NFTs: Where do you see them going?

[appleburger]

I'm pretty ignorant on the NFT trend. I understand how they work, but I'm curious to hear from you all what you've personally witnessed in this landscape.

A guy at a party I was at recently was ranting for hours about how lucrative and promising he felt the NFT business is - which for me personally sent off tons of red flags and memories of penny stock day trading, beanie babies, etc.

However, I have to admit that with my ignorance on the subject it could be more akin to pokemon cards, retro games, spoons, or anything else that has actually wound up having real value over time. Obviously none of us have a crystal ball, but I'd like to hear from folks who know more about this than I do, because even though I'm not interested in high risk investments I do find it really interesting.

 

[FAST6191]

99.99% of things presently sold, certainly anything with a measure of notoriety, will be worthless in 5 years*. Within that five years you might encounter some of those greater fools that the economic theory talks of but it is basically gambling but not only are you against the house but you are also playing the wrong game.

As a concept a distributed ledger of ownership of either works or similar setups, never mind the donation aspects (you don't have to press a DVD and ship it to me as I have a nice MKV file or whatever that I can sell on when you get huge in 10 years, not to mention being being one of those filthy youth that is all about minimalism I don't want another DVD, I get more than internet good boy points for being a member of your group on your chosen ebegging platform). That is a solution with a real problem out there. There are some concerns (a judge can restore rights if I run off with your screenplay, harder to break cryptography) but at the same time it could well represent a solution to an otherwise expensive problem the same way various cryptocurrencies dodge problems with international transfers, banking concerns and such like.

*you mentioned beanie babies. There is still a collecting scene for them, however it is quite different to the one back when it was a worldwide thing

 

[hippy dave]

Niche limited to chumps and money laundering

 

[MikaDubbz]

The thing with NFTs, is that in principle, they do have a decent purpose, proving that a piece of digital art is the original. Like, some sort of way to confirm that a photoshop artist's work is the original definitely should have value, when anyone and everyone can easily just copy your image instead and say they have the original. There is merit there. The problem is, how quickly it was bastardized. Oh you want to own that digital painting, well how about owning this youtube footage of a kid all loopy after visiting the dentist? How about owning each individual bullet you shoot in a video game? How about owning an imaginary house in some imaginary virtual reality meeting space? It feels like the original intention of NFTs is quickly getting buried, with much of the public very much not interested in NFTs, which in turn I think will only hurt digital-only artists that genuinely could benefit from what NFTs was supposed to mean for their medium.

 

[The Real Jdbye]

Like all the NFTs sold are amateurish crap or people selling thousands of copies of essentially the same thing and the whole thing is a meme at this point.
It could be used by legitimate artists to sell their work, and some probably use it that way, but that's not primarily how it's being used. People are just seeing it as an investment, like crypto trading. Which I suppose is fine. Doesn't give people much reason to stick around though. They'll invest in whatever is most profitable and only stick around as long as that happens to be NFTs.

The thing with NFTs, is that in principle, they do have a decent purpose, proving that a piece of digital art is the original. Like, some sort of way to confirm that a photoshop artist's work is the original definitely should have value, when anyone and everyone can easily just copy your image instead and say they have the original. There is merit there. The problem is, how quickly it was bastardized. Oh you want to own that digital painting, well how about owning this youtube footage of a kid all loopy after visiting the dentist? How about owning each individual bullet you shoot in a video game? How about owning an imaginary house in some imaginary virtual reality meeting space? It feels like the original intention of NFTs is quickly getting buried, with much of the public very much not interested in NFTs, which in turn I think will only hurt digital-only artists that genuinely could benefit from what NFTs was supposed to mean for their medium.

Apparently stolen art is sold as NFTs constantly so that whole "proving that a piece of digital art is the original" thing goes out the window too.

 

[MikaDubbz]

Apparently stolen art is sold as NFTs constantly so that whole "proving that a piece of digital art is the original" thing goes out the window too.

Like I said, in principle, they have a decent purpose, but were quickly bastardized, both in the ways I mentioned, and yes the fact that people have stolen art and made NFTs of it themselves and claimed to be the original owners. Regardless of the fact that they have been stolen as such, there still should be some sort of reliable way to prove ownership of a digital artist's work, like I said, there is an inherit merit to the idea. Shame we'll probably never find a decent way to actually implement it without it becoming so terribly bastardized from its inception.

 

[Mikemk]

I like the idea of stocks being represented as NFTs, with each stockholder owning a fraction of a single NFT representing the company.

