Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs
Tuesday, April 27th, 2021 3:47PM CDT
Category: Company NewsPosted by: william-james88 Views: 34,826
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Hasbro made a big splash when they announced that they were aiming to phase out plastic usage. This was picked up by many news sties beyond our Transformers community. We have seen some of these initiatives with the Kingdom line using less plastic than previous lines for their window.
However, this new announcement seems to be going in the opposite direction.
You can read Hasbro CEO Brian Goldner's quote below, coming from their first Quarter Financial Results Conference Call, where he states that Hasbro is currently looking into opportunities in the NFT (non-fungible token) market and pairing it with their properties, of which Transformers is called out by name.
Now, for those unaware of what an NFT is, in layman's terms, it is a digital file that is encrypted using a blockchain so that only the owner can have access to it. Now a block chain is the very same kind of system that is used in crypto currency where currency is mined by powerful computers solving an equation that grows in complexity to the point where a big part of the worth of whatever you are mining is equal to how much it is costing you to mine it (hence why it is always more expensive to mine for more Bitcoin). Of course, this ever growing need for more powerful computers means that the energy used for the creation of an NFT is immense and more than any of us would consume in electricity in a month. You can read more about those impacts here. These NFTs are traded similarly to crypto currency, the difference here is that the copyright of the image is retained by Hasbro who would get a percentage of the value these NFTs are sold for every time one person buys it from someone else. Meaning once an NFT is on the market, the copyright holder (Hasbro) can accumulate wealth in perpetuity without ever being involved again in the process.
“NFTs are a real opportunity for us. As you know we have so many brands that really operate on multiple demographic levels; whether it’s Transformers, whether it’s Magic [The Gathering] and the D&D brand, and brands like G.I. Joe. We have a team that is leading our effort out of the west coast. We have our arms around this and see multiple opportunities on the NFT side and you’ll hear more about that as we move forward. But, we are actively developing our opportunities here and we do see it as substantial.”
However, this new announcement seems to be going in the opposite direction.
You can read Hasbro CEO Brian Goldner's quote below, coming from their first Quarter Financial Results Conference Call, where he states that Hasbro is currently looking into opportunities in the NFT (non-fungible token) market and pairing it with their properties, of which Transformers is called out by name.
Now, for those unaware of what an NFT is, in layman's terms, it is a digital file that is encrypted using a blockchain so that only the owner can have access to it. Now a block chain is the very same kind of system that is used in crypto currency where currency is mined by powerful computers solving an equation that grows in complexity to the point where a big part of the worth of whatever you are mining is equal to how much it is costing you to mine it (hence why it is always more expensive to mine for more Bitcoin). Of course, this ever growing need for more powerful computers means that the energy used for the creation of an NFT is immense and more than any of us would consume in electricity in a month. You can read more about those impacts here. These NFTs are traded similarly to crypto currency, the difference here is that the copyright of the image is retained by Hasbro who would get a percentage of the value these NFTs are sold for every time one person buys it from someone else. Meaning once an NFT is on the market, the copyright holder (Hasbro) can accumulate wealth in perpetuity without ever being involved again in the process.
“NFTs are a real opportunity for us. As you know we have so many brands that really operate on multiple demographic levels; whether it’s Transformers, whether it’s Magic [The Gathering] and the D&D brand, and brands like G.I. Joe. We have a team that is leading our effort out of the west coast. We have our arms around this and see multiple opportunities on the NFT side and you’ll hear more about that as we move forward. But, we are actively developing our opportunities here and we do see it as substantial.”
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Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103155)
Posted by Burn on April 27th, 2021 @ 4:04pm CDT
Posted by Burn on April 27th, 2021 @ 4:04pm CDT
A fool and their money are soon parted.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103157)
Posted by Mindmaster on April 27th, 2021 @ 4:10pm CDT
Posted by Mindmaster on April 27th, 2021 @ 4:10pm CDT
I’m still not entirely sure how this not environmentally friendly. If it’s digital, how does it hurt the environment?
^totally ignorant about these kind of things
^totally ignorant about these kind of things
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103158)
Posted by Burn on April 27th, 2021 @ 4:12pm CDT
Maybe click the link in the news article and read up on it?
TL:DR Crypto transactions (which is what NFT's are) use a lot of electricity.
Posted by Burn on April 27th, 2021 @ 4:12pm CDT
Mindmaster wrote:I’m still not entirely sure how this not environmentally friendly. If it’s digital, how does it hurt the environment?
