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If I believe 99% of all NFTs sold were get-rich-quick scams, and because of that I've never have bought an NFT, how am I being duped? What am I missing by not

by jboy55 3y ago

If I believe 99% of all NFTs sold were get-rich-quick scams, and because of that I've never have bought an NFT, how am I being duped? What am I missing by not being involved in it? Or more accurately, what did I miss out on? Seems like I missed out as much as I missed out not getting any Beanie Babies.

nhinck2 3y ago
You missed the dopamine rush of being part of a zeitgeist!
xk_id 3y ago
It’s not up to me to know what you should spend your money on. However, your statistic makes no sense. Objectively speaking, many NFTs being minted are technical in nature, such as concentrated liquidity on AMMs; it’s nonsensical to compare this use case to beanie babies. That’s just one example. There are also private communities on social media which are gated and can only be accessed by verifying NFT ownership. Not saying you should care, but there is organic demand for access to those communities and you’re deluding yourself if you think their members are all imbeciles who believed that JPGs were actually being stored on the blockchain, or whatever. There are also examples of video games which use NFTs as interoperable assets. You probably have a very specific image of NFTs that was fed to you by crypto opponents and which is incomplete and naive. That doesn’t mean that I think you missed out on anything. That’s subjective
- dakom 3y ago
  NFTs are essentially bearer tokens, very much like literal Bearer tokens in HTTP. To take one of your examples- gating auth to a community.. the community is usually an off-chain centralized thing like Discord. Due to that, the auth logic sits behind closed doors. Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort. The only advantage of NFTs is in systems that are completely decentralized or in systems that care about verifying a wallet for some reason (_not_ the same thing as verifying a user who goes through the centralized auth of discord or xbox) So, for example, if the community itself were completely 100% on-chain. This doesn't exist because chains cannot scale the way simple socket servers do. There may be some chats or games that operate on-chain, but they are slow and feel like 30 year old tech. Afaik the most popular use case for chains is trading crypto assets. Here, NFTs can be useful for establishing auth (or other on chain utilities like the concentrated liquidity you mentioned), but then it gets to the parent's point - for someone who doesn't care about trading crypto, there isn't a compelling use case, since it all boils down to "beanie babies" - the difference is that it's not the nfts that are the beanie babies, it's the crypto ecosystem driven by circular supply/demand.
  - xk_id 3y ago
    > Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort. I’m so tired of seeing people confidently post like this about crypto. There has been so much effort put into explaining, you really have no excuse anymore to parrot it. Very easy rebuttal: NFTs can be minted in exchange for currency and can be traded between owners later – both functionalities rely on infrastructure that already exists. More complex rebuttal: you can get peer-to-peer (and even peer-to-pool) loans using your NFT as collateral (again, using permissionless infrastructure that is already built for you). How is any of this applicable right now to a HTTP header?! Also, the only people I ever heard of mentioning “videogames fully on chain” are crypto opponents; they try to come up with the most bizarre scenarios, to “prove” that crypto is inadequate. It’s so irrational. > Afaik the most popular use case for chains is trading crypto assets. Yeah, it’s almost like blockchains are designed to be financial infrastructure. At least you got the basics right, I guess.
    - agentgumshoe 3y ago
      Have you got examples of where those functions are actually used, and that they maintain the loan value consistently? nftifi.com: "secure a loan funded by a lender seeking to earn returns from their investment." Lol, It's part of the grift.
    - Nextgrid 3y ago
      > NFTs can be minted in exchange for currency So can bearer tokens, client certificates, concert tickets, etc. Put up a webpage that takes payments (including crypto if you so desire) and hands out whatever authentication instrument you want upon successful payment. > can be traded between owners later A conventional, non-chain-based system can also include this functionality. Presenting your current bearer token and a contact for the desired new owner would invalidate your current token and email them a new one. Any system where this kind of transfer makes sense and is willing to allow this kind of trade already has it - you can freely trade video game cosmetic items on most games, you can resell tickets on Ticketmaster (albeit for a fee), etc. If the platform owner doesn't want you to trade then NFTs are of no help either because the blockchain has a publicly-visible history of all trades which the platform owner can use to refuse access to any NFTs that have been traded (so if you want to trade you need to trade the actual bearer token - or private key in a cryptocurrency world - and hope the seller is honest and didn't keep a copy - again crypto/NFTs doesn't help here either). The problem is that NFTs only make sense on-chain. As soon as you go off-chain you lose most/all of the advantages of NFTs, at which point you may as well rely on an authentication instrument also issued and managed off-chain.
ilyt 3y ago
99% ? What's the 1% was used for ? I to this date haven't seen actual use case that wouldn't be either useless or "why you can't just a database, you own all of the ecosystem around it anyway".

