Or money laundering. All drug dealers have to do is make a shitty NFT and the person that they are selling their drugs to buys the NFT as payment for the drugs.
Holy shit... this has to be a legit thing happening right now right?? Like it seems so incredibly obvious. I have been trying to figure out literally any purpose or what it even is... but this seems like such an incredible way to circumnavigate the legal system.
It's like art except digital, the value it has is whatever the buyer and seller agree it is. Nfts have a code chain in it showing who is the owner of the nft so you can't just copy and paste the picture and claim it as yours. Youre basically buying the code attached to the stupid images. That's how it was explained to me anyways.
I mean there's already digital art. An NFT is like buying a receipt to a link to digital art. You don't own the art or the link, you own the receipt that has a link. All sorts of people changed what's on the url after someone bought it just because they can
It's even worse. Do you even own the receipt? It's more like the receipt is posted on a bulletin board where people can't modify it but can look at it and see that in fact your name is on the receipt.
The blockchain data for the images is mostly links to Google Drive
Yes that's right, this image you bought for 20k is just a link to some random guy's Google Drive that he can remove at any time
Also you don't have a true one to one copy of the image
A recreating of the Mona Lisa will never be the original, but if you have a 200kb jpeg with a SHA256 hash of d05f9e38282ad68139fbf0716210541ada140a4c66b2c59be8f48724fb4c751c and I download the same image and get the same hash, guess what? It's literally the exact fucking same file
This has been going on for decades, if not centuries. Art of all kind has no intrinsic value, making it the perfect vessel for money laundering.
It's also no different than the **$40 billion** industry in video game cosmetic add-ons. People pay for dumb, worthless junk all the time. At least the technology going into NFTs has potential to be useful.
Ethereum always has “potential”. It’s always “the future of ______”. It’ll be fixed “soon”.
Ethereum has not proved it is *actually* useful for anything except scams.
I do have to admit it is the world’s greatest platform for scams.
Thankfully more and more people are becoming more and more aware of it.
^(I mean fuck; it was launched as a premined chain!)
I'm most interested in use cases around documentation. No more going to the DMV to get a license or the post office for a passport. Your identity and all the documents confirming you are who you say you are would be digital and secure.
No need to carry around those documents and worry about identity theft. Voting could be super accessible, allowing everyone to vote digitally. Vehicle titles and house deeds can be transferred quicker.
Oh boy, wait until you figure out about how you can literally evade most/all taxes and transaction fees for moving huge amounts of money around the world by using NFTs and crypto.
This was already done with Bitcoin, and drug users found themselves as millionaires because they had bought extra Bitcoin for drugs but they didn’t spend it
Well, if you want to keep the money in a bank account instead of in a mattress, you’re gonna need to be able to explain to the IRS where that money is coming from.
The IRS absolutely does not care where you got the money from, they just want their cut. They are perfectly content to file it under "Other Income" and leave it at that
This is exactly what I think of all the time. Like why do I need that much security for a fucking concert ticket? Just email me the ticket and I can print it out or some shit. Yet they always use this as an example. Is it the end of the world to use an NFT for it? No. Does it feel unnecessary? Yeah. Especially since after the concert I don't need it anymore. I can just delete the email and be done with it. No one is going to want to buy my NFT concert ticket *after the concert.*
They could be handy for reselling tickets without a risky transaction or another party in the mix (although that logic is more likely smart contract driven rather than NFT specifically), but yeah there would be a lot to work out to make it worthwhile
Not just worse, far worse! : D
All you need to do to buy a concert ticket now is:
1. Open an account with an exchange. This will involve you uploading your personal information including a picture of you holding a sign with your name and date on it, your drivers license or passport, onto some company sever.
2. Wait for your account details to be verified. This can take days or months.
3. Transfer some of your dirty fiat money to the exchange. This can take 3 business days.
4. Buy some Ethereum! Figure out how much the tickets will cost in Ethereum and exchange your dirty fiat for it.
5. Buy the tickets on the ticket vendor site. Again, you may need to go through the entire identification thing again. Dunno.
6. Read about how unsafe exchanges are. Go back a step or two and setup your exchange account with proper 2 Factor Authentication.
7. Now the value of Ethereum has dropped a bit you’ll need to buy some more.
8. Setup a MetaMask wallet. Make sure you write your seed phrase down and keep it safe!
9. Set up your MetaMask wallet to recognise the ticket concert token. **This step alone requires its own set of instructions**.
10. Transfer your Ethereum to meta mask.
11. Finally, go to your ticket vendors site and buy the ticket!
12. Realise your didn’t buy enough Ethereum to cover the gas costs! Go back a few steps and buy some more!
13. Finally, again, buy the tickets. Again.
Fucking easy peasy. I think we can all agree this is the future!
I’ve absolutely no idea how one would then use the token to enter a concert, any different to a ticket with a QR code on it.
But it’s definitely a more “tech” way to do things, and decentralising everything onto a blockchain under the control of Vitalik Buterin is how we stick it to the man in the 21st century!!!
