NFTs

[Lurch 1,617]

Non-fungible Tokens are digital items that you own. Proof of ownership is stored on the Blockchain — digital database that is publicly accessible.

 

This is the space if you have any NFTs or would like to discuss NFTs with other FGers.

[Lurch 1,617]

I've recently picked up two NFTs, an IF (Invisible Friends) and a ROAR. Both of which weren't particularly expensive, but have made slight gains since I brought them.

 

You can view my collection at jamesrandle.cb.id 👍

[Lurch 1,617]

My next objective is to look into getting some NFT art, rather than just staying in the PFP realm. XCopy is something I like the look of, but I want to have more of a search first. There's plenty of awesome pieces out there.

[Lurch 1,617]

Overall I've mainly been focusing on buying what I find interesting and like the look of. Obviously it would be nice to make a small profit off any investments I've made but ultimately I'm not desperate to sell.

[IRaMPaGe 3,256]

For me personally it's not tangeable, I like a physical copy of something I can touch and feel, and see with my eyes. 

 

If I buy art I want to display it on the wall. 

I understand it's popular and trending these days. 

If you can make a return on it, fair play. 

 

It's a market that's too dicey for me. 

[phil bottle 9,810]

I despise the whole concept so I'll be staying clear of this thread 😅

[Lurch 1,617]

2 hours ago, IRaMPaGe said:

If I buy art I want to display it on the wall.

 

I understand, I used to think the same thing. But there are companies like Tokenframe which make plaques to display your NFT art IRL.

[J4MES OX4D 10,052]

NFT's IMO are the most useless thing ever conceived in humanity. It's an unregulated sector rife with scams, fraud and other shady nonsense on top of being an incredibly lame concept and that's being extremely generous. I will never ever get my head around how a simple MS Paint picture concocted in 30 seconds can be sold for tens of thousands other than the purpose of money laundering. I just don't understand how owning a numeric serial of something digital is viable unless you can find some sucker willing to pay for it and you can cash out clean. I wouldn't even download a picture at gunpoint of the most valuable NFT and have it litter 13.9mb of a 2tb drive. 

 

The market has deservedly collapsed in the past year since many main players are being investigated by law enforcement, and there has also been a downturn on the amount of millionaire 'celebrities' promoting things after they were shamefully scammed or just want to distance themselves at the risk of being sued advertising something they don't understand. I prefer physical things made with due care, skill or have some history. I just find it a nasty trend on a shady layer of the internet. AI art can produce way more impressive material in less than 10 seconds than anything I've seen in the NFT field. 

 

Cash is king and you can't buy a car, holiday, food or TV with a collection of JPEG's of penises. If anyone makes a real money return out of this then fair play but me personally, I'd happily see this horrible fad die just like lootboxes. 

[Lurch 1,617]

47 minutes ago, J4MES OX4D said:

NFT's IMO are the most useless thing ever conceived in humanity. It's an unregulated sector rife with scams, fraud and other shady nonsense on top of being an incredibly lame concept and that's being extremely generous. I will never ever get my head around how a simple MS Paint picture concocted in 30 seconds can be sold for tens of thousands other than the purpose of money laundering. I just don't understand how owning a numeric serial of something digital is viable unless you can find some sucker willing to pay for it and you can cash out clean. I wouldn't even download a picture at gunpoint of the most valuable NFT and have it litter 13.9mb of a 2tb drive. 

 

The market has deservedly collapsed in the past year since many main players are being investigated by law enforcement, and there has also been a downturn on the amount of millionaire 'celebrities' promoting things after they were shamefully scammed or just want to distance themselves at the risk of being sued advertising something they don't understand. I prefer physical things made with due care, skill or have some history. I just find it a nasty trend on a shady layer of the internet. AI art can produce way more impressive material in less than 10 seconds than anything I've seen in the NFT field. 

 

Cash is king and you can't buy a car, holiday, food or TV with a collection of JPEG's of penises. If anyone makes a real money return out of this then fair play but me personally, I'd happily see this horrible fad die just like lootboxes. 

