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care to share the how and the why NFTs other use cases are better than current methods?
at its very simplest, NFTs are a decentralized and autonomous way of providing ownership of intellectual property. It’s effectively a contract.
Take music. Today if I want to buy digital music, I would typically go to iTunes, pay and download that music. I paid for that music, yet Apple is still fully in control of that ownership. If they cancel or lock you out of your account or just decide to delete your music, etc., you are shit out of luck. With a music NFT, if you buy it, it’s yours, you own a copy in your wallet, no one can remove it or delete it. Additionally, the music industry is known for being terribly inefficient with a ton of middlemen where the artist gets screwed out of their money for the music they create. NFTs and their smart contract capabilities alllow for things like getting a cut when your NFT is resold, etc. So an artist could sell 10,000 copies of an album make money. Then if people started reselling those copies, that artist would continue to get a cut.
Take gaming, NFTs currently get a ton of hate, but think of all the games people play where they either build up vast amounts of in-game credits, loot, power-ups, etc. When game developers start releasing their games as NFTs, just like music, People could buy a game and play it for 3 months, decide to resell it on an “NFT Marketplace” and make some of my initial money back. The game developer would get incremental revenue not currently available to them on the resell. Additionally, making those in-game items NFT would allow those gamers to resell them to recoop their expense.
Thinking even more broadly, NFTs could be used to signify ownership in everything in your daily lives. Big ticket purchases like stock, real estate, car titles. Identify validation for documents like passports, licenses, medical records. Ownership of digital goods like music, videos, audio books.
Companies like Adidas and Nike are working on NFTs so that you could purchase a physical good like a sneaker or a tshirt and have it shipped to your home and that purchase would give you an NFT for the digital version of that item. You would then be able to use that digital sneaker or tshirt in game as a clothing accessory. And again, if you wanted to sell that digitize sneaker, you’d be able to sell it on an NFT marketplace, recoop some of your initial investment of your physical item, and company that created the NFT sneaker (Nike or Adidas) would get a cut of that resale.
But you'd still need some sort of service to actually play the music on. This hasn't solved the problem at all of that music service disappearing or no longer providing access to that song. You would still be unable to listen to that music but I guess at least you'd have an NFT to commemorate the fact that you were once able to listen to that song.
The NFT Internet is a magic wand that you can wave at any industry to revolutionize it
fixed it. The internet wasn’t built in a day and many people didn’t see the utility of it then either but it definitely revolutionized pretty much every industry.
The biggest current problem with web3 is it's already a centralized nightmare where shady rich people get richer. Do some of the technologies have promise? sure. Is it going to usher in a new era of a free, fair and more democratic internet and society? of course not.
Last Edit: Feb 17, 2022 16:56:23 GMT -5 by r - Back to Top
I say this as someone who is pro-crypto, if you think that NFTs will be used for a higher meaning reason and not just art and essentially trading cards, I think you are going to be let down hard.
Agreed. But mfers will buy anything. One of my kids who fucks a little with the metaverse buys early characters and sells them. I know people are paying 6 and maybe even 7 figures for e-real estate. I guess it could be beneficial if you have something close to a town center if you can later sell it for more. Almost reminds me of early simple domain names that went on to be purchased by corporations involved in some way and related to the name (hotels.com or whatever).
It’s all a big question mark for me. What becomes the proverbial Betamax? I still haven’t switched my crypto strategy though people make away more than I did. My shit just is free and goes up and down.
The NFT Internet is a magic wand that you can wave at any industry to revolutionize it
fixed it. The internet wasn’t built in a day and many people didn’t see the utility of it then either but it definitely revolutionized pretty much every industry.
comparing your shitty digital receipts to the internet is so incredibly stupid. the words do not exist to express the sheer dumbassery of that notion. fuck off
fixed it. The internet wasn’t built in a day and many people didn’t see the utility of it then either but it definitely revolutionized pretty much every industry.
comparing your shitty digital receipts to the internet is so incredibly stupid. the words do not exist to express the sheer dumbassery of that notion. fuck off
Why are you here? You clearly have no desire having an honest intellectual conversation about crypto in a…crypto thread.
comparing your shitty digital receipts to the internet is so incredibly stupid. the words do not exist to express the sheer dumbassery of that notion. fuck off
Why are you here? You clearly have no desire having an honest intellectual conversation about crypto in a…crypto thread.
My posting is 1000% more honest than deflecting criticism of NFTs by saying "but the internet"
Why are you here? You clearly have no desire having an honest intellectual conversation about crypto in a…crypto thread.
My posting is 1000% more honest than deflecting criticism of NFTs by saying "but the internet"
You’ve posted in this thread once before EVER and it was basically saying shut down crypto. You clearly have no desire to be an honest actor and just want to stir up trouble. I didn’t deflect any criticism. I provided plenty of examples and my opinion when individuals like @justkillingtime asked. You weren’t in the conversation. And the moment you entered, it was to purely try to dunk on me with classic ad hominim attacks instead of bringing any information of merit or relevance to the conversation.