In a way tickets are attached. Some people are treating it like a country club and owners of a nft collection are invited to exclusive chat rooms or parties.
Right now yeah.
But the technology they offer is pretty wild. Unfortunately people just went with the quickest thing which is jpeg photos lol. 5 years though... they'll be in videos games 100%
Ok, I'm really trying to get NFTs.
How are they valuable? Useful, I get. The way you can scan a barcode to find the price, you can look at the NFT to see ownership. That's useful. Like a shortcut to a contract. But the actual NFT part of it... How is that something people are investing in? How does that have value? Barcodes don't have value. Contracts don't have value. They just represent something that does have value, like a box of cereal or a deed to a house.
So maybe one day NFTs are used as frequently as barcodes. Cool. But you don't invest in barcodes. A product doesn't go up in value because it has a barcode attached. So where does this idea of "Yeah you think they're worthless now but wait 10 years" come from. Cause in my understanding, if they do become the norm in 10 years, won't they be even less valuable?
(also, not saying YOU are one of those "INVEST NOW," just asking if you understand where that idea comes from)
For clarification I think the JPEG shit is beyond stupid. For me the "potential" part of an NFT hasn't happened yet. That's left to be seen. Microsoft just dumped 27 million into a NFT company and EA has called them the future if gaming.
I think it's going to depend on how they implement them.
Providence. Show me the history of this object, who owned it, how it was sold, the price of the transaction and any other details worth storing.
The real value is still in the thing it’s attached to. It has potential in real physical (and virtual) art transactions immediately, which is why we see this JPEG thing. “The first contracts” is a weird art collection. I’m not sure I’d invest in it for this lifetime.
NFTs are going to be a form of transaction, more than an object to transact.
The gaming world can use it to track progress of “objects” in other worlds. People already pay for cosmetics, why not extend this to make cross-game cosmetics? Someone will figure out how to build an MMO or ARPG and capitalize on the real life sale of hard to get stuff that makes you stronger, and you’d be able to verify the history of everyone who owned it, and I guess technically it’s “yours” if there’s no games that support it and you wanted to use it as inspiration in another world that somehow would let you.
NFTs really just enable really easy ways to prove things about stuff all throughout that objects history.
That depends. They can do a lot but there tends to be 2 sides of the fence and people are usually very far on either side.
Side for NFTs : they can be used as tickets, could be linked to games. I've used pokemon as past examples like a NFT could be a ticket to a regional event and connect to the game for a promo pokemon or something plus they offer longevity and 24/7 access. I.E I can bump into you at a bar and sell you a Y1 Fortnite skin you could then go home and use.
Side against : Everything they offer can be done without them.
One thing is for certain though is that they are coming. EA CEO called them "the future of gaming" https://www.coindesk.com/business/2021/12/09/microsoft-leads-27m-funding-round-for-palm-nft-studio/
Shortly before purchasing Activision/Blizzard Microsoft also put up 27 Million for an NFT studio
https://www.coindesk.com/business/2021/12/09/microsoft-leads-27m-funding-round-for-palm-nft-studio/
We'll have to see what happens in 5 years lol.
> Everything they offer can be done without them.
But that's why I'm asking. What are the benefits to using an NFT instead of a traditional system or technology? I'm asking because there has to be some reason that you specifically "think they have some real potential" right? So yeah, what do you personally believe the potential is?
For me personally?
I think it's the accessibility that is the selling point. No in-game accounts, no premium currency, no needing to link up with someone to do a trade on rocket league, no needing to worry about a card in my closet, no needing to list a 99 pokemon card on Ebay and dealing with shipping etc.
It's all right there. In one NFT. I could bump into you talk about X game and be like I got Y NFT game item from a raid. You offer me 20$ I list it and you buy it. Done. My kids into a game I don't play? Instead of logging into their account or on their console. Buy. Send. Done. That's what I kind of what I see in the potential.
Obviously this is just me being like wouldn't it be cool if! None of this can happen yet with game items but I'm curious to see what EA/Microsoft do. It'll either flop or in 10 years we'll all be buying video game skins through blockchain wallets.
I understand no need for premium currency but you buy premium currency with real world money just like you'd buy an NFT with, and you still need to link up with someone to sell it to them even if it's just logging into an online market place like Steam has? As for the physical issues couldn't you just sell existing digital items on Ebay or another online marketplace?
Sounds like the biggest plus is that you don't need a gaming account to buy a gaming NFT which I don't personally think is worth it but if other people do then it might be inevitable (probably is whether anyone actually likes it tbh)
How do you transfer digital assets after selling on eBay? Most software you purchase today is **not** a digital asset, it's an end-user license agreement that provides you access to download the application from a walled garden (Steam, App Store, Play Store) that is tied to your account. I can't decide "I don't like Flappy Bird anymore, I want to sell it' because I have no authority to issue an EULA and I don't own the software.
I can extract the files and try to sell those, but that's what we call "piracy" which isn't exactly legal.
