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Numismatics And Non-Fungible Tokens

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ijn1944's Avatar
United States
19114 Posts
 Posted 05/24/2021  08:47 am Show Profile   Bookmark this topic Add ijn1944 to your friends list Get a Link to this Message Number of Subscribers
With all the buzz around non-fungible tokens (NFTs) these days (sports trading cards, etc.), are there any implications within numismatics?
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Lunch Money's Avatar
United States
274 Posts
 Posted 05/24/2021  09:46 am  Show Profile   Bookmark this reply Add Lunch Money to your friends list Get a Link to this Reply
I hope not. I really don't know how it might impact the numismatic hobby, but I can't help but thinking it is an additional complication that I personally would not see value in.
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commems's Avatar
United States
12253 Posts
 Posted 05/24/2021  10:09 am  Show Profile   Bookmark this reply Add commems to your friends list Get a Link to this Reply

Quote:
NFTs...are there any implications within numismatics?

I don't see it. Personally, I would not pay a large amount for a digital image of a rare coin even if the image is unique (or nearly so). If I can't afford a physical example of a coin/medal/token I desire, I will make do with the freely-available images of it on the internet or in books. Owning a "rare" digital image of a coin/medal/token does nothing for me as a numismatist. Paying an exorbitant price for one is even less appealing!

Just my opinion, your mileage may vary.

Collecting history one coin or medal at a time! (c) commems. All rights reserved.
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jbuck's Avatar
United States
187702 Posts
 Posted 05/24/2021  11:07 am  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply
I find the whole concept technologically intriguing but ultimately bizarre.
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chafemasterj's Avatar
United States
6514 Posts
 Posted 05/24/2021  3:07 pm  Show Profile   Bookmark this reply Add chafemasterj to your friends list Get a Link to this Reply

Quote:
Just my opinion, your mileage may vary.


@ commems- Love that.
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Russian Federation
5172 Posts
 Posted 05/24/2021  5:46 pm  Show Profile   Bookmark this reply Add january1may to your friends list Get a Link to this Reply

Quote:
I find the whole concept technologically intriguing but ultimately bizarre.
Not that bizarre, it's basically the electronic equivalent of owning a print of some famous artwork. It's not the real thing, it's just a print, but people who are sufficiently interested and can't afford the real thing can well end up collecting even the prints.
(See also: the thriving industry of obviously fake copies of very rare coin types.)

OTOH, now that it's been well-established that approximately anything cryptocurrency-related provides uncomfortable incentives for polluting the environment with essentially no result other than some electronic numbers, anything that looks like it's promoting cryptocurrency starts looking distinctly uncomfortable itself.
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PlumCrazy814's Avatar
United States
883 Posts
 Posted 05/24/2021  6:50 pm  Show Profile   Bookmark this reply Add PlumCrazy814 to your friends list Get a Link to this Reply
My coins are non-fungible and I guess I like my non-fungible's tangible
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jbuck's Avatar
United States
187702 Posts
 Posted 05/25/2021  6:02 pm  Show Profile   Bookmark this reply Add jbuck to your friends list Get a Link to this Reply

Quote:
Not that bizarre, it's basically the electronic equivalent of owning a print of some famous artwork
Sure, but after working with IT for nearly 40 years, I personally find it strange we can now give significant value to a specific copy of a digital asset and not the actual content. It used to be that what the data represents... intellectual property, customer lists, ledgers, schematics, music, movies, whatever... had value no matter who had the copy or how many copies there were. The case was that more copies could dilute the value (why buy an album if your friend could give you a copy), but now only one specific copy has the "premium" value. I never would have guessed back in the Napster days we would figure out a way to give one specific set of data a full premium value. So yes, it is bizarre, for now, but I will get used to it.
New Member
Australia
9 Posts
 Posted 08/24/2021  12:16 am  Show Profile   Bookmark this reply Add chuckey to your friends list Get a Link to this Reply
Its coming, inevitable and will open the world of numismatics to legions of new investors. Each owner of a rare coin will have the choice whether to have its permanent record and trading on the blockchain. Who in their right mind would turn that down?
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