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This is fair, I wish more teams were working on the boring useful use-cases. One I particularly like is gig tickets. Represent them as NFTs, prove ownership of

by exdsq 5y ago

This is fair, I wish more teams were working on the boring useful use-cases. One I particularly like is gig tickets. Represent them as NFTs, prove ownership of the ticket as it is in your wallet, trade them for USD with anyone around the world in a single atomic transaction, use third party tools to verify a ticket is authentic (either manually copying an NFT address onto a bands website or programatically). Suddenly I can sell you a ticket to a band we both like from a link in this message and you can guarantee if you pay you get the ticket and if I send the ticket I get the payment, and you can guarantee the ticket is authentic by checking it was one of the originally minted tickets. Boring, bad UX, but solves a multi-million dollar issue in the ticket reselling market. These are the peer-to-peer systems I wish people focused on. Sadly a couple million just isn't that cool in the web3 space.

agrajag 5y ago
This is a perfectly reasonable use case, but also completely infeasible right now due to transaction costs - it could cost hundreds of dollars just to mint and transfer the NFT. Ticketmaster charges outrageous fees, but they’re nothing compared to eth transaction costs.
- exdsq 5y ago
  This is true for Ethereum, but if you look at other top 10 chains like Cardano the fees are much smaller! And proof-of-stake so it's not destroying the planet (I know Eth is going that way soon too).
  - webmaven 5y ago
    > This is true for Ethereum, but if you look at other top 10 chains like Cardano the fees are much smaller! Isn't this a temporary state of affairs? As a chain gets more popular, the fees will necessarily go up. A Dapp that must continually migrate to newer chains to provide a similar value proposition is vulnerable to being shut down, is it not? For technologies that have gatekeepers, popularity eventually drives down costs. The tradeoff for these gatekeeper-less platforms is that popularity must drive costs up for them to work. While it is possible to imagine use cases whose value equals or exceeds the cost at any point in time, it is difficult to imagine a use-case that scales in value at a rate equal to or exceeding the rate at which the costs do. Blockchains must continually find new higher value use cases or collapse in value. This isn't exactly the greater fool dynamic, but instead a 'greater foolishness'. > And proof-of-stake so it's not destroying the planet (I know Eth is going that way soon too). Proof-of-stake substitutes assets under management for transaction costs, but there is still an adverse selection problem that only gets worse over time.
rank0 5y ago
The tickets are already in closed ecosystems like Ticketmaster. It would be orders if magnitudes more efficient for them to just add resale functionality to their platform. Problem is they don’t want third party resellers. And herein lies the problem. At some point cyrpto tokens have to come back into the real world. If you can’t get $centralized_authority onboard you’re screwed. And if it’s not “decentralized” just make a freaking web app.
- derangedHorse 5y ago
  > The tickets are already in closed ecosystems like Ticketmaster. It would be orders if magnitudes more efficient for them to just add resale functionality to their platform. Problem is they don’t want third party resellers. Not really, adding a payment infrastructure that allows peer to peer payments is non-trivial. Also with smart contracts you could collect royalties on the reselling of tickets while keeping the data open enough for anyone to capitalize on creating a front end marketplace along with the original minter (which could encourage more innovation in usability). The minters also would have financial incentive to not shut down these 3rd party front end marketplaces because they can make it so that they’ll collect royalties regardless
- exdsq 5y ago
  Tickets are in TicketMaster now for sure, but maybe peer-to-peer apps removing centralized services is the real meaning behind ‘web3’.
root_axis 5y ago
The NFT and blockchain are totally pointless in this scenario, you could achieve the exact same thing using public key cryptography alone.
- exdsq 5y ago
  Sure but you’d need to set up infrastructure to allow that. This is one example that runs on the blockchain. You could have many others with no change in the underlying infrastructure. Also things like the Ethereum Name Service allow you to give names to the NFT beyond some hash so there’s some improved UX there too.

by exdsq 5y ago

agrajag 5y ago

This is a perfectly reasonable use case, but also completely infeasible right now due to transaction costs - it could cost hundreds of dollars just to mint and transfer the NFT. Ticketmaster charges outrageous fees, but they’re nothing compared to eth transaction costs.

exdsq 5y ago
This is true for Ethereum, but if you look at other top 10 chains like Cardano the fees are much smaller! And proof-of-stake so it's not destroying the planet (I know Eth is going that way soon too).
- webmaven 5y ago
  > This is true for Ethereum, but if you look at other top 10 chains like Cardano the fees are much smaller! Isn't this a temporary state of affairs? As a chain gets more popular, the fees will necessarily go up. A Dapp that must continually migrate to newer chains to provide a similar value proposition is vulnerable to being shut down, is it not? For technologies that have gatekeepers, popularity eventually drives down costs. The tradeoff for these gatekeeper-less platforms is that popularity must drive costs up for them to work. While it is possible to imagine use cases whose value equals or exceeds the cost at any point in time, it is difficult to imagine a use-case that scales in value at a rate equal to or exceeding the rate at which the costs do. Blockchains must continually find new higher value use cases or collapse in value. This isn't exactly the greater fool dynamic, but instead a 'greater foolishness'. > And proof-of-stake so it's not destroying the planet (I know Eth is going that way soon too). Proof-of-stake substitutes assets under management for transaction costs, but there is still an adverse selection problem that only gets worse over time.

rank0 5y ago

The tickets are already in closed ecosystems like Ticketmaster. It would be orders if magnitudes more efficient for them to just add resale functionality to their platform. Problem is they don’t want third party resellers. And herein lies the problem. At some point cyrpto tokens have to come back into the real world. If you can’t get $centralized_authority onboard you’re screwed. And if it’s not “decentralized” just make a freaking web app.

derangedHorse 5y ago
> The tickets are already in closed ecosystems like Ticketmaster. It would be orders if magnitudes more efficient for them to just add resale functionality to their platform. Problem is they don’t want third party resellers. Not really, adding a payment infrastructure that allows peer to peer payments is non-trivial. Also with smart contracts you could collect royalties on the reselling of tickets while keeping the data open enough for anyone to capitalize on creating a front end marketplace along with the original minter (which could encourage more innovation in usability). The minters also would have financial incentive to not shut down these 3rd party front end marketplaces because they can make it so that they’ll collect royalties regardless
exdsq 5y ago
Tickets are in TicketMaster now for sure, but maybe peer-to-peer apps removing centralized services is the real meaning behind ‘web3’.

root_axis 5y ago

The NFT and blockchain are totally pointless in this scenario, you could achieve the exact same thing using public key cryptography alone.

exdsq 5y ago
Sure but you’d need to set up infrastructure to allow that. This is one example that runs on the blockchain. You could have many others with no change in the underlying infrastructure. Also things like the Ethereum Name Service allow you to give names to the NFT beyond some hash so there’s some improved UX there too.