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Coinbase NFT: Create. Collect. Connect. Launching This Year
- aplummer 5y agoThe degen apes market cap is 133 million USD. Also you can download all 10000 in minutes with: mkdir copy-all-degen && cd copy-all-degen && curl -O "https://data.solanart.io/img/degenape/[1-10000].jpg" Crazy times.
- quartz 5y agoI don't follow Solana, but assuming their NFTs are the same as Ethereum's, the long-term potential value is the proof of ownership and the rights that may bring, not the image itself. I can take a picture of someone else's bank balance, I can even edit the html on a picture of my own bank account to have the same numbers and post that on twitter. It's the same pixels, sure... but it doesn't let me spend the dollars.
- Daishiman 5y agoNFTs don't bring proof of ownership. You can mint whatever. The only real protection to ownership is given through copyright and by asserting that legal right. Everything else is smoke and mirrors.
- quartz 5y agoAs a creator you absolutely CAN validate ownership of your creation uniquely from anything else ever minted. That's the whole point. Someone else can't just mint the same thing and pass the same digital validation. Example: If I were a famous artist, sold NFTs with my art, said you could only enter my gallery opening if you are an owner, you absolutely can't fake that by "minting your own". The signatures wouldn't match.
- verdverm 5y agoAlso there is an NFT for the Mona Lisa
- quartz 5y agoSure, and there are also billions (?) of photos of the Mona Lisa, countless fakes, drawings, scribbles, desktop wallpapers, and posters sold. The owners of those things aren't holding priceless art they can resell but they do definitively OWN those things despite their value generally being at or close to $0. It's the same for NFTs and your example proves my point. It's never been about the image, it's about the provenance. At least in recent history, visual content has always been copyable, and digital content PERFECTLY copyable, but NFTs are unique in that they attach an easily verifiable ownership record to digital content, much like physically holding something provides ownership in the real world to complement the physical characteristics. I don't see anyone in this post's comments calling for the end of paper because someone used it to print a photograph of the Mona Lisa and someone could potentially try to sell it (although I imagine some people argued this when photographs came about). New mediums have always started their lives looking like copies of old mediums.
- verdverm 5y ago> but NFTs are unique in that they attach an easily verifiable ownership record to digital content Attach to as included with the download, or point at as a separate piece of data?
- siavosh 5y agoWill (are) legal courts defending NFT ownership as claims over the digital good?
- Ekaros 5y agoOwnership and rights? That would actually mean that if I buy NFT I could DMCA the original locations I downloaded it from? And possibly even in many cases any other sharers...
- randomhodler84 5y agoSigh, more trash from America’s favorite shitcoin casino. Why bother with hard decentralized money when you can buy centralized jpegs.
- gibb0n 5y agoNFTs are such a grift I wish they were just denounced, ridiculed and ignored by technologists and tech news sources
- dqpb 5y agoIt depends on what they represent.
- deleted 5y ago[deleted]
- redorb 5y agoI think this helps us get here, When a few thousand NFTs are created and have a hard time selling... eventually it'll work itself out. I also believe its a Digital Tulip, even more so than Doge coin. Even BTC (when tulips bulbs were a thing they were trading high too, it doesn't mean they have real long-ish term value)
- heavyset_go 5y agoI have to wonder about the effects of the essentially useless economic activity that the NFT market creates. No real value is created, yet absurd amounts of value are invested in it. China already banned cryptocurrencies. Meanwhile, not insignificant portions of the US tech sector along with investors, including retail investors, are investing time and capital in the cryptocurrency and NFT scam markets.
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- notamy 5y agoThis seems completely devoid of any real content. Maybe I'm just dumb, but I have no idea what this is supposed to be or what's being offered here.
- rootsudo 5y agoTrading cards, but crypto.
- fullshark 5y agoAnd Coinbase is helping its users acquire/sell/trade these digital trading cards how?
- pavlov 5y agoThe trading cards are a combination of 1) a URL on a server, 2) an on-blockchain pointer to the URL. Presumably Coinbase will be hosting the URLs and letting users pay real money to create and trade those on-chain pointers. (Yes, cryptocurrency is at a point where they're trying to make you believe that buying pointers to URLs is a revolution in art and finance and mankind's freedom.)
- deleted 5y ago[deleted]
- Daishiman 5y agoLook at OpenSea and other NFT markets. It is obvious from their layout that their purpose is the sale and speculation of the products sold there. It is evident that the quality of the "work" published is utter garbage, devoid of any aesthetic value. Now look at DeviantArt or any website dedicated to creating a community of artists and artisans. Then tell me that NFT isn't anything but a grift.
- atatatat 5y agoWhat does DeviantArt have to say about all of this?
- ve55 5y ago>Every time someone joins the waitlist using your referral link, you'll move up the leaderboard. Be first in line for early access to Coinbase NFT by referring others Interesting (but not particularly surprising) choice for ranking the waitlist members. OpenSea (which is also a YC company, wow!) has been dominating this market to an amazing extent in the last year, so it will be interesting to see how well this pans out for Coinbase. Here's a graph of NFT MM marketshare by volume for the past year: https://i.imgur.com/C0l9O1Q.png https://i.imgur.com/C0l9O1Q.png In the case of NFTs, I don't blame anyone for wanting to be the one selling the shovels, so I'm interested in seeing how this turns out for Coinbase over the next few months/years.
- deleted 5y ago[deleted]
- paxys 5y agoThis is a genius marketing tactic in general. Announce a new feature, artificially introduce a line to get in, move people up the line if they bring in their friends, now the friends want to move up the line as well. The MLM guide to product launches. Robinhood was I believe the first one to apply this in a major way.
