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Digital collectibles on Instagram is winding down
- thoughtsbykean 4y agoWhat other major companies still use NFTs?
- k__ 4y agoDefine "major company".
- internetter 4y agoI guess that means the answer is "none"
- langitbiru 4y agoTwitter. Last I checked, you have an option to use NFT as pfp.
- deleted 4y ago[deleted]
- DisposableDave 4y agoSorry for the off-topic. This whole NFT debacle would be fun for me if it didn't cost me a dear friend; he's been working full-time on his "collection" for almost two years now, convinced he's "just around the corner of making millions" out of it when it's obvious the ship has long sailed. I guess there's more to it than just NFT craze, and he's probably struggling with other things, but his new "know-it-all NFT bro" persona makes it impossible to even approach him with a normal conversation. Weird rant, I know. I simply don't know what to do anymore.
- throwieonthe 4y agosome ppl do enjoy collecting art, toys, coins, pokemon cards. but if he tells you he’s about to make millions, he might just have a gambling problem. Like stocks which can elicit same behavor.
- kordlessagain 4y agoCrypto, and now AI, are likely the great differentiators between those who seek get rich schemes and those who lever up humanity through innovation, hard work and grit. If I had the ability to migrate to another planet, the last thing I’d take with me would be an NFT image of some stupid primate.
- KyeRussell 4y agoAre we still doing “AI is the new crypto” here? I’d like to think that we’ve moved past this by now.
- inconceivable 4y agojust wait until they start really attacking AI. they'll roll out the same playbook. 1. dangerous new technology 2. that uses far too much energy (more than the entire country of X!) 3. do we really know how it works? 4. controlled by a shadowy cabal of super-coders 5. followed by a litany of anecdotal stories about victims of AI 6. and increasingly frequent and increasingly negative coverage of those getting rich off of it they also used the same playbook against the internet, and open source, and mobile/social networking. probably the original cell phones too, at some point. edit: oh, i almost forgot 7. turning the tables on any goldenboy/girl they previously pumped, then will viciously dump when the going gets tough or the inevitable fraud occurs. (unless of course they donated $40million+ to politicians) i'm under 40 and i've seen this cycle about half a dozen times.
- LeeroyWasHere 4y agoThat's been the exact playbook. Also mock what it's been used for, find the "worst" example. If not mock, as you say, label it as dangerous.
- winphone1974 4y agoIf you want to promote adoption of something like NFTs it's up to you to present the compelling use cases, not get mad at the detractors. The reaction to the reaction here is even more predictable.
- plugin-baby 4y agoMaybe read advice on how to deal with a friend or family member joining a cult. AFAIU, don’t criticise the hobby, and try to maintain contact, so that when he wants out he still has a friend.
- EGreg 4y agoWell, speaking of a cult, we have NFT.NYC in a few days here in my city. It has many corporate industry sponsors, takes over the largest hotel in Times Square for three days, and many of the billboards. Cults don’t usually have that level of industry involvement. And many people from all over the world will be coming to have fun with NFTs and try out new things. I guess Bitcoin can be considered a cult, too. HODL became a religion since 2013, after it became obvious Bitcoin wouldn’t be “an electronic peer-to-peer cash system” and the “store of value” aspect of money was the only one left.
- okeuro49 4y ago> Cults don’t usually have that level of industry involvement I think there's a level of money laundering involved.
- EGreg 4y agoI imagine it is the same with Bitcoin as well, and also highly overpriced art, and casino gambling, and investments in startups, etc.
- pcthrowaway 4y ago> Cults don’t usually have that level of industry involvement Scientology probably puts NFT-bro-ism to shame with its level of industry involvement... It's just usually less in your face about the cult part.
- EGreg 4y agoI thought about mentioning scientology for comparison, to say I don’t remember Scientology taking over Times Square with a lot of industry participants… but then again I am not part of that world so for all I know they could have a huge convention in Vegas every year, with megachurches AND some sort of new books / auditing companies etc.
- 3np 4y agoAs someone embedded in the space and tending to be an apologist for the technology here: I'm really sorry for your friend. I think due to the polarization and frenzy, the parallels to gambling and gaming addiction and the broader context of mental health is something that isn't talked about enough in a constructive manner in "investment" circles. Many aren't aware how much they're putting on the line not necessarily financially but emotionally, mentally, and identity.
- samstr 4y ago[dead]
- 23B1 4y agoYour friend is an addict and should seek gambling addiction groups.
- jterrys 4y agoYup, that's what happened to a former friend of mine. 2020 Rolls around, stock market goes crazy, everyone starts talking about something called "options". Few weeks later everyone lost a little bit of money and tapped out, not much, just a few hundred here and there. Except one friend, who blew all their savings for a high they never got again. Went hook line and sinker for GME, shitty IPO scams, NFTs, you name it. They got burned over and over. Eventually broke off contact with the friend group because of money.
- Keyframe 4y agoIt’s not weird. What you’re wittnessing is gambling addiction. Seek out advice how to approach such a person and suddenly everything will make sense.