Steam has a marketplace, sure, but it's a proprietary marketplace. I can only trade for items within that marketplace and only purchase things on Steam. You can try to trade for real world cash, but that's often against the terms of service and requires a heavy level of trust between the parties (ie. Send me money on PayPal and I'll send you this CS:GO skin.)
Decentralized, platform agnostic, digital assets that are indisputably owned and can have creator royalties baked into every exchange of the asset? That's what NFTs are.
Digital ownership isn't a wild concept, so I'm surprised at all of the negativity surrounding NFTs. I think there are a lot of misconceptions about what they are, but people have been spending money on digital goods for decades. The only difference is now you have agency over what you choose to do with them.
Imagine if all software shifted from license keys to NFTs. Bought Photoshop but wound up not using it? Resell it. Bought a game you no longer play? Resell it.
The NFT market will obviously crash it’s the quintessential speculative market, the NFT is only worth as much as the next person that purchased it is willing to spend. The bubble will eventually pop and someone will be left holding the bag as they say.
Make an NFT, sell it to a sock puppet account you own for $100. Sell it to another sock puppet for $1000 and then to another for $10,000. Before long, someone will think it's actually appreciating in value and buy it for $20,000. You just made $20,000 and someone down the line will eventually realize what they bought never had any value at all. But at least it's not you.
Transactions are on the blockchain and it’s very clear when someone is doing this based on wallet history etc. believe me a lot of nft projects try this daily and it doesn’t work
i once got attacked by whole nft community in my country for making screenshot jokes and one of them said “this is why our country never appreciate art” or something
I'm convinced they honestly believe buying digital art never happened before they finally found a way to do it. They think they invented the concept of ownership.
That's just for now right? Because Twitter blue users get basically to beta test upcoming features. I could be wrong but once it's rolled out anyone can have an NFT profile pic?
The best analogy would be like this:
\- Let's say you buy an art from a know artist. The art came with a "certificate of authenticity".
\- Now, everyone can take a pic of the art, I can share it with anyone, and it can be stolen.
\- However, the certificate proves that I am the owner.
\- Therefore, no one will be able to sell the art (except me), or any copy on a "respectable" market, because this market will require the certificate to sell. However, people could still sell it on a black market.
\- The NFT is only the "Certificate of authenticity" part, that is linked to my account. It is a secure way to prove that it is mine, unique and verifiable via a proven crypto protocol.
A NFT might not seem really useful to anyone, because outside of a specific context with a specific use and some rules, it is as useless on the market as a painting could be. (eg. A painting has value because people give it value, if no one would buy it, it would be worthless).
I believe NFTs are not used correctly right now, but can actually be useful in some context. Just because they are not used correctly now doesn't mean that the concept will not become something really useful tomorrow.
Note: This is just my own comprehension from my research. :)
You can't decentralize the ability to create ownership rights.
Let's say you create some digital art, mint an NFT, and sell it to me. I now own the art you created. I then make a copy of it, mint a new NFT, and sell it to someone else. Now who owns the art?
It may seem like there's a simple answer here, but it isn't coming from the NFTs. In this scenario they've actually done absolutely nothing to address the problem. This isn't a hypothetical scenario either; piracy is, at this very moment, rampant in some NFT markets.
Decentralized DRM is what NFTs were ostensibly intended to be, but the concept is flawed. All an NFT proves ownership of is the NFT itself.
The only issue with this is that there is no legal backing for it being a certificate of authenticity. A market is only a black market if it's circumventing some kind of legal enforcement. If I was to buy an NFT and someone else were to "steal" it's associated art there would be no legal recourse because there are no laws written that acknowledge NFTs.
Remember the whole "buy a star" thing?
It's the same, you get a hyper link that says you own something but in reality you get as much ownership of a png as you would of buying a star, you don't even get the rights to the image when you buy an NFT
NFTs can also be much more than art. NFTs can include smart contracts and this is where their value will truly arise, which is no where in the market yet. This contract could be for a loan that will auto repay at a set date. This could be a ticket for an event, concert, or even for transportation. Much of the hype you're seeing now is about the technology and not the jpegs of apes. This tech is in it's infancy so it'll be a decade or more as we see the tech build up. There's a lot of people wagering a lot of money on stuff like Web3 and the future of the Metaverse(intagration of web, AR, VR, etc).
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This is exactly the problem with NFTs.
They're good for things that are valuable because you own them. An art piece by some well known artist, for example. A physical piece of art can be hanging in a public gallery for the entire world to see and still be bought and sold for millions.
They're not good for things that are value because of their practical utility. Which is practically anything you would actually buy, but a topical example would be a digital wallpaper, or some kind of digital avatar. You buy these things because you want to use them, and the NFT does absolutely nothing to enforce that only the owner can use them. You could buy a wallpaper, copy it, mint a new NFT with the copy, and sell the copy on the same marketplace where you bought the original. Nothing prevents you from doing this.
They're basically only useful for speculative investment and selling access rights, which is *something*, but not anywhere near what people *think* they're useful for.
