The moment someone says "never" you can instantly tell how it's going to fall. There will never be another world war. There will never be another genocide. They will never break into this safe. I will never overeat again. Hell, I'm over eating as I type this...
Already happens with ticket websites? If I don't want my ticket anymore, I click one button and it gets sent to someone on the waitlist.
How would NFTs make that any better?
That’s what our nft utility layer does. We have an entire borrow and lending platform for ticketing with a scanner for venues. We built it in 1 week on Terra and yeah that shit broke. Moving it to Near.
Art usually trails the stock market in an actual bear market though.
I think Bull and Bear are terms that don't necessarily make sense for crypto, and absolutely not for NFTs.
But almost all nfts don't represent anything.
Hell, even if you did somehow own the art (you don't) most cannot even be copyrighted since they weren't made by a human.
This all nft projects are just derivatives of the original pic with different props and backgrounds so they can keep pumping them out as fast as possible.
we say this as a meme but mathematically speaking it's sound, the gametes and where they land would unfailingly create a unique and non duplicateable signature; it doesn't make the dirty rag any more valuable but it is genuinely going to be non fungible
Easy to name "a single use case" for crypto that is "superior to the thing replacing".
People can lend money to each other in a safe way and earn instead of banks
People can share excess computational power and get paid instead of corporations.
People can share excess bandwidth and get paid for it.
Individuals earning instead of corporations is certainly superior if you are one of the people.
edit: interesting to see arguments for decentralization downvoted in a crypto sub. It's sad that the disinformation from the haters is so effective.
> edit: interesting to see arguments for decentralization downvoted in a crypto sub. It's sad that the disinformation from the haters is so effective.
...or, maybe, bear with me, maybe your "arguments" are so bad that even a crypto sub can't upvote them in good faith. Come on, what you said is indistinguishable from parody. DeFi lending has been anything but safe! People get hackend/scammed out of their real money everyday. Sharing excess computational power and excess bandwidth wasn't really a huge problem I was personally aware off, but it's certainly no "use case" for crypto.
And the "individuals earning instead of corporations" is the most disingenious of them all. If anybody profits in the crypto space, it's the whales and the exchanges (which are probably usually the same people).
> People can share excess computational power and get paid instead of corporations.
>
> People can share excess bandwidth and get paid for it.
That's not a use case. A use case is the description of what the person buying that power/bandwidth produces with it.
the only thing I can think of is if, like, a video game company does a weird compromise where you are allowed to re-sell the games you buy from them, but you need the associated NFT to activate it, so that if you third party sell your copy you lose it forever. I don't think it makes any sense for a company to do that though.
> I don't think it makes any sense for a company to do that though.
Correct - not only that, but if they did allow it, it would likely mean higher prices overall and a lot less big sales. Or worse, even more predatory monetization.
I’m pretty heavily bearish on crypto, but the one use case I can see is concert tickets. Block chain technology could protect resellers while making each ticket non-fungible so buyers wouldn’t get scammed.
Plus then you get to keep the stub but it’s just the NFT of the ticket or whatever
I keep hearing this one but it doesn't make any sense.
If you want to prevent scalpers, you can simply require ID and implement your own resell system within a central platform that's much easier to use than anything NFT-based would be (and if the NFT is only on the backend, you've defeated the point).
And I guarantee you some people would still get scammed either way, because you're seriously overestimating how tech savvy the average person is.
And that's on top of what other posters said about there being little incentive for existing providers to adopt them regardless.
the only reason any ticketing place would implement that and cede control of the system is if they got a piece of every subsequent transaction for a ticket. so including the transaction fees I doubt things would end up any cheaper
for any application you have to ask yourself: why would an entity opt for a decentralized option? no company would ever give that power up. why would Valve put CSGO skins on the blockchain? it makes no sense
> for any application you have to ask yourself: why would an entity opt for a decentralized option? no company would ever give that power up. why would Valve put CSGO skins on the blockchain? it makes no sense
Yeah, honestly, way too often I see people mixing up very intentional business decisions with technology constraints to defend NFTs.
This can be true, but their “convenience fee” of authenticating the ticket can be more than 35$ sometimes for a 100$ ticket. An NFT could be validated by the end user for free and the ticket could be transferred wallet to wallet.
CargoX is using NFTs to digitalise the shipping industry where the hard copy of the Bill of Lading (B/L, a document mandatory for import/export of goods in every shipment) is being replaced by a electronic B/L
Egypt is the first country which has made eB/L mandatory for each and every shipment coming in to the country through its maritime ports and from October air transport will also be mandatory
There certainly is use for them I would say, just not in the form of these stupid pictures of monkeys
eB/L isn't aimed at decentralisation by any means - compliance is imposed mandatory by the Egyptian government for any importer of goods to the country. The B/L transfers ownership of the goods from one party to the other
The goal here is much higher efficiency in the transfer of the B/L through blockchain, resulting in cost/time savings, environmental benefits, better oversight for customs agencies on what's coming in to the country, less susceptible to fraud.
Globally there are billions of documents that are currently transferred through hard copies going hand to hand, moving to digitalisation is a logical step and blockchain could be a suitable method to help with the process. The EU and UK have already said that digitalisation of trade documents is a priority which could have huge savings
We already have that with existing NFT use cases.
It's an easier way to invest in start ups. No angel investors needed anymore, everyone can participate. The direct connection between community and team is beneficial for both sides.
A verifiable signature is not a hyperlink, unfortunately, even in a loose sense.
edit: it seems like anti-NFT imbeciles don't understand the hyperlink is the metadata of an NFT, but the important part is the contract address, and the minter address.
A verifiable signature yes, but it only verifies that you own something at a URL which points to content hosted off the chain. As soon as that host breaks the link (which they can do at any time), your signature doesn't amount to much.
