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The NFT market bubble has popped?

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Re: The NFT market bubble has popped?

#81

Post by Ekaros »

tomp wrote: post #50
jaggirs wrote: post #25

Earlier quoted context omitted.

It makes no less sense than a painting. If you accept that an original painting has more value than a perfectly good copy, whilst being undistinguishable for anyone except a few experts, you should realize NFT's have the exact same arrangement, except 'originality' is determined by the blockchain instead of an expert.

NFTs are like taking a Picasso, making a copy, shredding the original, and signing a paper that says the copy is actually the “real one”. 100% the same thing

Or the owner of Picasso asking you if you want virtual token of his Picasso. You give him some money, and you get to say you own token of Picasso. While the person still owns and can sell the original. He could even get cut out of the further sales of Picasso even after he sold it... And I suppose technically nothing stops new owner of the physical object making new token of this time "his Picasso"...

Re: The NFT market bubble has popped?

#82

Post by croon »

andrefuchs wrote: post #65
adnzzzzZ wrote: post #55

Earlier quoted context omitted.

He did say "not to make a quick buck" and not to not make money in general. As an artist, it's cool when you're getting paid for your work, but it doesn't mean it's the primary motivator for everything you do.

Exactly. The media is all about the money aspect of NFTs. There is much more to it. At least in the art world.

You say "Exactly", and then proceed to contradict what they said.

What are the other aspects of NFTs (in the art world or elsewhere)?

Re: The NFT market bubble has popped?

#83

Post by andrefuchs »

fergie wrote: post #76
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?

At least on hicetnunc (art focus) it is. You can set your royalties to 10-25 percent of future sales.

Re: The NFT market bubble has popped?

#84

Post by Ekaros »

Nursie wrote: post #63
kharak wrote: post #41

I personally rather like the idea of NFTs. NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of…

> collect items in one game and transfer it to another This has been touted for years now. It's not something studios are going to want to support, nor code for - how does this item behave in an entirely different game by an entirely different publishing house? Do I have to write my game to support every single possible one of these? Why would I let you bring your level 9000 sword of whacking into a new game? And ste…

And essentially Steam is already doing exactly this, with no of this NFT non-sense. CS:GO skins are unique(if not duplicated by Steam), transferable items, with possibly their own patterns, wear patterns and even customizations that is stickers, which themselves can be modified. And people even trade and sell these on Steam...

Re: The NFT market bubble has popped?

#85

Post by simias »

tiborsaas wrote: post #19
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…

Lots of people got "into the internet" because others have made money on it and not for the technology (html, tcp/ip, dns...) Yes, crypto is mostly focused on financial apps, so they are harder to understand than "send me 140 chars and we make a timeline of it".

Imagine if Google Search achieved success not by providing a search engine but by publishing a whitepaper outlining how PageRank would eventually work, then selling $GOOG tokens to let people speculate on the hype (but not actually entitle them to anything regarding the company, so it's like venture capitalism, but worse).

Then nothing happens for a decade or so, and then Google finally publishes a first version of their engine that takes 30s to search among a couple hundred websites. Effectively unusable, but hey, it's the early day! Bullish!

I also disagree that cryptocurrencies are "hard to understand", it's only hard because their promoters feel the need to obfuscate with technobabble how dumb and ineffective 99% of proposed blockchain solutions are. It's hard to understand because there's nothing to understand.

Re: The NFT market bubble has popped?

#86

Post by southerntofu »

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?

> Are there sufficient people interested in ... ?

There's people interested in caring for others and/or growing food on the countryside. Cleaning toilets is a task nobody does by pleasure but i don't see a reason there should be a specific class in society handling undesired tasks for the others.

Why can't we take turns doing what HAS TO be done? I've lived in communities for about two decades now and it's never ever crossed our mind we should designate someone to clean the toilets for others. I'm happy to do it every now and then if you're happy to do the same.

Re: The NFT market bubble has popped?

#87

Post by lotsofpulp »

southerntofu wrote: post #86
lotsofpulp wrote: post #73

Earlier quoted context omitted.

> 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?

> Are there sufficient people interested in ... ? There's people interested in caring for others and/or growing food on the countryside. Cleaning toilets is a task nobody does by pleasure but i don't see a reason there should be a specific class in society handling undesired tasks for the others. Why can't we take turns doing what HAS TO be done? I've lived in communities for about two decades now and it's never ever…

> Why can't we take turns doing what HAS TO be done?

What happens when someone does not take their turn?

Re: The NFT market bubble has popped?

#88

Post by lotsofpulp »

e_proxus wrote: post #78
lotsofpulp wrote: post #73

Earlier quoted context omitted.

> 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.

The person I responded to was asking why compensation was needed at all for any task.

Re: The NFT market bubble has popped?

#89

Post by roytries »

kharak wrote: post #41

I personally rather like the idea of NFTs. NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of…

I don't understand how NFTs or blockchain in general helps in any way for this, or many other examples of this.

All an NFT is is an encrypted hyperlink in the blockchain. The hyperlink points to a resource on someone's server. I think people forget that the NFT doesn't store the real thing. All an NFT is is basically an encrypted DNS server with some ownership data attached to it.

Right now you could showcase your Fortnite trophy in SteamVR IFF Valve and EPIC decided to integrate this. Using regular boring techniques.

Blockchain doesn't make this easier in any way. All Valve could do is get what trophies you own from the blockchain. But they'd still have to integrate with that particular blockchain and with the systems from EPIC that host the actual thing.

Having a regular database/account system would be way more efficient and easy to use tbh. For example I can already showcase my Tweets on LinkedIn due to regular boring integration. Data from two different companies shared by establishing that I am the owner of both things via a regular old token. Data transferred via an API.

Re: The NFT market bubble has popped?

#90

Post by whiskyant »

kharak wrote: post #41

I personally rather like the idea of NFTs. NFTs could become gamechangers, in the literal meaning of the word. The project Enjin for instances focuses on NFTs in the gaming world. One selling point is, that you might be able to collect items in one game and transfer it to another. Collect a rare trophy in Fortnite and show it off in your Steam VR Home, the trophies uniqueness and legitimacy verifiable by everyone. Of…

Feels extremely easy to do if a company like Valve or Discord creates an API and allows companies to use it. Not really sure why it would need to be decentralized.
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