3 ms·

The Future of NFTs: Why We’re More Bullish Than Ever

2 points by beyondrarity 4y ago

theandrewbailey 4y ago
Until there's a better second-hand market for NFTs, they will remain a ripoff.
- beyondrarity 4y ago
  There are countless secondary markets for NFTs. I do agree that the current meta of dumping bags onto unsuspecting new users isn't beneficial for anyone. That being said, are you buying for profit or are you buying for access to product, community, etc. Not every baseball card you buy is going to make money. Takes time in, research, and understanding of what has value.
  - quantified 4y ago
    When the ownership of the NFT corresponds to exclusive access to the thing that the NFT is a receipt for, they'll make more sense. I can put up any Bored Ape I want to as my Twitter image.
    - beyondrarity 4y ago
      That is already happening. NFT gated tools, services, saas, events. You can put a bored ape on your twitter PFP but you aren't getting into their party at NFT NYC.
- JohnFen 4y ago
  My problem with the concept of NFTs is that I still don't see what use they really are. All the use cases I've heard so far can be better done (or, worst case, done as well) using existing mechanisms. This article doesn't even try to make a solid case for their use. It simply declares them useful as part of their sales pitch.
fiat_fandango 4y ago
I think we're entering the "kick the dead rotting horse" stage of the NFT "game". Granted, I work in web3 and I think using NFT's as permissioning / ownership infra is cool - a lot of front end component libraries have had success here. Completely makes sense because the infra cost of keeping track of who owns what is a one time fee, the rest of the effort is offloaded onto some blockchain and you can collect royalties for your work without DRM. At this rate its hilariously meta that Dall-e and the like have obliterated the "novelty" of an NFT as "art". Giving a dead horse a shot of adrenaline won't bring the horse back to life...
- beyondrarity 4y ago
  Fair enough. Is Dall-e not art? I think it takes a certain level of skill and understanding of the tool you are using to produce good to great results. I know I can't put prompts into Dall-E and get the results I see from others. Why is that any different than Photoshop/Illustrator. I think the future of NFTs shifts from being called NFTs. They'll be collectibles, receipts, deeds, contracts, and story telling components. Look at Starbucks loyalty program they are planning to roll out. For the uninitiated they wont even realize they are interacting with the blockchain. That's where I see mass adoption. Flipping jpegs of monkeys will have their life cycle.
  - fiat_fandango 4y ago
    The Starbucks loyalty program has tangible benefits and exhibits access to a physical product. Dall-e can produce art in minutes, a skilled artist takes hours to use 3d modeling tools, photoshop etc. To most people, 3d art made by Dall-e is at least as good as a 3d artist who's spent thousands of hours practicing. Granted, I support the idea of making collectibles digital because at the end of the day its messing up the world (co2, packaging, waste etc) a heck of a lot less so morons can "collect" junk. I'll give $100 to any NFT company before I consider funding a junk hype shop like NTWRK :)
Bakary 4y ago
For the sake of discussion, let's imagine you had zero chance of ever profiting or making any money from NFTs. In that scenario, how much interest would you have about NFTs, and what topics would you talk about regarding them?
- beyondrarity 4y ago
  My biggest bull case is interoperability of game assets. Look at Fortnite for example, all your paid for skins, weapons, load outs, etc are locked to that game. If one day they decide to shut down the servers to Fortnite, you lose it all. You don't actually own anything in that game despite paying for it all. Being able to take those in-game assets and use them as items in other games, is a huge step forward from the very siloed approach currently. That allows for secondary markets to pop up as well. NFT gated services, HUGE use case. Dynamic NFTs, I use conferences and fan experiences. With dynamic metadata you can do partial art reveals by attending specific panels or shows. That's a whole new layer to audience participation. Story telling, with consequences to characters i.e NFTs. There is a lot that can be discussed without the nature of the quick flip, pump and dump.
  - Bakary 4y ago
    This is very enlightening, thanks. I can definitely see how there would be good use cases there.

