nft NFT(Non-Fungible Token): Why does it matter?

[Whited35 15285]

An NFT(Non-Fungible Token) allows distinguishing the owner of the digital files genuinely. So many artworks have been sold for an eye-watering price at so many auctions😁! Some bidders ready to pay the huge amounts however they will just get a unique NFT instead of physical artworks or sculptures. Now, the craze for NFT is at the peak and it's been started to understand, an NFT is a digital answer to collectibles. 

Image by fortune.com

So now I have some questions to expect genuine opinions/answers from you guys. You need not to answer all the questions but if you attempt to give constructive answers you will deserve +5 from my end:-

• What are your overall views on NFT? 
• There are some sceptics to think these all are bubble to burst, are you with them? 
• By comparing with DeFi or ICO, what do you think NFT investors will be facing the bigger risks in future? 
• Why people are getting ready to bid millions of dollars for NFT?

 

Thanks for your constructive ideas 😉! 

[rekter 8129]

NFT is a good idea, but it wasn't ready yet and especially in ETH chain it has ton of problems.

 

Idea itself has ton of potential but proper chains for it aren't ready (yet) and ETH isn't build for owning real world assets, users that claim owning something, art/securities or something else are just playing with derivatives, and that's really not revolutionary tech.

 

People bet millions of dollars most likely because they think NFT art because they think it's something that it's not. Others are either speculating and trying to flip their nft with higher prices. Then there are bored millionaires.

 

IMHO this is a bubble because of these reasons, but the real bubble with legit NFT tech where you can own actual real world assets hasn't even started yet.

Edited March 14, 2021 by rekter

[kryptonick 2659]

4 hours ago, Whited35 said:

What are your overall views on NFT?

I am being realistic with NFTs when saying that it is still not a mature market, and it just look like something very hyped that probably shouldn't be so much. A digital painting if we can call it that by Beeple was sold for 70 million dollars a few days ago. This made NFTs hit the headlines and went in the news. Digital art somehow picked up lately and just too much money seem to enter. I can't say this is bad for art, but there are too many cashing out very good money and selling something that probably is not yet established as art.

Then we have something very stupid, NFT tweets. And another reason I dislike Jack Dorsey, besides the censorship ruling Twitter, it is that he flips sides easily. He was supposed to be only about Bitcoin, and when he saw an opportunity he sold a tweet for 2.5 million usd as an nft which is using the Ethereum network.

Art is one thing that is important and when mixing with technology it can have positive effects. What exactly is the meaning of tokenizing a tweet? What is the use case of this? Someone will hang it in a huge screen in his home?

Generally I think that NFTs will have a use case in gaming. I mean real games not the blockchain games we have today. But of course not in the format we see today and not with this kind of fees. A reasonable fee would be $0.001 for each NFT transaction to make it work.

4 hours ago, Whited35 said:

There are some sceptics to think these all are bubble to burst, are you with them? 

Yes, probably there is a big bubble that isn't even created by adoption. It is mostly whales that create extreme prices for some assets. Have you seen some NFTs that are selling for millions? This can easily be just the same guy passing an NFT in another account using an NFT exchange. I mean, look at crypto punks. Who has the mind to follow that and buy this kind of nonsense.

 

4 hours ago, Whited35 said:

By comparing with DeFi or ICO, what do you think NFT investors will be facing the bigger risks in future? 

Yes, probably. DeFi has a clear purpose and there is risk, but the NFT risk is growing into higher. But we will see. I am happy we are witnessing the rise of both. It is sad however we can't use them so much as we wanted because of the fees.

 

4 hours ago, Whited35 said:

Why people are getting ready to bid millions of dollars for NFT?

Some do it for marketing, like Justin Sun. Others, I don't know why, probably they like collecting valuables, maybe have already so much money it doesn't matter a lot, and others are already into NFTs for long enough, made good money from this and want the market to keep rising. The guy that bought the Beeple NFT is very well connected into this field.

 

Edited March 14, 2021 by kryptonick

[Whited35 15285]

18 hours ago, rekter said:

NFT is a good idea, but it wasn't ready yet and especially in ETH chain it has ton of problems.

I see. Do you have some blockchains in your mind other then ETH to allow the creation of an impressive NFTs? 

18 hours ago, rekter said:

Idea itself has ton of potential but proper chains for it aren't ready (yet) and ETH isn't build for owning real world assets, users that claim owning something, art/securities or something else are just playing with derivatives, and that's really not revolutionary tech.

I was locating EOS-based gaming platform Upland which is allowing users to create NFTs for the digital properties matched with the real-world addresses but I do not think how far this project can go. Starting is not looking bad as EOS has the improved scalability and the efficiency of the blockchain. 

17 hours ago, kryptonick said:

Then we have something very stupid, NFT tweets. And another reason I dislike Jack Dorsey, besides the censorship ruling Twitter, it is that he flips sides easily. He was supposed to be only about Bitcoin, and when he saw an opportunity he sold a tweet for 2.5 million usd as an nft which is using the Ethereum network.

@kryptonick I fully enjoyed while reading your texts with the updated answers by exhibiting the so many references😉. I pick the most impressive lines here. @rekter and I were discussing about the same case of selling that tweet for an eye-watering price ! I am just wondering to think what sort of psychology was there for the bidders to bet that amount as a tweet has no use cases. I like the precisely presented thoughts for a "bubble tag" to the current NFT craze from both of you guys. 

