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TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

thenftbay.org

131–140 of 257 posts

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#131

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

> I have the same image as the owner and I have $213 where the new "owner" simply has the image.....

AFAIU the owner also has a sort of unique and unfalsifiable certificate that let him cash in on the picture later on if its price ever raise ?

Like a certificate of authenticity for the Mona Lisa. You may have a very good copy (or even the original) but without the certificate your version sells for less ?

Did I get that right ?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#132

Earlier quoted context omitted.

I'm not an NFT fan by any stretch of the imagination but you can buy a reproduction of the Mona Lisa or a fake Mickey Mantle card. https://www.amazon.com/DECORARTS-Leonardo-Davinci-Classic-Re... Obviously, the real mona lisa or the mickey mantle card has value because they were painted by famous artists, or signed by a famous baseball player... But at the end of the day they only have value because someone says they…

But the thing is, I get the historical significance of the Mona Lisa and Mickey Mantle. I don’t need an appraiser or something to know why they have value. The value proposition of these Bored Apes is a lot less clear, and acting like “we all just play the game in our everyday lives already” is kind of hiding the ball.

I have thousands of baseball cards stored away from when I was a kid. I remember pouring over the monthly appraisals published in Beckett magazine. I haven't checked in years. The cards could be worth thousands for all I know.

It actually doesn't make any logical sense that baseball cards have value. They are stock photos printed on card stock. They sold for pennies. I don't own the rights to the image. I can't even play any sort of interesting game with them in the same way I could with Magic the Gathering cards or Pokemon cards. I simply own the card and can resell it to other people and try to assemble interesting collections and discuss with other collectors. There really is no other utility other than that.

Bored Ape Yacht Club has memed itself into relevance, as indicated by your casual mention of their brand. They are digital collectibles but they also have become a true club in the sense that there are exclusive events both in real life and in the metaverse that BAYC holders get access to.

They also have gaming franchises in the works. And I imagine if U.S. securities laws weren't so draconian, they would probably arrange profit sharing among holders for proceeds from merchandising the franchise.

But for now, ownership of a BAYC grants you ownership of a meme. That's not an insult, by the way, quite the contrary. Human culture is memes all the way down.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#133
post #95

Earlier quoted context omitted.

That makes a lot of sense, and thanks for the detailed answers. The age old "this isn't for you" is applicable here...I don't see the value personally, but I understand the motivation behind it..sort of like how I don't mind streaming music vs "owning" a digital copy of it as .mp3 or whatever.

> the age old “this isn’t for you” is applicable here I disagree. When people are going around calling this a revolution that will change the fabric of society, they can’t just revert to “maybe it’s just not for you” when they have trouble explaining it or defending it. Either this is revolutionary or it’s a niche thing, but it can’t be both.

But doesn't every revolution start out with a niche of early adopters that see the potential in something where everyone else just sees the clunky first prototype? Bitcoin in the early days may not have been for you, but if your retirement fund starts holding an amount of crypto it will become 'for you' then. The Tesla Model 3 is for a lot more people than the model S, and so on. Why would a revolution need to be 'for everyone' during the growth-hacking days?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#134
post #52

Earlier quoted context omitted.

Which is running the same scam as buying a Star [1], except it's done on a blockchain selling to greater fools who are being promised of untold riches that will come their way from buying a row in a database containing a link to a CDN [1] https://twitter.com/smdiehl/status/1445795674696597506

No it’s a lot more like the market for luxury goods. Why does a Chanel purse sell for substantially more than a similar quality leather bag from a generic manufacturer? Because of the intangible status market of the Chanel brand. If the Chanel logo combined with artificial scarcity turns a $1000 bag into a $6000 purse, why would we not expect the Chanel logo with the same artificial scarcity to turn a $0 JPEG into a…

> No it’s a lot more like the market for luxury goods.

Yep exactly like that, except there's no luxury good, not even a receipt of a luxury good, just a ticket to the directions of an online store that's hosting the same bag of pixels that's given out to everyone who ever cared to come across the same public directions with their browser.

There's no respect to be earned from a public digital trail admitting you've traded real money for a link to a fake clout badge.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#135
post #53

Earlier quoted context omitted.

NFTs are a scam, but saying that it's because you can download them without paying is missing the point. You could say the same thing about movies, music, games, art. People in the cryptocurrency community believe that NFTs are used for money laundering. It's also believed that prices are inflated artificially to trick gullible or greedy people into buying them. But the download thing ? It's missing the point.

A scam implies someone is getting hurt. Yet I haven't seen anyone getting hurt. You might say that people will get hurt when the bubble pops but people have been saying the same thing about crypto for awhile.