- gumballindie 4y ago> but his new "know-it-all NFT bro" persona A bit like the emerging ai bros. Every few years we get these types bubbling up. I admire their commitment but some need a break.
- sdfghswe 4y agoI keep hearing about these ai bros. Can you give me a specific example of one?
- wellthisisgreat 4y agoMy problem too - you can’t really babble some unverifiable stuff (macroeconomic predictions, societal changes for crypto) in AI. If you don’t know how it works you are sol, bro or not.
- tetrisgm 4y agoWhat's interesting here is that it's not really affecting the perception of people who believe in web3. As someone who's working on a decentralized product, I speak with nft creators and collectors every day. They see this as a confirmation that Meta wasn't really in. There was also a perception that Polygon NFTs aren't as valuable. Interestingly, Reddit has managed to sell Polygon based profile pictures fine, and there is a healthy market for their avatars.
- RobotToaster 4y ago>Reddit has managed to sell Polygon based profile pictures fine, That probably has more to do with selling the digital equivalent of funko pops on reddit, than any technological merit.
- DANmode 4y agoBut it does bring up the ever-fascinating schism between what we as technologists think is required for a new technology to begin experiencing adoption. and what that bar actually is for consumers and corps.
- himinlomax 4y agoJust look what happened to doomsday cults when the doomsday clock ran out and no doom occured: some members left, dejected, and those who stayed doubled down in fervor.
- 3np 4y agoMore like, there have been enough boom/bust cycles by now that many are taking a recovery and future upside for granted.
- pavlov 4y ago> “What's interesting here is that it's not really affecting the perception of people who believe in web3.” I think that’s the definition of belief: it’s not derived from facts so it can’t be shaken by evidence.
- yunohn 4y agoI’ve never seen NFT features on Instagram, so I’m not sure what they’re winding down either.
- bawolff 4y agoPresumably that explains why they decided to wind it down.
- dgellow 4y agoSo, you could collect NFTs of instagram posts? What a weird concept. Reddit avatars make more sense IMHO, they work as a form of status symbol. They are displayed on all your posts and comments, so you can show off your fancy avatar everywhere. I cannot see why anyone would care about a collection of posts.
- TylerE 4y agoNo, this is avartars/PFP
- dgellow 4y agoAre you sure? Everything I see in the announcement article and documentation is about collectible posts. https://about.instagram.com/blog/announcements/instagram-digital-collectibles https://about.instagram.com/blog/announcements/instagram-dig...
- TylerE 4y ago"Once connected, creators and collectors will have the ability to choose which NFTs from their wallet they would like to share on Instagram."
- lying4fun 4y agoMany artists use instagram to display their art, and a big portion of that art is digital and it was intended to be perceived on the screen, so it can’t be collected/purchased in the traditional sense. That’s why a lot of artists I follow and deeply respect were supporting this concept - finally their 3d renders, digital images etc. can enter the art market. See @mikeyjoyce It is like a democratization of collecting art, instagram being the medium. The motivation for collecting digital art being the same as collecting physical artworks (paintings, sculptures, whatever). On the other hand, it gives you an opportunity to support the artist you like and get something in return, in a similar fashion bandcamp does with music.
- dgellow 4y ago
- samstr 4y ago[dead]
- LeeroyWasHere 4y ago[flagged]
- klodolph 4y agoNFTs have done some real damage measured in human terms. It’s natural for some people to get angry about things like that. Asking “are you all okay” sounds a lot like concern trolling, so I would not phrase your question that way. I am not going to accuse you of being disingenuous, but it is very easy to read your comment as disingenuous. People in the thread here have lost friends to NFTs the same way you might “lose” a friend to MLMs. The friend is still around, but their behavior has damaged friendships and alienated people that care about them.
- deleted 4y ago[deleted]
- jrootabega 4y ago"Wind down"? I cross this out several times with my red pen, leaving deep grooves in the paper, and offer a few sensible, meaningful, clear, definitive options: "end" "remove" "shut down" "terminate" "cancel"
- yebyen 4y agoLOL, indeed. "Winding down" is something that crypto gamblers do with their portfolios, because a free-market sell would be too devastating to the ego. (Ron Howard interjects... "They did not, in fact, wind it down.")
- ec109685 4y agoWind down seems fine. They are slowly ending the product in a somewhat graceful way.
- ryukoposting 4y agoDidn't realize this feature existed in the first place.
- deleted 4y ago[deleted]
- flappyeagle 4y agoMeanwhile wizards of the coast is out there printing money still. Such a missed opportunity for a smaller TCG to come in and get a real foothold.
- coffeebeqn 4y agoMaking a successful TCG seems to happen about once a decade. NFTs are an implementation detail in the end. One that also makes a lot of false promises that the game developers won’t want to keep. They’ll still nerf/ban overpowered cards whether they’re NFTs or not and they won’t be transferable to anything else because game devs don’t want to relinquish control of their game economies for very good reason
- fraserannette 4y ago[dead]
- loeg 4y agoFinally. Jeez.
- sdfghswe 4y agoHuh Instagram was trying to get into the business of selling magic beans, but turns out that magic beans aren't selling these days. That's a shame.