Brie Larson is catching well-deserved heat for promoting NFTs. [Dlisted]
Lewis Hamilton is back! Back on Instagram and back with Mercedes. [LaineyGossip]
When Modern Love meets classic comic books. [OMG Blog]
Melanie Griffith has seen The Lost Daughter three times. [JustJared]
Sometimes, life is a cartoon. [Pajiba]
Ansel Elgort wore a coat which defies description. [GFY]
End “no-knock warrants” for the love of God. [Buzzfeed]
Joe Rogan’s biracial daughter quit social media. [Towleroad]
Ximena on Before 90 Days got lipo [Starcasm]
Rachel Brosnahan wore an odd shade of mustard. [Tom & Lorenzo]
Peng Shuai was “interviewed” in Beijing. This poor woman. [Jezebel]
#NewProfilePic – got a @FlowerGirlsNFT by @VarvaraAlay 💙 pic.twitter.com/ZJxic6ST75
— Brie Larson (@brielarson) February 4, 2022
pov: you’ve defended brie larson from every bit of slander she’s received but you can’t defend her supporting nft’s pic.twitter.com/FYSzLXij1u
— Jordy 🌱euphoria spoilers (@collarsarcane) February 4, 2022
NFTs have real world application value, like for (actual) real estate, certificates etc.
As far as art is concerned, its up to the artists to determine what their art is worth, as their products have always been historically undervalued.
That’s all I got to say.
They’re environment-destroying theft. They’re pyramid schemes for bros and are no better than Amway. There are artists who’ve had their whole portfolios and music catalogs stolen and made into NFTs, but sure.
This right here ^. Just look at who NFTs (and a lot of crypto, for that matter) are marketed to. The answer is marks (aka suckers). And who is shilling it? Paid, wealthy spokespeople that have no connection to real finance but have “celebrity.”
NFTs = Beanie Babies 2.0.
Can you “NFT” a real estate sale? …. Sure. Is it advisable? No. Is there any point to doing so other than it being a cute gimmick? No.
The purported benefit is that you can immediately close, but you are doing so at the cost of having no diligence on the property and potentially no title insurance post closing (meaning, if there is a significant cloud on title, cest la vie). To be able to NFT a real estate asset you have to convert individual ownership to a business entity (which, despite what the “experts” will tell you, can and does in various jurisdictions trigger transfer/recordation taxes that can be based on the tax assessed value of the property) and (unlike what the “experts” will tell you) most jurisdictions do in fact impose transfer taxes on the conveyance of ownership in a business entity that owns real estate, so you basically can end up being taxed twice (once to convert to entity ownership, and again to transfer the entity).
Realistically, no one in their right mind would ever do this other than for a home sale (which is already an expedited closing process, and even then your title still has to be cleaned up (i.e. someone has to go behind the NFT to document the actual transfer of the property), which begs the question of what the point ultimately was to the NFT as concerns real estate.
Let’s just leave these comments to age and check back on it in 3 years.
Try 10 years on for size instead. For NFTs to provide the same assurances that can be had from a traditional real estate acquisition you would need significant changes of law (1) at the local level for how property conveys (from the simple matter of how the municipality records property ownership to the mundane, such as conveying certificates of occupancy, permits, licensing, etc. for non residential property), (2) at the state level for how the property can be legally owned and how the conveyance is taxed, and (3) at the federal level concerning legal requirements on financial disclosures for tax and banking purposes, for purposes of complying with federal laws concerning OFAC and similar matters, as well as for compliance with securities laws (as you are, in essence, trading an interest in real estate on a secondary market). This is all notwithstanding that you are going ahead with no insurance until you can convince an industry insuring against risk that somehow this is worth their time and effort to delve into this field.
As things stand today, NFTs, in real estate are nothing more than a gimmick, and in the maybe three instances of an NFT real estate sale each transaction required cleanup that entailed a traditional real estate closing (i.e. it was a traditional real estate closing in drag).
If you want the flexibility to sign and close in one day without title insurance, you can already do that. You don’t need an NFT, what you need is a fool with money. All the NFT adds is additional cost and risk that is easily avoided and people trying to add some sort of credibility to what is an obvious ponzi scheme that has resulted in environmental damage and widespread theft of artists’ work need to look somewhere other than real estate for an example.
