Who can explain to me the value of NFTs in 5 words?
Hi Indie,
Can you explain to me NFT please?
I could explain it to my grandmother at lunch.
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5 words or less? That's tough.
I'd say "A scam that isn't interesting." Why do I think this 1) The only people who that is cool are nerds. I don't think mainstream America will understand or care about these at all. This is an issue. To reach mainstream, they need to have widespread adoption. I doubt NFTs will get there.
I think maybe people can turn their songs into NFTs and sell them, but I doubt there are enough people out there that understand NFTs well enough to appreciate them.
Respectfully, I think you have it totally backwards. Steph Curry, NBA MVP bought a bored ape. So did Snoop Dogg and Eminen. Meanwhile everyone on hacker news and indie hacker hates them! So the nerds are the ones who hate them. In fact on my tech twitter I constantly saw them bashed but I got more open minded when on my music twitter many musicians I like such as RAC were excited about them.
You are showing the exact pattern i've been facing with talking with NFT believers. They tend to not have their own thoughts, but oh a {{Insert someone who has authority in their field}} believe NFT is the future because X.
I can assure you that I have many of my own thoughts. You can check out my blog or Twitter if you'd like to hear more of them.
I'm not deferring to any authority. I was pointing out that it's silly to say "only nerds like NFTs", when everytime they're mentioned on hacker news and indie hackers (nerd communities) they are roundly called a scam, meanwhile I gave a few examples of some people who were definitely not nerds who like them. I'm not necessarily saying NFTs are the future, although I will say that communities like this write them off way too quickly.
What I can definitely say is that communities like YCombinator (which IH clearly derives from), has a motto "make something people want". Now there's things out there in the world that people want, and instead of trying to understand it, a lot of people seem to be saying "no, stop wanting that, you shouldn't want that."
Just leaves more opportunity for the rest of us.
Interesting point of view
I think you're not seeing the big picture here.
I am not a fan of the overpriced avatar NFTs. But I can see the value behind the concept, which is is a mechanism that confirms that YOU own that asset, and no one else.
In the future, most of our documents would be online. Our IDs, Passports, House titles (and of course there will be future regulation & etc). NFTs will/can be used to implement this. Mass adoption will happen one way or another.
To call it a 'scam that isnt interesting' sounds like you didn't see through it's current state now.
You don't own the asset when you buy an NFT. You don't get the thing, or rights to the thing, or become the copyright holder. It's like buying a bottle of air and then saying that the air has value because it's supposedly "linked" to something (that you don't actually own).
See this post:
https://moxie.org/2022/01/07/web3-first-impressions.html
Not a scam and also yeah the learning curve is steep but naturally over time the learning curve will become flat
irrelevant overpriced AWS jpg pics
Provably unique digital property.
One-of-a-kind jpegs.
Scarcity for the internet.
You can trade a dollar for a dollar without thinking about while if I give you my house and you give me yours and one of us might lose money because they can't have the same value. Houses are unique aka non fungible. so do NFTs as opposed to tokens in blockchains. Just a unique digital item that you can securely own and trade!
I love this example. Thanks
Great, I know this was a bit off topic but that's a good starting point to get your grandmother on board with NFTs
I don't see any value in them since any thing on the internet is copiable.
You can copy the Mona Lisa as well. Still the original has higher value than a copy. Just going to say that I have a hard time understanding NFT as well but there’s something to it that’s interesting. Especially when it’s connected to a physical item like land or art or something else.
Yeah I guess that's kind of interesting if you reframe it. Like, "The Louvre has an NFT of the Mona Lisa." There's only one Mona Lisa, but you can copy it as many times as you want, even to the point of being hard to actually discern between the two. But no matter what, the Louvre still owns the original.
We're still in the "just a weird idea" phase of NFTs, so there's bound to be a lot of experimentation and a lot of "WTF is this thing and who cares?" Pretty much every new invention goes through this – if you're over 40 you probably remember a time when people scoffed if you said you used the internet, "Ok NERD! Why???" There weren't a lot of actual use cases for it at that point and most people had no idea how it worked. People were trying weird and crazy stuff just to see if it got traction. Eventually we found some things that worked and lots of people started doing those things. People also used to scoff at car phones, cars, and steam engines until they found their use.
Which is not to say NFTs will change the world, but it'll be a while before they actually find a useful niche.
Totally agree. First when a new technology comes out it usually gets scoffed at like you say. Often the truth is in between the two extremes of "NFT's are just BS" and "NFT will change the world".
