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Old 6th January 2022, 10:23 AM   #241
bruto
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Originally Posted by xjx388 View Post
https://fartjarsnft.com/

Make of this what you will…
Interesting question of who is what here, but I'm all for the seller if she can pull it off. I mean, I suppose there is a moral issue of exploiting foolishness, but it's pretty ripe for the plucking these days.

It's an interesting concept, to make destruction of the NFT a condition for getting the product. Of course you can trade an un-redeemed NFT at least for a while, though it's obviously limited by the durability of the seller. But the redemption process essentially makes the NFT fungible again, doesn't it, though it is so only in a very small economy? Buy a form of currency, and spend varying amounts of it for product?
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Old 16th January 2022, 05:38 AM   #242
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Hat trick!

Quote:
The creators of "Big Daddy Ape Club" rugpulled shortly after mint, deleting their social media and website and making off with around $1.2 million. The project's creators were reportedly the same as those who'd pulled off the $2 million "Baller Ape Club" rug pull in October 2021, and a $150,000 one before that.
https://web3isgoinggreat.com?id=2022-01-11-0
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Old 16th January 2022, 06:14 AM   #243
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I don't get it. What's a rug pull? Dropping the ponzi scheme too early?
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Old 16th January 2022, 09:58 AM   #244
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Why is it always apes? What's the connection between these...items...and apes? Is it just one more bit of random nonsense in an already nonsensical buffet?
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Old 16th January 2022, 10:23 AM   #245
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So say I've got an NFT associated with a piece of digital art. Can there be another NFT associated with that first NFT?
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Old 16th January 2022, 02:01 PM   #246
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Originally Posted by Olmstead View Post
I don't get it. What's a rug pull? Dropping the ponzi scheme too early?
It's when the founder of these NFT collections abandons the project shortly after launching, leaving the early adopters with "art" that becomes worthless. The founder leaves with a tidy bundle of cash from the rubes that bought the NFTs, which usually see their values drop to near 0.

They may leave before minting the entire collection as promised, or they fail to vigorously promote the project. Since these NFTs are simply speculative vehicles and nobody cares about the art, failing to hype up these get-rich-quick schemes is essentially a betrayal.
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Old 16th January 2022, 02:03 PM   #247
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Originally Posted by gnome View Post
So say I've got an NFT associated with a piece of digital art. Can there be another NFT associated with that first NFT?
Yes, there's nothing to stop the same piece of digital art from being minted over and over again, other than the normal DMCA takedown notices that is available generally. Tokens that point to dead links are common in this world where IP theft is rampant.
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Old 16th January 2022, 02:23 PM   #248
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Originally Posted by SuburbanTurkey View Post
It's when the founder of these NFT collections abandons the project shortly after launching, leaving the early adopters with "art" that becomes worthless. The founder leaves with a tidy bundle of cash from the rubes that bought the NFTs, which usually see their values drop to near 0.

They may leave before minting the entire collection as promised, or they fail to vigorously promote the project. Since these NFTs are simply speculative vehicles and nobody cares about the art, failing to hype up these get-rich-quick schemes is essentially a betrayal.
Which does make it seem like the investors are simply upset that the scheme didn't reach the stage where they can sell the NFTs to other rubes.
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Old 16th January 2022, 02:25 PM   #249
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Originally Posted by TragicMonkey View Post
Why is it always apes? What's the connection between these...items...and apes? Is it just one more bit of random nonsense in an already nonsensical buffet?
Everyone's just trying to recapture the magic of the early, successful NFTs that exploded in value. Lazy copies of apes and crytopunks abound.
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Old 16th January 2022, 02:55 PM   #250
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Originally Posted by SuburbanTurkey View Post
Everyone's just trying to recapture the magic of the early, successful NFTs that exploded in value. Lazy copies of apes and crytopunks abound.
But did they really ? Was the buyer and seller different person ?
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Old 16th January 2022, 05:24 PM   #251
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Originally Posted by Dr.Sid View Post
But did they really ? Was the buyer and seller different person ?
Hard to say. Isn't it wonderful?
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Old 16th January 2022, 07:33 PM   #252
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Originally Posted by TragicMonkey View Post
Why is it always apes? What's the connection between these...items...and apes? Is it just one more bit of random nonsense in an already nonsensical buffet?
Why Bored Ape Avatars Are Taking Over Twitter
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Old 16th January 2022, 10:30 PM   #253
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Originally Posted by SuburbanTurkey View Post
Yes, there's nothing to stop the same piece of digital art from being minted over and over again, other than the normal DMCA takedown notices that is available generally. Tokens that point to dead links are common in this world where IP theft is rampant.
Not quite what I mean. I'm being recursive. An NFT (call it NFT A) of the piece of digital art, and then NFT B of NFT A.
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Old 17th January 2022, 02:07 AM   #254
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Originally Posted by gnome View Post
Not quite what I mean. I'm being recursive. An NFT (call it NFT A) of the piece of digital art, and then NFT B of NFT A.
Technically nothing prevents that, but making one will probably be quite a bit more expensive.

