Investors gonna love this. lol
GameStop Is Creating a NFT Platform
21–30 of 43 posts
Re: GameStop Is Creating a NFT Platform
#22I've never seen any compelling argument in favor of NFT. Everything points to it being pure hype with no redeeming value whatsoever, and this is no different. To wit, I don't recall reading even a single comment on HN entirely supportive of NFTs, and there's hardly ever any shortage of contrarians on most topics.
Posted this https://news.ycombinator.com/item?id=26954023 about a month ago. No one cared about it as expected.
The video is the interesting part skip to 13 minutes and 50 seconds.
Re: GameStop Is Creating a NFT Platform
#23One theory is that Ryan Cohen's lockup expires around then, and they will have reported earnings. Rc is not accepting payment from the firm, so he'll be free to sell his stake then
Re: GameStop Is Creating a NFT Platform
#24Click on the white dot in the top right corner...
Re: GameStop Is Creating a NFT Platform
#25Click on the white dot in the top right corner...
Ah, the classic chrome game clone.
Re: GameStop Is Creating a NFT Platform
#26I've never seen any compelling argument in favor of NFT. Everything points to it being pure hype with no redeeming value whatsoever, and this is no different. To wit, I don't recall reading even a single comment on HN entirely supportive of NFTs, and there's hardly ever any shortage of contrarians on most topics.
The basic idea is that distributed ledgers, tokenization, and smart contracts are enabling new paradigms for what it means to "own" digital property — in such a way that it is provably secure, transparent, and decentralized (i.e. built on distributed trust).
The other important aspect is that these systems and their tokens are programmable: "NFT" is just a standard set of functions within a blockchain smart contract, but new markets are emerging that explore alternative uses of the same tech, such as governance and/or entrance tokens that allows holders to participate in decentralized structures (multi-signature collaborative wallets, DAOs, etc).
Here's two interesting & positive examples off the top of my head:
[1] Hicetnunc.xyz - https://restofworld.org/2021/inside-brazils-diy-nft-art-mark...
[2] Mirror.xyz - a blogging platform that allows authors to create new markets, e.g. this crowdfunding campaign for a DAO creative residency that rewards backers with governance tokens https://creators.mirror.xyz/20Eyc57rknNJYL9vJa11zvupU_MXP7NZ...
EDIT: I should say I haven't looked at this OP's GameStop link, and there is tons of junk and unnecessary ideas in the NFT/crypto space. But if you look beyond the mainstream media headlines you may find the technology interesting.
Re: GameStop Is Creating a NFT Platform
#27I've never seen any compelling argument in favor of NFT. Everything points to it being pure hype with no redeeming value whatsoever, and this is no different. To wit, I don't recall reading even a single comment on HN entirely supportive of NFTs, and there's hardly ever any shortage of contrarians on most topics.
NFT's applied to real world things or stuff like video clips does seem kinda silly. You are right, NFT seems geared towards things with no redeeming value whatsoever ... in the real world. Video games have had the concept of tokens for decades and those even have printed on them that they aren't redeemable. That is why NFT and video games are a perfect combination, possibly industry changing.
Think of it in terms of an operating arcade. A video game NFT is like a special physical token only you can own (or maybe limited numbers of them) and when you drop it into a game, it gives you a unique item, exchanges for currency in-game, etc. If this is what GameStop is doing, they could be the backbone for all of this - the token machine at the arcade. Or the token machine for every arcade.
I think NFT might become a marketable term for things that aren't an actual crypto currency but use blockchain simply because there is a lot to unpack and understand to explain to someone like a grandma. Some possible uses based on my limited understanding of NFT's/blockchain:
- Revenue sharing of second hand digital games with developers. If a game purchase is an NFT and gets resold, my understanding is there is the possibility for royalties to go back to the original owner. This would make second-hand games a very profitable business for GameStop and game developers.
- Novelty/Collectibles - say a sports star purchases a digital game as an NFT, sells it at auction for charity and now someone gets to own the single copy of that game that sports star owned, with a one of a kind in-game item.
- In-game currencies, cross platform, cross-game. You have a stack of tokens usable across anything. Kinda like old school arcades. Yeah that's not NFT more of a wallet concept, again think of NFT as a marketing concept.
- Verifyable leaderboards, speedrun records, esports trophies.
Re: GameStop Is Creating a NFT Platform
#28I've never seen any compelling argument in favor of NFT. Everything points to it being pure hype with no redeeming value whatsoever, and this is no different. To wit, I don't recall reading even a single comment on HN entirely supportive of NFTs, and there's hardly ever any shortage of contrarians on most topics.
NFT's applied to real world things or stuff like video clips does seem kinda silly. You are right, NFT seems geared towards things with no redeeming value whatsoever ... in the real world. Video games have had the concept of tokens for decades and those even have printed on them that they aren't redeemable. That is why NFT and video games are a perfect combination, possibly industry changing. Think of it in terms of…
None of these applications seem to benefit significantly from cryptocurrency, and the technical/security issues are orthogonal to it.
Re: GameStop Is Creating a NFT Platform
#29I've never seen any compelling argument in favor of NFT. Everything points to it being pure hype with no redeeming value whatsoever, and this is no different. To wit, I don't recall reading even a single comment on HN entirely supportive of NFTs, and there's hardly ever any shortage of contrarians on most topics.
Something that I haven't seen mentioned in discussions about NFTs (not that I've followed many) is their potential for facilitating money laundering.
It looks like they would provide a value similar to that of certain auction houses where large amounts of suspicious money are regularly transferred in the name of subjectively perceived value [1]. Is there something that I am missing, or could this be a tacitly sought-after (if illegal) potential use of NFTs?
[1] https://www.ft.com/content/c7883919-26e5-49f5-816b-de1747232...
Re: GameStop Is Creating a NFT Platform
#30They couldn't hide the controls, and turn on auto play on the video on the landing page... but they're gonna build an NFT platform
The first two of those win points in my book. Autoplaying video is a monstrosity.
and the second in mine. I hate it when I can't stop an animation, which is why I don't like gif.