^totally ignorant about these kind of things
Maybe click the link in the news article and read up on it?
TL:DR Crypto transactions (which is what NFT's are) use a lot of electricity.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103161)
Posted by SnufflesTheb0t420 on April 27th, 2021 @ 4:23pm CDT
Posted by SnufflesTheb0t420 on April 27th, 2021 @ 4:23pm CDT
so uh
explain it to me like im 4 because idk what this means
explain it to me like im 4 because idk what this means
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103162)
Posted by william-james88 on April 27th, 2021 @ 4:31pm CDT
I really tried to explain it as clearly and succinctly as I could in the article.
Posted by william-james88 on April 27th, 2021 @ 4:31pm CDT
SnufflesTheb0t420 wrote:so uh
explain it to me like im 4 because idk what this means
I really tried to explain it as clearly and succinctly as I could in the article.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103163)
Posted by o.supreme on April 27th, 2021 @ 4:32pm CDT
Posted by o.supreme on April 27th, 2021 @ 4:32pm CDT
I know that people (under normal conditions) travel all over the world to see original works of art in prestigious museums. I am not one of those people. If I wanted to see a picture of the Mona Lisa, there are plenty of them online. If I wanted to own one, a facsimile is fine.
Not sure what the prestige is of owning a "digital" copy of something that a million other people basically have, and can obtain, even if you have the right to say you are the one true owner, not sure how that is satisfactory or beneficial.
Not sure what the prestige is of owning a "digital" copy of something that a million other people basically have, and can obtain, even if you have the right to say you are the one true owner, not sure how that is satisfactory or beneficial.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103171)
Posted by cloudballoon on April 27th, 2021 @ 4:54pm CDT
Posted by cloudballoon on April 27th, 2021 @ 4:54pm CDT
Mostly bragging right and art (whatever form it may be) as investment. Don't think overly-rich people buying up Picasso's all care for the artistic merit of an artwork. I'd wager an absolutely miniscule percentage of them are bona fide art lover.
And NFT is paid for by crypto. Which takes a huge (and ever larger) amount of energy to generate. So basically Hasbro makes their NFT profiting of huge amount of energy consumption needed to generate these cryptos, that's the non-eco-friendly point.
And NFT is paid for by crypto. Which takes a huge (and ever larger) amount of energy to generate. So basically Hasbro makes their NFT profiting of huge amount of energy consumption needed to generate these cryptos, that's the non-eco-friendly point.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103172)
Posted by DeathReviews on April 27th, 2021 @ 4:56pm CDT
Posted by DeathReviews on April 27th, 2021 @ 4:56pm CDT
What choice do they have, really? Other toy lines have proven that no matter how securely you lash the toy into a box that allows access to the figure, customers (especially kids) are going to mangle it with their filthy touch stumps. Nobody wants to buy a figure that's got little Johnny's snotty fingerprints all over it, no matter how cute he is.
Putting them in sealed boxes may be an option, but with Hasbro's Selects line, all that's done is multiply the amount of cardboard they use. They put the box inside of another box and put those into another box. They just replace plastic waste with paper waste and slaughter forests of trees, which makes the environmentalists even madder.
Having smaller plastic windows probably won't help much either. To quote your mortal Confucious, "Try to please all and you please none."
Putting them in sealed boxes may be an option, but with Hasbro's Selects line, all that's done is multiply the amount of cardboard they use. They put the box inside of another box and put those into another box. They just replace plastic waste with paper waste and slaughter forests of trees, which makes the environmentalists even madder.
Having smaller plastic windows probably won't help much either. To quote your mortal Confucious, "Try to please all and you please none."
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103173)
Posted by That_Guy on April 27th, 2021 @ 4:57pm CDT
Posted by That_Guy on April 27th, 2021 @ 4:57pm CDT
this should help explain it
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103174)
Posted by DeathReviews on April 27th, 2021 @ 4:59pm CDT
Because digital means electric. Electric means using electricity. Using electricity (supposedly) is bad because solar and wind have NOT evolved to the point that they are feasible for powering large towns and cities. It's barely a drop in the energy bucket. So electricity - means coal, oil, gas or nuclear. Which drives environmentalists berserk.
So - there's really NO way to make anybody happy on this issue.
Posted by DeathReviews on April 27th, 2021 @ 4:59pm CDT
Mindmaster wrote:I’m still not entirely sure how this not environmentally friendly. If it’s digital, how does it hurt the environment?