The larger the payload is in a NFT, the more it costs to mint it. A typical digital art NFT doesn't contain much more than a URL pointing to some random webpage that is right now hosting the digital art.

I haven't bothered to find out exactly what data a NFT contains in addition to the payload, but it definitely has to contain also a long hash string. That hash will be much longer than the original URL. When you add that has as a payload for the NFT B, then your minting cost will be that much more expensive.

Of course, since a typical NFT is only a glorified web link, you can make a web link somewhere that points to NFT A at an NFT exchange and mint it and it will be just as legitimate NFT as the original is.
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Old 17th January 2022, 05:55 AM   #255
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NFT dorks continue to show their ass. They overpaid for an original copy of Jodorowsky’s Dune pitch book thinking this would somehow grant them rights over the intellectual property.

Originally Posted by Spice DAO
We won the auction for €2.66M. Now our mission is to:

1. Make the book public (to the extent permitted by law)

2. Produce an original animated limited series inspired by the book and sell it to a streaming service

3. Support derivative projects from the community
https://twitter.com/TheSpiceDAO/stat...CyifO3x5IpAAAA


Quote:
I have genuinely spent 10 minutes starting at this but, no, it really DOES appear to be true that a bunch of cryptobros just spent €2.6 MILLION - 100x the asking price - for a book at auction in the mistaken belief that they would therefore own the copyright in it.
https://twitter.com/garybrannan/stat...C9yfDkmZQpAAAA

The average person might understand that owning a physical copy of a book, even a rare book, does not grant you copyright to commercialize the contents of that book. It seems crypto bros with too much money don't know this.

Hard to say if the leaders of this token scam are actually this stupid, or are just pandering to the stupidity of the crypto market. Throwing a bunch of money around in a big publicity stunt, no matter how stupid, seems as good a way to attract people to their "community" as any other.

There are an estimated 10 original copies of this book in existence and a digital copy of this pitch book has been available online for free for years.
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Old 17th January 2022, 12:12 PM   #256
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"A fool and his money are soon parted..."
"DUDE! I'll pay you $5.5 million for the NFT to that saying!!!"
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Old 17th January 2022, 05:23 PM   #257
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I'm a full time starving artist, and I know many fellow artists who have jumped on the NFT bandwagon. But none of them are making money off of it. Seems to me the hype is related to just a minuscule few. Your are about as likely to be successful with an NFT campaign as you are selling art on FineArtAmerica. I predict it will go the way of the pet rock...
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Old 23rd January 2022, 05:11 AM   #258
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Quote:
Ozzy Osbourne’s NFT project shared a scam link, and followers lost thousands of dollars
16 comments

An outdated URL tricked CryptoBatz followers into visiting a fake Discord
Interesting scam here. The official NFT changed discords. The scammers then squatted on the abandoned, original link and scammed anyone that were still getting sent there by old social media posts, which the founders of the real NFT never went back and deleted.