 

Tell us how you really feel James 😂

 

I think you're mass characterising the NFT community under the criminal activity of a few instances. From my own reading and understanding a lot of the NFT activity should be taken with a pinch of salt.. you need to think of NFTs and the Blockchain as a development stage of something much grander and more regulated.

 

You need to be careful and do you're research just like anything in life. You think the people that control 'cash' aren't breaking the law? Think again.

[Lurch 1,617]

I'm not saying that the NFT space is perfect, but from an Artist's point of view tackling the online world and copying prevention the NFT route seems like a good start.

 

I mean how many people buy physical art? And when you do how often is it someone else selling a design they've stolen from the internet. Pretty often.

[Lurch 1,617]

Plus not every NFT is a stupid ape which has a value that is massively inflated. A lot of what I have seen and am trying to get involved in is real artists selling genuinely great art. And fun PFP community—Doodles is one of my favourites (I haven't brought one) because the community are really interested in the project and the art is fun and exciting, and they're expanding into the real world.

[Teenwolf25 327]

I don’t understand NFT’s, there is literally nothing stopping people from printing the picture off and framing it for themself…. 

[Lurch 1,617]

1 hour ago, Teenwolf25 said:

I don’t understand NFT’s, there is literally nothing stopping people from printing the picture off and framing it for themself…. 

 

 

I now own the Mona Lisa 👍

[Lurch 1,617]

Genuinely surprised at the lack of knowledge and understanding around the NFT space and Blockchain technology in general. I know it's all new but I thought there would be more interest from the wider community around rights protection and transparency using Blockchains and Cryptocurrency.

 

It almost appears like most people's thoughts are the exact same as the general media's... 👀

[J4MES OX4D 10,052]

33 minutes ago, Lurchzy said:

Genuinely surprised at the lack of knowledge and understanding around the NFT space and Blockchain technology in general. I know it's all new but I though there would be more interest in the wider community around right protection and transparency in NFTs and Cryptocurrency.

 

It almost appears like most people's thoughts are the exact same as the general media's... 👀

When this has been discussed in the past, it's usually been about the catastrophic impact crypto has had on the environment and consumer GPU market. I think everyone understands the concept at NFT's but don't share any enthusiasm because it's something that's been widely ridiculed in the gaming space and has not been adopted in a credible light either. Even I was making more money a day than Ubisoft were with Quartz and I think many find it baffling that you can buy virtual land in videogames that don't even exist, which cost 10x more than what real tangible land on planet earth does in some areas. 

 

Until something positive comes out of this concept that intrigues and benefits everyone rather than individual's e-wallets, interest will be consigned to just enthusiasts. It will also require a huge amount of regulation and opinion-swinging to stem any legality and fraud concerns. When you have 'experts' rinsed of their entire wealth then the average joe isn't going to feel too comfortable venturing away from recognised, established and regulated securities. 

 

Every blockchain game has failed, Facebook is wasting $15bn a year on Web3 ventures to end up with something worse than VR Chat and any attempt to get NFT's integrated into established videogames has also flopped horrendously. When even the most recognised and money-hungry publishers state they have no interest, then you have to wonder what the benefits are of this new age fad. 

[Lurch 1,617]

11 minutes ago, J4MES OX4D said:

When this has been discussed in the past, it's usually been about the catastrophic impact crypto has had on the environment and consumer GPU market. I think everyone understands the concept at NFT's but don't share any enthusiasm because it's something that's been widely ridiculed in the gaming space and has not been adopted in a credible light either. Even I was making more money a day than Ubisoft were with Quartz and I think many find it baffling that you can buy virtual land in videogames that don't even exist, which cost 10x more than what real tangible land on planet earth does in some areas. 

 

Until something positive comes out of this concept that intrigues and benefits everyone rather than individual's e-wallets, interest will be consigned to just enthusiasts. It will also require a huge amount of regulation and opinion-swinging to stem any legality and fraud concerns. When you have 'experts' rinsed of their entire wealth then the average joe isn't going to feel too comfortable venturing away from recognised, established and regulated securities. 

