What other major companies still use NFTs?
Twitter. Last I checked, you have an option to use NFT as pfp.
Digital collectibles on Instagram is winding down
101–110 of 147 posts
Re: Digital collectibles on Instagram is winding down
#102Earlier quoted context omitted.
There's one crucial difference between AI and Bitcoin when it comes to energy usage. With AI there are strong incentives to make everything more efficient and use less energy. This is already happening: people are finding ways to run AI models on less powerful hardware (see LLaMA etc), and AI providers like OpenAI have managed to run things. Lee efficiently - that's presumably how they could drop the price of an API…
I'll agree with you on Bitcoin mining specifically, but other aspects of cryptocurrencies I wouldn't. For example, the Lightning Network is a layer built on top of Bitcoin is all about increased speed and efficiency. Then there's Ethereum, which just completed a major upgrade to convert its Proof of Work method to Proof of Stake and now uses a negligible amount of energy compared to other things, as shown in this art…
That's why I said Bitcoin.
Re: Digital collectibles on Instagram is winding down
#103Earlier quoted context omitted.
I think I know what you are trying to say, but there night be an issue with your metaphor. The whole point of an NFT is that you don't have to take it with you as you owning it is chain state.
Out of curiosity (not into crypto so very little knowledge), what do you have to take with you to be able to view the NFT?
This is dependent on what the NFT actually gives access to or is linked to.
90% of NFTs probably are just ownership certificates of JPGs so if that is what you want to "view" then the answer probably is "a JPG".
Other NFTs though might be some sort of online game char, access tokens to a live feed or just symbols of on-chaining offchain consensus. In those cases the answer isn't that straight forward. But generally I'd remark that an NFT in itself only has utility as long as you have access to its underlying chain, so if you cannot take the interaction with the chain with you its not going to be very useful. OTOH, if your sole purpose is looking at pretty pictures then one will probably best just compile JPGs to a folder. But that doesn't mean that one owns those pictures or that there are NFTs involved.
Re: Digital collectibles on Instagram is winding down
#104What'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…
> There was also a perception that Polygon NFTs aren't as valuable.
Valuable to who? This sounds like a quasi-religious schism between ETH blockchain and the Polygon chain. Don't they both accomplish the same thing, i.e. a permanent record of ownership?
Re: Digital collectibles on Instagram is winding down
#105Earlier quoted context omitted.
I think I know what you are trying to say, but there night be an issue with your metaphor. The whole point of an NFT is that you don't have to take it with you as you owning it is chain state.
If I’m 50 light years from here, the colored coin on a backwaters planet has zero meaning. It’s a continued fallacy that a physical thing may be secured by a crypto transaction (entry to a DAG). Now, immediate identity and exchange of contract value, such as on Lightning, may be useful for compute resources, but only in the moment of inference. Crypto was built to service AI, and more specifically, GAI. This is crypt…
Funnily I agree with these points. But I think they go a bit overboard with regards my initial comment.
Ownership does not imply security of the underlying object, digital or physical. Point in case, I owned my car when it was torched by anti globalism riots. Same principle applies to NFTs. Actually the real revolution of NFTs as "JPG ownership certs" is that they democratize art in that everybody can look at the linked JPG in full resolution but only one wallet can own that NFT.
Re: Digital collectibles on Instagram is winding down
#106Earlier quoted context omitted.
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".
What do you mean?
Re: Digital collectibles on Instagram is winding down
#107Re: Digital collectibles on Instagram is winding down
#108What'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…
> There was also a perception that Polygon NFTs aren't as valuable. Valuable to who? This sounds like a quasi-religious schism between ETH blockchain and the Polygon chain. Don't they both accomplish the same thing, i.e. a permanent record of ownership?
Centralisation of failure points matters in this context.
"Real" blockchains don't have downtime, etc.
Re: Digital collectibles on Instagram is winding down
#109Earlier quoted context omitted.
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".
It doesn't take belief if you spend any time observing these communities.
The builders and grifters are in pretty separate camps.
If you're only observing this community on Twitter, yes, you will see relentless, low-quality scams almost as a rule.
Re: Digital collectibles on Instagram is winding down
#110What'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 has managed to sell Polygon based profile pictures fine, That probably has more to do with selling the digital equivalent of funko pops on reddit, than any technological merit.
But it does bring up the ever-fascinating schism between what we as technologists think is required for a new technology to begin experiencing adoption. and what that bar actually is for consumers and corps.