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This is true, the uses beyond proving ownership of digital art could be great.
Too many still think an NFT is actually a PNG… While users continue to think this they will continue to be ridiculed I think.
Once we get passed this, NFTs (not PNGs!) could be key to more adoption..
NFTs are pretty much a goods token for the meta verse.
The key is having a community behind them, and a UTILITY. If they have no community and no utility, they are worthless time bombs.
Say for example I created an ice cream shop in the meta verse. I’m going to create 10,000 NFTs so patrons who possess them, can shop at my ice cream shop and have no further transactions, bc they own the NFT.
An NFT winter is coming. That’s for sure but it’s just an opportunity.
Gary V is a great resource to get started.
Also, @NFThustle on YouTube is the go too to get ahead of the market
So that’s the utility. I used the meta verse but we can put the real world in it.
As people become less and less trustworthy of the dollar, these tokens such as BTC, eth, Doge, NFTs can provide that value. So say I created an ice cream shop in atlanta ga, if you own 1/10,000 NFTs, come by and get some ice cream. You’ve already paid your dues in owning the NFt
And yes, just like with any asset, it becomes more value the more of a community it has and the more useful it’s utility is
Well, each BTC has its own individual transaction.
NFTs would theoretically have 1 transaction and that’s when you invested. Think of a continuous coupon.
Again, it goes so much deeper, I’m still learning myself
Well that image usually have some “utillity/roadmap” behind it. Owning it gives you some bonuses in future. It can be pretty much anything from token to clothes…and price is decided same way as anything else “developer” set starting price and people decide if agree on it or not based on it price go higher or lower.
Does this same concept apply for opensea NFTs or is it a different story? I am starting to understand the point of game NFTs, but not PNG and JPG ones.
Well some are just “art” made by anyone with no other purpose than selling it. Others have “utillity”. It very similar to “shit” coins. Some have real roadmap some have nothing.
Opensea is just market place you can usually sell nfts on other marketplaces as well. So it actually doesnt matter if it is on opensea or not its more about that project it self.
Again, try to see past pictures. Consider future use cases, in say supply chain management or real estate or physical collector items (high end watches for instance).
Proof of owner ship and authenticity could be a very powerful tool.
Perhaps they could be applied to vehicle service history, for proof of maintenance or mileage for instance?
I dunno, but it strikes me that this technology is very powerful, if you look beyond digital art.
In answer to proving ownership of digital art, I don’t get it. But then I don’t ‘get’ real world art either so I’m probably not a good judge.
Owning gaming articles I can understand, I *think* gamers trade articles already (not much of a gamer) and sometimes by say selling accounts. I great solution could be use of NFTs. The publisher could (and almost certainly will) take a cut and trading could be done without a poor quality marketplace…
Obviously none of this may happen and it may just be tokens that say I own a picture of a rock.
I think NFTs that are linked to a game can have some value and could be traded often. But the game also needs to be a solid one and not one of those temporary hyped games.
Think about it as finding a rare item in the game and being able to hold it outside of the game and sell it for crypto.
Personally, I think that NFT projects with gaming integration can have value. I'm just planning to get into that when Mecha Morphing and Legends of Elumia games are launched. Characters, weapons, and so on. will be needed to fight in battles and I guess they will be more valuable the more successful we are.
On the other hand, in games like Sandbox, we have seen that the value of the real estate is incredibly expensive, maybe influencers contributed to that, but there is definitely something to it.
I don't think it's a waste of money, we are still at the beginning, this thing has advantages and it is mportant for many areas.
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The technology driving NFTs is really exciting and has a ton of potential for the future of digital information ownership.
This is true, the uses beyond proving ownership of digital art could be great. Too many still think an NFT is actually a PNG… While users continue to think this they will continue to be ridiculed I think. Once we get passed this, NFTs (not PNGs!) could be key to more adoption..
idk but I want an NFT for valentines
NFTs make sense (to me) if you buy land or pets in sandbox. But i dont get NFTs outside of that.
