Help please... Thoughts on NFT's and why I bought Punks on Hive!
As many of you know I missed most of the NFT craze. Funny though, when I said that on Twitter one day @Belemo pointed out that I have a huge NFT collection on Splinterlands. Good point. I never really looked at them that way before. I always new they were NFT's, I just never considered them valuable outside of their entertainment factor. It was always about the game and I never really considered them an investment. I always admired the artwork and detail of each card though.
Outside of Splinterlands and a couple Garbage Pail Kids I bought on WAXP to try out the wallet, I pretty much missed the NFT boom. Frankly I thought it was stupid! I feel like the stupid one now though! A lot of people made a LOT of money off NFT's.
Calling them stupid is a harsh indictment on NFT's. The term also seems to really trigger collectors. Here's the thing though, someone buying a jpeg image of a rock for half an Ethereum is just idiotic. On the other hand I can see how they could become valuable for say music, movies, podcasts, commercial use artwork licensing and several other uses.
Depending on how the contract is set up, this takes care of the problem of royalties for artists and resell rights. This was a huge issue for the compact disk and dvd industry. Once the music was sold, they never made money on the resell or from second hand music stores.
My point being, as stupid as NFT's are in their current state I can see how they'll evolve.
Card game pieces and in game items also makes sense to me. It's a natural fit! Absolutely love this use of NFT's.
Which brings me to the Punks. When I seen people buying and selling these things on Ethereum for thousands of dollars I thought it was the most retarded thing I'd ever seen. When I watched a few people become millionaires, I found it even more retarded. I wish them well, and I'm happy for them, but it's pretty hysterical that some of these ridiculous projects have turned people into over night millionaires! Good for them. I'm the retard for not having the foresight. I should have known, I should have seen it coming, I should have bought a few when they first came out... JUST IN CASE!
So with that all said, I bought some Punks On Hive! LMAO. JUST IN CASE! I had to. They kept showing up in my feed. There was hype. I figured what the hell. Plus I love supporting any project that utilizes our blockchain.
So now I got these Punks and I don't know what to do with them.
I bought 6, I also got a Tour Guide punk.
So I'm on the Punks on Hive market and I see people trying to get $90,000 Hive for a single Punk.
How does this work? How do you decide what's a good price for the Punks you minted? What makes one Punk worth 90,000 Hive and a different one worth 6,000? I even seen a few for 500 or under.
Seriously, I'm at a complete loss of what to do with these things. Any help would be greatly appreciated. Would love to hear your thoughts.
Are you an NFT collector? Am I completely off thinking these are stupidest thing in crypto? Am I stupid for buying them? Should I hodl or sell? How do I decide what to value my Punk at?
At this point, I consider myself a full blown crypto degen! See you on the moon!
This is post 16 of 30 for this months #hiveblopomo
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