by Saiwania » Thu Oct 14, 2021 3:43 am
by The Alma Mater » Thu Oct 14, 2021 3:46 am
by Antipatros » Thu Oct 14, 2021 4:50 am
by Tyrassueb » Thu Oct 14, 2021 4:51 am
by Antipatros » Thu Oct 14, 2021 4:58 am
by Page » Thu Oct 14, 2021 5:24 am
by The Alma Mater » Thu Oct 14, 2021 6:22 am
Page wrote:No more or less legitimate than diamond rings and murderabilia. People will value what they will.
by Ifreann » Thu Oct 14, 2021 6:26 am
by Antipatros » Thu Oct 14, 2021 6:57 am
Ifreann wrote:My favourite explanation of NFTs is that they're essentially the same as those deeds for an acre of the Moon. All you can do is show people the receipt saying you own the thing in question, but you don't really own it in any meaningful sense. Except NFTs are also a scam to drive up the value of Ethereum.
by Luziyca » Thu Oct 14, 2021 7:04 am
by Bulgar Rouge » Thu Oct 14, 2021 7:13 am
by Ifreann » Thu Oct 14, 2021 7:23 am
Antipatros wrote:Ifreann wrote:My favourite explanation of NFTs is that they're essentially the same as those deeds for an acre of the Moon. All you can do is show people the receipt saying you own the thing in question, but you don't really own it in any meaningful sense. Except NFTs are also a scam to drive up the value of Ethereum.
Spending a lot of money on "ownership" over some pixels is not unprecedented. See the trading markets in games like TF2 or CS:GO
by Vassenor » Thu Oct 14, 2021 7:24 am
by Ethel mermania » Thu Oct 14, 2021 7:28 am
by Bulgar Rouge » Thu Oct 14, 2021 7:28 am
Vassenor wrote:Scam.
Like Etherium as a currency literally only exists because one guy needed a Cope supply after his favourite class in World of Warcraft got nerfed.
by Vassenor » Thu Oct 14, 2021 7:29 am
Bulgar Rouge wrote:Vassenor wrote:Scam.
Like Etherium as a currency literally only exists because one guy needed a Cope supply after his favourite class in World of Warcraft got nerfed.
Sure. Would you refuse 2 ETH coming to your wallet though? Unlikely.
Would you refuse an NFT that currently markets for $1 million? Also unlikely, especially if you can sell it for the same or even half price right away.
The good thing is that blockchain ecosystems self-regulate fairly well. The bad thing is that they're often blinded by hype. Not a fan of NFTs, but many of these things have at least some value.
by Ethel mermania » Thu Oct 14, 2021 7:31 am
Bulgar Rouge wrote:Vassenor wrote:Scam.
Like Etherium as a currency literally only exists because one guy needed a Cope supply after his favourite class in World of Warcraft got nerfed.
Sure. Would you refuse 2 ETH coming to your wallet though? Unlikely.
Would you refuse an NFT that currently markets for $1 million? Also unlikely, especially if you can sell it for the same or even half price right away.
The good thing is that blockchain ecosystems self-regulate fairly well. The bad thing is that they're often blinded by hype. Not a fan of NFTs, but many of these things have at least some value.
by Antipatros » Thu Oct 14, 2021 7:36 am
Ifreann wrote:Antipatros wrote:Spending a lot of money on "ownership" over some pixels is not unprecedented. See the trading markets in games like TF2 or CS:GO
Buying cosmetic in video game does give you a greater degree of meaningful ownership than buying an NFT. If I buy a hat in TF2 then I can wear that hat in TF2. That might sound like a silly thing to spend money on, but I do own the hat.
If I buy an NFT of a high quality digital image of that same hat...I can't do anything with it. Not anything that I couldn't also do if I just downloaded the image without buying the NFT. All I can do is point to the Ethereum ledger as proof that I do, in fact, own the image. Which is as good as pointing to a sheet of paper saying I own half an acre in the Sea of Tranquillity. What's bullshit about NFTs isn't the idea of valuing a digital product, it's the fact that buying an NFT doesn't give you any meaningful ownership of the digital product.
by Kandorith » Thu Oct 14, 2021 7:37 am
Luziyca wrote:I feel they're more on the scammier side of things, as is most cryptocurrencies in general: cryptocurrencies seem to only be used when it comes to either cheap marketing gimmicks or to help organised crime. Plus, considering that blockchains and the like produce more power than even Nigeria, I feel like a great way to address both the crime aspects and the climate change aspects would simply be to ban cryptocurrency and NFTs outright.