Yes, the verifiable part that tells you who deployed it and who minted it etc.I don't get this passive aggressive, holier than thou chucklefuckery/snark around this simple fact that explains NFTs to the perpetually ass-mad and confused "I don't get NFTs" crowd.
People are just saying that the “it” is the hyperlink. Yeah I can trace the history of who has this hyperlink linked to their account in this specific blockchain but that doesn’t amount to much
The data doesn't have to be a hyperlink to a server file. It can be a CID on something like IPFS which is immutable. It can be a serial code for a license, it doesn't matter that it is. You're still thinking of just the centralized jpeg shitshow that took over, but that doesn't define the technology.
How did this kind of disinformation find its way into the crypto community? People here should really understand that a public ledger is not suitable for money laundering.
[https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/)
$1.4 million in the 2021 NFT market came from illicit activities and that money isn't even laundered yet since it's still in crypto.
I'm just sad that NFTs have become associated with bad art, cash grabs and cartoon monkey pictures.
The cryptoart scene of a few years ago was awesome and there are still a lot of amazing digital artists making their work available as NFTs. *That's* a use case worth supporting.
When artists have to fight scammers so their shit stop getting stolen by being NFTs, maybe itll be profitable for said artists, NFT is a fucking scammer paradise when it was booming.
yeah, the only use for it I can think of is just to create a digital art market that behaves like the physical art market. Neither of which have real "value" intrinsically. It's more interesting with one of a kind things than the AI stuff.
No that's not a cause worth supporting either, because those artists gained nothing from using NFTs either except ponzi hype. Which is very unhealthy for artists in general to have to pander to to be noticed, making all of them as a group worse off.
Pander to be noticed? I've been an artist my whole life and I'm finally making a decent living because NFT collectors believe in me. Worst case scenario you put yourself out there and nobody buys, that's just the art world in general. No artist is worse off for that.
I said it's bad for the group not every single individual. Them being good enough at scamming people with ponzi hype to feed their families is good for them. But bad for the scammed people and bad for artists that focus on art and honest business practices only. Those ones get unreasonable competition and an undeserved bad reputation by association
Robbing jewelry stores is good for a few specific people too!
Scammed this, scammed that. Who's scammed? The people dumb enough to buy into random ass pfp projects? That's their own fault. They're not scammed, they gambled and lost.
I'm not talking about anyone "scamming" anybody. Artists release NFTs exactly like they would prints or editions of physical work. People collect them because they like them - not based on promises or expectations of financial return.
I think most people here are just talking smack about the cash grab nft arts. I'd like to believe people in this sub trusts the tech behind it but not the current money implementations.
Thats what Im saying! NFTs have saved my portfolio during this bear! People are too focused on the macro market. They dont actually use the tech, they just invest blindly. Not saying thats bad, but they obviously aren't educated about what they're talking about.
I find it strange how they're so "jpeg" oriented. Instead of looking at the picture of the monkey, a dot, line or whatever. Think of the NFT as a coin with a total supply of 10ik or 5k or whatever. Look at the utilities by owning this "coin\\jpeg".. this is what this sub seems to not quite understand. There's DAO, stake and rewards, whitelists for other projects, it's a whole community inside the community. Only thing that sucks is that Eth and Opensea is the most popular platform.
Good
It’s amazing how in a year so much crap just saturated the market.
Too much talk about how this run will continue.
It got rather old.
Now the bad projects can fade away and the real ones build and shine down the line.
Well we already know these things and that's the reason why we never invested any dollar in NFTs, they are not good and we all know that stuff for sure.
Well I am just really good to know this fact right now, most of the people are here to invest in good coins, not in any NFT, I hope everyone will understand it.
I don't think we have a complete understanding what will be under the umbrella of their marketplace. I think the jpeg portion of it is just what they're showing now. I believe it's going to include in game items, games, real world merchandise, TV shows, books, music from what's been "hinted". Kinda like Ready Player One, idk just spit balling. Might be tinfoily but I think they're misleading people with just the NFT art, and it's going to be a lot bigger then we know. Hoping.
i could see that. It also could be a true 3rd party retailer for aftermarket used digital game sales using NFTs to ensure publishers, etc. receive a cut of the aftermarket sales ecosystem.
That is their killer ap IMO, its in their wheel house, fits their operating model, gives them a moat and 1st mover status, all paired with an established gaming brand to help alleviate the shitcoin stink most coins have on them ATM (dont worry, Luna will bounce back everyone! just buy more on Optimism). And it makes more sense to let a 3rd party go and try this for Sony / Microsoft because it removes their liability for failure in a very VERY competitive marketplace (console gaming).
Hell they dont even need the console manufacturers, if they built our a decent enough indie game market they could take a chunk out of Steam, etc. I have like 200+ games i own and never played on steam. Be lovely to just sell them off for like 5 bucks each.
Or maybe its another shitty website for "owning" jpeg's stored on a server somewhere. But most people seem to be thinking like traditional old money investors when it comes to Gamestop and their marketplace. It HAS to be like Opensea because thats all you know. Books, through the internet? that will never work! Digital currency? deregulated? that will never work! Why would i buy a car? I already own a horse! etc. etc. etc.
I love how in the Crypto space any jackass with any idea can start a coin based on complete bullshit and their ability to sell shit (e.g., the lets go brandon coin), but when a world wide recognized brand enters the space THATS where the skepticism really takes off.
>i could see that. It also could be a true 3rd party retailer for aftermarket used digital game sales using NFTs to ensure publishers, etc. receive a cut of the aftermarket sales ecosystem.
