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Digital collectibles on Instagram is winding down

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Re: Digital collectibles on Instagram is winding down

#31

Post by theK »

tetrisgm wrote: post #4

What's interesting here is that it's not really affecting the perception of people who believe in web3. As someone who's working on a decentralized product, I speak with nft creators and collectors every day. They see this as a confirmation that Meta wasn't really in. There was also a perception that Polygon NFTs aren't as valuable. Interestingly, Reddit has managed to sell Polygon based profile pictures fine, and th…

I think there are two issues at play in the current NFT space, both exacerbated by the get-rich-quick potential of NFTs

1. NFTs as ownership standards are not there yet. Even on ETH, there are significant compatibility issues between NFT minters and discussion about downsides of the diverse storage architectures and ownership systems.

2. Classical business is still in flailing hands mode when it comes to adoption of decentralized tech, be it collectibles or more serious stuff.

I am happy we are having a winter now and I hope this one will last a while so that the true builders in this space will get the time they need to actually sort stuff out, build much needed infrastructure and for traditional businesses to read up a bit.

Re: Digital collectibles on Instagram is winding down

#32

Post by samstr »

DisposableDave wrote: post #3

Sorry for the off-topic. This whole NFT debacle would be fun for me if it didn't cost me a dear friend; he's been working full-time on his "collection" for almost two years now, convinced he's "just around the corner of making millions" out of it when it's obvious the ship has long sailed. I guess there's more to it than just NFT craze, and he's probably struggling with other things, but his new "know-it-all NFT bro"…

[dead]

Re: Digital collectibles on Instagram is winding down

#33

Post by manojlds »

tetrisgm wrote: post #4

What's interesting here is that it's not really affecting the perception of people who believe in web3. As someone who's working on a decentralized product, I speak with nft creators and collectors every day. They see this as a confirmation that Meta wasn't really in. There was also a perception that Polygon NFTs aren't as valuable. Interestingly, Reddit has managed to sell Polygon based profile pictures fine, and th…

I find it funny that we still call this web3. Web3 might still be something that comes up, might even be the GPT wave.

Re: Digital collectibles on Instagram is winding down

#34

Post by cableshaft »

KyeRussell wrote: post #21
tetrisgm wrote: post #4

What's interesting here is that it's not really affecting the perception of people who believe in web3. As someone who's working on a decentralized product, I speak with nft creators and collectors every day. They see this as a confirmation that Meta wasn't really in. There was also a perception that Polygon NFTs aren't as valuable. Interestingly, Reddit has managed to sell Polygon based profile pictures fine, and th…

Reddit’s successful feature enjoys its success for reasons that have nothing to do with NFTs or crypto or the blockchain or whatever else.

In that same fashion, the Pokemon collector craze is successful in a way that has nothing to do with them being on physical cards. It would be successful in other form factors as well.

Collectors like to collect, no matter the medium. I have a large collection of both physical and digital-only games. Many of those digital games aren't anything more than an entry in a database table that says my steam id is allowed to download and play the files associated with a particular game id, at least until I actually play them. And yet I've probably spent $12k+ on Steam games over the past decade.

Hell, probably $5k at least were spent on games I never even got around to actually playing, effectively just giving free money to Valve.

Re: Digital collectibles on Instagram is winding down

#36

Post by TylerE »

pcthrowaway wrote: post #18
EGreg wrote: post #13

Earlier quoted context omitted.

Well, speaking of a cult, we have NFT.NYC in a few days here in my city. It has many corporate industry sponsors, takes over the largest hotel in Times Square for three days, and many of the billboards. Cults don’t usually have that level of industry involvement. And many people from all over the world will be coming to have fun with NFTs and try out new things. I guess Bitcoin can be considered a cult, too. HODL bec…

> Cults don’t usually have that level of industry involvement Scientology probably puts NFT-bro-ism to shame with its level of industry involvement... It's just usually less in your face about the cult part.

Also the Moonies owning a bunch of stuff, https://en.wikipedia.org/wiki/Unification_Church#Businesses, including UPI and the Washington Times.

Re: Digital collectibles on Instagram is winding down

#38

Post by 23B1 »

DisposableDave wrote: post #3

Sorry for the off-topic. This whole NFT debacle would be fun for me if it didn't cost me a dear friend; he's been working full-time on his "collection" for almost two years now, convinced he's "just around the corner of making millions" out of it when it's obvious the ship has long sailed. I guess there's more to it than just NFT craze, and he's probably struggling with other things, but his new "know-it-all NFT bro"…

Your friend is an addict and should seek gambling addiction groups.

Re: Digital collectibles on Instagram is winding down

#39

Post by illiarian »

theK wrote: post #31
tetrisgm wrote: post #4

What's interesting here is that it's not really affecting the perception of people who believe in web3. As someone who's working on a decentralized product, I speak with nft creators and collectors every day. They see this as a confirmation that Meta wasn't really in. There was also a perception that Polygon NFTs aren't as valuable. Interestingly, Reddit has managed to sell Polygon based profile pictures fine, and th…

I think there are two issues at play in the current NFT space, both exacerbated by the get-rich-quick potential of NFTs 1. NFTs as ownership standards are not there yet. Even on ETH, there are significant compatibility issues between NFT minters and discussion about downsides of the diverse storage architectures and ownership systems. 2. Classical business is still in flailing hands mode when it comes to adoption of…

> true builders in this space

That's a lot of belief riding on there being "true builders".

Re: Digital collectibles on Instagram is winding down

#40

Post by LeeroyWasHere »

inconceivable wrote: post #22
KyeRussell wrote: post #19

Earlier quoted context omitted.

Are we still doing “AI is the new crypto” here? I’d like to think that we’ve moved past this by now.

just wait until they start really attacking AI. they'll roll out the same playbook. 1. dangerous new technology 2. that uses far too much energy (more than the entire country of X!) 3. do we really know how it works? 4. controlled by a shadowy cabal of super-coders 5. followed by a litany of anecdotal stories about victims of AI 6. and increasingly frequent and increasingly negative coverage of those getting rich off…

That's been the exact playbook.

Also mock what it's been used for, find the "worst" example.

If not mock, as you say, label it as dangerous.

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