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

[chadeast]

It seems that you are buying a collectible that has been licensed by the NBA. You are not getting any rights to the original video clip. So there is no way to monetize this investment, other than flipping it. My question is how many buyers are happy with their purchase and will treasure it for years to come, passing it down to their children and grandchildren, vs. how many are looking to flip it for a profit. If 95%+ of the buyers are just gambling to make a profit, that is a recipe for a total market collapse. At some point you need to have a large base of collectors who truly want to actually collect the collectible!

I can't help but think of the Beanie Babies phenomenon. Eventually, someone may be left with a virtual closet full of video clips that no one actually has any interest in owning.

"What collectors, as usual, couldn’t see was that there was a sole source for the Beanies—Ty, Inc.—and that source’s incentives were more-or-less directly opposed to the interests of investors and collectors. While Ty certainly benefited from the perception that Beanies were rare, they only profited off of the ones they actually sold (for a measly five dollars each!), and therefore were poised to make far more money by putting as many of them out into the world as possible. Eventually, the immovable object of mass delusion gave way to the irresistible force of market flooding. As more and more collectors realized that basically everyone had several of these “rare” items, they abandoned their obsession in droves, and people were all left feeling awfully stupid with their big tubs of Beanies slowly getting destroyed by mildew and moths."

EDIT: I see now that there is a big difference. The company that created the product gets a 5% cut every time the product changes hands! Wow, how devious!

[swarmee]

That's a completely reasonable concern. There don't seem to be long term collectors, only flippers selling to each other at higher and higher prices, similar to the modern basketball craze going on all year. People confusing NFTs with bitcoins will be disappointed, I think.

[pokerplyr80]

Well all 5 of my moments sold. I have $485 in my account from the $14 pack. The site takes 5% on all sales. All of the moments are now trading much higher than what I sold then for, but I was really just doing this out of curiosity. I have not noticed any packs for sale since, which is apparently driving up demand for these moments on the marketplace.

Withdrawals are taking 30 days or more, so for now my money just sits in the account. I'm not really worried about the 14 bucks, or even the 485 in there now. But if more packs drop I will buy another and see what happens.

[brianp-beme]

Originally Posted by pokerplyr80

Well all 5 of my moments sold. I have $485 in my account from the $14 pack. The site takes 5% on all sales. All of the moments are now trading much higher than what I sold then for, but I was really just doing this out of curiosity. I have not noticed any packs for sale since, which is apparently driving up demand for these moments on the marketplace.

Withdrawals are taking 30 days or more, so for now my money just sits in the account. I'm not really worried about the 14 bucks, or even the 485 in there now. But if more packs drop I will buy another and see what happens.

I just purchased your John Wall layup for $99. No, just kidding.

Its getting to the point with this type of stuff where I feel everyone else exists in the real world and I must be the one living in an alternate reality by myself.

Brian

[swarmee]

The site has also been down for maintenance for over half of the last couple of days, which means people are restricted from buying and selling on the site since the marketplace has been turned off so much. So when it is open, it's getting slammed.
There haven't been any pack releases since Monday, but they have a new influx of users over that timeframe since some internet luminaries and ESPN have been mentioning it, causing a flood of new people who think it's easy money. And it definitely seems to be.

[FrankWakefield]

Digital Tulip mania.

https://en.wikipedia.org/wiki/Tulip_mania

[I Only Smoke 4 the Cards]

Originally Posted by FrankWakefield

Digital Tulip mania.



https://en.wikipedia.org/wiki/Tulip_mania

Best comparison ever.

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