^totally ignorant about these kind of things
Because digital means electric. Electric means using electricity. Using electricity (supposedly) is bad because solar and wind have NOT evolved to the point that they are feasible for powering large towns and cities. It's barely a drop in the energy bucket. So electricity - means coal, oil, gas or nuclear. Which drives environmentalists berserk.
So - there's really NO way to make anybody happy on this issue.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103175)
Posted by william-james88 on April 27th, 2021 @ 5:01pm CDT
The art itself is almost irrelevant. People are owning it only due to the fact that it is crypto currency. So the question you should ask instead is "why are people owning bitcoin, or dogecoin or Ethereum tokens?" and whatever that answer is, it's the same reason people are buying these NFTs.
Posted by william-james88 on April 27th, 2021 @ 5:01pm CDT
o.supreme wrote:Not sure what the prestige is of owning a "digital" copy of something that a million other people basically have, and can obtain, even if you have the right to say you are the one true owner, not sure how that is satisfactory or beneficial.
The art itself is almost irrelevant. People are owning it only due to the fact that it is crypto currency. So the question you should ask instead is "why are people owning bitcoin, or dogecoin or Ethereum tokens?" and whatever that answer is, it's the same reason people are buying these NFTs.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103176)
Posted by Burn on April 27th, 2021 @ 5:04pm CDT
NFT's are just another way rich people can brag about owning stuff.
The stupid part about it is it can consist of JPG's, MP3's ... anything that is in electronic format.
Anything that everyone can also have access to thanks to the wonders of pirating (NFT's are supposed to be unique things. HA!)
The only difference is these people actually "own" the digital file and it can be bought and sold. When such a transaction takes place, the original copyright holder (e.g. Hasbro) get a % of that sale regardless of how many times it changes hands.
Posted by Burn on April 27th, 2021 @ 5:04pm CDT
SnufflesTheb0t420 wrote:so uh
explain it to me like im 4 because idk what this means
NFT's are just another way rich people can brag about owning stuff.
The stupid part about it is it can consist of JPG's, MP3's ... anything that is in electronic format.
Anything that everyone can also have access to thanks to the wonders of pirating (NFT's are supposed to be unique things. HA!)
The only difference is these people actually "own" the digital file and it can be bought and sold. When such a transaction takes place, the original copyright holder (e.g. Hasbro) get a % of that sale regardless of how many times it changes hands.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103192)
Posted by ScottyP on April 27th, 2021 @ 6:56pm CDT
Posted by ScottyP on April 27th, 2021 @ 6:56pm CDT
There are better descriptions in this thread, but my two cents/how my brain compartmentalizes NFTs - they're like trading cards that everyone can have if they want but only one person gets to resell it at any given point.
I also think of them like assets under custody, but if you wanted to go make it tangible like a cash withdrawal, you can't. Unless you sold it and then did that to whatever other asset you acquired for selling it.
Or think of them like a vehicle for risky investment by cyptobros, which to me is funny but oversimplifying it grossly.
I also think of them like assets under custody, but if you wanted to go make it tangible like a cash withdrawal, you can't. Unless you sold it and then did that to whatever other asset you acquired for selling it.
Or think of them like a vehicle for risky investment by cyptobros, which to me is funny but oversimplifying it grossly.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103196)
Posted by Bumblevivisector on April 27th, 2021 @ 7:14pm CDT
Posted by Bumblevivisector on April 27th, 2021 @ 7:14pm CDT
Never heard of NFTs until The Daily Show did a segment on them about 2 weeks ago.
I couldn't help but view them as the digital pet-rocks of our time.
Not that I can blame Hasbro or any company for pouncing on a new way to milk their IP for perpetual cash, but it seems like the current apex of stupidity for e-commerce, leaving me looking forward to a collapse of cryptocurrency not caused by the destruction of the internet itself.
I couldn't help but view them as the digital pet-rocks of our time.
Not that I can blame Hasbro or any company for pouncing on a new way to milk their IP for perpetual cash, but it seems like the current apex of stupidity for e-commerce, leaving me looking forward to a collapse of cryptocurrency not caused by the destruction of the internet itself.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103205)
Posted by -Kanrabat- on April 27th, 2021 @ 8:42pm CDT
Posted by -Kanrabat- on April 27th, 2021 @ 8:42pm CDT
What's the point of NFT though? Is it just making money out of NOTHING and people buy NOTHING and sell NOTHING but somehow they make money that way?