 

Every blockchain game has failed, Facebook is wasting $15bn a year on Web3 ventures to end up with something worse than VR Chat and any attempt to get NFT's integrated into established videogames has also flopped horrendously. When even the most recognised and money-hungry publishers state they have no interest, then you have to wonder what the benefits are of this new age fad. 

 

Loads of positives have come out of the NFT space and Blockchain technology, they just haven't caught the public attention like the scandals and scams (most of which happened because of bad planning and lack of basic intervention, not to mention the ridiculous celebrity fiascos!)

 

Most of what I find interesting as I said before is the Traceability and Transparency that comes with encrypting assets on the Blockchain.

 

Now I do agree that the Facebook Metaverse was a complete flop, but anyone with any realistic sense could see that wasn't going to be the future... I personally think it was the lack of legs and hands! 😂

[Lurch 1,617]

 

Is the future of Web3 gaming here? Nike have officially announced their .Swoosh (NFT collection) collaboration with EA Sports!

 

This could be the introduction of digital ownership in video games — bringing exposure back to the digital market.

 

Now... there is still a mainstream hate towards NFTs but with a big brand like Nike stepping up to the plate, could minds be changed?

[J4MES OX4D 10,052]

20 minutes ago, Lurchzy said:

 

Is the future of Web3 gaming here? Nike have officially announced their .Swoosh (NFT collection) collaboration with EA Sports!

 

This could be the introduction of digital ownership in video games — bringing exposure back to the digital market.

 

Now... there is still a mainstream hate towards NFTs but with a big brand like Nike stepping up to the plate, could minds be changed?

Two of the greediest companies on the planet creating another revenue stream out of thin air is only going to benefit themselves. People trading real money for e-money on a fantasy economy is not wise for regular people but with the popularity of things like UT and the sneaker market, they will be able to use sports celebrities along with content creators to milk the hell out of gullible people. Hopefully like most of these ventures already, it'll be an overnight flop. 

 

People literally can own their in-game items through marketplace purchases as it stands so owning a serial of a mass produced digital item is a huge step down or sideways step that will likely cost 100x more. It will allow cancer like EA and Nike to create a variable and dynamic market with fraudulent scaling to extract as much money as possible and leverage worthless values higher, whilst having no legality issues like they would with regulated digital content. 

 

Owning a digital shoe collection serial which can only be used in one game is tragic. It was bad enough when this idea was mooted for microtransactions 8 years ago so to see it materialise again with FIFA and Nike where they are now is even more demoralising. These will just be common microtransactions dressed up differently that will give these corporations more money. 

[Lurch 1,617]

30 minutes ago, J4MES OX4D said:

People literally can own their in-game items through marketplace purchases as it stands so owning a serial of a mass produced digital item is a huge step down or sideways step that will likely cost 100x more. It will allow EA and Nike to create a variable and dynamic market with fraudulent scaling to extract as much money as possible and leverage worthless values higher, whilst having no legality issues like they would with regulated digital content. 

 

I think it'll be more of a way of stopping Coin-Duping and other scams — including buying coins from 3rd Party markets (which where a lot of fraudulent activity actually comes from).

 

You need to remember, buying cosmetics isn't mandatory, and if you don't want to, you don't have to. But some people do, and I would much rather do it in a secure environment under the use of Blockchain technology.

 

[Lurch 1,617]

NFTs: How do they work?

 

NFTs, or Non-Fungible Tokens, are a type of digital asset that represent ownership or proof of authenticity of a unique item or piece of content. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (interchangeable), NFTs are designed to be unique and indivisible. Here's a simplified explanation of how NFTs work:

 

Unique Digital Assets: NFTs can represent various types of digital assets, including artwork, music, videos, virtual real estate, collectibles, and more. Each NFT is distinct and carries a unique identifier that distinguishes it from other tokens.

 

Blockchain-based Ownership: NFTs are typically built on blockchain platforms like Ethereum, though other blockchains can also support them. The blockchain acts as a decentralized ledger that verifies and records ownership and transaction history. It provides a transparent and tamper-proof system for tracking the authenticity and ownership of NFTs.

