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


squirtle
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2 hours ago, Uzi said:

How terrifying would it be to drop your life savings on a rick roll NFT?

Someone paid nearly half a million dollars for the “overly attached girlfriend” NFT. 
 

I can’t see an industry that shamelessly monetizes things as they do already using NFTs in any way that could benefit the player and make the experience better.  I haven’t seen a single suggestion that benefits players that couldn’t be done with current technology if they really wanted to. The article linked by Wiper does a really good job of laying down the multitude of issues with the positives that people are coming up with and why they don’t suddenly become possible thanks the NFTs.  Games companies could do them now if they wanted to. 
 

Instead what we’re likely to get is NFT collections being released alongside the game that give you cosmetics. This’ll be on top of the normal preorder/deluxe/ultimate editions. Sure you’ll be able to sell them yourselves to other players. But that’ll likely be it. They’ll be very careful to not NFT anything they can get repeat sales on so I can’t see then using it for much in the way of DLC like expansions or something so you could trade them when you’re finished. 
 

They’re only going to implement them in ways that benefit them. If players get something out of it too, then that’s a by product. But they won’t change anything that will cut into their bottom line

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A wise dev once told me that the key to every Blockchain business is to ask if there’s any good reason that a typical database wouldn’t work just as well as a foundation. It’s an excellent rule of thumb and sidesteps the very real danger of the complexities of a Blockchain pitch befuddling common sense.

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Let me ask what's maybe a dumb question about the blockchain. Lets say it takes off in a massive way with almost everyone using it. Doesn't the energy consumption go stratospheric, because now there are millions or billions of transactions constantly being made every second - with all the relevent systems constantly needing to update to match. Or am I misconstruing how it works in terms of the way things are updated? Aren't we looking at a potentially exponential power curve, or processing limit that will be reached once transaction numbers get astronomical?

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13 hours ago, Vemsie said:


Which part don't you understand? NFT's are fucking over the planet while offering nothing of intrinsic value. Also, monkey.jpeg is nowhere near as cool as katana-wielding hackers.

If you want a really long version:
https://antsstyle.medium.com/why-nfts-are-bad-the-long-version-2c16dae145e2

That article is incredibly damning, are there any reasonable counters to the various criticisms?

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On 10/11/2021 at 12:05, Vemsie said:


Which part don't you understand? NFT's are fucking over the planet while offering nothing of intrinsic value. Also, monkey.jpeg is nowhere near as cool as katana-wielding hackers.

If you want a really long version:
https://antsstyle.medium.com/why-nfts-are-bad-the-long-version-2c16dae145e2

That article was brilliant Thanks!

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On 09/11/2021 at 21:53, Capwn said:

There will be auctions in the future where you can buy the EXACT weapon used by a gaming guru in the last round of a major competition. 

 

edit or rather the exact RECEIPT of the exact same weapon :)

 

I don't know if you meant this as a joke, but I could definitely see this being a popular use case for NFTs around games that have a healthy esports scene.

 

As an example, in CSGO currently anyone who plays the game can open loot boxes and get skins of varying rarity that they can trade, and the rare ones sometimes sell for thousands - but the highest rarity gun skins let you name them, giving them an element of uniqueness, and the ones named by pro players & streamers become pretty well known by their fans. If you attached NFTs to them and could track the ownership of those back to the player who named them, meaning you could 'prove' you 'owned' the exact AWP that Shroud used or whatever, CSGO fans would definitely sink masses of cash into them.

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I guess the difference would be that the skin could then be traded outside of the game's own marketplace, and the NFT would continue to exist and be tradeable for the lifespan of the blockchain, even if the game got shut down. Whether anyone would care about the NFT after this point is another matter.

 

One use I could think of related to this though would be to track ownership of items in a game that didn't use any kind of centralised servers. The game could exist entirely peer to peer, use private servers or indeed be otherwise single player experiences but still allow for the sale of unique in-game items linked to NFTs. I doubt I'd actually want to play a game like that though.

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Just now, Mogster said:

I guess the difference would be that the skin could then be traded outside of the game's own marketplace, and the NFT would continue to exist and be tradeable for the lifespan of the blockchain, even if the game got shut down. Whether anyone would care about the NFT after this point is another matter.

 

One use I could think of related to this though would be to track ownership of items in a game that didn't use any kind of centralised servers. The game could exist entirely peer to peer, use private servers or indeed be otherwise single player experiences but still allow for the sale of unique in-game items linked to NFTs. I doubt I'd actually want to play a game like that though.

