What, exactly is a NFT?
Discussion
Durzel said:
The big problem I have with the Metaverse concept, before you even consider the NFT angle, even if it's just Facebook pushing it, is that who the f
k actually wants to spend their life in a virtual world?
Sony tried it to middling success with PlayStation Home, when it didn't even involve VR, and it slowly withered away. Second Life was in the zeitgeist for a while and then - as far as I know disappeared out of the social consciousness just as quickly as it entered it. If Sony can't make it stick, I don't know what has changed now to make it suddenly viable.
If any of these platforms were striving for "real life" graphic fidelity, the level to which Unreal Engine 5 is approaching, I could sortof understand it in a Ready Player One kind-of way (but still think its dumb and would have a small market of interested consumers), but all of these things seem to be actively aiming for the Nintendo Mii experience.
Metaverse has so many issues with regular people just not wanting to don VR gear for hours on end, how dumb and janky the whole experience is when they do, before you even get on to how NFTs poison that already dead on arrival concept.
I'm convinced the only people who are pushing the Metaverse (and NFTs) are essentially people just looking to make a quick buck. Some of those people genuinely buy into it, either because it is necessary to in order to feel better about whatever bags they're holding. Some people realise it's a grift and have identified that it is a gold rush right now with potential to exploit rubes for money, and are so doing without any thought given to the longevity or intinsic value of any of it. I'd put most of the games publishers in that latter category, particularly the likes of Ubisoft.
It’s all just to monetise teens.k actually wants to spend their life in a virtual world? Sony tried it to middling success with PlayStation Home, when it didn't even involve VR, and it slowly withered away. Second Life was in the zeitgeist for a while and then - as far as I know disappeared out of the social consciousness just as quickly as it entered it. If Sony can't make it stick, I don't know what has changed now to make it suddenly viable.
If any of these platforms were striving for "real life" graphic fidelity, the level to which Unreal Engine 5 is approaching, I could sortof understand it in a Ready Player One kind-of way (but still think its dumb and would have a small market of interested consumers), but all of these things seem to be actively aiming for the Nintendo Mii experience.
Metaverse has so many issues with regular people just not wanting to don VR gear for hours on end, how dumb and janky the whole experience is when they do, before you even get on to how NFTs poison that already dead on arrival concept.
I'm convinced the only people who are pushing the Metaverse (and NFTs) are essentially people just looking to make a quick buck. Some of those people genuinely buy into it, either because it is necessary to in order to feel better about whatever bags they're holding. Some people realise it's a grift and have identified that it is a gold rush right now with potential to exploit rubes for money, and are so doing without any thought given to the longevity or intinsic value of any of it. I'd put most of the games publishers in that latter category, particularly the likes of Ubisoft.
But they don’t have money. Only their parents do.
Think Fortnite, Roblox, King, Snapchat, all that hyped b
ks to sell pay to play or old rope.I’ve just been on Apple TV getting games for my kids (free)… so much rubbish, old stuff rehashed for low power machines, worthless games by all accounts tweaked to make you pay £1.50 for a different skin, or £6 for a different aeroplane, in games that are just utter rubbish because they’re only designed to make you pay, or grind, not to be genuinely playable fun.
Honestly I’m amazed Apple even have a lot of this stuff on there as it’s morally questionable… it’s approaching gambling but aimed at kids.
But this is the thing. It’s all just shafting kids and their parents for digital rubbish in exchange for money.
There is value in it, but to think there is a second renaissance of mankind coming, or even a “new” industry/commercial opportunity about to birth into our civilisation, is just rubbish.
It’s just more pseudo gambling/exploitative crap from businesses that should know better, and arguably should have the tits regulated out of them.
I’ve said no consoles, no pay to play, no nothing.
It’s all on a PC at the TV, and it’s either free, or you buy it and that’s it.
No f
king games on mobile phones either.RichTT said:
You think insider trading doesn't happen in traditional finance? Plenty of people go to jail for it.
This person obviously isn't too bright as they should have bought the coins on separate wallets at least.
Yes the authorities come in and people get arrested, but in the unregulated world of crypto nothing happens. That's the point.This person obviously isn't too bright as they should have bought the coins on separate wallets at least.
RichTT said:
You think insider trading doesn't happen in traditional finance? Plenty of people go to jail for it.
This person obviously isn't too bright as they should have bought the coins on separate wallets at least.