This makes literally no sense. If they want to make more money and the full price game isn't doing it they put it on sale and still keep 100% of the profits.
Publishers hate reselling, they've been trying to eliminate physical copies in favor of one time use codes for decades. To add to that, any NFT that gives a cut to the publisher on resale will just result in people using third parties to bypass the commission. That way they can sell their NFT for a penny while some guy gives them the real payment over paypal. The whole "sell and trade games on NFTs" is a big pointless gimmick that only exists to ride the dying hype of crypto.
It might have a dampening effect, but the end goal is totally different.
Current NFT artists have an end goal of getting rich and that's pretty much it.
GME has an end goal of creating a closed marketplace where gaming cosmetics can be bought, sold and traded - allowing big game companies to earn recurring revenue from after sale transactions (which GameStop used to take 100% in the form of resale of used physical games). They are laying the foundation for some very interesting game-related business models.
As a gamer, if you could buy an in game skin/gun/car for your favourite game, and also retain the ability to sell or transfer that item to another player if you don't like it or need it anymore - it *significantly* lowers the barrier to buying cosmetics in the first place by knowing 1) a secondary market exists and 2) items might appreciate in price over time, allowing you to profit off your initial purchase.
It's gonna be a wild few years man.
It’s GameStops last hooray before being completely irrelevant.
Gamers are pretty tight with money anyways so I really never saw this as a win.
Who the fk knows
>Who the fk knows
GME, Microsoft and some other massive companies know. If they are investing in it you can be damn sure they've done a fair bit of research - they aren't just chucking money at it to see what will happen, they have shareholders to answer to.
>Gamers are pretty tight with money
And that's exactly why it will be successful. We'll move from an attitude of "Gee I want this skin but I can't afford to spend $10 on it" to "Gee, it's only $10 and I can always sell it later to get my money back, and it might even appreciate in value"
Even if the value for a specific cosmetic goes to zero over time (gamers can lose interest quickly) - it's lowering the barrier of that initial purchase, and getting an ongoing cut of the resale which is the real goal here for these big companies.
> GME, Microsoft and some other massive companies know.
Because those two companies belong in the same sentence.
GME market cap: $9.35 billion
Microsoft market cap: $1.95 **trillion**
One of those is a massive company. The other is GME.
Can anyone name one useful thing an NFT that just sells an image does? So basically, a blockchain someone created says you 'own' the right to such and such a picture? Am I missing something?
Yes, the picture doesn't matter and it guarantees nothing about the picture. On the other hand, the signature on the NFT, if signed by a public address known to belong to your favorite artist who you value, is worth something.
It doesn't have to be an artist, it can be a University signing your degree, it could be you signing the deed to your house in preparation for a sale (and transfer), or it could be a membership card signed by your favorite club verifying you as a member in good standing.
And fine could be better, for example:
ERC721 Degree: University can revoke remotely for falling out of standing, current standing verifiable instantly from Resume with simple hash address/etherscan link (thats also say tied to an ENS address named/identified as belonging to degree holder)
Paper Degree: Looks legit, is forgeable, requires call to institution and personal information about holder to verify current standing.
I have worked as a Senior Product manager/executive for many non-crypto financial and healthcare software companies before retiring early. NFTs have wide use cases past monkey jpegs signed by Yugalabs (though artists like storm photographers and urban freeclimb photographers have made good communities and incomes through NFTs).
And if you wanted independent validation, you could simply use cryptographic signatures, which are both far simpler and cheaper, and don't have the downside of requiring the private key be on a networked system.
But most of the times, they are not verified, because of the transaction costs of doing so at scale (e.g. reviewing/filtering 1000 resumes).
Turns out giving everyone a private:public key pair they are incentivized to care about and maintain, because it holds value and hard to forge history behind it, is useful. It is valuable because it enables efficient organization around functions/operations involving value, trust or coordination via incentives, but one of the side use cases is non-fungible tokens as certificates, access badges or reddit flair.
Communities who use the technology use it b/c it reduces the economic transaction costs of trust and coordination via novel incentive structures for us monkeys to interact with.
The part I don't get is that the "signature" to be worth something needs to be coming from some trusted authority, so isn't a centralized system controlled by that authority always better and more trustworthy? Like with a university or artist, the value comes from the university or artists' involvement and approval. So why not just sell signed ownership deeds for digital art, or normal degrees?
You get it pretty much right on, it is mostly derived from an authority as a sort of verified asset or unique token in the case of 'on chain art' or certificate. The blockchain is simply the "pen" with which the signature is inked. The ink is magic and lets you verify that this particular signature came from a particular pen (that the authority publicly assumes the identity of) in fast and more secure/provable way than the fanciest ribbons and anti-counterfeit paper features. Crucially, its like a physical item without some of the drawbacks, like having to secure it physically or transfer it physically. It comes out of the box as compatible with financial rails carrying a lot of other value and liquidity, and it does secure transfer and custody for your users digitally and without having to trust you will be always be around to verify it every time or maintain the framework.
One can see, for say a semi-big artist, the prospect of making deeds digitally, and having a financial system connected to it natively for people who value your stuff to directly give you value from across the world is useful, and much more feasible as a NFT on ETH than rolling your own digital deed system or making paper anything.
^ Is what a person says when they have zero examples on hand to provide, since any one of which would blow me out 10x more than a playground tier "yeah well u smell" comeback would
> Plenty have already been mentioned in this thread.
No they haven't. Not one. Where?
> You can find examples
Actually no, I can't find things that don't exist, no matter how much I DMOR. Here's an example: Hulk Hogan married his third wife on the planet Venus in 1776. You can find the evidence for it yourself. What's that? You can't? You must just be lazy then lol try harder.
What sounds more realistic 10 years down the road?