- wyager 5y agoThe natural progression of the NFT market is that the barrier to entry for creating and marketing them will become so low that the market will get flooded until the median NFT sells for $0
- thrill 5y agoSo, slightly higher than what the average artist makes for a piece of work?
- Daishiman 5y agoYou can look at the garbage on OpenSea and see that we've already reached that point. Two weeks away from being made mostly on Paint.
- quartz 5y agoShouldn't it be that? I mean, isn't that a major success case if so? That's how the physical world works. You or I can scribble whatever we want on a piece of paper and the median value of those creations is $0. It doesn't mean there isn't a valid art market that uses the same medium.
- dflock 5y agoMint an NFT of the Coinbase logo jumping over a shark.
- root_axis 5y agoWhy not? If people are willing to throw away money on glorified text files, might as well cash in on it. Any useful functionality of NFTs can be achieved using public key cryptography or digital signatures, but we're not gonna get rich with that attitude.
- lvs 5y agoMight as well have no ethical boundaries of any kind!
- SavantIdiot 5y agoIt's a scam. Mental illness, susceptibility to certain messaging, or even lack of intelligence can make people easy targets to be exploited by financial scams. Some believe they have the right to not be pillaged, because a society looks out for its weakest. Some believe: too bad, let 'em crash-n-burn and grind em into haggis when they fall. That's life. The question is: do we want to let the cons prey on the weak in our society? I'm sure it'll never possible to stamp out all the possible ways to exploit people, but I think it wouldn't hurt to help protect people who aren't hip to the con. I waffle about this issue. For example, when I see people throwing their life savings at a rich Prosperity Gospel preacher (google that shit, it is totally bonkers and elderly fall for it!) I fall into group #1, but when I see people gobbling up Kardashian NFTs, I fall into group #2. Tough call...
- fleddr 5y agoNFTs are neither a scam or a con. Words have meaning. An NFT has a clearly listed price. Pay that price and you will own it. And you will get exactly what you paid for. That's not a scam. Nobody robbed you of your money, you willingly gave it, and you got the listed product, and not something else entirely. A scenario that I would consider scammy is an NFT that is minted without permission from the original artist.
- SavantIdiot 5y ago> And you will get exactly what you paid for. What are they getting though? It's like saying when you spend $1,000 for a beanie baby (or a cabbage patch kid if you're older) you got something of transient value driven by cultural hype. On its face, yes you are right: you got a doll for a lot of money, or a token for a lot of money. But you weren't buying a doll, you were buying hype whipped up by con men that it will be worth more to another person who is conned. Dolls aren't worth thousands of dollars unless a critical mass agrees they are. Its the Austrian economic theory why diamonds are worth more than water, when water is necessary for life and diamonds are just shiny rocks. I consider that a scam too. You are correct that words do matter. We need to call these what they are: scams and cons. I think perhaps you are trying to partition a scam or a con into a "bait and switch", that is also a scam/con, at the expense of everything else. That's what it sounds like to me.
- smoldesu 5y agoThis is cool, but I'd appreciate it if they fixed the bug that perpetually locked my account with no way to verify my identity first.
- danShumway 5y ago> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go. This waitlist concept is just artificial scarcity for accounts that aren't actually scarce and that have no reason to be limited. The only way to increase your position in the queue is to advertise it and get more people lower down to buy into the premise, further pushing the illusion to everyone else that the positions at the front of the queue are valuable and in demand. In other words, it's the perfect way to launch an NFT platform.
- heavyset_go 5y agoCoinbase has relied on referral marketing for their platform for a while[1], and I can't help but draw parallels to how referral marketing is relied upon by MLMs. [1] https://www.fintechmarketinghub.com/post/coinbase-the-power-of-referral-marketing https://www.fintechmarketinghub.com/post/coinbase-the-power-...
- miles 5y agoIs there some reason "1PN6H2" is appended to the link? Is it some sort of identifier for visitors or affiliates? https://www.coinbase.com/nft/announce/ https://www.coinbase.com/nft/announce/ works just fine too. EDIT: I see now! > After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.
- FireInsight 5y agoYay, NFT pyramid schemes!
- dstaley 5y agoCan someone explain how NFTs accomplish Coinbase's mission, which is to "increase economic freedom in the world"?
- fleddr 5y agoNFTs can be anything, so the potential future use cases may be extremely diverse, but let's limit ourselves to the current main narrative, which is art. Optimistically, NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. As an example, photographers often try to monetize using stock agencies, whom fully dictate terms and give them pennies, whilst keeping most of the resell value themselves. As such, NFTs offer less gatekeepers, less or no cut on revenue, as well as new technical possibilities. The artist has far more control, and thus economic freedom. At least potentially. As to whether this actually leads to artists more successfully monetizing is another question entirely. Too soon to tell.
- dstaley 5y ago> NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. This is a benefit of cryptocurrencies in general, but doesn't explain specifically how NFTs themselves (rather than a generic selling platform not utilizing NFT tokens) increase the artist's economic freedom.
- fleddr 5y agoA generic selling platform can go under, delist you, censor you, change terms, get hacked, accidentally lose all content, can change content, they can do (almost) anything. A NFT is on chain and immutable. Further, they can have smart contracts where artists dictate advanced terms. So you have more freedom and control in general. As to whether this leads to more monetary success is another question.
- wjohnsto 5y agoWhat happens if the domain hosting your URL pointer from your NFT disappears?
- cdiamand 5y agoThe NFT space is pretty interesting. I've got some friends who are modeling the CryptoPunks prices with machine learning over at https://deepnftvalue.com https://deepnftvalue.com Pretty interesting stuff. These asset prices behave pretty exotically.
- mam3 5y agoHeres my refferal :p https://coinbase.com/nft/announce/1Q4W65 https://coinbase.com/nft/announce/1Q4W65