"Plenty" of people don't, an incredibly small minority do, because most people are sensible enough not to do it. Ironically those most likely to get away with it are usually found in the US government, simply look at Kamal Harris's stock buying for a good weather vane as to which companies and industries are likely to benefit from government policy before it's even announced. This person obviously isn't too bright as they should have bought the coins on separate wallets at least.
But in the great world of crypto and "decentralised finance" then scams are considered par for the course, and nobody seems to care. It's a good reason why it cannot continue in it's current form - it will either be regulated and become part of regular finance, or will end up dying off naturally.
FourWheelDrift said:
Yes the authorities come in and people get arrested, but in the unregulated world of crypto nothing happens. That's the point.
Which authorities would you like to police a decentralised worldwide market?And you can't qualify that statement with the fact that nothing happens. There are plenty of high value thefts and exploits that get traced back to either real world identities or specific countries.
Condi said:
"Plenty" of people don't, an incredibly small minority do, because most people are sensible enough not to do it. Ironically those most likely to get away with it are usually found in the US government, simply look at Kamal Harris's stock buying for a good weather vane as to which companies and industries are likely to benefit from government policy before it's even announced.
But in the great world of crypto and "decentralised finance" then scams are considered par for the course, and nobody seems to care. It's a good reason why it cannot continue in it's current form - it will either be regulated and become part of regular finance, or will end up dying off naturally.
Seeing as most of the people in US congress out perform most hedge funds then yes, I agree that it happens and not enough people go to jail for it.But in the great world of crypto and "decentralised finance" then scams are considered par for the course, and nobody seems to care. It's a good reason why it cannot continue in it's current form - it will either be regulated and become part of regular finance, or will end up dying off naturally.
To say that no one cares is disingenuous. The people affected care greatly that their money has gone. Generally if a project or protocol get hacked the people running the project lose out massively as well. Are lots of people around the world learning about investor risk? Absolutely. Blind faith in an anon team, or a protocol that you can't audit yourself are massive issues.
But again, how do you police a worldwide decentralised network of users? Some steps are being taken. Bigger protocols are run by doxxed teams, get companies like Certik to audit their protocol for any concerning issues to give investors more confidence. The more that the crypto space becomes 'legit'. The more teams will go to the effort of attracting the real capital to the space as it's the only way to grow the asset class.
Decentralised finance protocols and token exchanges are not going anywhere now. The cat is well and truly out of the bag on that front. Whether or not it becomes mainstream is yet to be seen. It's still incredibly complicated and frustrating to the uninitiated lay person.
RichTT said:
But again, how do you police a worldwide decentralised network of users?
The same way you police anything. "Decentralised" doesn't mean things can't be traced and people can't be held accountable. You do it in the same way as you regulate the banking system now - the SEC (or FCA, etc) set the rules, companies are responsible for enforcing them. Require sensible KYC and AML protocols. If anything the ability to see where money moves on a public chain makes it even easier to police than regular finance. Cash is much harder to trace than Bitcoins.
It still feels like a solution looking for a problem, beyond the original bitcoin mandate of a decentralised currency.
I get the idea of “decentralised”, between random participants in corporate land, say NFTs on a platform like Shutterstock and stuff.
But it’s still going to be a centralised service run in a decentralised way so participants can use it with low overhead for the operator, justifying its existence in the first place vs classic centralised database systems.
I still see bitcoin and maybe eth making it big.
The opportunity for anything else to come in now, with a new killer idea that won’t just be applied to bitcoin or eth, is nonsensical.
But again, the value of a token per se becomes irrelevant, it’ll be the utility that has value, and the utility can’t be ‘gamed’ because everyone and their mum can utilise the utility for what is in essence the lowest possible network price (due to rampant competition between miners and providers eventually)
The whole space for now feels like an opportunity to buy on hype and irrationality.
Just like buying Tesla at 100x earnings with no dividend, when you could buy almost all other car makers with a dividend for that much…
I get the idea of “decentralised”, between random participants in corporate land, say NFTs on a platform like Shutterstock and stuff.
But it’s still going to be a centralised service run in a decentralised way so participants can use it with low overhead for the operator, justifying its existence in the first place vs classic centralised database systems.
I still see bitcoin and maybe eth making it big.
The opportunity for anything else to come in now, with a new killer idea that won’t just be applied to bitcoin or eth, is nonsensical.
But again, the value of a token per se becomes irrelevant, it’ll be the utility that has value, and the utility can’t be ‘gamed’ because everyone and their mum can utilise the utility for what is in essence the lowest possible network price (due to rampant competition between miners and providers eventually)
The whole space for now feels like an opportunity to buy on hype and irrationality.