Going to be interesting to see how this will evolve. Definitely going to keep an eye on it :)
It's quite interesting to see so much "hate" for NFTs, but as a gamer. I would say NFTs + Gaming have big opportunity! Example is Guild of Guardians or any other game, i find whole NFTs marketplace and in game "art" with NFTs connected really excited...
I believe this will be the next big thing, but hey I'm one of early adopters, I believe acceptence of NFTs will start in a gaming industry.
Creator endorsed ownership on a publicly trusted network
Lifetime commissions for original artist.
Basically, trying to scam or get some laundry money.
It is a Money Laundering Mechanism. I think it’s 5 words.
@Victor🤙 Your comment will likely attract a lot of hate towards the hype we see around NFT.
Some of that hype has substance, and a lot doesn't at all. Like anything "new".
In more than 5 words:
NFTs are just a way to establish ownership of an asset. Like a contract.
And like a contract again, it's not the contract that has value, but the asset.
So if an asset has no value, no one will buy it. Regardless of if you have a contract (aka NFT).
It's true that anything new that generates money quickly is often associated with a bubble.
For an NFF, how do you define its value?
Its creator?
its design?
a project?
something else?
Decentralised digital proof of ownership.
As a concept it’s valuable, yeah mutant donkeys might not be your thing, loads of art isn’t my thing either but if you take it to Sotheby’s and can prove you own it with provenance etc, they’ll give you a pile of cash.
But like for example people spend billions of dollars on in game items. Some games have complicated economies, digital land ownership, etc. I don’t participate in any of that but if I did I’d feel better abt buying digital anything if I knew it could be proven it was mine and could sell it outside of the game, regardless of my accounts standing in the game or with the dev.
I think like digital assets are going to become more and more of a thing and NFT is the best way so far to ensure you actually own something in a secure way that doesn’t depend on third party (yeah I know, but in theory lol)
digital land registry without government
I'm not a fan of NFTs, but I couldn't explain the value of a land property registry in 5 words either
Turning online presence into profits.
For me for now there is no value in NFTs unless someone puts value on it. Someone can be influential and "fool" people that a set of JPGs worth something so others start to trade it from ground up. So there is only perceived value without any backing.
(It was trending topic this week an influential person sells her farts in a jar, yet again! :) So value of something is open for debate. Even bragging rights is valuable for many people. Spending thousands on jpegs is something to be proud of and talk a lot...)
On the other hand what I think possibly make NFTs valuable is to tie it with real benefits.
Let's say there is a Maker Token (there is but unrelated), an NFT set with limited amount (100). csallen can say alright from now on I'm only going to interview with people who has this token. That's what makes it exclusive. rrhoover can say alright every week I'll promote someone on ph who has this token. So benefits increases along with its value. Since these guys also hodlers, they earn along the way.
So it potentially become a community with digital signatures/passports.
If I think I need to be in the maker scene. I'm gonna look for ways to acquire a token. So buying one is going to set a floor price for this token. A slightly good part is, the money I've chipped in is not going to go into the csallen's pocket but increase the overall value of this token. So whoever has a token will benefit, which suppose to encourage any of them to contribute and make it somehow more valuable. Let's say 100 hodlers sharing each interview on every single channel they have to bring awareness and IDK visibility I guess.
Whenever someone thinks it doesn't worth it anymore or the fiat value of the token is higher than what it offers, they can sell their token with the floor price I've set recently. And it goes on like this forever. As long as it offers something good, it's valuable.
It's also kinda decentralized. No one has a saying on if I can have a token or not. This anarchy has pros and cons. As a pessimist I'm thinking cons overweight the pros.
Last word, about NFTs on gaming, I doubt there is a single online multiplayer game without hacks, either with speed hack, aim hack or botting. So yeah it's not gonna happen. People already trading real money with in-game objects or currency. So NFTs can only be an alternative to that but I don't see if it can bring revolution to gaming as others predict.
@Rusted, as I read your opening - it had me thinking about a NYC Taxi token. Not sure if it is still the case, but in the past NYC issued a limited number of tokens.
If you were lucky enough to secure one many, many years, then you have experienced an dramatic increase in value. At one point, I remember reading that those tokens would sell for millions. And, companies would even “rent” time using their token.
Perhaps there may be an equivalent crop up on the net. Not sure at this time what it might be…but, I’m intrigued where you’re going with an idea of a Maker token. Things to ponder upon…
That's what drives me to create an NFT.
The link to something real.
I find this process very smart.
Own assets on the internet
tech to sell digital assets.
Also, If your grandma plays Fortnite, you can draw a parallel with the in-game skins.
Valuable things can be abstractions
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