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NFTs and the Blockchain - What the hell is all this?


squirtle
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There's something really quite cursed about NFTs, in that whenever they come up literally everyone involved in the discussion becomes stupider. And more aggressive. Including me. I'm out.

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This thread from Rami Ismail has been going around this morning:

 

 

And while a good read, I genuinely think he's missed the mark with it. The most interesting tweet is this one:

 

 

Because it demonstrates that publishers will probably find the will and the means to do this if it provides them with a way to make money, and the likely impact: it will limit the games it affects, not enhance them. More than likely the people who actually implement these systems will quite quickly realise that cosmetics are the only things that be applied interoperably, and whatever framework is used is probably going to result in cosmetics that look utterly shit until a vast amount of work has been done to improve it. 

 

Let alone implementing anything that goes beyond cosmetics.

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I think I'd agree with zok that NFTs as they are currently implemented do not cause artificial scarcity. The concerns about the issue stem from looking at the terms of service for some of these schemes and seeing that the intention is very much to introduce artifical scarcity. For example, skittles is currently breaking the terms of service of his monkey avatar by using it here - per the terms he's only allowed to use it on websites that validate ownership to foil those dastardly right-clickers.

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16 minutes ago, jonny_rat said:

Because it demonstrates that publishers will probably find the will and the means to do this if it provides them with a way to make money, and the likely impact: it will limit the games it affects, not enhance them.

 

I think the opposite - it's less likely to occur because the necessary effort to introduce cross-game NFTs costs a lot of money in art, development and legal fees, to the point that individual NFTs would need to sell for a high price to justify the development effort. That's quite the gamble to take in the hope people are going to spend £££s on a specific digital gun that needs continuous development to prevent it from being anything other than a receipt of what once was when the final servers are switched off.

 

Which really isn't a disagreement with what you said, of course - the "if it provides them with a way to make money" may well be a very high bar.

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2 minutes ago, Fry Crayola said:

 

I think the opposite - it's less likely to occur because the necessary effort to introduce cross-game NFTs costs a lot of money in art, development and legal fees, to the point that individual NFTs would need to sell for a high price to justify the development effort. That's quite the gamble to take in the hope people are going to spend £££s on a specific digital gun that needs continuous development to prevent it from being anything other than a receipt of what once was when the final servers are switched off.

 

Hence the 'if it provides them with a way to make money' bit, and there are two factors there:

One is willingness to gamble on NFTs becoming profitable (as you say), and it remains to be seen if the hype and fervour around implementing these things is enough to make an impact here.

Two - and I think more important - is the option of just developing these systems very badly and doing it on the cheap. Developing an industry standard gun texture? Almost impossibly expensive and ambitious. One big publisher mandating that a few of their upcoming games support the same 10 gun textures, in a limited and slightly hack-y way that ultimately looks rubbish and does in fact disappear once the servers are turned off? Much more likely.

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The question there being whether or not doing it in a half arsed way is actually profitable, though I'm sure someone will give it a go.

 

Someone other than Ubisoft, who have of course already done a half-arsed implementation that so far doesn't seem to be going well.

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58 minutes ago, Flub said:

According to resetera a NFT collection that was supposed to donate 100% profits to charity has turned out to be a scam

 

image.png.fd5c9cf2e183cb0bb6475545bc8617a0.png

 

https://www.resetera.com/threads/doodled-dragons-a-nft-collection-that-was-supposed-to-donate-all-earnings-to-charity-took-all-the-money-and-ran.537485/

 

 

Lol - any fucking idiot who passes money over in these things is going to get ripped off 100 percent - the question is just when.

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9 minutes ago, moosegrinder said:

Speaking of I'm surprised Funko haven't got in on this particular band wagon yet.

 

They have.

 

By creating a Bob Ross NFT against his family's wishes.

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4 hours ago, jonny_rat said:

This thread from Rami Ismail has been going around this morning:

 

Of course it has.  Given that the idea of an NFT is for the owner to become the boot stamping on the rest of humanity's face forever, then an NFT that not only makes you unstoppable in Game A but also Games B-Z is going to be very attractive to these people. 

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1 hour ago, matt0 said:

 

They have.

 

By creating a Bob Ross NFT against his family's wishes.

Isn't it funny how the "NFTs are great for artists" claims have gone rather quiet.

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14 hours ago, Graham S said:

I thought this was very good and made points that I haven’t read before. 

 

Agree, definitely worth a read. I like how he played with the programmatic nature of it in creating his ever-changing NFT, where ownership gives you a stake to change something which to me is the only innovative part of this whole business. That actually sounded intriguing and something an NFT genuinely can facilitate even if we are still grasping at actual real-world uses for it.

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I saw a developer blog that web3 is being designed, literally, on web2 infrastructure, which is another fair point. Build your web3 discord, slack, etc. Demonstrate viability. Seems fair. Or, make a load of zero-sum money off consumers, all good.

 

This made me laugh:

 

 

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