 

Metadata and Token Standards: NFTs contain metadata, which includes information about the asset they represent, such as the title, description, creator, and other relevant details. NFTs adhere to specific token standards, such as ERC-721 or ERC-1155 (Ethereum), which define the functionalities and behaviors of the tokens.

 

Minting: The process of creating an NFT is called minting. Artists, creators, or content owners can mint NFTs by uploading their digital assets to a compatible NFT marketplace or platform. During the minting process, the creator can also set parameters like the number of copies (if it's a limited edition) and any associated royalties.

 

Ownership and Transactions: Once an NFT is minted, it can be bought, sold, or traded on NFT marketplaces. These marketplaces act as platforms where NFTs are listed for sale or auctioned. Ownership of an NFT is recorded on the blockchain, allowing anyone to verify the current owner and the entire transaction history of that particular NFT.

 

Smart Contracts: NFTs often utilize smart contracts, which are self-executing agreements that automatically perform certain actions when predefined conditions are met. Smart contracts enable various functionalities for NFTs, such as royalty payments to the original creator whenever the NFT is resold in the future.

 

Interoperability: While most NFTs are currently based on Ethereum, there is growing interoperability between different blockchain platforms. For example, some NFTs can be moved or "bridged" from one blockchain to another, allowing for more flexibility and accessibility.

 

Scarcity and Value: The uniqueness and scarcity of NFTs contribute to their perceived value. Collectors and enthusiasts are willing to purchase NFTs for various reasons, including ownership rights, supporting artists, or the potential for future appreciation.

 

It's important to note that NFTs have gained significant popularity in the art and digital content space, but they have also raised concerns regarding environmental impact (due to the energy consumption of blockchain networks) and potential copyright infringement. As the technology and ecosystem evolve, NFTs are likely to undergo further developments and refinements.

[Lurch 1,617]

8 minutes ago, Lurchzy said:

NFTs: How do they work?

 

NFTs, or Non-Fungible Tokens, are a type of digital asset that represent ownership or proof of authenticity of a unique item or piece of content. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (interchangeable), NFTs are designed to be unique and indivisible. Here's a simplified explanation of how NFTs work:

 

Unique Digital Assets: NFTs can represent various types of digital assets, including artwork, music, videos, virtual real estate, collectibles, and more. Each NFT is distinct and carries a unique identifier that distinguishes it from other tokens.

 

Blockchain-based Ownership: NFTs are typically built on blockchain platforms like Ethereum, though other blockchains can also support them. The blockchain acts as a decentralized ledger that verifies and records ownership and transaction history. It provides a transparent and tamper-proof system for tracking the authenticity and ownership of NFTs.

 

Metadata and Token Standards: NFTs contain metadata, which includes information about the asset they represent, such as the title, description, creator, and other relevant details. NFTs adhere to specific token standards, such as ERC-721 or ERC-1155 (Ethereum), which define the functionalities and behaviors of the tokens.

 

Minting: The process of creating an NFT is called minting. Artists, creators, or content owners can mint NFTs by uploading their digital assets to a compatible NFT marketplace or platform. During the minting process, the creator can also set parameters like the number of copies (if it's a limited edition) and any associated royalties.

 

Ownership and Transactions: Once an NFT is minted, it can be bought, sold, or traded on NFT marketplaces. These marketplaces act as platforms where NFTs are listed for sale or auctioned. Ownership of an NFT is recorded on the blockchain, allowing anyone to verify the current owner and the entire transaction history of that particular NFT.

 

Smart Contracts: NFTs often utilize smart contracts, which are self-executing agreements that automatically perform certain actions when predefined conditions are met. Smart contracts enable various functionalities for NFTs, such as royalty payments to the original creator whenever the NFT is resold in the future.

 

Interoperability: While most NFTs are currently based on Ethereum, there is growing interoperability between different blockchain platforms. For example, some NFTs can be moved or "bridged" from one blockchain to another, allowing for more flexibility and accessibility.

 

Scarcity and Value: The uniqueness and scarcity of NFTs contribute to their perceived value. Collectors and enthusiasts are willing to purchase NFTs for various reasons, including ownership rights, supporting artists, or the potential for future appreciation.