All this nonsense will backfire sooner or later making all kind of money totally useless and worthless because the value of "money" will have NOTHING to back it up.
All this nonsense will backfire sooner or later making all kind of money totally useless and worthless because the value of "money" will have NOTHING to back it up.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103250)
Posted by william-james88 on April 28th, 2021 @ 12:03am CDT
Stocks aren't all that different. Look at the gamestop stocks, people have made AND lost millions this past year but the company itself didn't change in the least. Its just placing your money in a digital asset, hoping you can resell it for more.
Posted by william-james88 on April 28th, 2021 @ 12:03am CDT
-Kanrabat- wrote:What's the point of NFT though? Is it just making money out of NOTHING and people buy NOTHING and sell NOTHING but somehow they make money that way?
Stocks aren't all that different. Look at the gamestop stocks, people have made AND lost millions this past year but the company itself didn't change in the least. Its just placing your money in a digital asset, hoping you can resell it for more.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103251)
Posted by william-james88 on April 28th, 2021 @ 12:06am CDT
I completely get why Has to would be interested, what I wanted to point out was their hypocrisy here since they keep talking about being green and wanting to do more for the environment.
This must goes against all of that.
Posted by william-james88 on April 28th, 2021 @ 12:06am CDT
Bumblevivisector wrote:
Not that I can blame Hasbro or any company for pouncing on a new way to milk their IP for perpetual cash, but it seems like the current apex of stupidity for e-commerce
I completely get why Has to would be interested, what I wanted to point out was their hypocrisy here since they keep talking about being green and wanting to do more for the environment.
This must goes against all of that.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103254)
Posted by Burn on April 28th, 2021 @ 1:09am CDT
There's spending 100K on shares, which may go up, may go down, it's a gamble.
And then there's spending 100K on a JPG.
Take the 100K, invest in a high quality printer, print that shit off and enjoy it by flashlight when the power goes off.
Posted by Burn on April 28th, 2021 @ 1:09am CDT
william-james88 wrote:-Kanrabat- wrote:What's the point of NFT though? Is it just making money out of NOTHING and people buy NOTHING and sell NOTHING but somehow they make money that way?
Stocks aren't all that different. Look at the gamestop stocks, people have made AND lost millions this past year but the company itself didn't change in the least. Its just placing your money in a digital asset, hoping you can resell it for more.
There's spending 100K on shares, which may go up, may go down, it's a gamble.
And then there's spending 100K on a JPG.
Take the 100K, invest in a high quality printer, print that shit off and enjoy it by flashlight when the power goes off.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103261)
Posted by -Kanrabat- on April 28th, 2021 @ 4:41am CDT
I can understand the stock market. It's been more than 100 years since it's a thing and it serve to make a company grow. But that Jpeg thing? It's like collector cards that don't even exist and their sole purpose is that they are "worth" something.
I'll be laughing when no one care anymore and/or the servers come crashing down, making that nothing worth exactly as what it's actually is as you say.
Posted by -Kanrabat- on April 28th, 2021 @ 4:41am CDT
Burn wrote:william-james88 wrote:-Kanrabat- wrote:What's the point of NFT though? Is it just making money out of NOTHING and people buy NOTHING and sell NOTHING but somehow they make money that way?
Stocks aren't all that different. Look at the gamestop stocks, people have made AND lost millions this past year but the company itself didn't change in the least. Its just placing your money in a digital asset, hoping you can resell it for more.
There's spending 100K on shares, which may go up, may go down, it's a gamble.
And then there's spending 100K on a JPG.
Take the 100K, invest in a high quality printer, print that **** off and enjoy it by flashlight when the power goes off.
I can understand the stock market. It's been more than 100 years since it's a thing and it serve to make a company grow. But that Jpeg thing? It's like collector cards that don't even exist and their sole purpose is that they are "worth" something.
I'll be laughing when no one care anymore and/or the servers come crashing down, making that nothing worth exactly as what it's actually is as you say.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103266)
Posted by TOO MUCH ENERGON! on April 28th, 2021 @ 7:07am CDT
Posted by TOO MUCH ENERGON! on April 28th, 2021 @ 7:07am CDT
Personally I see NFTs as being the ultimate example that some people just have too much fucking money.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103267)
Posted by TF-fan kev777 on April 28th, 2021 @ 8:28am CDT
^^^This^^^
And I'm certain someone with way too much money will pay for the right to "own" the Megatron to Galvatron reformatting from TFTM for a few million.