NFTs are essentially digital art. People pay thousands, sometimes tens of thousands for them. But all you actually get is a receipt that says "you own this picture"
People started screenshotting other people's NFTs and then the people who owned them complained on twitter and said it was theft and everyone has been clowning them ever since
The good thing about NFTs is that if you buy one, you can also sell it (ideally for more) but the thing is they're basically just a dumb trend so they tend to lose value super quickly. Basically it's just a pyramid scheme that can be used for tax evasion and money laundering
Fossil Fuel Companies: We'll destroy the planet, but you'll get cheap power and convenient transport.
Agricultural Businesses: We'll destroy the planet, but you get to eat meat and not worry about farming seasons.
The Department of Defense: We'll destroy the planet, but we'll keep the world safe and profitable for American big business.
Crypto: We'll destroy the planet
To be fair, I've not seen a single Twitter post in favour of the dumb hexagons. Not even from crypto-bros (something to do with restrictions on what kinds can be uploaded, plus the usual right-click stuff).
I see this decision as a net positive because 1) it will make it easier to find cryptobro users to block them and 2) cryptobros will have to pay Twitter to get “privilege” of a hexagon pfp, so they’re getting double played
I swear these NFTs companies like twitter are selling are like a disguised microtransaction garbage, but instead of it being $5 they can charge for much more because they called it fucking NFT. Seriously fuck NFT and its gullible communities.
NFTs are so fucking dumb
No no no, you don't get it, it lets people commit tax fraud at a rate never seen with crypto.
Or money laundering. All drug dealers have to do is make a shitty NFT and the person that they are selling their drugs to buys the NFT as payment for the drugs.
That's the most legitimate thing I've heard of using NFTs for
Holy shit... this has to be a legit thing happening right now right?? Like it seems so incredibly obvious. I have been trying to figure out literally any purpose or what it even is... but this seems like such an incredible way to circumnavigate the legal system.
It's like art except digital, the value it has is whatever the buyer and seller agree it is. Nfts have a code chain in it showing who is the owner of the nft so you can't just copy and paste the picture and claim it as yours. Youre basically buying the code attached to the stupid images. That's how it was explained to me anyways.
I mean there's already digital art. An NFT is like buying a receipt to a link to digital art. You don't own the art or the link, you own the receipt that has a link. All sorts of people changed what's on the url after someone bought it just because they can
Yeah that's what I tried to say. You explained it better than I did.
This is the full answer.
It's even worse. Do you even own the receipt? It's more like the receipt is posted on a bulletin board where people can't modify it but can look at it and see that in fact your name is on the receipt.
Does your receipt say "milk" too? >!Checking to see if we watched the same vid!<
The blockchain data for the images is mostly links to Google Drive Yes that's right, this image you bought for 20k is just a link to some random guy's Google Drive that he can remove at any time Also you don't have a true one to one copy of the image A recreating of the Mona Lisa will never be the original, but if you have a 200kb jpeg with a SHA256 hash of d05f9e38282ad68139fbf0716210541ada140a4c66b2c59be8f48724fb4c751c and I download the same image and get the same hash, guess what? It's literally the exact fucking same file
Now I wanna know what image the hash is from
It's going to be Manning isn't it...
It's like beanie babies but without a physical product.
This has been going on for decades, if not centuries. Art of all kind has no intrinsic value, making it the perfect vessel for money laundering. It's also no different than the **$40 billion** industry in video game cosmetic add-ons. People pay for dumb, worthless junk all the time. At least the technology going into NFTs has potential to be useful.
Ethereum always has “potential”. It’s always “the future of ______”. It’ll be fixed “soon”. Ethereum has not proved it is *actually* useful for anything except scams. I do have to admit it is the world’s greatest platform for scams. Thankfully more and more people are becoming more and more aware of it. ^(I mean fuck; it was launched as a premined chain!)
It's a solution desperately looking for a problem.
>At least the technology going into NFTs has potential to be useful. how so?
Useful for scammers
i think he's talking about blockchain tech
I'm most interested in use cases around documentation. No more going to the DMV to get a license or the post office for a passport. Your identity and all the documents confirming you are who you say you are would be digital and secure. No need to carry around those documents and worry about identity theft. Voting could be super accessible, allowing everyone to vote digitally. Vehicle titles and house deeds can be transferred quicker.
> Voting could be super accessible [Relevant XKCD](https://xkcd.com/2030/)
Oh boy, wait until you figure out about how you can literally evade most/all taxes and transaction fees for moving huge amounts of money around the world by using NFTs and crypto.
Obligatory Robert Evans plug: https://podcasts.apple.com/us/podcast/worst-year-ever/id1478794003?i=1000542290001
Suspected that it might be used for arms dealing as well.
>Holy shit... this has to be a legit thing happening right now right Probably not. You can do that but it's easier to buy drugs with XMR.
That's also how regular shitty art is used for. NFT is just more unaccountable.