 

So what sort of improvements on the blockchain do you guys expect to see(If the features of current blockchain are not so cool) so that we could say NFT is the real answer to collectibles? 

[rekter 8129]

9 hours ago, Whited35 said:

I see. Do you have some blockchains in your mind other then ETH to allow the creation of an impressive NFTs? 

...

Not really, there are no legit solution is ready yet that i am aware of. People have been trying to build L2 solutons but in order for many of them to work and for people legally owning assets they should be build from the ground up as current models will hit the wall pretty quickly without regulatory friendly smart contracts and L1 privacy or kyc for example.

 

And now i have to shill my own bags because Dusk Network is building a blockchain solution that will be suited for this too as one of the use cases.

[Whited35 15285]

5 hours ago, rekter said:

And now i have to shill my own bags because Dusk Network is building a blockchain solution that will be suited for this too as one of the use cases.

I have been getting updates about the Dusk network from you but I am not fully updated like you are. Does it mean they are on the way for the protocol change or anything else? Currently, I am monitoring the EOS blockchain based platforms which allow users to own the properties but again it will be just in the digital form. Blockchain with the arbitrary data sharing features can be good alternative but again if such blockchain can not afford the viable solutions, we might wait for the AI enabled next generation blockchains. 

Edited March 16, 2021 by Whited35

[Whited35 15285]

1 hour ago, coinyspace said:

NFT becomes very popular now. Here is https://dailycoin.com/nfts-provenance-of-luxury/ a very interesting article about how NFT are important.

Thanks for the link and I checked your provided link which has attempted to exhibit the use cases of Blockchain for creating luxury-based NFTs. It does not sound bad but do you think is it sustainable for the real-world applications? Users will only get code(NFTs) to prove the authentic ownership but they do not get the physical items, how can blockchain deal with such cases? 

[rekter 8129]

On 3/16/2021 at 5:48 AM, Whited35 said:

I have been getting updates about the Dusk network from you but I am not fully updated like you are. Does it mean they are on the way for the protocol change or anything else? Currently, I am monitoring the EOS blockchain based platforms which allow users to own the properties but again it will be just in the digital form. Blockchain with the arbitrary data sharing features can be good alternative but again if such blockchain can not afford the viable solutions, we might wait for the AI enabled next generation blockchains. 

Currently we are mostly waiting for the mainnet, but that obviously have to be flawless until it's out so they are not rushing

Edited March 18, 2021 by rekter

[Ridam 7455]

At some extent yes the hype seems similar to the ICO trend of the 2017 but if we look at the deeper which I see it is not identical to the 2017 scenario. I believe the real talent is getting the scope because of the NFT technology. As you are aware of the beeple who is a digital artist and his art has been sold for insane 69Millions. If you look at his effort it is really worth in my personal view. he has been drawing these arts for 5000 days straight for 13 years and the arts are really mind blowing and showing the real talent and message behind it. In case you like to look at them. Just visit his twitter profile.

Quote

https://twitter.com/beeple?ref_src=twsrc^google|twcamp^serp|twgr^author

From the beginning, I have been huge fan of NFTfrom the beginning and I had also made a detailed guide about them when noone was talking about them. And I see a bright future within the NFT world combined with the Blockchain technology. For those considering it as bubble, no it won't be like that: my straight answer.

NFT is getting huge craze and real talent is getting exposed combined with so in my view, NFT is the only way for shifting the outdated paper art to the art of digital era.

 

 

[Whited35 15285]

10 hours ago, Ridam said:

https://twitter.com/beeple?ref_src=twsrc^google|twcamp^serp|twgr^author

@RidamThanks for the link, I have checked it oh cool ! So your overall points of view is, NFT is the best practice for collectibles. It's fine to get your ideas but there are also some complexities about the serious copyright issues on  owning the real-world items as NFTs just allow to have codes, do you think current blockchain technologies are enough to handle all these case? If not, what sort of improvements are you waiting for ? 

[Ridam 7455]

4 hours ago, Whited35 said:

@RidamThanks for the link, I have checked it oh cool ! So your overall points of view is, NFT is the best practice for collectibles. It's fine to get your ideas but there are also some complexities about the serious copyright issues on  owning the real-world items as NFTs just allow to have codes, do you think current blockchain technologies are enough to handle all these case? If not, what sort of improvements are you waiting for ? 

When it comes to the copyright, yes NFT has this problem. Because anyone willing to create NFT can create them just by paying gas fee in many platforms and there is no way to prove the ownership as it really belong to them or they just pick up random photo from other hard work.

For the solution of this, Blockchain need to get datas from real world. And oracle comes into play for this if further development happen there to solve this issue. Like, if there is development of oracle which verifies the ownership of digital art and only after the verification ,NFT would be created. This may be diffucult to implement or to make working but if some tweaks allow such usecase then it would solve the major issue of NFT enabling more security to someone's work.

[Whited35 15285]

4 hours ago, Ridam said:

For the solution of this, Blockchain need to get datas from real world. And oracle comes into play for this if further development happen there to solve this issue. Like, if there is development of oracle which verifies the ownership of digital art and only after the verification ,NFT would be created. This may be diffucult to implement or to make working but if some tweaks allow such usecase then it would solve the major issue of NFT enabling more security to someone's work.

Alright, have you checked the  blockchains like Polkadot and Free TON in which developers have claimed, they have invented the next level's blockchain and I have been following them. They allow arbitrary data sharing, I am following them how they deal with the NFTs. Currently, Free TON has compatible and easy-to-use interface even for NFTs.