No, that's not it. A scam implies that it's deliberate deception. People being hurt is neither here nor there.

And obviously people ARE getting hurt, but that doesn't mean it's a scam. It's just a crazy bubble.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#136
post #94

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Are you married? Say a new technology comes up that lets me clone your wife. Perfectly. Down to the last atom. Would you then be ok with your wife being destroyed and replaced by the copy? If you are not ok with that - aren't you just as irrational as the people who buy NFTs?

That's an absurd hypothetical. A human being isn't an object...do you also mirror their consciousness?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#137

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

NFT is just a token that represents the artwork. You can screenshot, delete the original file or whatever but the token still exists. Now the value of NFTs can be questioned, and the people who promotes them as well. We know for sure that some people will end up losing money when this fad ends so yeah giant scam indeed, but NFT as a thing still have use case, and you can say kinda the same about bitcoin.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#138
post #94

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

Are you married? Say a new technology comes up that lets me clone your wife. Perfectly. Down to the last atom. Would you then be ok with your wife being destroyed and replaced by the copy? If you are not ok with that - aren't you just as irrational as the people who buy NFTs?

I don't see how this particular irrationality is comparable to the irrationality surrounding NFTs.

To tweak the analogy to NFTs a bit better. Let's say that the fact of the marriage is recorded in a registry, and that the registry is trusted as canonical by the larger entity which people trust, like, the government. Now let's say that the registry is copied word to word, certified to be legal, and then the original destroyed. Surely that doesn't affect the marriage itself, the deep personal bond between the two people?

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#139

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

NFTs are a great idea but what people are doing with them now is a scam. I’m not sure if it will ever come to pass but imagine what the rumors for GameStop’s nft could be - a decentralized steam. People can build whatever client they want and it uses the blockchain to determine if you own a particular digital game. Then when you want to see it you can just sell the nft. Obviously there are a lot of considerations to…

> I’m not sure if it will ever come to pass but imagine what the rumors for GameStop’s nft could be - a decentralized steam.

Let's look at the issues of this one. Let's imagine you wanted to buy FIFA 2025 on this NFT steam.

As a game purchaser, you want to play the game. It'd also be nice if you can resell it when you're done, but this is a secondary use case.

As a game publisher, EA want only people who own the game to play it. They'd also rather they get that money directly, they've previously fought against resale and ownership rights, but let's assume they've given in on that in this example.

So they can't put FIFA 2025 on the blockchain, because it's huge, and then anyone could read/play it. So they put a record that u/conception owns FIFA 2025.

So then you need to use that token to sign something to prove to someone that you own the game such that they can provide you the binaries. What happens if this provider goes out of business? What even is their business model of this binary redemption provider, since there's no guarantee they recieved your money in this decentralised example. So they're hosting data and traffic for potentially zero income.

These providers do allow developers to sell keys on their own website, but they enforce requirements on the developers if they're using Steam/Epic whatever to sell keys not to undercut the store that the keys are for. They do this because there's an interest in still obtaining these devs that won't go for steam exclusivity and yet getting their users into Steam for future sales. The decentralised blockchain means they can go somewhere else very easily next time too, and again, they're not being paid for their services in this example - charging a fee for downloads would be worse for the user and noncompetitive versus centralised services.

Then you get the game. Is the game going to verify with some sort of blockchain transaction at launch? Online only DRM is quite unpopular for games with single player modes. Plus blockchain transactions are slow.

Ok, let's assume it does like many games did in the SecuROM era and only checks periodically.

What happens when someone comes along and cracks that DRM? Does it solve that problem for publishers? No.

I just fail to see how this solves the problems that exist with game distribution, and there's clear areas where it's worse for every party involved.

Re: TheNFTbay.org – The Billion Dollar Torrent (All NFT's from Ethereum and Solana)

#140

I used to come onto HN and see crypto-coin news and I'd jump into the comments and ask something along the lines of "But isn't bitcoin and all the other things like it just a giant scam?" and someone who believed in Bitcoin to be a transformative technology would jump in and explain the real potential. I personally still think it's sort of a scam, but I'm happy for all of the people who used it to get rich....so, alo…

The NFT is not the picture, the NFT is the proof of ownership.

That ownership is only as valuable as the NFT's creator makes them.

Example: when Dolce Gabanna issues NFTs (they did), your wife and daughter immediately understand the value of having those displayed on a public social network profile, regardless of if tech engineers are still stuck over-intellectualizing them

Of course this only works on digital goods. NFTs on physical objects are scams.

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