You claim you are more “honest” but the only point you’ve tried to make is that I’m a dumbass. Real classy.
My posting is 1000% more honest than deflecting criticism of NFTs by saying "but the internet"
You’ve posted in this thread once before EVER and it was basically saying shut down crypto. You clearly have no desire to be an honest actor and just want to stir up trouble. I didn’t deflect any criticism. I provided plenty of examples and my opinion when individuals like @justkillingtime asked. You weren’t in the conversation. And the moment you entered, it was to purely try to dunk on me with classic ad hominim attacks instead of bringing any information of merit or relevance to the conversation.
You claim you are more “honest” but the only point you’ve tried to make is that I’m a dumbass. Real classy.
The purpose of an ad hominem attack is to make your opponent lose credibility. Hence I can not make an ad hominem attack on you, as you have no credibility.
You’ve posted in this thread once before EVER and it was basically saying shut down crypto. You clearly have no desire to be an honest actor and just want to stir up trouble. I didn’t deflect any criticism. I provided plenty of examples and my opinion when individuals like @justkillingtime asked. You weren’t in the conversation. And the moment you entered, it was to purely try to dunk on me with classic ad hominim attacks instead of bringing any information of merit or relevance to the conversation.
You claim you are more “honest” but the only point you’ve tried to make is that I’m a dumbass. Real classy.
The purpose of an ad hominem attack is to make your opponent lose credibility. Hence I can not make an ad hominem attack on you, as you have no credibility.
back to the echo chamber where nobody ever makes fun of me for saying ridiculous things like "Digital receipts are a technological advancement on par with the internet"
The biggest current problem with web3 is it's already a centralized nightmare where shady rich people get richer. Do some of the technologies have promise? sure. Is it going to usher in a new era of a free, fair and more democratic internet and society? of course not.
which companies or entities do you think are centralizing web3?
The purpose of an ad hominem attack is to make your opponent lose credibility. Hence I can not make an ad hominem attack on you, as you have no credibility.
The biggest current problem with web3 is it's already a centralized nightmare where shady rich people get richer. Do some of the technologies have promise? sure. Is it going to usher in a new era of a free, fair and more democratic internet and society? of course not.
this is the problem with crypto as a whole anyway
Of course those who have “money to lose” are gonna be able to invest more
Post by trantsgiving on Feb 18, 2022 0:29:35 GMT -5
Can I hear a legitimate argument why some people pay hundreds of thousands for the “receipt to a JPEG” of a monkey? This whole thing is totally money laundering right?
Can I hear a legitimate argument why some people pay hundreds of thousands for the “receipt to a JPEG” of a monkey? This whole thing is totally money laundering right?
same concept as owning a Tom Brady rookie trading card
Can I hear a legitimate argument why some people pay hundreds of thousands for the “receipt to a JPEG” of a monkey? This whole thing is totally money laundering right?
same concept as owning a Tom Brady rookie trading card
No it isn't, that is a tangible thing that you own. This is a receipt that says "I own the trading card stored at this location in someone else's museum, which may or may not continue to be a tom Brady rookie card depending on their whims"
same concept as owning a Tom Brady rookie trading card
No it isn't, that is a tangible thing that you own. This is a receipt that says "I own the trading card stored at this location in someone else's museum, which may or may not continue to be a tom Brady rookie card depending on their whims"
not following the stored at another persons museum which may or may not be a rookie card going forward part
No it isn't, that is a tangible thing that you own. This is a receipt that says "I own the trading card stored at this location in someone else's museum, which may or may not continue to be a tom Brady rookie card depending on their whims"
not following the stored at another persons museum which may or may not be a rookie card going forward part
So you don't know what an nft is then? Doesn't surprise me, most evangelists don't.
An art nft is a blockchain entry with a url that points to a website that hosts an image. That image could be easily redirected to goatse and there's nothing you can do about it
Can I hear a legitimate argument why some people pay hundreds of thousands for the “receipt to a JPEG” of a monkey? This whole thing is totally money laundering right?
It’s wash trading. In normal markets, yes it’s “illegal” but that doesn’t mean the SEC or CFTC actually do anything about it.
same concept as owning a Tom Brady rookie trading card
No it isn't, that is a tangible thing that you own. This is a receipt that says "I own the trading card stored at this location in someone else's museum, which may or may not continue to be a tom Brady rookie card depending on their whims"
The money in your online bank account isn’t tangible, so do you own it? Isn’t money in a bank account also simply a receipt stating you own X amount of paper backed by the US government, and couldn’t the bank change that receipt?
No it isn't, that is a tangible thing that you own. This is a receipt that says "I own the trading card stored at this location in someone else's museum, which may or may not continue to be a tom Brady rookie card depending on their whims"
The money in your online bank account isn’t tangible, so do you own it? Isn’t money in a bank account also simply a receipt stating you own X amount of paper backed by the US government, and couldn’t the bank change that receipt?
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