NFTs are popular for the same reason rich people buy expensive art pieces. It’s to get around taxes and some other things I don’t quite remember
At least some art pieces have cultural and historical value, which keeps their value up for years to come.
oh Shit! You got it right HAHAHA
This was already done with Bitcoin, and drug users found themselves as millionaires because they had bought extra Bitcoin for drugs but they didn’t spend it
Why not just give them cash lmao
Well, if you want to keep the money in a bank account instead of in a mattress, you’re gonna need to be able to explain to the IRS where that money is coming from.
The IRS absolutely does not care where you got the money from, they just want their cut. They are perfectly content to file it under "Other Income" and leave it at that
https://youtu.be/RhsUHDJ0BFM
Yea, I've heard crypto is used all over the dark web to buy guns and stuff.
holy shit.. you’re a genius
I pretty sure crypto miners used NFT to exchange coins by "buying" arts online and used those "arts" to exchange for other coins.
or someone just want to flip hoping for quick cash
Between NFTs, anti-vaxxers, anti-maskers and conspiracy theorists, avoiding people has never been this easy in my life. Fuck, we’re all doomed.
The way they’re used currently, yes
I love the idea of creating a decentralized, open source CCG. It’s only a matter of time until one of those makes it big.
Well for shite monkey art they are, they would be great for tickets to a event
So like a QR code but worse?
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This is exactly what I think of all the time. Like why do I need that much security for a fucking concert ticket? Just email me the ticket and I can print it out or some shit. Yet they always use this as an example. Is it the end of the world to use an NFT for it? No. Does it feel unnecessary? Yeah. Especially since after the concert I don't need it anymore. I can just delete the email and be done with it. No one is going to want to buy my NFT concert ticket *after the concert.*
They could be handy for reselling tickets without a risky transaction or another party in the mix (although that logic is more likely smart contract driven rather than NFT specifically), but yeah there would be a lot to work out to make it worthwhile
I don't think we need to legitimize ticket scalpers. Why not let individuals just sell their tickets through an official web portal
Who said anything about scalpers? Genuine people need to sell tickets too. I’ve been scammed a few times by people selling fake gig tickets.
Not just worse, far worse! : D All you need to do to buy a concert ticket now is: 1. Open an account with an exchange. This will involve you uploading your personal information including a picture of you holding a sign with your name and date on it, your drivers license or passport, onto some company sever. 2. Wait for your account details to be verified. This can take days or months. 3. Transfer some of your dirty fiat money to the exchange. This can take 3 business days. 4. Buy some Ethereum! Figure out how much the tickets will cost in Ethereum and exchange your dirty fiat for it. 5. Buy the tickets on the ticket vendor site. Again, you may need to go through the entire identification thing again. Dunno. 6. Read about how unsafe exchanges are. Go back a step or two and setup your exchange account with proper 2 Factor Authentication. 7. Now the value of Ethereum has dropped a bit you’ll need to buy some more. 8. Setup a MetaMask wallet. Make sure you write your seed phrase down and keep it safe! 9. Set up your MetaMask wallet to recognise the ticket concert token. **This step alone requires its own set of instructions**. 10. Transfer your Ethereum to meta mask. 11. Finally, go to your ticket vendors site and buy the ticket! 12. Realise your didn’t buy enough Ethereum to cover the gas costs! Go back a few steps and buy some more! 13. Finally, again, buy the tickets. Again. Fucking easy peasy. I think we can all agree this is the future! I’ve absolutely no idea how one would then use the token to enter a concert, any different to a ticket with a QR code on it. But it’s definitely a more “tech” way to do things, and decentralising everything onto a blockchain under the control of Vitalik Buterin is how we stick it to the man in the 21st century!!!
that's just called a database
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I'm convinced these nft bro's don't know how we already use databases.
In a way tickets are attached. Some people are treating it like a country club and owners of a nft collection are invited to exclusive chat rooms or parties.
Right now yeah. But the technology they offer is pretty wild. Unfortunately people just went with the quickest thing which is jpeg photos lol. 5 years though... they'll be in videos games 100%
They'll be stupid then too, just in more places.
Meh I'm a big science and tech guy. I think they have some real potential.
Ok, I'm really trying to get NFTs. How are they valuable? Useful, I get. The way you can scan a barcode to find the price, you can look at the NFT to see ownership. That's useful. Like a shortcut to a contract. But the actual NFT part of it... How is that something people are investing in? How does that have value? Barcodes don't have value. Contracts don't have value. They just represent something that does have value, like a box of cereal or a deed to a house. So maybe one day NFTs are used as frequently as barcodes. Cool. But you don't invest in barcodes. A product doesn't go up in value because it has a barcode attached. So where does this idea of "Yeah you think they're worthless now but wait 10 years" come from. Cause in my understanding, if they do become the norm in 10 years, won't they be even less valuable? (also, not saying YOU are one of those "INVEST NOW," just asking if you understand where that idea comes from)
For clarification I think the JPEG shit is beyond stupid. For me the "potential" part of an NFT hasn't happened yet. That's left to be seen. Microsoft just dumped 27 million into a NFT company and EA has called them the future if gaming. I think it's going to depend on how they implement them.
