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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#71

Post by mypastself »

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

I’ve yet to find a scenario in which a smart contract truly improves upon a traditional, centralized database solution, NFTs included.

As long as the system relies on externally originated information for proper functioning, we’re back to the issues of trust the technology was intended to resolve.

That is why digital currency actually still seems like the only appropriate application of the blockchain, although it may never see widespread adoption.

Re: The NFT market bubble has popped?

#72

Post by teorema »

vesinisa wrote: post #5

I am hardly surprised. While Bitcoin maybe had theoretical uses as a currency a decade ago, the NFT hype never made any sense whatsoever to begin with.

I admittedly don't really understand this in depth but it has seemed to me that there's a need for some general purpose decentralized signature or authentication mechanism. I can see NFTs functioning in that kind of way although I'm not sure the current implementations are the best ones nor has the hype bubble necessarily been focused on best use cases. I wouldn't be surprised if NFTs evolved into something far more mundane, a historical footnote on the way to something else.

Re: The NFT market bubble has popped?

#73

Post by lotsofpulp »

southerntofu wrote: post #70
qwerty456127 wrote: post #42

Earlier quoted context omitted.

"I will never own a home" is not the only reason. The whole financial system is "fuck you this and fuck you that, incl. when you least expect and depend the most, and we won't tell you why". Yesterday here were news about PayPal terminating an account without explanation again (by the way, even when they don't ban you, their verification and customer services are a disaster anyway). This bullshit has to stop. Every p…

Maybe if we would question why we (don't) need money in the first place, and why people turn to terrorism, we wouldn't have problems in the first place. Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of. In the meantime, i agree it's a reasonab…

> Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of.

Are there sufficient people interested in cleaning toilets, dealing with the mentally ill/infirm, working in crawl spaces and attics, working on a farm an hour plus from everything?

Re: The NFT market bubble has popped?

#74

Post by jonnyscholes »

Yenrabbit wrote: post #60

Ignoring the hype, there are plenty of artists having fun selling work on platforms like hicetnunc for not very much and spending most of their proceeds buying other art. I joined and it's great fun trading pieces, coming up with ideas and seeing if anyone likes them, getting inspired by what other artists are doing etc etc etc. I feel like these small art playgrounds where artists can sell limited editions of their…

This is my experience. Hicentnunc (and the tezos community at large) is the closest I've felt to 00s internet culture/content which got me hooked on programming.

Although perhaps paradoxically, I suspect the barrier to entry is part of this.

Full disclosure: I hold a small amount of tezos.

Re: The NFT market bubble has popped?

#75

Post by phist_mcgee »

gizmo wrote: post #61
phist_mcgee wrote: post #51

Earlier quoted context omitted.

Just a little correction. NFTs, and crypto in general are critiqued as ponzis, but they are more accurately described as pyramid schemes, whereby early adopters rake in the lion's share of profits. Ponzis are where later investor money is used to pay out early investor money in a fraudulent never ending cycle.

I think pyramid scheme would be a better description if people had different incentives depending on when they got in. With a pyramid scheme people who invite many others personally benefit, and those who join but don't invite others don't gain anything. Think multi-level marketing.

I mean NFTs fit that bill perfectly. Incentives for the late comers are to buy continually more dubious tokens that are produced by the initial round of creators. Those buyers then create a new market of lower tier creators who create even more valueless creations, and so the cycle continues.

Crypto without NFTs have no creators and instead relies on the network effect of public interest to raise the value of their initial purchase. In this way, it's more akin to inventing a product and selling it on to another person and promising them that it will be worth more if they do the same.

Re: The NFT market bubble has popped?

#76

Post by fergie »

habosa wrote: post #20

NFTs are dumb however some of the NFT markets have one cool thing that I hope sticks around: the artist gets a cut of all future sales. If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M. We've all heard the stories of "collector buys 10 Jackson Pollock's for $10 in the 70s, sells the collection for $100M today". Wouldn't it be nice if the artist could benefi…

"If you sell your NFT art for $10 and then someone resells it for $1M, you will get some percentage of the $1M."

Is this actually a feature of NFTs?

Re: The NFT market bubble has popped?

#77

Post by flir »

cryptica wrote: post #44

There are some legitimate use cases for NFTs but art is not one of them. The best use case I can think of is a kind of DNS domain name system. The domain name is an NFT; it's unique and it provides value as it can be integrated with various systems. The intrinsic value of crypto and NFT is in software integrations.

You could put DNS in a distributed database (a la blockchain), and there's a benefit there (although no more than insisting all DNS updates are signed, I think). I can't see what additional benefit NFT would offer over that?

Re: The NFT market bubble has popped?

#78

Post by e_proxus »

lotsofpulp wrote: post #73
southerntofu wrote: post #70

Earlier quoted context omitted.

Maybe if we would question why we (don't) need money in the first place, and why people turn to terrorism, we wouldn't have problems in the first place. Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of. In the meantime, i agree it's a reasonab…

> Let everyone have a home, eat and drink as much as they need, receive proper education and healthcare, and thrive working for something they see interest in not a paycheck/boss and you'll see terrorism will be entirely rid of. Are there sufficient people interested in cleaning toilets, dealing with the mentally ill/infirm, working in crawl spaces and attics, working on a farm an hour plus from everything?

For a good (for some definitions of good) extra paycheck, I guess many would do more work.

Want to buy a cool car? Do some cleaning on the side.

Re: The NFT market bubble has popped?

#79

Post by andrefuchs »

iSnow wrote: post #32
andrefuchs wrote: post #18

One reasons could be that Ethereum gas fees for minting a piece are extremely high at the moment. Tezos ($xtz) based platforms such as https://www.hicetnunc.xyz are thriving. The fees are next to nothing - especially compared to current alternatives.

Gas on ETH is super low right now, around 20Gwei which translates into a $1 fee for a send and maybe $5 for minting an NFT. Tezos on the other hand is a complete ghost town, it has absolutely no traction - and I say this as a soon to be ex XTZ holder.

Interesting, please share your sources.

Re: The NFT market bubble has popped?

#80

Post by simias »

powerapple wrote: post #6

One thing I have noticed when listening to the interviews of NFT companies is that, when describing NFT is the future, the arguments from these founders are examples of people/artists made money by selling NFT online. It has become more and more a theme for cryptocurrency technology has well: the reason you should be in is that other people have made money rather than the benefit of the technology itself. It is not a…

The only thing that really works with cryptocurrencies and adjacent technologies is to use them for pyramid schemes and using them for illegal payments like buying things on the darknet or paying ransomware. The rest is just empty promises and short term hype.

NFT is just the last in a long series. Before that we had the Lightning network that would revolutionize payments and make cryptocurrencies actually usable, ICOs that would revolutionize startup founding etc...

I wonder how long the cryptocurrency world will manage to maintain this facade of being a miracle tech in order to justify the insane amount of money poured into it, while at the same time continuously failing to deliver on everything.

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