]

While the idea of an NFT as a device to mark ownership of an entity seems perfectly reasonable, I'm shocked at the piss-poor AI produced "art" identikit cartoon characters which are selling for insane values. I mean, it's literally bullshit art, not even good art.

It’s all just 1’s and 0’s

Surely that's just a reductionist way to negate something, like saying that WhatApp is worthless because it's "just 1's and 0's".

[V8Granite]

I understand the value in some NFTs, I don’t understand the value in these ones all slightly different.

It’s like someone saying an Orion Ghiberti with a passion pink ashtray cover is valuable as only 1 person specced it.

Dave!

[mik]

It’s like someone saying an Orion Ghiberti with a passion pink ashtray cover is valuable as only 1 person specced it.

Dave!

I think all Ghiberti models are very, very rare.

[tim]

[Mito Man]

£18,000 down the shitter