Quote:
Like the majority of NFT projects, CryptoBatz uses Discord as a place to organize its community. The official CryptoBatz Discord is now accessed through the short link discord.gg/cryptobatz. But previously, the project used a slightly different vanity URL at discord.gg/cryptobatznft.

When the project switched to the new URL, scammers set up a fake Discord server at the old one. But neither CryptoBatz nor Ozzy Osbourne took the precaution of deleting tweets referencing the previous URL, meaning that old tweets from Osbourne himself were left directing followers to a server now controlled by scammers.
So yeah, don't click on sketchy links. Also, don't click on official links. Abstain from all clicking.

https://www.theverge.com/2022/1/21/2...source=twitter
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Old 23rd January 2022, 07:37 AM   #259
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A single Ethereum transaction significantly more energy than 100,000 Visa transactions:

Quote:
Thanks to the huge energy consumption, Proof-of-Work transactions on the Ethereum blockchain are becoming unsustainable.

Recent data from trandingplatforms.com shows that one ethereum transaction uses up to 238.22 kilowatts per hour, which is significantly higher than the energy consumption of 100,000 VISA transactions.

According to the data, the estimated global annual Ethereum energy consumption as of January 11, 2022, is 106.33 TWh. For some perspective, this is the equivalent of Kazakhstan’s energy consumption. Similarly, a single transaction uses as much power as an average US household would in 8.16 days.
https://ancstockinvestment.com/blog/...-transactions/
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Old 23rd January 2022, 08:31 AM   #260
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If you have time, here's a pretty interesting take on the whole NFT issue, I think: https://youtu.be/YQ_xWvX1n9g

It is very long, but at least tries to tie some things together, and in the process does a pretty good job of explaining mortgage-backed securities.
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Old 24th January 2022, 05:07 AM   #261
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Originally Posted by SuburbanTurkey View Post
NFT dorks continue to show their ass. They overpaid for an original copy of Jodorowsky’s Dune pitch book thinking this would somehow grant them rights over the intellectual property.



https://twitter.com/TheSpiceDAO/stat...CyifO3x5IpAAAA




https://twitter.com/garybrannan/stat...C9yfDkmZQpAAAA

The average person might understand that owning a physical copy of a book, even a rare book, does not grant you copyright to commercialize the contents of that book. It seems crypto bros with too much money don't know this.

Hard to say if the leaders of this token scam are actually this stupid, or are just pandering to the stupidity of the crypto market. Throwing a bunch of money around in a big publicity stunt, no matter how stupid, seems as good a way to attract people to their "community" as any other.

There are an estimated 10 original copies of this book in existence and a digital copy of this pitch book has been available online for free for years.
They've been defending it on their Twitter feed, saying that the high price was due to a bidding war they were determined to win. They also claim to have retained legal representation in order to determine the whole copyright issue, which seems like something they should have had determined before they bid on it.
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Old 24th January 2022, 11:34 AM   #262
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Ideally finance bros using their fake money to buy fake products from finance bros would just cancel each other out.

Really just lock them all in a room in two groups, one that gets to imagine how much their money that doesn't exist is worth and the other that gets to imagine how much their products that don't exist are worth.
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Old 25th January 2022, 01:30 PM   #263
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Originally Posted by SuburbanTurkey View Post
A single Ethereum transaction significantly more energy than 100,000 Visa transactions:



https://ancstockinvestment.com/blog/...-transactions/
I clicked the link

Originally Posted by mistake in headline and article
Recent data from trandingplatforms.com shows that one ethereum transaction uses up to 238.22 kilowatts per hour,
They grabbed a chart with "kWh" which means kilowatt hours, not kilowatts per hour.
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Old 27th January 2022, 10:04 AM   #264
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You know I just had a thought and almost everything clicked for me.

It's just the next phase of the "Secret reason why rich people buy art" thing, and spoiler alert if you aren't aware of the answer to that question, the answer isn't because they like to look at it.
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Old 27th January 2022, 11:35 AM   #265
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Originally Posted by JoeMorgue View Post
You know I just had a thought and almost everything clicked for me.