But the skin would be on the CSGO servers. The only thing on the Blockchain would be a URL. When the game shut down so would hosting of that skin.

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37 minutes ago, therearerules said:

Haven't you just described something that is literally done now? I don't understand how distributing the CSGO database helps.

 

36 minutes ago, Fry Crayola said:

It doesn't, at all.

 

It's less the decentralisation aspect of the NFTs and more the immutable trading record that I think would be attractive to the type of people who already spend thousands on gun skins.

 

I've maybe not described the use case I'm imagining - I'm thinking you would buy the skin like you already can, but it would come with an NFT tracking the skin's ownership back to whichever esports star or big streamer owned it originally.

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21 minutes ago, therearerules said:

But the skin would be on the CSGO servers. The only thing on the Blockchain would be a URL. When the game shut down so would hosting of that skin.

Yes, that's why I was saying it would be questionable whether anyone would care about the NFT if the game had been shut down, as it would no longer be linked to anything but its own history.

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But they already pay silly money, and they do so within Valve's system where Valve get a cut, so the immutable blockchain isn't important (other than to facilitate money laundering on off platform trading where Valve don't get a cut).

 

Quote

to track ownership of items in a game that didn't use any kind of centralised servers. The game could exist entirely peer to peer, use private servers or indeed be otherwise single player experiences but still allow for the sale of unique in-game items linked to NFTs. I doubt I'd actually want to play a game like that though.

 

🙂

 

you'd need a really really good idea that wasn't immediately NFT centric, that really benefited from the artificial scarcity and where the model didn't break down once a million users were playing. See also the Real Money Auction House dilemma.

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12 minutes ago, footle said:

But they already pay silly money, and they do so within Valve's system where Valve get a cut, so the immutable blockchain isn't important (other than to facilitate money laundering on off platform trading where Valve don't get a cut).

 

Valve don't get a cut at the moment, you can't buy & sell skins on Steam- the only thing you can buy on Steam is the lootbox and the key to open it. The way the websites in the above screenshots work is the seller trades the skin to the website's Steam bot, and the Steam bot then trades it to whoever bought the skin, and the website transfers the money directly to the seller.

 

I'm just using CSGO as an example of how proof of original ownership of an in-game skin, through some sort of immutable trading/transfer record, would be attractive to the esports fans and skin-buying whales, and some publishers or platform owners might use the NFT buzz to capitalise on it.

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Every NFT idea being presented quite frankly seems perfectly achievable via current means and implies an important that people hold as to the ownership history of a string of zeros and ones. Maybe upcoming generations will see it differently - but we already trade all kinds of digital media and items in ways and the common factor is it is all data and code. Slapping on the NFT element of it just seems nonsensical in every respect being raised as it doesn't add anything to the core of item or in the transcation- essentially people can't grasp the value of it. Doesn't mean there isn't any but that's the big deal. Most individuals know NFT's as sales of digital monkeys to flesh monkeys.

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5 hours ago, Uzi said:

Every NFT idea being presented quite frankly seems perfectly achievable via current means and implies an important that people hold as to the ownership history of a string of zeros and ones. Maybe upcoming generations will see it differently - but we already trade all kinds of digital media and items in ways and the common factor is it is all data and code. Slapping on the NFT element of it just seems nonsensical in every respect being raised as it doesn't add anything to the core of item or in the transcation- essentially people can't grasp the value of it. Doesn't mean there isn't any but that's the big deal. Most individuals know NFT's as sales of digital monkeys to flesh monkeys.

 

It feels like those times when Netflix says "So what if we did specific shows streaming at certain times to make your evening easier" and everyone else immediately thinks "Well done, you invented TV".

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  • 1 month later...

If you ignore the obvious blockchain scams that art NFTs and coins currently are...

 

Publishers/Steam/etc could create NFTs for licensed ownership of games. Essentially it would just be a way to represent a transferable unique product id. We, as individuals, could then sell our unwanted digital games!

 

I don't think they would implement this voluntarily but it would be a practical use of a blockchain.

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They could do that right now without using Blockchain technology. Steam already has a database of game licenses you own that they could let you trade if they wanted to and take a cut, so I fail to see a use case there that isn't just "because Blockchain exists we should use it".

 

Unique product IDs are literally the digital keys of the games you own linked to your account. Making NFTs of them would be literally pointless for Valve.

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