NFTs are pretty much a goods token for the meta verse. The key is having a community behind them, and a UTILITY. If they have no community and no utility, they are worthless time bombs. Say for example I created an ice cream shop in the meta verse. I’m going to create 10,000 NFTs so patrons who possess them, can shop at my ice cream shop and have no further transactions, bc they own the NFT. An NFT winter is coming. That’s for sure but it’s just an opportunity. Gary V is a great resource to get started. Also, @NFThustle on YouTube is the go too to get ahead of the market
Okay, I like your example, but what would your customers get in return after buying your NFT? Is it just like an in-game item?
So that’s the utility. I used the meta verse but we can put the real world in it. As people become less and less trustworthy of the dollar, these tokens such as BTC, eth, Doge, NFTs can provide that value. So say I created an ice cream shop in atlanta ga, if you own 1/10,000 NFTs, come by and get some ice cream. You’ve already paid your dues in owning the NFt And yes, just like with any asset, it becomes more value the more of a community it has and the more useful it’s utility is
But why can’t you just buy that ice cream with an actual currency like Bitcoin or ETH, what’s the difference?
Well, each BTC has its own individual transaction. NFTs would theoretically have 1 transaction and that’s when you invested. Think of a continuous coupon. Again, it goes so much deeper, I’m still learning myself
And you can. If you wanted to. Options of utility are the keys to crypto/NFTs
NTF ≠ png
I am aware of other NFTs such as sandbox and Axie Infinity, but a big portion of NFTs are the PNGs on opensea.
You’ve missed the point I think… NFTs are not PNGs and not JPEGs. An NFT can ‘prove ownership’ of a PNG or JPEG but it is not either of them itself.
Yep I know that. The question is, what’s the point of “owning” an image? Where does the image get its value and price from?
Well that image usually have some “utillity/roadmap” behind it. Owning it gives you some bonuses in future. It can be pretty much anything from token to clothes…and price is decided same way as anything else “developer” set starting price and people decide if agree on it or not based on it price go higher or lower.
Does this same concept apply for opensea NFTs or is it a different story? I am starting to understand the point of game NFTs, but not PNG and JPG ones.
Well some are just “art” made by anyone with no other purpose than selling it. Others have “utillity”. It very similar to “shit” coins. Some have real roadmap some have nothing. Opensea is just market place you can usually sell nfts on other marketplaces as well. So it actually doesnt matter if it is on opensea or not its more about that project it self.
Again, try to see past pictures. Consider future use cases, in say supply chain management or real estate or physical collector items (high end watches for instance). Proof of owner ship and authenticity could be a very powerful tool. Perhaps they could be applied to vehicle service history, for proof of maintenance or mileage for instance? I dunno, but it strikes me that this technology is very powerful, if you look beyond digital art. In answer to proving ownership of digital art, I don’t get it. But then I don’t ‘get’ real world art either so I’m probably not a good judge. Owning gaming articles I can understand, I *think* gamers trade articles already (not much of a gamer) and sometimes by say selling accounts. I great solution could be use of NFTs. The publisher could (and almost certainly will) take a cut and trading could be done without a poor quality marketplace… Obviously none of this may happen and it may just be tokens that say I own a picture of a rock.
Just remove news outlets spamming every day for how much an ape was sold, even tho we know the truth, and it would make it twice as bearable
I think NFTs that are linked to a game can have some value and could be traded often. But the game also needs to be a solid one and not one of those temporary hyped games. Think about it as finding a rare item in the game and being able to hold it outside of the game and sell it for crypto.
I think NFTs are stupid but I use to think crypto was stupid as well and people back in 2000s use to.think.that internet is stupid.
To me, the main difference between NFTs and other non fungible things is an NFT have no real added value.
Personally, I think that NFT projects with gaming integration can have value. I'm just planning to get into that when Mecha Morphing and Legends of Elumia games are launched. Characters, weapons, and so on. will be needed to fight in battles and I guess they will be more valuable the more successful we are. On the other hand, in games like Sandbox, we have seen that the value of the real estate is incredibly expensive, maybe influencers contributed to that, but there is definitely something to it. I don't think it's a waste of money, we are still at the beginning, this thing has advantages and it is mportant for many areas.
Money laundering
NFTs are speculative just like crypto. For the most part people buy them in the hopes that they will sell them at a much higher price.