Posted by TF-fan kev777 on April 28th, 2021 @ 8:28am CDT
TOO MUCH ENERGON! wrote:Personally I see NFTs as being the ultimate example that some people just have too much **** money.
^^^This^^^
And I'm certain someone with way too much money will pay for the right to "own" the Megatron to Galvatron reformatting from TFTM for a few million.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103282)
Posted by william-james88 on April 28th, 2021 @ 11:50am CDT
Posted by william-james88 on April 28th, 2021 @ 11:50am CDT
Here is a good explanation of all this:
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103288)
Posted by o.supreme on April 28th, 2021 @ 1:43pm CDT
Same here. I have no political allegiances, but Trevor Noah is hilarious when it comes to most other aspects of life. The Daily Show has a pretty good support cast as well.
Posted by o.supreme on April 28th, 2021 @ 1:43pm CDT
Bumblevivisector wrote:Never heard of NFTs until The Daily Show did a segment on them about 2 weeks ago.
Same here. I have no political allegiances, but Trevor Noah is hilarious when it comes to most other aspects of life. The Daily Show has a pretty good support cast as well.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103290)
Posted by Evil Eye on April 28th, 2021 @ 2:08pm CDT
Posted by Evil Eye on April 28th, 2021 @ 2:08pm CDT
Ah yes, NFTs, AKA the Rare Pepe Market meme from a few years back except real and used as yet another means for Big Tech to launder money. 
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103320)
Posted by Kyleor on April 28th, 2021 @ 4:47pm CDT
Posted by Kyleor on April 28th, 2021 @ 4:47pm CDT
So what happens if I NFT their NFT?
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103351)
Posted by DISCHARGE on April 29th, 2021 @ 12:01pm CDT
You're asking: what if you make a copy?
You aren't logged as owning it on the blockchain. If you tried to sell it as legit, the new owner wouldn't receive it in their wallet. Red flags, prolly hit with fraud if pursued or was worth a certain amount.
Make a copy, screen grab.. Prolly nothing would happen.
I find it amusing Hasbro plans on collecting a fee when their NFTs are traded.
Sounds like they've found a way to collect $ on the secondary market
Posted by DISCHARGE on April 29th, 2021 @ 12:01pm CDT
Kyleor wrote:So what happens if I NFT their NFT?
You're asking: what if you make a copy?
You aren't logged as owning it on the blockchain. If you tried to sell it as legit, the new owner wouldn't receive it in their wallet. Red flags, prolly hit with fraud if pursued or was worth a certain amount.
Make a copy, screen grab.. Prolly nothing would happen.
I find it amusing Hasbro plans on collecting a fee when their NFTs are traded.
Sounds like they've found a way to collect $ on the secondary market
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103365)
Posted by Hero Alpha on April 29th, 2021 @ 3:40pm CDT
Posted by Hero Alpha on April 29th, 2021 @ 3:40pm CDT
Since we were stupidly taken off the gold standard and the Fed is in control of printing endless amounts of "money", no currency, dollars, crypto, NFT or otherwise actually has value. It, like most things, is only worth what some dumbass is willing to pay for it.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103366)
Posted by Evil Eye on April 29th, 2021 @ 3:46pm CDT
Oh no. Now you've done it, here come the Quintessons...
Posted by Evil Eye on April 29th, 2021 @ 3:46pm CDT
Moonshot wrote:Since we were stupidly taken off the gold standard and the Fed is in control of printing endless amounts of "money", no currency, dollars, crypto, NFT or otherwise actually has value. It, like most things, is only worth what some dumbass is willing to pay for it.
Oh no. Now you've done it, here come the Quintessons...
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103377)
Posted by Triggerdick Megatron on April 29th, 2021 @ 6:11pm CDT
Posted by Triggerdick Megatron on April 29th, 2021 @ 6:11pm CDT
If you own an NFT do you also own the copyright?
NFT= Non-fungible token. So it can be anything but mushrooms and fungi right?
NFT= Non-fungible token. So it can be anything but mushrooms and fungi right?
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103379)
Posted by Burn on April 29th, 2021 @ 6:22pm CDT
Nope. The copyright remains with the creator and they continue to receive a portion of the sale proceeds each time the NFT is sold.
Another example of how stupidly ridiculous this NFT stuff is.
"Disaster Girl" earns $500,000 off meme
Anyone can right click and save that image, anyone can print that image out and hang it on their wall. But someone has paid half a million dollars to say they "own" it.
Half a million dollars to have a JPG with a extra bit of meta data.
