What, exactly is a NFT?
Discussion
Zumbruk said:
The reading I did was quite brief, but this was a part of ithttps://www.quora.com/What%E2%80%99s-the-differenc...
It's a few people detailing the differences between a merkle tree and a blockchain.
"A Merkle Tree is a process, a blockchain is a structure."
"Both Merkle trees and blockchains are data structures used in cryptography to verify information, but the specific goals and underlying principles are different;"
"Merkle Trees and blockchains are both part of the Bitcoin protocol, but that doesn't mean that all blockchains have to use the Merkle process, nor does it mean that Merkle Trees can only be used in blockchains."
I am not sure I have the time, and i definitely don't have the knowledge to differentiate between you saying that a merkle tree is a blockchain and others saying that is not the case. So, will have to park this point of discussion in my mind as a "tbc" likely to never be satisfied.
More smoke and mirrors to generate interest and boost the appeal - https://twitter.com/crypto/status/1494032040316088...
FourWheelDrift said:
More smoke and mirrors to generate interest and boost the appeal - https://twitter.com/crypto/status/1494032040316088...
It's like when galleries bid their artists items in auction, the only difference being with NFTs it's less shrouded in secrecy. Its there to see.
FrankAbagnale said:
FourWheelDrift said:
More smoke and mirrors to generate interest and boost the appeal - https://twitter.com/crypto/status/1494032040316088...
It's like when galleries bid their artists items in auction, the only difference being with NFTs it's less shrouded in secrecy. Its there to see."On Saturday, attackers stole hundreds of NFTs from OpenSea users, causing a late-night panic among the site’s broad user base. A spreadsheet compiled by the blockchain security service PeckShield counted 254 tokens stolen over the course of the attack, including tokens from Decentraland and Bored Ape Yacht Club.
The bulk of the attacks took place between 5PM and 8PM ET, targeting 32 users in total. Molly White, who runs the blog Web3 is Going Great, estimated the value of the stolen tokens at more than $1.7 million."
https://www.theverge.com/2022/2/20/22943228/opense...
The bulk of the attacks took place between 5PM and 8PM ET, targeting 32 users in total. Molly White, who runs the blog Web3 is Going Great, estimated the value of the stolen tokens at more than $1.7 million."
https://www.theverge.com/2022/2/20/22943228/opense...
FourWheelDrift said:
"On Saturday, attackers stole hundreds of NFTs from OpenSea users, causing a late-night panic among the site’s broad user base. A spreadsheet compiled by the blockchain security service PeckShield counted 254 tokens stolen over the course of the attack, including tokens from Decentraland and Bored Ape Yacht Club.
The bulk of the attacks took place between 5PM and 8PM ET, targeting 32 users in total. Molly White, who runs the blog Web3 is Going Great, estimated the value of the stolen tokens at more than $1.7 million."
https://www.theverge.com/2022/2/20/22943228/opense...
As I was reading that I thought there was joke coming and expected it read..."estimated value of the stolen tokens at fThe bulk of the attacks took place between 5PM and 8PM ET, targeting 32 users in total. Molly White, who runs the blog Web3 is Going Great, estimated the value of the stolen tokens at more than $1.7 million."
https://www.theverge.com/2022/2/20/22943228/opense...
k all" 
"Are people already getting bored of NFTs? Prices and sales volumes are dropping substantially."
https://knowtechie.com/are-people-already-getting-...
https://knowtechie.com/are-people-already-getting-...
Interest In NFTs And The Metaverse Is Falling Fast
https://www.forbes.com/sites/paultassi/2022/03/10/...
https://www.forbes.com/sites/paultassi/2022/03/10/...
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 fk 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.
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.
Graphical profile pic NFTs with no utility are the beanie babies of the internet. They live and die on the strength of a meme and more often than not are a NGU and then late comers are left holding the bag.