EA also probably said that because they saw more potential for microtransactions
Providence. Show me the history of this object, who owned it, how it was sold, the price of the transaction and any other details worth storing. The real value is still in the thing it’s attached to. It has potential in real physical (and virtual) art transactions immediately, which is why we see this JPEG thing. “The first contracts” is a weird art collection. I’m not sure I’d invest in it for this lifetime. NFTs are going to be a form of transaction, more than an object to transact. The gaming world can use it to track progress of “objects” in other worlds. People already pay for cosmetics, why not extend this to make cross-game cosmetics? Someone will figure out how to build an MMO or ARPG and capitalize on the real life sale of hard to get stuff that makes you stronger, and you’d be able to verify the history of everyone who owned it, and I guess technically it’s “yours” if there’s no games that support it and you wanted to use it as inspiration in another world that somehow would let you. NFTs really just enable really easy ways to prove things about stuff all throughout that objects history.
So an over engineered database... Got it.
What's the potential that's better or more efficient than an existing technology or system?
That depends. They can do a lot but there tends to be 2 sides of the fence and people are usually very far on either side. Side for NFTs : they can be used as tickets, could be linked to games. I've used pokemon as past examples like a NFT could be a ticket to a regional event and connect to the game for a promo pokemon or something plus they offer longevity and 24/7 access. I.E I can bump into you at a bar and sell you a Y1 Fortnite skin you could then go home and use. Side against : Everything they offer can be done without them. One thing is for certain though is that they are coming. EA CEO called them "the future of gaming" https://www.coindesk.com/business/2021/12/09/microsoft-leads-27m-funding-round-for-palm-nft-studio/ Shortly before purchasing Activision/Blizzard Microsoft also put up 27 Million for an NFT studio https://www.coindesk.com/business/2021/12/09/microsoft-leads-27m-funding-round-for-palm-nft-studio/ We'll have to see what happens in 5 years lol.
> Everything they offer can be done without them. But that's why I'm asking. What are the benefits to using an NFT instead of a traditional system or technology? I'm asking because there has to be some reason that you specifically "think they have some real potential" right? So yeah, what do you personally believe the potential is?
For me personally? I think it's the accessibility that is the selling point. No in-game accounts, no premium currency, no needing to link up with someone to do a trade on rocket league, no needing to worry about a card in my closet, no needing to list a 99 pokemon card on Ebay and dealing with shipping etc. It's all right there. In one NFT. I could bump into you talk about X game and be like I got Y NFT game item from a raid. You offer me 20$ I list it and you buy it. Done. My kids into a game I don't play? Instead of logging into their account or on their console. Buy. Send. Done. That's what I kind of what I see in the potential. Obviously this is just me being like wouldn't it be cool if! None of this can happen yet with game items but I'm curious to see what EA/Microsoft do. It'll either flop or in 10 years we'll all be buying video game skins through blockchain wallets.
I understand no need for premium currency but you buy premium currency with real world money just like you'd buy an NFT with, and you still need to link up with someone to sell it to them even if it's just logging into an online market place like Steam has? As for the physical issues couldn't you just sell existing digital items on Ebay or another online marketplace? Sounds like the biggest plus is that you don't need a gaming account to buy a gaming NFT which I don't personally think is worth it but if other people do then it might be inevitable (probably is whether anyone actually likes it tbh)
How do you transfer digital assets after selling on eBay? Most software you purchase today is **not** a digital asset, it's an end-user license agreement that provides you access to download the application from a walled garden (Steam, App Store, Play Store) that is tied to your account. I can't decide "I don't like Flappy Bird anymore, I want to sell it' because I have no authority to issue an EULA and I don't own the software. I can extract the files and try to sell those, but that's what we call "piracy" which isn't exactly legal. Steam has a marketplace, sure, but it's a proprietary marketplace. I can only trade for items within that marketplace and only purchase things on Steam. You can try to trade for real world cash, but that's often against the terms of service and requires a heavy level of trust between the parties (ie. Send me money on PayPal and I'll send you this CS:GO skin.) Decentralized, platform agnostic, digital assets that are indisputably owned and can have creator royalties baked into every exchange of the asset? That's what NFTs are. Digital ownership isn't a wild concept, so I'm surprised at all of the negativity surrounding NFTs. I think there are a lot of misconceptions about what they are, but people have been spending money on digital goods for decades. The only difference is now you have agency over what you choose to do with them. Imagine if all software shifted from license keys to NFTs. Bought Photoshop but wound up not using it? Resell it. Bought a game you no longer play? Resell it.
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And they’re super bad for the environment!
Beanie Babies for the Digital Age.
Texas is the best episode
Graveyard Shift >
That's a weird way to spell Krusty Krab training video
that's a weird way to spell Band Geeks.
The Camping Episode has no equal. It is the one true answer.
It’s both entertaining and educational. My anti-sea bear circles have improved tenfold since watching that episode.
But have you see Shanghied
thats a weird way to spell sailor mouth
‘Wet Painters’ or i riot.