Disaster Girl's father, who took the photo and thus owns the copyright, will receive 10% of any future sales.
Posted by Burn on April 29th, 2021 @ 6:22pm CDT
Triggerdick Megatron wrote:If you own an NFT do you also own the copyright?
Nope. The copyright remains with the creator and they continue to receive a portion of the sale proceeds each time the NFT is sold.
Another example of how stupidly ridiculous this NFT stuff is.
"Disaster Girl" earns $500,000 off meme
Anyone can right click and save that image, anyone can print that image out and hang it on their wall. But someone has paid half a million dollars to say they "own" it.
Half a million dollars to have a JPG with a extra bit of meta data.
Disaster Girl's father, who took the photo and thus owns the copyright, will receive 10% of any future sales.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103388)
Posted by william-james88 on April 29th, 2021 @ 8:22pm CDT
Which is why hasbro wants in. Perpetual money for owning the copyright.
Posted by william-james88 on April 29th, 2021 @ 8:22pm CDT
Burn wrote:Triggerdick Megatron wrote:If you own an NFT do you also own the copyright?
Nope. The copyright remains with the creator and they continue to receive a portion of the sale proceeds each time the NFT is sold.
Another example of how stupidly ridiculous this NFT stuff is.
"Disaster Girl" earns $500,000 off meme
Anyone can right click and save that image, anyone can print that image out and hang it on their wall. But someone has paid half a million dollars to say they "own" it.
Half a million dollars to have a JPG with a extra bit of meta data.
Disaster Girl's father, who took the photo and thus owns the copyright, will receive 10% of any future sales.
Which is why hasbro wants in. Perpetual money for owning the copyright.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2103403)
Posted by Burn on April 30th, 2021 @ 12:50am CDT
This is nothing new though. Companies have been wanting to cash in on the second hand market for a long LONG time.
Digital technology has just made it possible for them.
Hence why, always buy physical copies if you can.
Posted by Burn on April 30th, 2021 @ 12:50am CDT
william-james88 wrote:Which is why hasbro wants in. Perpetual money for owning the copyright.
This is nothing new though. Companies have been wanting to cash in on the second hand market for a long LONG time.
Digital technology has just made it possible for them.
Hence why, always buy physical copies if you can.
Re: Hasbro Backtracking on Being Environmentally Friendly with Interest in Transformers NFTs (2180883)
Posted by Porewhis40 on May 29th, 2024 @ 5:27am CDT
You're right that the value of art in the form of NFTs (non-fungible tokens) often stems more from their association with cryptocurrency and blockchain technology than the art itself. People are drawn to NFTs for similar reasons they invest in Bitcoin, Dogecoin, or Ethereum tokens: the potential for high returns, the novelty of the technology, and the appeal of owning a digital asset that's verifiably unique.
For those interested in integrating cryptocurrency into their transactions, accepting Bitcoin as a payment method is becoming increasingly popular. It offers numerous benefits, such as fast transactions and lower fees compared to traditional payment systems. If you're considering this, you can find a detailed guide on how to accept bitcoin as a payment here. This resource will help you understand the process and the advantages of adding Bitcoin and other cryptocurrencies to your payment options.
Posted by Porewhis40 on May 29th, 2024 @ 5:27am CDT
william-james88 wrote:o.supreme wrote:Not sure what the prestige is of owning a "digital" copy of something that a million other people basically have, and can obtain, even if you have the right to say you are the one true owner, not sure how that is satisfactory or beneficial.
The art itself is almost irrelevant. People are owning it only due to the fact that it is crypto currency. So the question you should ask instead is "why are people owning bitcoin, or dogecoin or Ethereum tokens?" and whatever that answer is, it's the same reason people are buying these NFTs.
You're right that the value of art in the form of NFTs (non-fungible tokens) often stems more from their association with cryptocurrency and blockchain technology than the art itself. People are drawn to NFTs for similar reasons they invest in Bitcoin, Dogecoin, or Ethereum tokens: the potential for high returns, the novelty of the technology, and the appeal of owning a digital asset that's verifiably unique.
For those interested in integrating cryptocurrency into their transactions, accepting Bitcoin as a payment method is becoming increasingly popular. It offers numerous benefits, such as fast transactions and lower fees compared to traditional payment systems. If you're considering this, you can find a detailed guide on how to accept bitcoin as a payment here. This resource will help you understand the process and the advantages of adding Bitcoin and other cryptocurrencies to your payment options.