by jboy55 3y ago

nhinck2 3y ago

You missed the dopamine rush of being part of a zeitgeist!

xk_id 3y ago

It’s not up to me to know what you should spend your money on. However, your statistic makes no sense. Objectively speaking, many NFTs being minted are technical in nature, such as concentrated liquidity on AMMs; it’s nonsensical to compare this use case to beanie babies. That’s just one example. There are also private communities on social media which are gated and can only be accessed by verifying NFT ownership. Not saying you should care, but there is organic demand for access to those communities and you’re deluding yourself if you think their members are all imbeciles who believed that JPGs were actually being stored on the blockchain, or whatever. There are also examples of video games which use NFTs as interoperable assets. You probably have a very specific image of NFTs that was fed to you by crypto opponents and which is incomplete and naive. That doesn’t mean that I think you missed out on anything. That’s subjective

dakom 3y ago
NFTs are essentially bearer tokens, very much like literal Bearer tokens in HTTP. To take one of your examples- gating auth to a community.. the community is usually an off-chain centralized thing like Discord. Due to that, the auth logic sits behind closed doors. Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort. The only advantage of NFTs is in systems that are completely decentralized or in systems that care about verifying a wallet for some reason (_not_ the same thing as verifying a user who goes through the centralized auth of discord or xbox) So, for example, if the community itself were completely 100% on-chain. This doesn't exist because chains cannot scale the way simple socket servers do. There may be some chats or games that operate on-chain, but they are slow and feel like 30 year old tech. Afaik the most popular use case for chains is trading crypto assets. Here, NFTs can be useful for establishing auth (or other on chain utilities like the concentrated liquidity you mentioned), but then it gets to the parent's point - for someone who doesn't care about trading crypto, there isn't a compelling use case, since it all boils down to "beanie babies" - the difference is that it's not the nfts that are the beanie babies, it's the crypto ecosystem driven by circular supply/demand.
- xk_id 3y ago
  > Verifying an NFT has no advantages over verifying a random string that only the intended user has. i.e. traditional bearer tokens of some sort. I’m so tired of seeing people confidently post like this about crypto. There has been so much effort put into explaining, you really have no excuse anymore to parrot it. Very easy rebuttal: NFTs can be minted in exchange for currency and can be traded between owners later – both functionalities rely on infrastructure that already exists. More complex rebuttal: you can get peer-to-peer (and even peer-to-pool) loans using your NFT as collateral (again, using permissionless infrastructure that is already built for you). How is any of this applicable right now to a HTTP header?! Also, the only people I ever heard of mentioning “videogames fully on chain” are crypto opponents; they try to come up with the most bizarre scenarios, to “prove” that crypto is inadequate. It’s so irrational. > Afaik the most popular use case for chains is trading crypto assets. Yeah, it’s almost like blockchains are designed to be financial infrastructure. At least you got the basics right, I guess.
  - agentgumshoe 3y ago
    Have you got examples of where those functions are actually used, and that they maintain the loan value consistently? nftifi.com: "secure a loan funded by a lender seeking to earn returns from their investment." Lol, It's part of the grift.
  - Nextgrid 3y ago
    > NFTs can be minted in exchange for currency So can bearer tokens, client certificates, concert tickets, etc. Put up a webpage that takes payments (including crypto if you so desire) and hands out whatever authentication instrument you want upon successful payment. > can be traded between owners later A conventional, non-chain-based system can also include this functionality. Presenting your current bearer token and a contact for the desired new owner would invalidate your current token and email them a new one. Any system where this kind of transfer makes sense and is willing to allow this kind of trade already has it - you can freely trade video game cosmetic items on most games, you can resell tickets on Ticketmaster (albeit for a fee), etc. If the platform owner doesn't want you to trade then NFTs are of no help either because the blockchain has a publicly-visible history of all trades which the platform owner can use to refuse access to any NFTs that have been traded (so if you want to trade you need to trade the actual bearer token - or private key in a cryptocurrency world - and hope the seller is honest and didn't keep a copy - again crypto/NFTs doesn't help here either). The problem is that NFTs only make sense on-chain. As soon as you go off-chain you lose most/all of the advantages of NFTs, at which point you may as well rely on an authentication instrument also issued and managed off-chain.

ilyt 3y ago

99% ? What's the 1% was used for ? I to this date haven't seen actual use case that wouldn't be either useless or "why you can't just a database, you own all of the ecosystem around it anyway".