Just like buying Tesla at 100x earnings with no dividend, when you could buy almost all other car makers with a dividend for that much…
Condi said:
The same way you police anything. "Decentralised" doesn't mean things can't be traced and people can't be held accountable. You do it in the same way as you regulate the banking system now - the SEC (or FCA, etc) set the rules, companies are responsible for enforcing them. Require sensible KYC and AML protocols.
If anything the ability to see where money moves on a public chain makes it even easier to police than regular finance. Cash is much harder to trace than Bitcoins.
Yes, no, no, yes. In that order. If anything the ability to see where money moves on a public chain makes it even easier to police than regular finance. Cash is much harder to trace than Bitcoins.
Yes, everything on chain can be tracked. There are companies that specialist in this, even in some cases able to trace funds through mixer services.
Tell me how the SEC or FCA set the rules for a decentralised app that is not hosted in one particular country or jurisdiction and not run by a traditional company, say a DAO perhaps? Who would they request are responsible for enforcing the their regulations?
Unhosted wallets are the backbone of defi. There was some very anti crypto legislation proposed in the EU parliament recently that would essentially require centralised exchanges to KYC any withdrawal to an unhosted wallet and also to centrally report anything over 1k euro. EU has become the last place that tech startups want to go to, they've lost to Asia and USA. Now, with regulations like this they will lose impetus with the fastest growing tech sector in the world.
Cash is the preferred choice of criminals, so why are government and legislators trying so hard to go above and beyond current AML and KYC regulations that have already proven to be detrimental to legit business and don't stop criminals anyway?
We all know Kyc and aml is really about capital controls in the event they’re needed, rather than stopping crime which is still utterly rife despite you assuming it couldn’t be under the current rules as they stand.
Either that or they’re all incompetent.
And possibly used as a regulatory quagmire, essentially a pay to play for money handling, so the government can always get their slice.
Either that or they’re all incompetent.
And possibly used as a regulatory quagmire, essentially a pay to play for money handling, so the government can always get their slice.
FourWheelDrift said:
thegreenhell said:
I think this highlights a disconnect between the the hype and the reality of these 'investments'.
NFT of Jack Dorsey's first tweet struggles to sell - https://www.bbc.co.uk/news/business-61102759
Emperor's New Tweet.NFT of Jack Dorsey's first tweet struggles to sell - https://www.bbc.co.uk/news/business-61102759
More bad news = https://www.pcgamer.com/nft-bored-ape-marketplace-...
"A Bored Ape NFT valued at $200,000 just sold for $200"
https://mpost.io/a-bored-ape-valued-at-200000-just...
https://mpost.io/a-bored-ape-valued-at-200000-just...
It's not a mistake if it's pretty basic tax evasion.
Also this, from the linked article...
"The ape has three rare attributes, which make it unique: a pizza slice, a motorcycle helmet, and a bone necklace."
...is like nails on a chalkboard. Those "attributes" are just randomly generated. No one outside of this world gives the slightest fk about any of it, but to read that sentence it's like we're supposed to be wowed by those totally-not-procedurally-generated-and-artificially-limited, eminently reproducable "attributes".
Also this, from the linked article...
"The ape has three rare attributes, which make it unique: a pizza slice, a motorcycle helmet, and a bone necklace."
...is like nails on a chalkboard. Those "attributes" are just randomly generated. No one outside of this world gives the slightest f
k about any of it, but to read that sentence it's like we're supposed to be wowed by those totally-not-procedurally-generated-and-artificially-limited, eminently reproducable "attributes".
"Seth Green Can No Longer Make His NFT Show, Loses Rights After NFT Gets Stolen By Phishing Scam" - https://www.youtube.com/watch?v=X6xZE9F6FuY
That's the actor and voice actor Seth Green (Buffy, Family Guy etc)
That's the actor and voice actor Seth Green (Buffy, Family Guy etc)
FourWheelDrift said:
"Seth Green Can No Longer Make His NFT Show, Loses Rights After NFT Gets Stolen By Phishing Scam" - https://www.youtube.com/watch?v=X6xZE9F6FuY
That's the actor and voice actor Seth Green (Buffy, Family Guy etc)
I saw that, I can't help thinking that there are simple solutions here. Though I also can't help thinking that not making the show may be the best option all -round.That's the actor and voice actor Seth Green (Buffy, Family Guy etc)
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