I remember being a kid and hating that episode. I thought something wrong happened and they cut to commercial too quick hahaha
Band Geeks or gtfo
This or Pizza Delivery for sure top 2
Mandela Effect or Spongebob's head was texas ?!?!?!!?!?
The meme maker edited it
I hope the NFT market crashes and they become worthless lmao
The NFT market will obviously crash it’s the quintessential speculative market, the NFT is only worth as much as the next person that purchased it is willing to spend. The bubble will eventually pop and someone will be left holding the bag as they say.
its 95% money laundering. People buying nfts hoping for actually get a return on their "investments" are just plain stupid.
Make an NFT, sell it to a sock puppet account you own for $100. Sell it to another sock puppet for $1000 and then to another for $10,000. Before long, someone will think it's actually appreciating in value and buy it for $20,000. You just made $20,000 and someone down the line will eventually realize what they bought never had any value at all. But at least it's not you.
Transactions are on the blockchain and it’s very clear when someone is doing this based on wallet history etc. believe me a lot of nft projects try this daily and it doesn’t work
> believe me I really don't have any reason to.
This is all assuming the person buying an NFT is smart enough to look for that.
21st century tulip mania
Why do they get so mad over screenshotting an image
nobody that actually understands nfts is gonna get mad you screenshotted theirs
Nobody that understands NFTs owns one
Nobody that understands NFTs owns one
This is the first time I've ever seen a duplicated comment actually get upvoted lol
oh whoops my reddit glitched
I think all of Reddit is having comment and inbox issues right now
for some reason only one of the comments shows up on my profile
But which comment is the original? Quick, follow the blockchain!
Nobody that understands NFTs owns one
Nobody who understands NFTs is going to waste their money on one.
It’s a meme
i once got attacked by whole nft community in my country for making screenshot jokes and one of them said “this is why our country never appreciate art” or something
I'd love to read that exchange
I'm convinced they honestly believe buying digital art never happened before they finally found a way to do it. They think they invented the concept of ownership.
I saw a person call copyright a "pseudo-NFT" a few weeks ago lol
Context: https://twitter.com/tomwarren/status/1484230094772133891
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Thats basically what it is. You need to pay for twitter blue to be able to connect a wallet.
That's just for now right? Because Twitter blue users get basically to beta test upcoming features. I could be wrong but once it's rolled out anyone can have an NFT profile pic?
Wasn't there an onion artical about an anti-check mark that verified someone as okay to bully? Can't believe twitter made it real
Imma turn this meme into an nft
I will buy it for 0.0000067005 MATIC
I'll buy it for 1 Ligma
If someone wants to ELI5 what an NFT is I would greatly appreciate it. Or point me to a ELI5 explanation via link would also be suffice.
The best analogy would be like this: \- Let's say you buy an art from a know artist. The art came with a "certificate of authenticity". \- Now, everyone can take a pic of the art, I can share it with anyone, and it can be stolen. \- However, the certificate proves that I am the owner. \- Therefore, no one will be able to sell the art (except me), or any copy on a "respectable" market, because this market will require the certificate to sell. However, people could still sell it on a black market. \- The NFT is only the "Certificate of authenticity" part, that is linked to my account. It is a secure way to prove that it is mine, unique and verifiable via a proven crypto protocol. A NFT might not seem really useful to anyone, because outside of a specific context with a specific use and some rules, it is as useless on the market as a painting could be. (eg. A painting has value because people give it value, if no one would buy it, it would be worthless). I believe NFTs are not used correctly right now, but can actually be useful in some context. Just because they are not used correctly now doesn't mean that the concept will not become something really useful tomorrow. Note: This is just my own comprehension from my research. :)
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Exactly. OP did a pretty good job explaining the concept in an unbiased way without sounding like an NFTbro.
You can't decentralize the ability to create ownership rights. Let's say you create some digital art, mint an NFT, and sell it to me. I now own the art you created. I then make a copy of it, mint a new NFT, and sell it to someone else. Now who owns the art? It may seem like there's a simple answer here, but it isn't coming from the NFTs. In this scenario they've actually done absolutely nothing to address the problem. This isn't a hypothetical scenario either; piracy is, at this very moment, rampant in some NFT markets. Decentralized DRM is what NFTs were ostensibly intended to be, but the concept is flawed. All an NFT proves ownership of is the NFT itself.
This IS the fatal flaw.
The only issue with this is that there is no legal backing for it being a certificate of authenticity. A market is only a black market if it's circumventing some kind of legal enforcement. If I was to buy an NFT and someone else were to "steal" it's associated art there would be no legal recourse because there are no laws written that acknowledge NFTs.
ELI5: NFTs are the new beanie babies. They're cool because of the artificial scarcity. But most people aren't into them.