“Let’s just leave these comments to age and check back on it in 3 years.”
I remember all the smug people who went crazy buying crypto saying something similar then….
https://fortune.com/2022/01/24/coinbase-shares-plunge-crypto-crash-bitcoin-ethereum-nasdaq-dogecoin-robinhood/
Well said, superashes and Kitten.
NFTs are an extension of the cryptocurrency scam. People have telling others to “just wait and see” for years now. Nothing good has come out of either and nothing ever will. Folding Ideas on YouTube put out a video on NFTs recently. It’s eye-opening.
To be fair, cyrptocurrency is 100% a thing in commercial real estate now, but there is a big difference in trying to finance property with cryptocurrency and trying to wholesale buy and sell real estate with NFTs. Not one and the same at all.
At least with crypto, digital currency likely is the future of currency systems since credit is already a half step toward it as is. The concept is there, just not refined enough to be sustainable in a large scale system. Decades down the line, we will likely view it as a primitive but important step in development. I’m not sure the same can be said for NFTs.
We should add Lennons sons to this monstrosity as well. Both sons of Lennon are in the game as well, “schilling” their fathers notes, music and instruments. Another set of scammers….
I watched a segment on Julian Lennon’s sale of his father’s memorabilia on CBS the other morning. The whole thing seems like such an obvious grift, I don’t understand who would buy this ‘stuff.’ There’s no there there!
I’ve tried to understand what NFTs are many times but just don’t get it. It’s like ugly clip art that you can replicate but you’re not supposed to replicate?!! And has to do with something called a blockchain that uses a ton of energy? I feel so old! I kind of get crypto and understand that appeal but couldn’t crypto be hacked and stolen easily since it’s not traceable? And it’s apparently bad for the environment even though it’s all digital but something with mining that uses more electricity than the whole country of Argentina.
You can trace crypto. I just heard a story on NPR about a couple getting arrested after using crypto that had been paid as part of a ransom wear attack. I think they sat on it for a couple of years but they got caught.
+1 Luna17. I don’t completely understand it either.
I saw that monstrosity that Ansel was wearing yesterday and wondered the same, as he lost a bet. Let’s hope that is the case otherwise this idiot is obviously as idiot.
The safest way to scam people is to set up a so-called “non-profit.” You receive tax protection, public relations benefits, and people just give you their money with no expectation of receiving anything of value in return. Much better than NFTs.
even better, start a religion.
non-profits do have some regulations and oversight…religions, not so much.
See: $cientology
I’m from Houston, the land of Lakewood Church (which set up shop in the only Summit Stadium after the Rockets moved to the Toyota Center, I kid you not!), so I’ll always be thankful to The Lady of Perpetual Exemption, the existence of which has helped me out in no less than three debates with family members dancing on the edge of delusion.
John Oliver is a gift to humankind, even if the phrase “seed money” is forever burned into my mind now.
Joe Rogan has a biracial daughter?!!
Mind. Blown. Just when you thought he couldn’t seem any more awful. Apparently the child is from his wife’s prior relationship and Joe adopted her.
Awful that she felt the heat to leave social media and he’s still there.
I am surprised you haven’t posted about Huvane’s death.
Stepdaughter. I worry for her if he thinks biracial people have white brains.
Snort. Ansel looks like he is wearing just the torso part of a T Rex costume.
This.
Celebrities shilling NFTs feels like the next gen version of celebrities paid to attend the party of a Saudi Prince or ruthless dictator. They might think it’s better, but it still feels just as shady.
YES! I was trying to pinpoint it and “performing for an authoritarian dictator for millions” is definitely the same vibe. Gross.
It must be SO much money.
Agree about Lili re why no Huvane coverage.
Meh, NFTs…Celebs are just following the money, what’s new
The corruptness of NFTs explains why Melania Trump , Lindsay Lohan and Goop all gravitated towards them. They are all schemers and corrupt people perfect match.
What Lainey doesn’t know about F1 is a lot. Lewis was never going to retire. His fashion is really that of a thread chaser & wears copies of runway looks. DTS is a manipulated version of F1 which is why both Max & Lewis don’t participate. I’m excited about the new season & the new cars. I wish Lewis all the best in the new season but I think he will be surprised when he realizes it’s no longer the Hybrid era. & Ansel looks ridiculous