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OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

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Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#41

Post by CaptainZapp »

kuratkull wrote: post #11

I have been keeping tabs on digital currency/NFT news just out of sheer malicious curiosity. The "positive" news mostly seem to be "company X is trying out NFTs!". The high profiles cases don't seem to end up with a usable product or are outright cancelled Y months later with the whole thing labeledd as an "experiment". The negative news on the other-hand are pretty scarring - insane amounts of theft, bankruptcies, p…

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing.

You know that you shouldn't watch, but you just can't help it.

The sad thing is that a lot of people will get burned by this.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#42

Post by chrisco255 »

gilleain wrote: post #18
chrisco255 wrote: post #10

The Shared Storefront is OpenSea's proprietary NFT contract that artists can use to create for free on. OpenSea will allow you to create NFTs for free using their centralized servers as a temporary backend and they only get minted on-chain if they sell. It's understood that the Shared Storefront is controlled by OpenSea. While it's a nice feature for beginner artists it is also frequently abused by scams and copyrigh…

What makes a 'high quality' NFT, in your opinion or experience?

An open source contract that adheres to the ERC721 or ERC1155 standard. I'm indifferent to the metadata URI, but some collectors prefer metadata to be fully on-chain or IPFS based. There's trade-offs with each one, so it really depends.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#43

Post by chrisco255 »

gilleain wrote: post #35
smegsicle wrote: post #30

Earlier quoted context omitted.

i assume the implication is that successful/desirable nfts also tend to have a well-thought-out implementation, the union of which being hqnft

perhaps, but isn't the desirability of something due to its (high) quality? how can its quality be measured from its desirability? seems the wrong way around

I am not talking about high quality art. That is fairly subjective.

I am referring mainly to the smart contract itself. One should be able to audit the contract to understand the transfer mechanics. Most NFT contracts are forks of popular open source implementations of ERC721 such as OpenZeppelin's (https://docs.openzeppelin.com/contracts/4.x/erc721). You want to know things like max supply, mint mechanics, transfer mechanics, etc. And you want to be able to inspect the contract, such as this example: https://etherscan.io/token/0x1CB1A5e65610AEFF2551A50f76a87a7...

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#44

Post by gilleain »

chrisco255 wrote: post #43
gilleain wrote: post #35

Earlier quoted context omitted.

perhaps, but isn't the desirability of something due to its (high) quality? how can its quality be measured from its desirability? seems the wrong way around

I am not talking about high quality art. That is fairly subjective. I am referring mainly to the smart contract itself. One should be able to audit the contract to understand the transfer mechanics. Most NFT contracts are forks of popular open source implementations of ERC721 such as OpenZeppelin's ( https://docs.openzeppelin.com/contracts/4.x/erc721 ). You want to know things like max supply, mint mechanics, transfe…

I did not mention art :)

Ok, sure so 'quality' here is literally just the technical implementation of this pointer to a thing. Good to know, thanks.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#45

Post by hypertele-Xii »

CaptainZapp wrote: post #41
kuratkull wrote: post #11

I have been keeping tabs on digital currency/NFT news just out of sheer malicious curiosity. The "positive" news mostly seem to be "company X is trying out NFTs!". The high profiles cases don't seem to end up with a usable product or are outright cancelled Y months later with the whole thing labeledd as an "experiment". The negative news on the other-hand are pretty scarring - insane amounts of theft, bankruptcies, p…

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing. You know that you shouldn't watch, but you just can't help it. The sad thing is that a lot of people will get burned by this.

https://en.wikipedia.org/wiki/Unstoppable_(2010_film)

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#47

Post by ok_dad »

CaptainZapp wrote: post #41
kuratkull wrote: post #11

I have been keeping tabs on digital currency/NFT news just out of sheer malicious curiosity. The "positive" news mostly seem to be "company X is trying out NFTs!". The high profiles cases don't seem to end up with a usable product or are outright cancelled Y months later with the whole thing labeledd as an "experiment". The negative news on the other-hand are pretty scarring - insane amounts of theft, bankruptcies, p…

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing. You know that you shouldn't watch, but you just can't help it. The sad thing is that a lot of people will get burned by this.

The train blew up a while ago and we’re now watching the ruins smoldering until they eventually go out and we can go in and clean up.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#48

Post by mjr00 »

onlyrealcuzzo wrote: post #37
kuratkull wrote: post #11

I have been keeping tabs on digital currency/NFT news just out of sheer malicious curiosity. The "positive" news mostly seem to be "company X is trying out NFTs!". The high profiles cases don't seem to end up with a usable product or are outright cancelled Y months later with the whole thing labeledd as an "experiment". The negative news on the other-hand are pretty scarring - insane amounts of theft, bankruptcies, p…

Sales volume dropped from >$150M per day in the beginning of the year to ~$8M today (and the trend is still going down). Keeping in mind this is an established market now (5+ years old) - and that the vast majority of sales are known to be wash trades - this is a small, extremely insignificant market. Magic the Gathering, at this point, is substantially larger than the non-wash trade NFT market.

My barometer for this stuff is the UFC, which is the perfect platform to market to this crowd. They're already very loudly sponsored by vechain and crypto.com, plus a ton of crypto gambling sites that have come and gone.

Last year there was an NFT advertisement every 10 minutes during UFC broadcasts, telling you to pick up the latest UFC NFT packs. For the past 6 months I haven't heard the announcers mention NFTs a single time.

If you can't even market this stuff to the UFC crowd, it's completely dead.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#49

Post by adynaton »

hypertele-Xii wrote: post #45
CaptainZapp wrote: post #41

Earlier quoted context omitted.

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing. You know that you shouldn't watch, but you just can't help it. The sad thing is that a lot of people will get burned by this.

https://en.wikipedia.org/wiki/Unstoppable_(2010_film)

Great movie. RIP Tony Scott.

Re: OpenSea administrators can take any tokens minted on OpenSea Shared Storefront

#50

Post by CaptainZapp »

ok_dad wrote: post #47
CaptainZapp wrote: post #41

Earlier quoted context omitted.

In a way it's like watching a freight train, loaded with nitroglycerin, running downhill with all breaks failing. You know that you shouldn't watch, but you just can't help it. The sad thing is that a lot of people will get burned by this.

The train blew up a while ago and we’re now watching the ruins smoldering until they eventually go out and we can go in and clean up.

Damn! And I thought that I have a great metaphor going here.

But yours is more on point, I dare say.

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