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There seems to be a mix of legit use cases and mania going on with the NFT craze. I can see use cases like NBA Top Shot being legit, here you have essentially t
by cloudking 6y ago
There seems to be a mix of legit use cases and mania going on with the NFT craze. I can see use cases like NBA Top Shot being legit, here you have essentially the digitization of trading cards (a proven collectable market) backed by a major sports league. The top shot "moments" have some unique advantages over traditional trading cards in that they can't be damaged/stolen/lost, can be traded instantly online, and may be more interesting to fans since they are videos vs pictures. You can see the transaction history of a moment, and in some cases NBA players themselves are trading them adding to the value for die hard fans. Being backed the NBA and unique content created specifically for the purpose of trading via NFT, I could see them having a long term value & market https://www.nbatopshot.com https://www.nbatopshot.com
Then there are ideas leaning more towards mania, essentially trying to make "NFT for X" by adding a token to every piece of digital data. For example, NFTs for tweets: https://v.cent.co/tweet/20 https://v.cent.co/tweet/20 (current bid is 2.5 million for Jack Dorsey's first tweet). I suppose these tokens have value as long there is a market for them, but at certain price points I question if they can sustain long term and if they are more trying to cash in on the mania.
Debate on this topic here: https://news.ycombinator.com/item?id=26370866 https://news.ycombinator.com/item?id=26370866
- ping_pong 6y agoWait so you can create an NFT on a tweet that you don't own? You're just claiming ownership in this NFT universe but it doesn't entitle you to anything related to the tweet does it? Meaning Jack Dorsey who "owns" the tweet didn't create an NFT on the tweet, a 3rd party did?
- cloudking 6y agoIn this system https://v.cent.co/ https://v.cent.co/ anyone can bid for a tweet, and it's up to the actual Twitter user who created the tweet to verify ownership and mint/sell the NFT via their system. All you own by buying it is the token, the real owner of the tweet could delete it any time :) see what I mean about mania?
- m12k 6y agoAn NFT really is just a commemorative plaque that says "I own [URL HERE]". It doesn't come with some crypto-backed security that only you can do anything with whatever is at the URL. It doesn't give you any legal rights unless backed by a separate contract (which could just as well have been made without the NFT). All it guarantees is that no other plaque with exactly the same words can exist on that blockchain.
- chillacy 6y agoIt reminds me of those companies that will sell you a plot of land on the moon or a star.
- deleted 6y ago[deleted]
- Hamuko 6y agoLive example: https://twitter.com/SLVTRMNDI/status/1368314035284873218 https://twitter.com/SLVTRMNDI/status/1368314035284873218
- gbertasius 6y agoSeems like case better suited to staking than NFTs.
- whywhywhywhy 6y agoThis is nothing new in the art world https://edition.cnn.com/2015/05/27/living/richard-prince-instagram-feat/index.html https://edition.cnn.com/2015/05/27/living/richard-prince-ins...