But then you have the serious OG cryptopunks, BAYC, MAYC collections that I think will live on for a long time and grow utility within the space.
And beyond that you have actual art, being sold with full ownership rights through NFT platforms. This could also extend to real world art that gets tokenised and you can own a piece (and thus the valuation) of real artwork. Same goes for property rights. An investor in South Africa could own a stake in a property in Malibu through a tokenisation of the property rights.
The metaverse could be massive, and there is some serious money piling in to 'metaverse' tokens. But it could also be a dud.
If someone had told me 10 years ago I could pay a few hundred quid for a basic VR headset that works standalone without a PC yet allows me to go climbing mountains, snowboarding, exploring the world or watching cinema size screenings then I probably wouldn't have believed them.
Given how new the tech still is, and the potential that it gives to remote workers and gamers then I think its potential is still huge. Tech will get better / smaller / cheaper over time.
But then you have the serious OG cryptopunks, BAYC, MAYC collections that I think will live on for a long time and grow utility within the space.
And beyond that you have actual art, being sold with full ownership rights through NFT platforms. This could also extend to real world art that gets tokenised and you can own a piece (and thus the valuation) of real artwork. Same goes for property rights. An investor in South Africa could own a stake in a property in Malibu through a tokenisation of the property rights.
The metaverse could be massive, and there is some serious money piling in to 'metaverse' tokens. But it could also be a dud.
If someone had told me 10 years ago I could pay a few hundred quid for a basic VR headset that works standalone without a PC yet allows me to go climbing mountains, snowboarding, exploring the world or watching cinema size screenings then I probably wouldn't have believed them.
Given how new the tech still is, and the potential that it gives to remote workers and gamers then I think its potential is still huge. Tech will get better / smaller / cheaper over time.
Edited by RichTT on Friday 18th March 14:02
RichTT said:
Graphical profile pic NFTs with no utility are the beanie babies of the internet. They live and die on the strength of a meme and more often than not are a NGU and then late comers are left holding the bag.
But then you have the serious OG cryptopunks, BAYC, MAYC collections that I think will live on for a long time and grow utility within the space.
The strength of those things are basically that they were first, so got traction. That's it. As you say - they are the OG NFTs. I'm unconvinced of any utility that can't already be conferred through means that have existed for many, many years - i.e. you didn't need NFTs to gain access to exclusive lounges, parties, events, etc.But then you have the serious OG cryptopunks, BAYC, MAYC collections that I think will live on for a long time and grow utility within the space.
RichTT said:
And beyond that you have actual art, being sold with full ownership rights through NFT platforms. This could also extend to real world art that gets tokenised and you can own a piece (and thus the valuation) of real artwork. Same goes for property rights. An investor in South Africa could own a stake in a property in Malibu through a tokenisation of the property rights.
I'm sure all of this is a dream for money launderers, which art transactions essentially already are for the most part anyway. Democratised ownership of a property is an interesting concept, but I'm not sure it survives the actual real world practical realities - e.g. who is responsible for the actual real world costs associated with maintaining it, how big a stake do you need before you can actually enjoy any real world benefit from it, etc.RichTT said:
The metaverse could be massive, and there is some serious money piling in to 'metaverse' tokens. But it could also be a dud.
If someone had told me 10 years ago I could pay a few hundred quid for a basic VR headset that works standalone without a PC yet allows me to go climbing mountains, snowboarding, exploring the world or watching cinema size screenings then I probably wouldn't have believed them.
Given how new the tech still is, and the potential that it gives to remote workers and gamers then I think its potential is still huge. Tech will get better / smaller / cheaper over time.
Those are fair points, but you could basically say that about any nascent technology. The valuations and VC investment some of these things are getting now are in fantasy land and predicated entirely on all of these things ending up being the dominant platform. Obviously VC money chases anything that can be sold as being "the next big thing", so it makes sense, but even so.If someone had told me 10 years ago I could pay a few hundred quid for a basic VR headset that works standalone without a PC yet allows me to go climbing mountains, snowboarding, exploring the world or watching cinema size screenings then I probably wouldn't have believed them.