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by New Astri » Thu Oct 14, 2021 7:42 am
by Ifreann » Thu Oct 14, 2021 7:49 am
Antipatros wrote:Ifreann wrote:Buying cosmetic in video game does give you a greater degree of meaningful ownership than buying an NFT. If I buy a hat in TF2 then I can wear that hat in TF2. That might sound like a silly thing to spend money on, but I do own the hat.
If I buy an NFT of a high quality digital image of that same hat...I can't do anything with it. Not anything that I couldn't also do if I just downloaded the image without buying the NFT. All I can do is point to the Ethereum ledger as proof that I do, in fact, own the image. Which is as good as pointing to a sheet of paper saying I own half an acre in the Sea of Tranquillity. What's bullshit about NFTs isn't the idea of valuing a digital product, it's the fact that buying an NFT doesn't give you any meaningful ownership of the digital product.
For casual ownership of hats in TF2, this makes sense. Some people have huge collections of unusual items though. Like this guy, for example: https://backpack.tf/profiles/76561198261771051
He's definitely not wearing these hats in the game. He could cycle through these hats I guess, but I don't think that's why he has them.
Kandorith wrote:Luziyca wrote:I feel they're more on the scammier side of things, as is most cryptocurrencies in general: cryptocurrencies seem to only be used when it comes to either cheap marketing gimmicks or to help organised crime. Plus, considering that blockchains and the like produce more power than even Nigeria, I feel like a great way to address both the crime aspects and the climate change aspects would simply be to ban cryptocurrency and NFTs outright.
The energy thing is why projects like Cardano (ADA) should get more attention they look to solve it.
Anyway, I do not see NFTs as a scam more as a gimmick and sort of creating this futuristic idea of art and pop culture. A problem like with crypto is indeed the regulation, but many times I have been tempted (and a few times I have) to make my own NFTs from indeed my own created works. Something the local art galleries are also quite excited about is more artists looking towards the idea of NFTs.
I believe one gallery is even building its own platform to use as a national gallery for NFTs where only licensed/verified artists can share their art to be sold on the NFT market.
In the end, it is a new hype that might lay down a foundation for a whole new concept or it might actually evolve into becoming a future way of how we see art and buy/sell art.
by Ethel mermania » Thu Oct 14, 2021 8:06 am
Ifreann wrote:Antipatros wrote:For casual ownership of hats in TF2, this makes sense. Some people have huge collections of unusual items though. Like this guy, for example: https://backpack.tf/profiles/76561198261771051
He's definitely not wearing these hats in the game. He could cycle through these hats I guess, but I don't think that's why he has them.
Again, what's bullshit about NFTs isn't the idea of valuing a digital product.Kandorith wrote:The energy thing is why projects like Cardano (ADA) should get more attention they look to solve it.
Anyway, I do not see NFTs as a scam more as a gimmick and sort of creating this futuristic idea of art and pop culture. A problem like with crypto is indeed the regulation, but many times I have been tempted (and a few times I have) to make my own NFTs from indeed my own created works. Something the local art galleries are also quite excited about is more artists looking towards the idea of NFTs.
I believe one gallery is even building its own platform to use as a national gallery for NFTs where only licensed/verified artists can share their art to be sold on the NFT market.
In the end, it is a new hype that might lay down a foundation for a whole new concept or it might actually evolve into becoming a future way of how we see art and buy/sell art.
NFTs entirely are a scam. They're just a way to increase demand for cryptocurrencies.
by Antipatros » Thu Oct 14, 2021 8:11 am
Ifreann wrote:Antipatros wrote:For casual ownership of hats in TF2, this makes sense. Some people have huge collections of unusual items though. Like this guy, for example: https://backpack.tf/profiles/76561198261771051
He's definitely not wearing these hats in the game. He could cycle through these hats I guess, but I don't think that's why he has them.
Again, what's bullshit about NFTs isn't the idea of valuing a digital product.Kandorith wrote:The energy thing is why projects like Cardano (ADA) should get more attention they look to solve it.
Anyway, I do not see NFTs as a scam more as a gimmick and sort of creating this futuristic idea of art and pop culture. A problem like with crypto is indeed the regulation, but many times I have been tempted (and a few times I have) to make my own NFTs from indeed my own created works. Something the local art galleries are also quite excited about is more artists looking towards the idea of NFTs.
I believe one gallery is even building its own platform to use as a national gallery for NFTs where only licensed/verified artists can share their art to be sold on the NFT market.
In the end, it is a new hype that might lay down a foundation for a whole new concept or it might actually evolve into becoming a future way of how we see art and buy/sell art.
NFTs entirely are a scam. They're just a way to increase demand for cryptocurrencies.
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