 

It's important to note that NFTs have gained significant popularity in the art and digital content space, but they have also raised concerns regarding environmental impact (due to the energy consumption of blockchain networks) and potential copyright infringement. As the technology and ecosystem evolve, NFTs are likely to undergo further developments and refinements.

 

Blockchain: How does it work?

Blockchain is a distributed ledger technology that allows multiple participants to maintain a shared database without the need for a central authority. It operates through a network of computers, known as nodes, which work together to validate and record transactions. Here's a simplified explanation of how blockchain works:

 

Structure: A blockchain consists of a chain of blocks, where each block contains a set of transactions. Each block is linked to the previous block through a cryptographic hash, forming a chronological chain of blocks.

Transactions: When a participant initiates a transaction, it is grouped with other pending transactions and added to a "block." Transactions can represent various types of data, not just financial transfers. Each transaction typically includes information such as the sender, recipient, amount, and any additional data relevant to the transaction.

 

Validation: The block of transactions undergoes a process called "consensus" to ensure its validity. Depending on the specific blockchain protocol, this process may involve different consensus mechanisms such as proof of work (PoW), proof of stake (PoS), or others. The consensus mechanism helps prevent fraud and ensures that all nodes agree on the state of the blockchain.

 

Block Formation: Once a block is validated, it is added to the existing chain, becoming a permanent part of the blockchain. The new block contains a unique identifier called a hash, which is calculated based on the data in the block. The hash of each block also includes the hash of the previous block, creating a link between them.

 

Decentralization: Blockchain operates in a decentralized manner, meaning the blockchain data and its maintenance are distributed across multiple nodes in the network. Each participating node has a copy of the entire blockchain, allowing for transparency, resilience, and fault tolerance. Changes or additions to the blockchain must be agreed upon by a majority of the nodes in the network.

 

Security: Blockchain uses cryptographic algorithms to ensure the security and integrity of the data. The blocks are linked through cryptographic hashes, making it difficult for anyone to modify the contents of a block without being detected. Additionally, blockchain networks often use encryption and digital signatures to authenticate and secure transactions.

 

Consensus and Trust: By employing consensus mechanisms, blockchain eliminates the need for a central authority or intermediary to validate transactions. The distributed nature of the network, combined with consensus protocols, creates a level of trust among participants, as any attempts to tamper with the blockchain would require a majority of the network's computing power.

 

Transparency and Immutability: Once a block is added to the blockchain, it is difficult to alter or remove it. The transparent nature of the blockchain allows all participants to view and verify transactions, fostering trust and accountability. This transparency makes blockchain attractive for applications where trust and auditability are important.

 

Smart Contracts (optional): Some blockchain platforms support smart contracts, which are self-executing contracts with predefined rules and conditions. Smart contracts automatically execute actions once the specified conditions are met. They can facilitate more complex interactions and automate processes on the blockchain.

 

Overall, blockchain technology provides a decentralized and secure way to record and verify transactions, enabling trust, transparency, and new possibilities for various industries beyond cryptocurrencies, such as supply chain management, healthcare, finance, and more.

[MrBiron 1,455]

They are a scam. It's as simple as that. You're buying something that you don't really own. I've had lots of joy reading about people paying silly money for an NFT only to lose a load of money trying to sell it on.

[MrBiron 1,455]

95% of NFTs are Worthless: Report | PetaPixel

PETAPIXEL.COM

---

Crypto crashed and brought NFTs with it.

 

lolz 🤣

[J4MES OX4D 10,052]

54 minutes ago, MrBiron said:

95% of NFTs are Worthless: Report | PetaPixel

PETAPIXEL.COM

---

Crypto crashed and brought NFTs with it.

 

lolz 🤣

And the other 5% is absolute trash like Logan Paul laundering money via NFT's with his junkie buddies in that LA cesspool which is the only reason they have real money 'value'. 

[Lurch 1,617]

The technology is sound, and the concept was promising, just seems a shame the application of it was really under utilised.