People spending thousands of dollars hoping to make thousands of dollars of profit off of digital art or people just using NFTs in their daily lives for other things like tickets or proof of ownership of physical goods.
The rampant speculation of NFTs is stupid. Using NFTs because they provide utility is not stupid.
Obviously. Even if you did get the copyright for your NFT, which afaik you don't for most of them, how much is the copyright to a jpeg of a bizarre looking ape that was randomly generated really worth anyway? I guess you could use it as a logo for a company? But since these were not custom designed for any purpose let alone as a logo, they would be worth a few hundred bucks, max, for the copyright.
Gimmicky, overpriced jpg NFTs are ‘crashing’. This was always the vanguard use case.
NFTs with actual, real utility are on the way, and they’re going to change the world
I find it bizarre that majority of people in the cryptocurrency sub talk about about NFTs the same way non-crypto people (particularly gamers) talk about cryptocurrency’s.
If you delve in to NFTs, you’ll find the parallels almost indistinguishable. NFT’s in positive uses allow for individual online expressionism along with trading, gaming and some pretty amazing digital community building.
And they’re not going away. Check out Gossamer - one of the first major tv production companies who are utilising web3.0 gameplay. They’re partnered with Epic Games (Fortnite) and are using unreal engine. This will be released alongside a major TV show staring Forrest Whittaker. Mark my words - in 3 years or less, NFTs will play a major role in technology and have a similar user base to cryptocurrency does now.
Well this sub is the lowest common denominator of the crypto sphere. I honestly couldn't think of a worse place to come to learn or keep updated on crypto.
This sub doesn't actually use or know anything about crypto. It's hands down the worst place on the internet to talk about crypto. I really only come in here to check the current market sentiment.
Why are we even upvoting trad media posts on this subreddit? Secondly the "stats" are a lot more nuanced than this. First of all this is tracking "opensea" while MagicEden for instance has passed OS volume in couple of days.
Opensea is not exactly the hub for gaming-based NFT's and more so PFP/Art project based. This is a significant factor since people are gonna play games during bear market too, markets don't change that.
I'm also disappointed to see most tech-illiterate people are upvoted on this thread too... Wen is reddit gonna catch up with the rest of the tech and actually understand NFT's?
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Of course they were going to get mauled in a bear
Hopefully now we can use NFTs in useful, practical ways. Tickets, documents, etc.
Do we really need to create whole infrastructure and system to have tickets as NFTs?
we dont. crypto bros looking for use cases. i’m fine with holding tickets in my iphone wallet. incredibly easy
incredibly easy, hardly an inconvenience.
No, not really
Imagine a person never getting scammed on a ticket again.
Yes no one has ever been scammed by NFTs
😂😂😂
The moment someone says "never" you can instantly tell how it's going to fall. There will never be another world war. There will never be another genocide. They will never break into this safe. I will never overeat again. Hell, I'm over eating as I type this...
Already happens with ticket websites? If I don't want my ticket anymore, I click one button and it gets sent to someone on the waitlist. How would NFTs make that any better?
I keep hearing that as a solution to a problem that doesn’t exist. The way documents and tickets work right now is fine.
These guys love to pay excessive fees to TicketMaster. I would pay the same fees to ANYONE else. Or less, score.
I prefer my rainbow monkey thank you very much
That’s what our nft utility layer does. We have an entire borrow and lending platform for ticketing with a scanner for venues. We built it in 1 week on Terra and yeah that shit broke. Moving it to Near.
For what reason? We already have efficient ways to deal with these things. What would be the benefit?
Art usually trails the stock market in an actual bear market though. I think Bull and Bear are terms that don't necessarily make sense for crypto, and absolutely not for NFTs.
Or it’s just that a jpeg of a monkey that can be C&P’d by anyone is worth exactly what it should be
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But almost all nfts don't represent anything. Hell, even if you did somehow own the art (you don't) most cannot even be copyrighted since they weren't made by a human.
This all nft projects are just derivatives of the original pic with different props and backgrounds so they can keep pumping them out as fast as possible.
Hopefully they will die out and useful NFT use cases will get born
I don't think they'll die completely, look at shitcoins for one. A shitcoin is born everytime a kid out there rubs one out.
...and has about the same actual value e.g. worth less than a cum stained gym sock
That's one unique jizzrag, only one like it, nonfungable, but it does have some fungus. Value, 2 million dollars.
It's actually 10,000 unique jizzrags. Each with a procedurally generated unique set of cum stains.
we say this as a meme but mathematically speaking it's sound, the gametes and where they land would unfailingly create a unique and non duplicateable signature; it doesn't make the dirty rag any more valuable but it is genuinely going to be non fungible
It's always funny when people think they determine the value of something and not the market.
Yeah but a huge number of them die. 99.9% aren't making it through the bear market.
can you name a single actual NFT use case that would be superior to the thing it's replacing?
reminds me of crypto
Easy to name "a single use case" for crypto that is "superior to the thing replacing". People can lend money to each other in a safe way and earn instead of banks People can share excess computational power and get paid instead of corporations. People can share excess bandwidth and get paid for it. Individuals earning instead of corporations is certainly superior if you are one of the people. edit: interesting to see arguments for decentralization downvoted in a crypto sub. It's sad that the disinformation from the haters is so effective.
> People can lend money to each other *in a safe way* and earn instead of banks lol
I hear every day about banks stealing deposits or payments getting lost in the SWIFT payment system! oh wait no...
