Ether Rock – Pet Rocks on the Blockchain
etherrock.com
etherrock.com
How the fuck is it a scam when the first 100 rocks are fake already? They're just more fake rocks just like the first 100.
Warhol was relatively unknown before the 32 soup cans. An art dealer in California named Irving Bloom showed them and most people hated them or dismissed them, but by some mysterious process they became like a talisman that divided the hip from the unhip. Later in the documentary Bloom brags about how they're now worth millions of dollars.
NFT's of JPG's of rocks are kind of like the soup cans. You either get it, or you don't, but people are betting that the one's who get it will pay good money for all kinds of NFT's in a self-sustaining market. It's very futuristic, like the idea that a soup can could be art. It's not based on anything that happened before.
You really have to get the context starting at 1:08:15 where a friend tells him "you like money, why don't you paint pictures of money? You should paint something everyone recognizes, like a can of soup"
The Life of Andy Warhol - Part 1. https://www.youtube.com/watch?v=ZDIdjvezp2U
I'll take "our economy is signalling ____ for 500 alex"
But you do you, perhaps you can design a Blockchain solution for water rights, it will greatly reduce friction for nestle to buy up more water rights for the billions of plastic water bottles they need to fill up for rich suburbanites, they like the flavor better.
Obviously no way to really know, but I do find it amazing (and very suspect) that Openseas went from $8m a month to $2.3b a month - that's a pretty heady number. It does make me suspect either wash trading or other activities going on.
Opensea charges a 2.5% fee on every purchase, so wash trading would be relatively expensive (but not impossible).
If you grind six faces flat, in a roughly perpendicular manner, and then epoxy a series of metal links on, in a linear fashion, I believe you'll have your own block chain.
The transactions are all likely to be organized by the same entity. A, B and C are all buying and selling this NFT for headline grabbing price. The problem is they're all the same people trading at high prices to get attention
That's when the mark will come in attracted by large prices shared on social media. The mark will be unaware of the wash trading and they will paying what they think is a market price but is really a constructed price by one colluding entity. There is no large group of people willing to pay this price for the product it is an illusion
The colluding group is able to sell well above a realistic market price to the mark. A highly profitable scheme. This is the basic breakdown of the wash trading scam which is the basis for NTFs
Over here, gold bullion NFTs with individual numbered bars tied into a legal framework which ensures that NFT ownership gives bar ownership, bridging the physical/legal/digital domains.
And they're CO2 offset, with the calculation of CO2 impact and the CO2 offsets bound into the NFT too. It's a building block of a new economy, with the environmental and social costs of trade bound right into the product description data.
You can safely ignore the rocks. But there's action elsewhere in the ecosystem.
https://medium.com/humanizing-the-singularity/can-the-world-... (what I do for a livin')