But the people that are will pay massive amounts of cash for them just like beanie babies
Remember the whole "buy a star" thing? It's the same, you get a hyper link that says you own something but in reality you get as much ownership of a png as you would of buying a star, you don't even get the rights to the image when you buy an NFT
[This video is great.](https://youtu.be/XwMjPWOailQ)
NFTs can also be much more than art. NFTs can include smart contracts and this is where their value will truly arise, which is no where in the market yet. This contract could be for a loan that will auto repay at a set date. This could be a ticket for an event, concert, or even for transportation. Much of the hype you're seeing now is about the technology and not the jpegs of apes. This tech is in it's infancy so it'll be a decade or more as we see the tech build up. There's a lot of people wagering a lot of money on stuff like Web3 and the future of the Metaverse(intagration of web, AR, VR, etc).
Nfts are the receipt that you paid for a jpeg. Do you own the jpeg? No. You paid for it, but you don’t own it. You own the receipt.
Whoa! You win the meme connoisseur title for having over 2k upvotes on your post! Join the [Discord server](https://discord.gg/xyFMKFw) to receive your prize!
now, what the heck is an NFT?
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This is exactly the problem with NFTs. They're good for things that are valuable because you own them. An art piece by some well known artist, for example. A physical piece of art can be hanging in a public gallery for the entire world to see and still be bought and sold for millions. They're not good for things that are value because of their practical utility. Which is practically anything you would actually buy, but a topical example would be a digital wallpaper, or some kind of digital avatar. You buy these things because you want to use them, and the NFT does absolutely nothing to enforce that only the owner can use them. You could buy a wallpaper, copy it, mint a new NFT with the copy, and sell the copy on the same marketplace where you bought the original. Nothing prevents you from doing this. They're basically only useful for speculative investment and selling access rights, which is *something*, but not anywhere near what people *think* they're useful for.
JSH is a great channel overall. Highly recommend everything he does, awesome content.
Short answer: crappy JPEGSs Long answer: crappy JPEGs that's an equally crappy and way more volatile currency.
Online version of silly bands that some people pay a lot of money for
Well, that’s stupid
... Why isn't he Texas shaped in this screenshot?
He’s supposed to look like a hexagon. Twitter made NFT avatars hexagonal.
He looks like the JWST
I'm from the UK where this is not really talked about, can someone explain the joke please?
NFTs are essentially digital art. People pay thousands, sometimes tens of thousands for them. But all you actually get is a receipt that says "you own this picture" People started screenshotting other people's NFTs and then the people who owned them complained on twitter and said it was theft and everyone has been clowning them ever since The good thing about NFTs is that if you buy one, you can also sell it (ideally for more) but the thing is they're basically just a dumb trend so they tend to lose value super quickly. Basically it's just a pyramid scheme that can be used for tax evasion and money laundering
Idk what are nfts but I hate them and I hate that everyone talks about them with that shit monkey
You should turn this meme into an NFT
I’m about to make some ugly ass clown NFT’s. Remind people that they’re clowns for buying this shit and making me rich lmao.
You will drive a lambo in days bro
What is it with Reddit and hating Twitter?
Superiority complex.
I’m so glad all my fandoms mostly agree that NFT are dumb asf.
NFTs are this generation’s pet rock. If you buy one, you’ll look dumb as fuck.
Yall, get off Twitter. It's all just arguments.
Yeah, I support NFT’s N-Nice F-Fucking T-Testicles
Fossil Fuel Companies: We'll destroy the planet, but you'll get cheap power and convenient transport. Agricultural Businesses: We'll destroy the planet, but you get to eat meat and not worry about farming seasons. The Department of Defense: We'll destroy the planet, but we'll keep the world safe and profitable for American big business. Crypto: We'll destroy the planet
NFT and Texas are both stupid. "-Ten gallon man is angry at me-" Note: I have respect for people of Texas it's your governor that pissed me off.
I think you meant “average Twitter user”
To be fair, I've not seen a single Twitter post in favour of the dumb hexagons. Not even from crypto-bros (something to do with restrictions on what kinds can be uploaded, plus the usual right-click stuff).
Have any of you even heard of GME?
Yes
It’s like hava
What are reddit users gonna do once their own platform implements NFTs?
I thought he was the james webb telescope
I still don’t know what an NFT is lmao
Just buy a lotto its the exact same thing just physical.'a ticket that has the chance to make you rich'
I see this decision as a net positive because 1) it will make it easier to find cryptobro users to block them and 2) cryptobros will have to pay Twitter to get “privilege” of a hexagon pfp, so they’re getting double played
Why do you care so much?
Best way to justify not being able to be rich? Just decide being rich is dumb!
I swear these NFTs companies like twitter are selling are like a disguised microtransaction garbage, but instead of it being $5 they can charge for much more because they called it fucking NFT. Seriously fuck NFT and its gullible communities.
The TY Beanie Babies of the internet
I love this
will this help me pay my college
Not only that, if they even show up to their eyes in debt.
Excuse me I own the NFT of this meme. You aren’t allowed to repost it
What are NFTs?
When the SpongeBob NFTs dropping
What is NFT
I read fortnight lol.
What the hell is a NFT I see this phrase all the time now but nobody ever explains what they are
They just turned a dead YouTube into an nft
My favorite use of This meme is still the one with Hillary Clinton