2 points by beyondrarity 4y ago

theandrewbailey 4y ago

Until there's a better second-hand market for NFTs, they will remain a ripoff.

beyondrarity 4y ago
There are countless secondary markets for NFTs. I do agree that the current meta of dumping bags onto unsuspecting new users isn't beneficial for anyone. That being said, are you buying for profit or are you buying for access to product, community, etc. Not every baseball card you buy is going to make money. Takes time in, research, and understanding of what has value.
- quantified 4y ago
  When the ownership of the NFT corresponds to exclusive access to the thing that the NFT is a receipt for, they'll make more sense. I can put up any Bored Ape I want to as my Twitter image.
  - beyondrarity 4y ago
    That is already happening. NFT gated tools, services, saas, events. You can put a bored ape on your twitter PFP but you aren't getting into their party at NFT NYC.
JohnFen 4y ago
My problem with the concept of NFTs is that I still don't see what use they really are. All the use cases I've heard so far can be better done (or, worst case, done as well) using existing mechanisms. This article doesn't even try to make a solid case for their use. It simply declares them useful as part of their sales pitch.

fiat_fandango 4y ago

I think we're entering the "kick the dead rotting horse" stage of the NFT "game". Granted, I work in web3 and I think using NFT's as permissioning / ownership infra is cool - a lot of front end component libraries have had success here. Completely makes sense because the infra cost of keeping track of who owns what is a one time fee, the rest of the effort is offloaded onto some blockchain and you can collect royalties for your work without DRM. At this rate its hilariously meta that Dall-e and the like have obliterated the "novelty" of an NFT as "art". Giving a dead horse a shot of adrenaline won't bring the horse back to life...

beyondrarity 4y ago
Fair enough. Is Dall-e not art? I think it takes a certain level of skill and understanding of the tool you are using to produce good to great results. I know I can't put prompts into Dall-E and get the results I see from others. Why is that any different than Photoshop/Illustrator. I think the future of NFTs shifts from being called NFTs. They'll be collectibles, receipts, deeds, contracts, and story telling components. Look at Starbucks loyalty program they are planning to roll out. For the uninitiated they wont even realize they are interacting with the blockchain. That's where I see mass adoption. Flipping jpegs of monkeys will have their life cycle.
- fiat_fandango 4y ago
  The Starbucks loyalty program has tangible benefits and exhibits access to a physical product. Dall-e can produce art in minutes, a skilled artist takes hours to use 3d modeling tools, photoshop etc. To most people, 3d art made by Dall-e is at least as good as a 3d artist who's spent thousands of hours practicing. Granted, I support the idea of making collectibles digital because at the end of the day its messing up the world (co2, packaging, waste etc) a heck of a lot less so morons can "collect" junk. I'll give $100 to any NFT company before I consider funding a junk hype shop like NTWRK :)

Bakary 4y ago

For the sake of discussion, let's imagine you had zero chance of ever profiting or making any money from NFTs. In that scenario, how much interest would you have about NFTs, and what topics would you talk about regarding them?

beyondrarity 4y ago
My biggest bull case is interoperability of game assets. Look at Fortnite for example, all your paid for skins, weapons, load outs, etc are locked to that game. If one day they decide to shut down the servers to Fortnite, you lose it all. You don't actually own anything in that game despite paying for it all. Being able to take those in-game assets and use them as items in other games, is a huge step forward from the very siloed approach currently. That allows for secondary markets to pop up as well. NFT gated services, HUGE use case. Dynamic NFTs, I use conferences and fan experiences. With dynamic metadata you can do partial art reveals by attending specific panels or shows. That's a whole new layer to audience participation. Story telling, with consequences to characters i.e NFTs. There is a lot that can be discussed without the nature of the quick flip, pump and dump.
- Bakary 4y ago
  This is very enlightening, thanks. I can definitely see how there would be good use cases there.