NFT's

Elusive · Feb 2, 2022

Hallo everyone, hope you guys are doing well. I've had this discussion with a couple of people, but I'll like to hear your take on it.

So as many of us know the crypto market is taking a bit of a nose dive at the moment. My topic of discussion is the following. Do you guys think NFT's will have a significant effect on the crypto industry, taking into consideration that BTC and ETH was where NFT's are now.

Will less people mine, because NFT's are currently more profitable if I can state it in that manner. Interested in hearing your take on this.

L-Dog · Feb 3, 2022

Yeah been into NFTS since August last year, by far more profitable than crypto but with added risk and liquidity. Join discord and twitter there is so much info... Think we will see a boom this year but might also be a bust

L-Dog · Feb 3, 2022

It also depends on bankroll if you have a big starting capital eth and opensea is the way to go if now stick to magic eden and solana

Elusive · Feb 3, 2022

L-Dog said:
Yeah been into NFTS since August last year, by far more profitable than crypto but with added risk and liquidity. Join discord and twitter there is so much info... Think we will see a boom this year but might also be a bust

But what are the chances that NFT's will become the next 'meme coin' meaning people buy it and prices absolutely skyrockets and then just fades away as if it never happened. Also a interesting factor to take into consideration is that income tax now is applicable to mining too, which might change the whole dynamic, which can obviously make NFT's more attractive

L-Dog · Feb 4, 2022

Elusive said:
But what are the chances that NFT's will become the next 'meme coin' meaning people buy it and prices absolutely skyrockets and then just fades away as if it never happened. Also a interesting factor to take into consideration is that income tax now is applicable to mining too, which might change the whole dynamic, which can obviously make NFT's more attractive

99% of NFTs will go to zero but the 1% that makes it will do really well. I think they will boom this year with mass / retail adoption as its easier to understand than crypto for some. All the gains you make on NFTS will probably be seen as income tax anyway (speak to an expert). I invested heavily as I don't see a better opportunity / return anywhere else this year but I have also taken my initial capital out so worst case I am back to where I started.

If you really want to understand NFTS better watch lots of youtube videos and listen to podcast but ultimately its all just speculation and my opinion is NFTs in a different shape or form will eb here for the foreseeable future. Check our Garry V he is a proven businessman who has ventured into NFTs and made a killing.

Toy Machine · Feb 4, 2022

Elusive said:
Hallo everyone, hope you guys are doing well. I've had this discussion with a couple of people, but I'll like to hear your take on it.

So as many of us know the crypto market is taking a bit of a nose dive at the moment. My topic of discussion is the following. Do you guys think NFT's will have a significant effect on the crypto industry, taking into consideration that BTC and ETH was where NFT's are now.

Will less people mine, because NFT's are currently more profitable if I can state it in that manner. Interested in hearing your take on this.

You more than likely do not own that profile picture xD

TollieKop · Feb 4, 2022

L-Dog said:
All the gains you make on NFTS will probably be seen as income tax anyway (speak to an expert).

Speak to your local financial advisor @Dom

He charges a McFlurry and a tuggy per consultation

moedeez · Feb 4, 2022

Toy Machine said:
You more than likely do not own that profile picture xD

BRB, gonna smash and grab a screenshot.

I have a serious question though. From my limited understanding, the title holder of an NFT get the "Royalties" when that NFT is used. What happens if someone copies it, adds some sort of mark so that it's technically not the same image anymore. How do they plan on handling that?

Toy Machine · Feb 4, 2022

moedeez said:
BRB, gonna smash and grab a screenshot.

I have a serious question though. From my limited understanding, the title holder of an NFT get the "Royalties" when that NFT is used. What happens if someone copies it, adds some sort of mark so that it's technically not the same image anymore. How do they plan on handling that?

I have fokol idea lol. Ask Dom before he gets banned again xD

TollieKop · Feb 4, 2022

moedeez said:
BRB, gonna smash and grab a screenshot.

