Bidding currently at $30K on a fractional share of a video clip at Heritage Auctions

[seanofjapan]

Originally Posted by Snapolit1

I have no idea if this will catch on. But I have no reason to mock it and talk about how it's the end of collecting, second coming of the apocalypse, etc., etc. It's strikes me as far fetched, but who knows. Innovation is good. I'm sure the guy of Wall Street who proposed the first mutual fund in 1924 was roundly mocked by every grey haired old trader in town who calmly announced without the slightest reservation that it was the most ludicrous thing they had ever heard of. A lot of things have struck me as asinine and worked out quite well for others. ("Why in the world would anyone want to buy a 4th floor walk up in Greenwich Village in NYC for $235,000??? Ha ha ha. That's the funniest thing I have ever heard!).

Yeah but for every guy who was (in retrospect) wrongfully mocked for inventing mutual funds (or something similarily succesful) you've probably got 100 guys who were rightfully mocked for inventing things like futures markets for Hummel figurines or something like that.

This seems to me like something that will fall into the latter category. Mutual funds make sense. Apartments in NYC being expensive makes sense. This does not.

The whole thing raises a lot of red flags. It sells it as you "owning" an NBA play, but its not legally possible to have a property right in an intangible event like that.

Reading over their contract, what you have is a contractual right to "own" (defined in the contract in a different way from the legal definition of owning something as property) a "non-fungible tolkien" that only exists in their App. Then there is a huge amount of text containing disclaimers which absolve them of any responsibility to you, the person who buys one of those things, if things go south in any way shape or form. It also makes you give up your right to sue them in a court of law for anything they do.

So BUYER BEWARE. If this company goes bankrupt, or they just decide to shut their app down because it isn't making any money for them anymore then POOF, your non-fungible tolkien is magically worth zero and you have zero legal recourse against anyone.

https://www.nbatopshot.com/terms