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What It's About
Today's listener wants to cash in on the idea of "virtual loot bags." WTF is this?
Notes from Chris
Episode 1757
The latest in the world of “what in the world is happening with money?” You can now buy—and resell—“virtual loot bags” that consist of digital in-game items … for a game that doesn’t exist. Did you catch all that? Listen to this episode to learn more. Here’s how it works… First, NFTs are digital artworks. We’ve looked at that a bit. We’ve also had people selling in-game digital items for games like World of Warcraft. Well, this applies both of those concepts to a game that doesn’t actually exist. It’s in-game currency but no game. Loot bags are the creation of a guy who minted 8,000 of these loot bags and offered 97% to the public for free (or close to free, you had to pay transaction costs). Now there’s an environment of people trading them, including a market for buying and reselling. Some people are holding onto theirs for a while in hopes the value increases, and there’s also a number of knockoffs coming on the market as well. And because the world is crazy, some people are now making a game for this game that didn’t exist. Wow! Try to keep up … or don’t, because it’s exhausting."Hi Chris this is Craig and I've been following the NFT space closely. Recently you had an episode about "Idiot Coins" that I enjoyed. In recent weeks, someone has made "virtual loot bags" that resemble video game tools and accessories, but they exist completely on their own—there's no actual game that the virtual items in the loot bags go with. Have you heard of this? What do you think of being a broker or reseller of these or other virtual items? Looking forward to hearing from you."Listen to today's episode to learn more...
SEE ALSO:
- Q&A: How does "yield farming" work?: Did you know you can earn interest (sometimes at very high rates) for “staking” digital currencies? It’s a wild world …. this episode explains how it works.
- Q&A: How do I actually sell an NFT??: WFT is an NFT? It’s a non-fungible token, also known as digital art that’s for sale to the highest bidder. You might have heard of how wild these markets are, but how can an artist actually participate and benefit from them?
- Q&A: What's the deal with NFTs?: A very timely question! Everyone is talking about non-fungible tokens (NFTs), digital art that is selling for millions of dollars. Is this a bubble? What do you need to know? In short: WTF is up with NFTs?