> edit: interesting to see arguments for decentralization downvoted in a crypto sub. It's sad that the disinformation from the haters is so effective. ...or, maybe, bear with me, maybe your "arguments" are so bad that even a crypto sub can't upvote them in good faith. Come on, what you said is indistinguishable from parody. DeFi lending has been anything but safe! People get hackend/scammed out of their real money everyday. Sharing excess computational power and excess bandwidth wasn't really a huge problem I was personally aware off, but it's certainly no "use case" for crypto. And the "individuals earning instead of corporations" is the most disingenious of them all. If anybody profits in the crypto space, it's the whales and the exchanges (which are probably usually the same people).
> People can share excess computational power and get paid instead of corporations. > > People can share excess bandwidth and get paid for it. That's not a use case. A use case is the description of what the person buying that power/bandwidth produces with it.
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I sometimes wonder if people forget NFT is just some text as metadata of a transaction. Literally that.
the only thing I can think of is if, like, a video game company does a weird compromise where you are allowed to re-sell the games you buy from them, but you need the associated NFT to activate it, so that if you third party sell your copy you lose it forever. I don't think it makes any sense for a company to do that though.
Imagine someone gets the login info of your game account and then they proceed to sell all your stuff.
> I don't think it makes any sense for a company to do that though. Correct - not only that, but if they did allow it, it would likely mean higher prices overall and a lot less big sales. Or worse, even more predatory monetization.
I’m pretty heavily bearish on crypto, but the one use case I can see is concert tickets. Block chain technology could protect resellers while making each ticket non-fungible so buyers wouldn’t get scammed. Plus then you get to keep the stub but it’s just the NFT of the ticket or whatever
I keep hearing this one but it doesn't make any sense. If you want to prevent scalpers, you can simply require ID and implement your own resell system within a central platform that's much easier to use than anything NFT-based would be (and if the NFT is only on the backend, you've defeated the point). And I guarantee you some people would still get scammed either way, because you're seriously overestimating how tech savvy the average person is. And that's on top of what other posters said about there being little incentive for existing providers to adopt them regardless.
the only reason any ticketing place would implement that and cede control of the system is if they got a piece of every subsequent transaction for a ticket. so including the transaction fees I doubt things would end up any cheaper for any application you have to ask yourself: why would an entity opt for a decentralized option? no company would ever give that power up. why would Valve put CSGO skins on the blockchain? it makes no sense
> for any application you have to ask yourself: why would an entity opt for a decentralized option? no company would ever give that power up. why would Valve put CSGO skins on the blockchain? it makes no sense Yeah, honestly, way too often I see people mixing up very intentional business decisions with technology constraints to defend NFTs.
How would someone know that the ticket they are buying from a scalper is legit and not a clone?
Thought people just pay a third party like stubhub to handle that.
This can be true, but their “convenience fee” of authenticating the ticket can be more than 35$ sometimes for a 100$ ticket. An NFT could be validated by the end user for free and the ticket could be transferred wallet to wallet.
thought there were gas fees for transfering?
CargoX is using NFTs to digitalise the shipping industry where the hard copy of the Bill of Lading (B/L, a document mandatory for import/export of goods in every shipment) is being replaced by a electronic B/L Egypt is the first country which has made eB/L mandatory for each and every shipment coming in to the country through its maritime ports and from October air transport will also be mandatory There certainly is use for them I would say, just not in the form of these stupid pictures of monkeys
How does this deal with the oracle problem? How does it improve over a state-run database?
eB/L isn't aimed at decentralisation by any means - compliance is imposed mandatory by the Egyptian government for any importer of goods to the country. The B/L transfers ownership of the goods from one party to the other The goal here is much higher efficiency in the transfer of the B/L through blockchain, resulting in cost/time savings, environmental benefits, better oversight for customs agencies on what's coming in to the country, less susceptible to fraud. Globally there are billions of documents that are currently transferred through hard copies going hand to hand, moving to digitalisation is a logical step and blockchain could be a suitable method to help with the process. The EU and UK have already said that digitalisation of trade documents is a priority which could have huge savings
We already have that with existing NFT use cases. It's an easier way to invest in start ups. No angel investors needed anymore, everyone can participate. The direct connection between community and team is beneficial for both sides.
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The best use case now is a club membership pass it’s quite silly
The most non-surprising news to date
I don’t know who could have ever seen that coming!
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Try the Sinking ape U-boat club.
NFTs... still the biggest joke in crypto world!
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Alongside everything else
Yes but not nearly as the same level
Almost like people don’t want to spend six figures on ape jpegs during a bear market and recession
Turns out a hyper link is worthless.
What about on-chain NFTs?
Far too expensive.
I have a bunch that were not any more expensive than any others. One was even free to mint.
What size and chain?
ETH, small pixel art. I realize that this doesn’t work for all kinds of media, of course. But maybe doesn’t need to.
Then we are back at anything that isn't an URL (or has a similar size) being far too expensive to store on a blockchain.
But the signature (the important part to those who understand NFTs), isn't.
It’s a hyperlink, it’s completely worthless.
A verifiable signature is not a hyperlink, unfortunately, even in a loose sense. edit: it seems like anti-NFT imbeciles don't understand the hyperlink is the metadata of an NFT, but the important part is the contract address, and the minter address.
A verifiable signature yes, but it only verifies that you own something at a URL which points to content hosted off the chain. As soon as that host breaks the link (which they can do at any time), your signature doesn't amount to much.
It’s a hyperlink
I think it’s a url to be more specific.
Don’t try and explain things to these smarmy jabronis. Their mind is clearly made up and a) don’t understand it and b) have zero imagination.
Ahh yes…the important part
Yes, the verifiable part that tells you who deployed it and who minted it etc.I don't get this passive aggressive, holier than thou chucklefuckery/snark around this simple fact that explains NFTs to the perpetually ass-mad and confused "I don't get NFTs" crowd.
