4 ms·

There was a lot of hype and an expectation (IMO wishful thinking) that NFTs would have a very broad penetration in the society, for example replace physical col

by ptero 4y ago

There was a lot of hype and an expectation (IMO wishful thinking) that NFTs would have a very broad penetration in the society, for example replace physical collectibles. If that did turn out to be true, most people would require a lot of handholding for taxes, complex global regulation, etc. which the Coinbase would provide, as well as collecting the exchange fees. Under this premise it is reasonable to hire up to build this framework if the investors are willing to foot the bill during the discovery phase. I am not saying this is prudent, just that it is a consistent story that they sold. This is not unique to crypto: biotech startups are raising billions a pop in a Series B (not a joke) promising to use generative AI to find miracle drugs.

krisoft 4y ago
> for example replace physical collectibles But that is crazy. It is not that hard to understand the collectibles business is emotion based. You tickle the soul of the customers just the right way so they want to own a hoard of your crap. Then you create an artificial scarcity to profit from, and a thin veneer of "but-it-is-not-a-waste-of-money-because-i-can-sell-it-later" feeling to make your customers not instantly regret the transaction. I understand that an NFT might do some of it, but to replace all the physical collectibles? Are rich businessman going to parade around wearing NFTs on their wrists? Crazy. :D
- ptero 4y ago
  I am not arguing with this, just pointing a narrative I heard many times from otherwise sane people. While I had to work hard not to roll my eyes, the story must have enough converts to pull in some serious money.
  - krisoft 4y ago
    Oh sure! I believe you 100%. I should have been clearer: I'm disagreeing with people you are describing, not with your description of people of such belief.
- humanizersequel 4y ago
  >Are rich businessman going to parade around wearing NFTs on their wrists? I know several people (some of whom could even be considered businessmen) who do exactly that.
nradov 4y ago
All for some low-effort monkey JPEGs. Lol.

by ptero 4y ago

krisoft 4y ago

> for example replace physical collectibles But that is crazy. It is not that hard to understand the collectibles business is emotion based. You tickle the soul of the customers just the right way so they want to own a hoard of your crap. Then you create an artificial scarcity to profit from, and a thin veneer of "but-it-is-not-a-waste-of-money-because-i-can-sell-it-later" feeling to make your customers not instantly regret the transaction. I understand that an NFT might do some of it, but to replace all the physical collectibles? Are rich businessman going to parade around wearing NFTs on their wrists? Crazy. :D

ptero 4y ago
I am not arguing with this, just pointing a narrative I heard many times from otherwise sane people. While I had to work hard not to roll my eyes, the story must have enough converts to pull in some serious money.
- krisoft 4y ago
  Oh sure! I believe you 100%. I should have been clearer: I'm disagreeing with people you are describing, not with your description of people of such belief.
humanizersequel 4y ago
>Are rich businessman going to parade around wearing NFTs on their wrists? I know several people (some of whom could even be considered businessmen) who do exactly that.

nradov 4y ago

All for some low-effort monkey JPEGs. Lol.