I have a serious question though. From my limited understanding, the title holder of an NFT get the "Royalties" when that NFT is used. What happens if someone copies it, adds some sort of mark so that it's technically not the same image anymore. How do they plan on handling that?

Copyright law is bullshit

My music was stolen by some Russians and I STILL got paid for it lol, for the illegal streams
*once registered, your agency in charge (I am not sure who handles NFTs) have very sophisticated software to track usage all over the web

moedeez · Feb 4, 2022

Toy Machine said:
I have fokol idea lol. Ask Dom before he gets banned again xD

@Dom
By my analytical powers, your ban trend went from 4 months to 1.5 months, so you're due anytime now.
But please do answer my question first.

https://imgur.com/a/xhnjZlm

https://imgur.com/a/PtS3T4i

goldfritter · Feb 4, 2022

Grizzle said:
*once registered, your agency in charge (I am not sure who handles NFTs) have very sophisticated software to track usage all over the web

Yeah but... who follows up if your royalties don't get paid?

TollieKop · Feb 4, 2022

moedeez said:
@Dom
By my analytical powers, your ban trend went from 4 months to 1.5 months, so you're due anytime now.
But please do answer my question first.

https://imgur.com/a/xhnjZlm

https://imgur.com/a/PtS3T4i

Haha holy shit though, you guys never give this man a break hey lol!

TollieKop · Feb 4, 2022

goldfritter said:
Yeah but... who follows up if your royalties don't get paid?

Them, cos they take their cut and give you the leftovers

Toy Machine · Feb 4, 2022

Grizzle said:
Haha holy shit though, you guys never give this man a break hey lol!

No no, he gives himself the breaks all the time xD

moedeez · Feb 4, 2022

Grizzle said:
Copyright law is bullshit

My music was stolen by some Russians and I STILL got paid for it lol, for the illegal streams
*once registered, your agency in charge (I am not sure who handles NFTs) have very sophisticated software to track usage all over the web

So you know how people share kids shows to youtube etc, they adjust the playback speed and sometimes mirror the image to get around the "scans"
I'm guessing they are going to have to get cleverer at picking up the files.

Dom · Feb 4, 2022

moedeez said:
BRB, gonna smash and grab a screenshot.

I have a serious question though. From my limited understanding, the title holder of an NFT get the "Royalties" when that NFT is used. What happens if someone copies it, adds some sort of mark so that it's technically not the same image anymore. How do they plan on handling that?

From a brief read up - plagiarism is a big concern (unless it is quite high profile) & controlling the copyright or intellectual property is a big problem.

Seems like you more have explicit ownership & softly implied copyright (no real way to enforce it).

On another note - it makes sense that there are serious money laundering and ponzi/pyramid scheme concerns with NFT's (tracking + logging of seller and buyer info is not really regulated or monitored).

Dom · Feb 4, 2022

Toy Machine said:
No no, he gives himself the breaks all the time xD

I am on good behaviour this year (I am aware that you started this year a bit dangerously).

Dom · Feb 4, 2022

moedeez said:
@Dom
By my analytical powers, your ban trend went from 4 months to 1.5 months, so you're due anytime now.
But please do answer my question first.

https://imgur.com/a/xhnjZlm

https://imgur.com/a/PtS3T4i

Fuck - I would actually love to know the timeline of the 8 bans XD

moedeez · Feb 4, 2022

Dom said:
Fuck - I would actually love to know the timeline of the 8 bans XD

Damn hacker, let me see if I can find anything in the interwebs archives.

Dom · Feb 4, 2022

goldfritter said:
Yeah but... who follows up if your royalties don't get paid?

From what I can see - no-one at all.

It is very informal in that sense & seems to be more centered around the buying + selling aspect at the moment.

Dom · Feb 4, 2022

L-Dog said:
99% of NFTs will go to zero but the 1% that makes it will do really well. I think they will boom this year with mass / retail adoption as its easier to understand than crypto for some. All the gains you make on NFTS will probably be seen as income tax anyway (speak to an expert). I invested heavily as I don't see a better opportunity / return anywhere else this year but I have also taken my initial capital out so worst case I am back to where I started.