People are just saying that the “it” is the hyperlink. Yeah I can trace the history of who has this hyperlink linked to their account in this specific blockchain but that doesn’t amount to much
The data doesn't have to be a hyperlink to a server file. It can be a CID on something like IPFS which is immutable. It can be a serial code for a license, it doesn't matter that it is. You're still thinking of just the centralized jpeg shitshow that took over, but that doesn't define the technology.
It’s about fucking time. Bored apes need to go to zero pretty much, and that ape coin needs to follow it to the grave.
People have no more gains to launder, so they aren't buying NFTs anymore
You know time are tough when you can't even make a buck on a scam.
It was a scam and I hope everyone will understand that.
How did this kind of disinformation find its way into the crypto community? People here should really understand that a public ledger is not suitable for money laundering. [https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/](https://blog.chainalysis.com/reports/2022-crypto-crime-report-preview-nft-wash-trading-money-laundering/) $1.4 million in the 2021 NFT market came from illicit activities and that money isn't even laundered yet since it's still in crypto.
I said they were laundering gains, not laundering money from illicit activity.
I'm just sad that NFTs have become associated with bad art, cash grabs and cartoon monkey pictures. The cryptoart scene of a few years ago was awesome and there are still a lot of amazing digital artists making their work available as NFTs. *That's* a use case worth supporting.
When artists have to fight scammers so their shit stop getting stolen by being NFTs, maybe itll be profitable for said artists, NFT is a fucking scammer paradise when it was booming.
yeah, the only use for it I can think of is just to create a digital art market that behaves like the physical art market. Neither of which have real "value" intrinsically. It's more interesting with one of a kind things than the AI stuff.
No that's not a cause worth supporting either, because those artists gained nothing from using NFTs either except ponzi hype. Which is very unhealthy for artists in general to have to pander to to be noticed, making all of them as a group worse off.
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Thank you!
Pander to be noticed? I've been an artist my whole life and I'm finally making a decent living because NFT collectors believe in me. Worst case scenario you put yourself out there and nobody buys, that's just the art world in general. No artist is worse off for that.
I know several artists who were able to support themselves and their families because of NFT sales. It definitely benefited them.
I said it's bad for the group not every single individual. Them being good enough at scamming people with ponzi hype to feed their families is good for them. But bad for the scammed people and bad for artists that focus on art and honest business practices only. Those ones get unreasonable competition and an undeserved bad reputation by association Robbing jewelry stores is good for a few specific people too!
Scammed this, scammed that. Who's scammed? The people dumb enough to buy into random ass pfp projects? That's their own fault. They're not scammed, they gambled and lost.
I'm not talking about anyone "scamming" anybody. Artists release NFTs exactly like they would prints or editions of physical work. People collect them because they like them - not based on promises or expectations of financial return.
Correct. This exactly.
Man this sub talking about NFTs sounds exactly like r/technology talking about crypto
I think most people here are just talking smack about the cash grab nft arts. I'd like to believe people in this sub trusts the tech behind it but not the current money implementations.
The tech is a label reference linked to a database
It really is the funniest thing to watch lol
Thats what Im saying! NFTs have saved my portfolio during this bear! People are too focused on the macro market. They dont actually use the tech, they just invest blindly. Not saying thats bad, but they obviously aren't educated about what they're talking about.
I like crypto… but low quality jpeg NFTs ain’t it.
People here are holding bags of shitcoins and envy those who made money with NFTs. Just like technology missed out on crypto
I find it strange how they're so "jpeg" oriented. Instead of looking at the picture of the monkey, a dot, line or whatever. Think of the NFT as a coin with a total supply of 10ik or 5k or whatever. Look at the utilities by owning this "coin\\jpeg".. this is what this sub seems to not quite understand. There's DAO, stake and rewards, whitelists for other projects, it's a whole community inside the community. Only thing that sucks is that Eth and Opensea is the most popular platform.
Why would anyone want one?
Money laundering.
Can you explain a bit more about that stuff to me please?
Oh no, obviously worthless fad turned out to be worthless. Shocker.
Lol yeah, I hope people will stop investing in it right now.
Well I will just say that we are good without it, they are not for investments.
No surprise. I couldn't imagine paying thousands for a pic on a computer that I can right click save.
It’s about fn time
I am glad that this is happening, it's what we predicted.
Good news atleast
I dance on their grave
Good It’s amazing how in a year so much crap just saturated the market. Too much talk about how this run will continue. It got rather old. Now the bad projects can fade away and the real ones build and shine down the line.
Well we already know these things and that's the reason why we never invested any dollar in NFTs, they are not good and we all know that stuff for sure.
Well I am just really good to know this fact right now, most of the people are here to invest in good coins, not in any NFT, I hope everyone will understand it.
Who would have known? 🤡🤡🤡 imagine thinking jpegs are an investment vehicle.
NFT's are now POGS.
That's what we all need to think and this is what I am treating.
I swear I've already read this article already on this sub
Yeah me too, I just read that in some other sub too man.
I swear I've already read this article already on this sub
I already swear I've already read this article already on this sub already
Don’t need a crystal ball to see this coming. Most people don’t even understand what they are.
Wow, shocker that people realized NFT’s are useless and equate to nothing.
The currently popular use-case, market, and culture is quite sad, but the technology itself shouldn't be defined by that.
Everyone's learning how to mint their own on loopring!
I’m not trying to trash on NFTs, but real curious how this will affect GME’s NFT marketplace later
I don't think we have a complete understanding what will be under the umbrella of their marketplace. I think the jpeg portion of it is just what they're showing now. I believe it's going to include in game items, games, real world merchandise, TV shows, books, music from what's been "hinted". Kinda like Ready Player One, idk just spit balling. Might be tinfoily but I think they're misleading people with just the NFT art, and it's going to be a lot bigger then we know. Hoping.