Given how new the tech still is, and the potential that it gives to remote workers and gamers then I think its potential is still huge. Tech will get better / smaller / cheaper over time.
Durzel said:
As you say - they are the OG NFTs. I'm unconvinced of any utility that can't already be conferred through means that have existed for many, many years - i.e. you didn't need NFTs to gain access to exclusive lounges, parties, events, etc.
Times are changing. If you want to be part of the cool club, you buy your NFT as entry to the party. Otherwise the cool kids don't want you. Peer pressure and group dynamics are a powerful thing. Durzel said:
I'm sure all of this is a dream for money launderers, which art transactions essentially already are for the most part anyway. Democratised ownership of a property is an interesting concept, but I'm not sure it survives the actual real world practical realities - e.g. who is responsible for the actual real world costs associated with maintaining it, how big a stake do you need before you can actually enjoy any real world benefit from it, etc.
Well the first steps are already being made. Property has been sold for both ETH and BTC. Property has been auctioned and sold with an NFT denoting ownership.https://blockworks.co/a-real-estate-backed-nft-sol...
Once this gets going it's going to move fast.
As for tokenising property and art investments, its no different than buying shares in a company that custodies or owns art as an investment. Or a company that owns letting properties or commercial properties. And because its fractionalised the opportunity is that it doesn't matter how much you have, every person in the scheme gains the same percentage returns.
Durzel said:
Those are fair points, but you could basically say that about any nascent technology. The valuations and VC investment some of these things are getting now are in fantasy land and predicated entirely on all of these things ending up being the dominant platform. Obviously VC money chases anything that can be sold as being "the next big thing", so it makes sense, but even so.
Same as the dot.com boom. It only takes one VC firm to pick the right project and it blows up and makes billions. The rest will fade away or crash and burn. NFT stands for non-fungible token. It's generally built using the same kind of programming as cryptocurrency, like Bitcoin or Ethereum, but that's where the similarity ends. Physical money and cryptocurrencies are "fungible," meaning they can be traded or exchanged for one another. It is an easy way to make some money, but cryptocurrencies are easier to understand. All you have to do is access crypto informator, and you can find any information about cryptocurrency you want in an accessible way.
Edited by UnaAnderson on Thursday 31st March 10:21
A single hacker stole $625 million from the Ronin blockchain behind NFT game Axie Infinity last week.
https://www.theverge.com/2022/3/29/23001620/sky-ma...
"For now, the Ronin breach appears to be the largest hack to date of “decentralized finance” networks, coming on the heels of a $322 million theft from the bridge protocol Wormhole last month."
https://www.theverge.com/2022/3/29/23001620/sky-ma...
"For now, the Ronin breach appears to be the largest hack to date of “decentralized finance” networks, coming on the heels of a $322 million theft from the bridge protocol Wormhole last month."
FourWheelDrift said:
A single hacker stole $625 million from the Ronin blockchain behind NFT game Axie Infinity last week.
https://www.theverge.com/2022/3/29/23001620/sky-ma...
"For now, the Ronin breach appears to be the largest hack to date of “decentralized finance” networks, coming on the heels of a $322 million theft from the bridge protocol Wormhole last month."
Best bit about that story is he put on a massive short expecting the hack to be found. But no one saw for a week and he got liquidated https://www.theverge.com/2022/3/29/23001620/sky-ma...
"For now, the Ronin breach appears to be the largest hack to date of “decentralized finance” networks, coming on the heels of a $322 million theft from the bridge protocol Wormhole last month."
Another NFT scam theft. - https://futurism.com/the-byte/hacker-bored-ape-nft...
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
NFT of Jack Dorsey's first tweet struggles to sell - https://www.bbc.co.uk/news/business-61102759
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
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