 

[The Real Jdbye]

Like I said, in principle, they have a decent purpose, but were quickly bastardized, both in the ways I mentioned, and yes the fact that people have stolen art and made NFTs of it themselves and claimed to be the original owners. Regardless of the fact that they have been stolen as such, there still should be some sort of reliable way to prove ownership of a digital artist's work, like I said, there is an inherit merit to the idea. Shame we'll probably never find a decent way to actually implement it without it becoming so terribly bastardized from its inception.

The other issue is that it doesn't really give you ownership of anything. The only way to own a digital file is to own the copyright to it and a NFT (perhaps with certain exceptions) doesn't grant you that. It's just a receipt showing that a transaction took place, but a transaction for what? Not the file itself, since that is publicly available. So really it's just buying nothing.
There are actually a whole host of other legal issues with NFTs as well that make them pretty worthless. It's all explained very well in this video:

 

[MikaDubbz]

The other issue is that it doesn't really give you ownership of anything. The only way to own a digital file is to own the copyright to it and a NFT (perhaps with certain exceptions) doesn't grant you that. It's just a receipt showing that a transaction took place, but a transaction for what? Not the file itself, since that is publicly available. So really it's just buying nothing.
There are actually a whole host of other legal issues with NFTs as well that make them pretty worthless. It's all explained very well in this video:

It's supposed to be proof that it's the original (again in principle). If you locate the one copy with the original NFT applied to it, then it would be fair to say that should worth more than any other copy. Ugh, I hate defending NFT to the point that I am, as it is terrible, but again, I do think that its initial pitch had merit, and I always will. But that doesn't' change how shitty the execution of it has been, and I'm sure will continue to be.

 

[Osha]

Into the trash, where they belong.

 

[3duard]

I think that the NFTs that have no usage are going to go to waste, for example, Cryptopunks, although other projects which have at least in-game usage are going to strive and probably find a middle ground where they will sit comfortably because true fans of the games are going to want to own them.
games which are 100% based on crypto will die eventually

 

[1NOOB]

the idea of NFTs are only to move money and doesnt represent anything of real purpose that could help the human in its evolution , itll only bring more problems in an aldready problematics worldwhere the usage of the planet earth and everything living on it is use to get satisfaction over everything .

 

[1NOOB]

Dude, you're too pessimistic.
and apparently, you romanticize the world you live in.
It's all about the money. I think that's obvious to everyone.

lol i hate money , and eys the world is about money it doenst mean its a good thing and you saying its obvious for everyone is simply generalising it . we failed by relying on it . also theres no romanticizing , we took control over everything and are only trying to make everything fits our needs to the detriment of others , i simply think of others before me . the disparity between the classes is way to big and crazy to be normal . people will want to make the money making wheel go round than really help ,thats also genealising , but sadly here it affect everyone connected to it , its not just personal gain .

 

[regnad]

Its the Beanie Babies of the 2020s. Except worse because at least little kids can play with Beanie Babies.

 

[Glyptofane]

Wow, Seth Green is such a hack! Everything about this story is so stupid, but I feel like it effectively summarizes the trend... and him.

Seth Green's upcoming animated show is plunged into crisis after scammer stole and sold copyrighted animated digital NFT - which was supposed to STAR as a character named 'Bored Ape'

 

[sombrerosonic]

It would probably die out very soon. Digital scarcity, what a shit idea. People who buy this shit would probity be more broke than that homeless guy outside the mcdonalds

 

[KitChan]

Wow, Seth Green is such a hack! Everything about this story is so stupid, but I feel like it effectively summarizes the trend... and him.

Seth Green's upcoming animated show is plunged into crisis after scammer stole and sold copyrighted animated digital NFT - which was supposed to STAR as a character named 'Bored Ape'

He says he got phished.
The blame should be on his grandkids for letting him on the internet unsupervised.

 

[Deleted member 586536]

simple, straight to the garbage bin where it belongs. Don't get me wrong, block chain can be useful, but this aint it chief. Not a good way of using it in the slightest.

 

[Marc_LFD]

Its the Beanie Babies of the 2020s. Except worse because at least little kids can play with Beanie Babies.

I'd say more like the Amiibos.

I remember selling mine a day before their value tanked hard, and honestly, I only got them because I wanted the costumes they had for Mario Kart 8 (Wii U). If I'd get it now, it'd be those NFC cards instead.

 

[regnad]

I'd say more like the Amiibos.

I remember selling mine a day before their value tanked hard, and honestly, I only got them because I wanted the costumes they had for Mario Kart 8 (Wii U). If I'd get it now, it'd be those NFC cards instead.

You can easily make them yourself if you have a hacked 3DS.