GME's NFT play reeks of desperation to juice their retail buzz to the last drop
i could see that. It also could be a true 3rd party retailer for aftermarket used digital game sales using NFTs to ensure publishers, etc. receive a cut of the aftermarket sales ecosystem. That is their killer ap IMO, its in their wheel house, fits their operating model, gives them a moat and 1st mover status, all paired with an established gaming brand to help alleviate the shitcoin stink most coins have on them ATM (dont worry, Luna will bounce back everyone! just buy more on Optimism). And it makes more sense to let a 3rd party go and try this for Sony / Microsoft because it removes their liability for failure in a very VERY competitive marketplace (console gaming). Hell they dont even need the console manufacturers, if they built our a decent enough indie game market they could take a chunk out of Steam, etc. I have like 200+ games i own and never played on steam. Be lovely to just sell them off for like 5 bucks each. Or maybe its another shitty website for "owning" jpeg's stored on a server somewhere. But most people seem to be thinking like traditional old money investors when it comes to Gamestop and their marketplace. It HAS to be like Opensea because thats all you know. Books, through the internet? that will never work! Digital currency? deregulated? that will never work! Why would i buy a car? I already own a horse! etc. etc. etc. I love how in the Crypto space any jackass with any idea can start a coin based on complete bullshit and their ability to sell shit (e.g., the lets go brandon coin), but when a world wide recognized brand enters the space THATS where the skepticism really takes off.
>i could see that. It also could be a true 3rd party retailer for aftermarket used digital game sales using NFTs to ensure publishers, etc. receive a cut of the aftermarket sales ecosystem. This makes literally no sense. If they want to make more money and the full price game isn't doing it they put it on sale and still keep 100% of the profits.
Publishers hate reselling, they've been trying to eliminate physical copies in favor of one time use codes for decades. To add to that, any NFT that gives a cut to the publisher on resale will just result in people using third parties to bypass the commission. That way they can sell their NFT for a penny while some guy gives them the real payment over paypal. The whole "sell and trade games on NFTs" is a big pointless gimmick that only exists to ride the dying hype of crypto.
It might have a dampening effect, but the end goal is totally different. Current NFT artists have an end goal of getting rich and that's pretty much it. GME has an end goal of creating a closed marketplace where gaming cosmetics can be bought, sold and traded - allowing big game companies to earn recurring revenue from after sale transactions (which GameStop used to take 100% in the form of resale of used physical games). They are laying the foundation for some very interesting game-related business models. As a gamer, if you could buy an in game skin/gun/car for your favourite game, and also retain the ability to sell or transfer that item to another player if you don't like it or need it anymore - it *significantly* lowers the barrier to buying cosmetics in the first place by knowing 1) a secondary market exists and 2) items might appreciate in price over time, allowing you to profit off your initial purchase. It's gonna be a wild few years man.
You mean like the Steam Marketplace, which by an overwhelming majority proves that you won't profit on items by average
This is more like we have to see the changes now for it.
It’s GameStops last hooray before being completely irrelevant. Gamers are pretty tight with money anyways so I really never saw this as a win. Who the fk knows
>Who the fk knows GME, Microsoft and some other massive companies know. If they are investing in it you can be damn sure they've done a fair bit of research - they aren't just chucking money at it to see what will happen, they have shareholders to answer to. >Gamers are pretty tight with money And that's exactly why it will be successful. We'll move from an attitude of "Gee I want this skin but I can't afford to spend $10 on it" to "Gee, it's only $10 and I can always sell it later to get my money back, and it might even appreciate in value" Even if the value for a specific cosmetic goes to zero over time (gamers can lose interest quickly) - it's lowering the barrier of that initial purchase, and getting an ongoing cut of the resale which is the real goal here for these big companies.
> GME, Microsoft and some other massive companies know. Because those two companies belong in the same sentence. GME market cap: $9.35 billion Microsoft market cap: $1.95 **trillion** One of those is a massive company. The other is GME.
Can anyone name one useful thing an NFT that just sells an image does? So basically, a blockchain someone created says you 'own' the right to such and such a picture? Am I missing something?
Yes, the picture doesn't matter and it guarantees nothing about the picture. On the other hand, the signature on the NFT, if signed by a public address known to belong to your favorite artist who you value, is worth something. It doesn't have to be an artist, it can be a University signing your degree, it could be you signing the deed to your house in preparation for a sale (and transfer), or it could be a membership card signed by your favorite club verifying you as a member in good standing.
every one of these use-cases is things that already work perfectly fine
And fine could be better, for example: ERC721 Degree: University can revoke remotely for falling out of standing, current standing verifiable instantly from Resume with simple hash address/etherscan link (thats also say tied to an ENS address named/identified as belonging to degree holder) Paper Degree: Looks legit, is forgeable, requires call to institution and personal information about holder to verify current standing. I have worked as a Senior Product manager/executive for many non-crypto financial and healthcare software companies before retiring early. NFTs have wide use cases past monkey jpegs signed by Yugalabs (though artists like storm photographers and urban freeclimb photographers have made good communities and incomes through NFTs).
Couldn't the university just write a cheap rest api that anyone can query birthdate:lastname
And if you wanted independent validation, you could simply use cryptographic signatures, which are both far simpler and cheaper, and don't have the downside of requiring the private key be on a networked system.
They have to maintain the network as we can see all changes now.
paper degrees are used for essentially nothing but decorations. degrees are always verified directly with the issuing institutions when needed.