If you really want to understand NFTS better watch lots of youtube videos and listen to podcast but ultimately its all just speculation and my opinion is NFTs in a different shape or form will eb here for the foreseeable future. Check our Garry V he is a proven businessman who has ventured into NFTs and made a killing.

My guess would be: given that it is a grey area and there is a blockchain element - it may be subject to the same same crypto tax of 45% (just my opinion though).

Always remember - death & taxes.

TollieKop · Feb 4, 2022

moedeez said:
So you know how people share kids shows to youtube etc, they adjust the playback speed and sometimes mirror the image to get around the "scans"
I'm guessing they are going to have to get cleverer at picking up the files.

Okay, I'm not a digital forensic expert but I asked SAMRO how the hell they found my stolen stuff

"We can't disclose our methods"

I sent them my original .WAV file. They scan that thing moertoe.
They will even find remixes that don't credit you and they will either collect royalties peacefully or forcefully

So basically, even when modified, they can detect most methods
Not all methods are immediately picked up but just like popping PEDs for USADA. Once they find a novel drug they add its testing methods to their list

So at the end of the day, you will get paid

Why so much work? Cos revenue from media ad-infinitum is a lot of money. So the agencies make it their work to go get most of it, pocket that, and pass the "royalties" - basically leftovers, to you, the original owner and copyright holder

Maar, this a whole long ass legal system in itself
Just my experience with it so far

Switch · Feb 4, 2022

moedeez said:
BRB, gonna smash and grab a screenshot.

I have a serious question though. From my limited understanding, the title holder of an NFT get the "Royalties" when that NFT is used. What happens if someone copies it, adds some sort of mark so that it's technically not the same image anymore. How do they plan on handling that?

Don't know about royalty, but on a technical level there is nothing stopping you from making a copy of the media (picture/music/whatever) and then minting a new nft record of it. The blockchain will simply have two different nft records that point to different locations that happen to have the same media copy. So those bored ape pictures often talked about, you can make copies of them and mint them (their location) on the blockchain and no one can do anything about it, intervention comes from the marketplace who manually prevent listing them but outside of that if you manage to find another hosting location you can mint copies of anything.

moedeez · Feb 4, 2022

Dom said:
Fuck - I would actually love to know the timeline of the 8 bans XD

Sorry, it's gone

https://imgur.com/a/IdaRK60

Do you get emails when you're banned?
I would have printed them and framed them like youtube play buttons.

TollieKop · Feb 4, 2022

moedeez said:
Sorry, it's gone

https://imgur.com/a/IdaRK60

Do you get emails when you're banned?
I would have printed them and framed them like youtube play buttons.

I guess you try to log in and then they give you a popup like "Haha tsek"

goldfritter · Feb 4, 2022

Grizzle said:
Them, cos they take their cut and give you the leftovers

Who is them in this scenario? I mean the NFT thing, not SAMRO.

TollieKop · Feb 4, 2022

goldfritter said:
Who is them in this scenario? I mean the NFT thing, not SAMRO.

I don't know

Also never going to go find out since I don't care for NFTs

LouisABC · Feb 4, 2022

Elusive said:
But what are the chances that NFT's will become the next 'meme coin' meaning people buy it and prices absolutely skyrockets and then just fades away as if it never happened. Also a interesting factor to take into consideration is that income tax now is applicable to mining too, which might change the whole dynamic, which can obviously make NFT's more attractive

Let me correct you, tax has always been applicable on Crypto, same as NFTs. Just how it is taxed, was uncertain.

Hence, if you do not declare your crypto or NFTs, tax evasion comes to mind.

Dom · Feb 4, 2022

moedeez said:
Sorry, it's gone

https://imgur.com/a/IdaRK60

Do you get emails when you're banned?
I would have printed them and framed them like youtube play buttons.

Nope - just the ban reason (hard to track if the ban is announced or not).

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