[thedrinkbusiness.com]Yao Family Wines to capitalise on NFT boom

NFTs have got to be about the dumbest thing created since fidget spinners.

 

I’m too old and dumb to understand this kind of thing.

 

That was a non sufficient funds transfer back in the day.

 

Is he even willing (or allowed?) to acknowledge the Rockets anymore

 

This is Yao’s real HOF ring. They let me put it on when they found out I was a Rockets fan.

 

@B-Bob
You been here before ?
Not the winery, the GARM

Brother
Maybe I’ll check it out. Grab a glass

 

Can someone young and hip explain these to the 40 over crowd?

 

Only when Tmac leads us past the first round bro

 

Another blockchain based business concept......lol.

I am figuring it out myself.

 

Didn't the NFT boom end in early March?

 

What does NFT stand for?

 

There's a nft thread in Hangout that goes into a deeper dive.

Yao's entire career was a Rocket; so the garm is fine.

It's his business. The sellers might have a very low overhead and can make some money (in Yao's case). It's buyers who may be risking a lot.

 

non-fungible token

 

I've thought about this several times now as a product purchasing incentive for individual wines. And I've flipped sides a few times on if it's a good idea. I've settled on the fact that it would help the wine sell. But the opportunity cost of not cashing in on the NFT's because he's basically giving them away, seems like a lost opportunity. It like selling the pack of cards with a special insert card so they are bought, when you could sell the insert card for more money than the pack. So it seems a little backward to me, but I may change my mind again.

If it's an auction item then he is actually selling the NFT, not the wine. It's like the wine is the add on. And then you would have to ask what is the point. Getting the wine into people's hands is small potatoes compared to the NFT market. Wine margin is probably 40% and yearly profit is based on how long you've been in the market. So why not put all those people to work making NFT's instead of wine where the margin and profits are much larger.

 

Not a F%$ing Thing

 

My favorite thing about this article is that it doesn't even bother explaining what NFT is. I, personally, have no idea. I thought about googling it but decided it's more fun not to know.

 

It's an attempt of "proof of ownership" of people owning a digital asset. The concept was originally not for nerds to invest $120K into, but for rights holders to prove they created the first instance of something. It was for copyright protection. For example if you're a photographer and upload a photo online, you can prove that the "first" instance of it was yours.

A blockchain is a distributed ledger where no one person can own the truth, the truth is distributed across the system and is much harder to distort/steal/tamper with (hence the term "non-fungible", or the NF in NFT). (Contrast this to a historical database system where if the database crashes, the truth is lost.) Therefore if the blockchain says you "own" a thing, you "own" that thing. Because of this, crypto maniacs who have made too much money off of the speculative boom of bitcoin and ethereum are paying tons of USD value to have a blockchain say that they "own" a digital piece of artwork, or a digital song file, or a digital basketball video.

It's still sort of the equivalent of saying you own a "lordship" title in Scotland because you own a 1 inch piece of land, or saying you own a plot of land on mars that you won on Ebay. But some people are buying off the hope that this concept (which does have some merit) catches on and takes over the world.

Recommended further reading if you want a cynical/informative article on crypto/NFTs.

 

You buy rights to a link on a website.

If the website is down, call customer service or you're out a load of tokens.

What are tokens? It's like Dave n Buster's where you slide bills into a machine. Use those tokens to try to get tickets. The more tickets you get the more you can buy their toys. Sometimes the toys change price in tickets but if you buy early your tokens can be worth more.

So you buy the links for four tokens you got for a hundred bucks a year ago but are now worth a thousand.

People think the street value for the nft is a thousand but it's only because you're up higher on the ladder.

But because you're higher on the ladder, you might want to prop up the value by self dealing.

Why not just sell your tokens for straight up cash? Because tax and buying into "art" is a good investment/tax evasion scheme. These tokens are traceable and mostly transparent. NFTs are designed so that they don't have to be.

Tl;Dr the potential is there but it's straight up speculation right now and your money isn't guaranteed or safe. It's a safe as the webhost your nft is housed in.