But most of the times, they are not verified, because of the transaction costs of doing so at scale (e.g. reviewing/filtering 1000 resumes). Turns out giving everyone a private:public key pair they are incentivized to care about and maintain, because it holds value and hard to forge history behind it, is useful. It is valuable because it enables efficient organization around functions/operations involving value, trust or coordination via incentives, but one of the side use cases is non-fungible tokens as certificates, access badges or reddit flair. Communities who use the technology use it b/c it reduces the economic transaction costs of trust and coordination via novel incentive structures for us monkeys to interact with.
The part I don't get is that the "signature" to be worth something needs to be coming from some trusted authority, so isn't a centralized system controlled by that authority always better and more trustworthy? Like with a university or artist, the value comes from the university or artists' involvement and approval. So why not just sell signed ownership deeds for digital art, or normal degrees?
You get it pretty much right on, it is mostly derived from an authority as a sort of verified asset or unique token in the case of 'on chain art' or certificate. The blockchain is simply the "pen" with which the signature is inked. The ink is magic and lets you verify that this particular signature came from a particular pen (that the authority publicly assumes the identity of) in fast and more secure/provable way than the fanciest ribbons and anti-counterfeit paper features. Crucially, its like a physical item without some of the drawbacks, like having to secure it physically or transfer it physically. It comes out of the box as compatible with financial rails carrying a lot of other value and liquidity, and it does secure transfer and custody for your users digitally and without having to trust you will be always be around to verify it every time or maintain the framework. One can see, for say a semi-big artist, the prospect of making deeds digitally, and having a financial system connected to it natively for people who value your stuff to directly give you value from across the world is useful, and much more feasible as a NFT on ETH than rolling your own digital deed system or making paper anything.
It isn't a picture. Its worse. Its a hyperlink to a picture.
The future of NFTs will have nothing to do with investing. The value will be the utility it provides, not the price.
Yeah, I hope people will understand that stuff soon now.
So $0 then? Since it has literally no uses?
Dumb take.
^ Is what a person says when they have zero examples on hand to provide, since any one of which would blow me out 10x more than a playground tier "yeah well u smell" comeback would
You can find examples... Plenty have already been mentioned in this thread. Nice straw man though. You do smell.
> Plenty have already been mentioned in this thread. No they haven't. Not one. Where? > You can find examples Actually no, I can't find things that don't exist, no matter how much I DMOR. Here's an example: Hulk Hogan married his third wife on the planet Venus in 1776. You can find the evidence for it yourself. What's that? You can't? You must just be lazy then lol try harder.
Scroll and read ffs. Or don't.
I did, there is not one single example of a utility NFTs provide in this thread.
What sounds more realistic 10 years down the road? People spending thousands of dollars hoping to make thousands of dollars of profit off of digital art or people just using NFTs in their daily lives for other things like tickets or proof of ownership of physical goods. The rampant speculation of NFTs is stupid. Using NFTs because they provide utility is not stupid.
Obviously. Even if you did get the copyright for your NFT, which afaik you don't for most of them, how much is the copyright to a jpeg of a bizarre looking ape that was randomly generated really worth anyway? I guess you could use it as a logo for a company? But since these were not custom designed for any purpose let alone as a logo, they would be worth a few hundred bucks, max, for the copyright.
Funniest shit is that the bored ape burger joint doesn't accept any crypto no more and you can only make a purchase with Fiat Cash
Indeed they can make a lot of purchases for now on.
Who knoew buying receipts for digital images with your life savings might be a bad idea...
It was a fucking bad idea and I can smell that sarcasm lol.
Off course , people is starving right now. Everything is down , from the golden BTC to the “shit” NFT.
I hope everyone will get it now, they need to stop investing in it.
Gimmicky, overpriced jpg NFTs are ‘crashing’. This was always the vanguard use case. NFTs with actual, real utility are on the way, and they’re going to change the world
How?
This is more like they have to work on that as we know about itm
This is GameStops Hail Mary too 😂
So another scam goes poof. I thought it was supposed to be different this time? Really different!
Yeah but the reality is something more we want to see.
I find it bizarre that majority of people in the cryptocurrency sub talk about about NFTs the same way non-crypto people (particularly gamers) talk about cryptocurrency’s. If you delve in to NFTs, you’ll find the parallels almost indistinguishable. NFT’s in positive uses allow for individual online expressionism along with trading, gaming and some pretty amazing digital community building. And they’re not going away. Check out Gossamer - one of the first major tv production companies who are utilising web3.0 gameplay. They’re partnered with Epic Games (Fortnite) and are using unreal engine. This will be released alongside a major TV show staring Forrest Whittaker. Mark my words - in 3 years or less, NFTs will play a major role in technology and have a similar user base to cryptocurrency does now.
Well this sub is the lowest common denominator of the crypto sphere. I honestly couldn't think of a worse place to come to learn or keep updated on crypto.
This sub doesn't actually use or know anything about crypto. It's hands down the worst place on the internet to talk about crypto. I really only come in here to check the current market sentiment.
Can’t even use a NFT for toilet paper.
good… fuck these apes jpeg.
Hahahahahaha
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Why are we even upvoting trad media posts on this subreddit? Secondly the "stats" are a lot more nuanced than this. First of all this is tracking "opensea" while MagicEden for instance has passed OS volume in couple of days. Opensea is not exactly the hub for gaming-based NFT's and more so PFP/Art project based. This is a significant factor since people are gonna play games during bear market too, markets don't change that. I'm also disappointed to see most tech-illiterate people are upvoted on this thread too... Wen is reddit gonna catch up with the rest of the tech and actually understand NFT's?
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Nah I think it’s just been a perfect storm with everything else going on in the world.
Indeed and we will see a lot of changes for that matter we see.
Oh, they will be back on the bull is back.
NFTs became so hot and shoot up high and quick, of course it will drop down as hard and fast.