It's just the next phase of the "Secret reason why rich people buy art" thing, and spoiler alert if you aren't aware of the answer to that question, the answer isn't because they like to look at it.
I am willing to believe that many, if not most, people, especially nowadays, buy art for reasons other than its artistic merit. But I would note the reservation that this is not always the case and has not always been the case. There abound collections, and whole museums, whose contents are the lifelong collections of rich people who liked what they were buying, lived with it, and knew what it was about, and whatever your moral take on the matter, they at least thought of themselves as patrons and preservers, leaving their collections as a public legacy.
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Old 27th January 2022, 11:37 AM   #266
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Originally Posted by bruto View Post
I am willing to believe that many, if not most, people, especially nowadays, buy art for reasons other than its artistic merit. But I would note the reservation that this is not always the case and has not always been the case. There abound collections, and whole museums, whose contents are the lifelong collections of rich people who liked what they were buying, lived with it, and knew what it was about, and whatever your moral take on the matter, they at least thought of themselves as patrons and preservers, leaving their collections as a public legacy.
It's not about that either.

Art Collecting has been a money laundering front for a while now.

Now they don't even have to bother with real art.
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Old 27th January 2022, 04:31 PM   #267
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Originally Posted by JoeMorgue View Post
It's not about that either.

Art Collecting has been a money laundering front for a while now.

Now they don't even have to bother with real art.
Excuse me, but is money laundering not counted among "reasons other than artistic merit?"
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Old 28th January 2022, 11:00 PM   #268
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I just ran across another phenomenon which sounds like a relative of NFT's: virtual real estate.

https://www-cnbc-com.cdn.ampproject....metaverse.html

My avatar lives next door to Snoop's avatar. Maybe if our apes can gossip over the back fence they won't be so bored.
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Old 29th January 2022, 02:15 PM   #269
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Originally Posted by bruto View Post
I just ran across another phenomenon which sounds like a relative of NFT's: virtual real estate.

https://www-cnbc-com.cdn.ampproject....metaverse.html

My avatar lives next door to Snoop's avatar. Maybe if our apes can gossip over the back fence they won't be so bored.
We truly have come full circle then, because I remember pricery virtual real estate being a fad in Second Life however many years ago that was.
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Old 29th January 2022, 02:20 PM   #270
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Originally Posted by KDLarsen View Post
We truly have come full circle then, because I remember pricery virtual real estate being a fad in Second Life however many years ago that was.
2003, till this day.

Somehow I don't see how decentralized ownership of centralized virtual land is useful. But then that's feature of most NFTs .. as long as they contain URLs to centralized servers, without any checksum.
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Old 29th January 2022, 07:17 PM   #271
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Originally Posted by KDLarsen View Post
We truly have come full circle then, because I remember pricery virtual real estate being a fad in Second Life however many years ago that was.
I never got into games of this sort, but I would think that buying something that's part of a game has some intrinsic value if it enhances your playing of the game. While it seems as if the current real estate in the metaverse, though it might open up some further opportunities, doesn't have any inherent benefit.
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Old 29th January 2022, 07:37 PM   #272
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Originally Posted by bruto View Post
I never got into games of this sort, but I would think that buying something that's part of a game has some intrinsic value if it enhances your playing of the game. While it seems as if the current real estate in the metaverse, though it might open up some further opportunities, doesn't have any inherent benefit.
It probably fires up some brain receptors, so there's that.
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Old 2nd February 2022, 06:41 AM   #273
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Quote:
The NFT Ecosystem Is a Complete Disaster
Top marketplaces facilitate epic amounts of theft and wash trading, scams are rampant, and the cringe is unbearable. Can it last?
https://www.vice.com/en/article/xgdv...plete-disaster

This piece does a thorough overview of the NFT dumpster fire. In addition to detailing the outright fraud that is rampant, it discusses how the philosophy of NFTs itself is trash:

Quote:
But should it? As it stands, NFTs are useful primarily for pursuing enclosure: the explicit goal here is to turn every inch of our physical world―and any digital world―into a place where nearly every experience and thing is quantified, commodified, and privatized.
The internet is at its best when it's about openness and data moving freely. Despite all the bad things, there are glimmers that make you proud: Open source software, collaborative free projects like Wikipedia, the mass dissemination of knowledge and art and information for free to anyone with an internet connection. NFTs are the opposite of that, promising to make every digital experience a privately owned commodity.
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Old 3rd February 2022, 12:43 PM   #274
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I think it’s not as bad as all that. After all, the digital art (or whatever) itself is still freely available. An NFT just signifies that some person owns a token that says they own “the original.”

I’ve come to the conclusion that owning “the original” of a piece of digital art (or whatever) is meaningless. I can see an NFT as a great way to support an artist (or whatever) one admires but this idea that you actually own anything tangible is an illusion. What you own is a unique crypto coin that is only associated to a piece of art (or whatever) tenuously.

I think the use of NFTs in the context of a game is a completely different animal than art, music, sports clips, collectibles, etc. That I can see a use case for amongst players of that game.
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Old 3rd February 2022, 01:42 PM   #275
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Originally Posted by xjx388 View Post
I think it’s not as bad as all that. After all, the digital art (or whatever) itself is still freely available. An NFT just signifies that some person owns a token that says they own “the original.”

I’ve come to the conclusion that owning “the original” of a piece of digital art (or whatever) is meaningless. I can see an NFT as a great way to support an artist (or whatever) one admires but this idea that you actually own anything tangible is an illusion. What you own is a unique crypto coin that is only associated to a piece of art (or whatever) tenuously.

I think the use of NFTs in the context of a game is a completely different animal than art, music, sports clips, collectibles, etc. That I can see a use case for amongst players of that game.
I agree that it's different for games and the like, in that you're buying something that has a use in the game, and the game itself is a thing you're doing, presumably for its own sake. Though one wonders how this ultimately differs from just buying stuff.
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Old 3rd February 2022, 04:31 PM   #276
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Originally Posted by bruto View Post
I agree that it's different for games and the like, in that you're buying something that has a use in the game, and the game itself is a thing you're doing, presumably for its own sake. Though one wonders how this ultimately differs from just buying stuff.

I was looking at that horse racing game referenced earlier-sorry, I forget who. I love horse racing and this looks interesting to me. In that case, the NFT represents a horse with certain attributes. Those horses can be traded on a marketplace. I think that’s the advantage: the ability to easily mint and trade an asset like a horse (or a spaceship, in the other example I saw referenced). It gives developers a relatively easy way to have those kinds of in-game assets without having to develop a proprietary system.

For me, though, getting a decent horse in that game seems prohibitively expensive. But I’m tempted!
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Old 3rd February 2022, 09:54 PM   #277
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Originally Posted by xjx388 View Post
I was looking at that horse racing game referenced earlier-sorry, I forget who. I love horse racing and this looks interesting to me. In that case, the NFT represents a horse with certain attributes. Those horses can be traded on a marketplace. I think that’s the advantage: the ability to easily mint and trade an asset like a horse (or a spaceship, in the other example I saw referenced). It gives developers a relatively easy way to have those kinds of in-game assets without having to develop a proprietary system.

For me, though, getting a decent horse in that game seems prohibitively expensive. But I’m tempted!
Yes, I can sort of see that, if the people running the game don't have to safeguard the horse or handle mechanics of the trades.
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Old 3rd February 2022, 10:02 PM   #278
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Originally Posted by SuburbanTurkey View Post
https://www.vice.com/en/article/xgdv...plete-disaster

This piece does a thorough overview of the NFT dumpster fire. In addition to detailing the outright fraud that is rampant, it discusses how the philosophy of NFTs itself is trash:



The internet is at its best when it's about openness and data moving freely. Despite all the bad things, there are glimmers that make you proud: Open source software, collaborative free projects like Wikipedia, the mass dissemination of knowledge and art and information for free to anyone with an internet connection. NFTs are the opposite of that, promising to make every digital experience a privately owned commodity.
The Guardian ways in similarly:
‘Huge mess of theft and fraud:’ artists sound alarm as NFT crime proliferates

https://www.theguardian.com/global/2...s-proliferates

Looks like an NFT is worth only as much as the paper its printed on.
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Old 7th February 2022, 02:27 AM   #279
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Originally Posted by xjx388 View Post
I was looking at that horse racing game referenced earlier-sorry, I forget who. I love horse racing and this looks interesting to me. In that case, the NFT represents a horse with certain attributes. Those horses can be traded on a marketplace. I think that’s the advantage: the ability to easily mint and trade an asset like a horse (or a spaceship, in the other example I saw referenced). It gives developers a relatively easy way to have those kinds of in-game assets without having to develop a proprietary system.

For me, though, getting a decent horse in that game seems prohibitively expensive. But I’m tempted!
I don't have experience in game programming as for my whole working life I've written only business software. But I see many risks for the developer for relying on an external marketplace for the assets.

They can't just automatically accept any files that come through the link that is stored in a NFT. They need to ensure that it works with the game. What if the asset was made for a previous version of the engine and now it completely breaks? Or what if it is the other way round, the asset uses features from the new version and those don't work with the one you use? In either case the NFTer will send angry messages to the game developer, not the asset developer.

Or it might be that the graphic files have wrong resolution and need to be recreated for the game from scratch.

Or someone mints a horse that will win always win every race that it participates in. Should the developers allow that horse in their game just because it is in the marketplace even though it completely breaks it?

Or someone mints a unique space ship with a hyper-super galactic cannon and sells it to someone with $10000. There's only one of those in existence and no guarantee that its owner will ever want to play the developer's new game. Do they really need to implement that weapon into their game just in case?

In all, the underlying problem is that if you want to use an existing NFT as an asset in the game, you need to do work for it but you won't get paid. If someone paid $1000 for an NFT horse, they are not going to pay you $1000 to use that same horse in your game. Someone else got the money.

A developer can now get a library of non-NFT assets to add to their game and they can control exactly what they take from there and how they use it. Adding NFTs doesn't really bring anything useful in and has downsides.
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Old 7th February 2022, 07:20 AM   #280
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Take the news of celebrities "buying" NFTs with a huge grain of salt. Some of this is almost certainly paid sponsorship in an attempt to pump the value of these speculative vehicles.

Quote:
Last week, an OpenSea account named “JustinBieberNFTS,” which is purportedly owned by Justin Bieber, was completely dormant. Then, four hours before that wallet was used to buy a Bored Ape NFT, a wallet owned by Gianpiero D’Alessandro, the designer for Drew House, an apparel brand he co-founded with Bieber, sent it 916 ETH, or $2.3 million USD. The 916 ETH that D’Alessandro sent Bieber’s wallet came from the 1343 ETH, or $3.9 million USD, that D’Alessandro raised after launching an NFT line that he released in early January. Half of the 916 ETH that D’Alessandro sent Bieber’s wallet was then used to buy a Bored Ape NFT (for way more money than it was worth, actually). Bieber’s wallet then purchased NFTs from D’Alessandro’s collection. Then D’Alessandro used the whole thing to promote his NFTs. And there’s still around $880,000 worth of Ethereum sitting in Bieber’s wallet.

Put another way: Justin Bieber’s business partner launched an NFT line and then used the money from the initial sale to pay Justin Bieber to buy an expensive Bored Ape NFT as a way to further promote his NFT line. In fact, though Bieber shared the Bored Ape on his Instagram, his Twitter profile pic is actually one of D’Alessandro’s NFTs.

God, this is all so stupid.
https://www.garbageday.email/p/the-e...erse-hopefully

There's no money to be made in these unless there's a steady stream of new buyers flowing in. Expect to see increasingly grand PR stunts in an attempt to keep the population of Greater Fools healthy.
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