NFTs - Discussion, Projects, Etc…

Leftwaffe · 29-01-2022 11:25pm #1

Jus to separate NFTs from the Crypto thread I said I’d start this up. I know very little about them and they seem to kind of be i their infancy.

I think 99% of projects will ultimately end up being worthless but in the short term at least there seems to be some real gains to be made.

I haven’t jumped in yet as there are so many projects, mints, etc happening that it’s kind of overwhelming.

What are some good projects?

Where are the best places to find them early?

Best way to avoid gas fees?

Where do you get your news about NFTs?

Capt'n Midnight · 29-01-2022 11:33pm

An NFT has no intrinsic value. You are completely dependent on the creator not cashing in by churring them out.

As an asset it works on the bigger fool principle. At least they aren't contributing to global warming.

dropinthocean · 03-02-2022 11:46am

The whole selling a virtual ape is a bit of a distraction to the real potential use of NFTs.

A major use case for NFT's will be in making NFT's out of things like concert/match tickets - this way they can be sold on (sent from your phone to someone elses) and since it is an NFT, the recipient can be guaranteed that they are not receiving a fake.

Another NFT use case will be ensuring items bought in the metaverse are real and original. Whether you think its silly or not, Rolex and major companies like Gucci etc are making NFTs of virtual watches, handbags etc for purchase in the metaverse. Since it will be an NFT, you and others will know its an original and not a cheap knock-off.

Eventually - may be possible to associate a digital NFT tag to real estate so that property can be purchased without the need of a solicitor drawing up deeds etc.

Lantus · 03-02-2022 3:14pm

Looked at nft and can't see any link or contract between the nft, which is just a serial code called a token and the product. Just because I sell you a digital token which I claim is associated with said item what is to stop me from keeping the original, reselling it or changing one or more pixels. It's all looks to be a huge scam and linked into crypto currency which is not a currency but an elaborate pyramid scheme.

And cyrpto uses more power than several small countries as it is so intensive to mine and inefficient by design so horribly harmful environmentally.

Check this out.

https://youtu.be/YQ_xWvX1n9g

Capt'n Midnight · 03-02-2022 4:15pm

https://www.boards.ie/discussion/comment/118575023#Comment_118575023

So a genuine fake Rolex that you can display on your smartwatch ?

ShaneU · 03-02-2022 4:22pm

https://www.theverge.com/2022/2/3/22914855/gamestop-nft-marketplace-immutable-x-ethereum-announcement

Immutable X and Gamestop partnering for NFT Marketplace. Loopring mentioned in the filing also, so first official confirmation they are working together. And Loopring CEO just stepped down at the same time as this announcement hmmm

dropinthocean · 03-02-2022 5:30pm

https://www.boards.ie/discussion/comment/118576434#Comment_118576434

Agree with the heavy energy usage of NFTs. Opensea is built on the Eth Network which which is killing the Planet. BTC uses even more energy.

Have you heard of Hedera - Independently shown (By University College London) to use significant less energy than every other crypto network. Plus they are now planting Trees so that they are carbon Negative.

Lots of rumors that NFT.com going to be built on the Hedera network.

Potatoeman · 09-02-2022 5:26pm

https://www.boards.ie/discussion/comment/118577149#Comment_118577149

Isn’t algo carbon positive as they invest in green energy. It’s still a red herring, look at the energy usage of other ‘useless’ consumers.

iRawwwN · 09-02-2022 5:52pm

https://www.boards.ie/discussion/comment/118576776#Comment_118576776

Great part about Gamestop being partnered with Immuteable X is that they (IMX) are driven to be carbon neutral.

Any NFT that is created or traded on Immutable X is 100% carbon neutral.

via their website.

With the likes of Microsoft already having a partnership with Gamestop in one form, the possibility of MS also getting into the NFT space is more likely with them knowing that they won't have negative headlines regarding fossil fuels being used to mint/buy NFT's.

NFT's as a technology is more than just buying .jpegs of randomly generated apes or whichever. Blockchain benefits us. We can see transactions made and we have proof of ownership.

In my personal opinion the negative views on NFT's are engineered due to lack of information on them, and a bit of fear mongering from MSM. If used correctly NFT's along with the rest of web3 will make a great experience.

Irish_rat · 09-02-2022 10:12pm

The most important things about NFT are a dedicated dev team, community and growing base of users.

The best NFTs to buy are the ogs or the blue chips which are unaffordable on eth.

I'm in MTV where literally NFTs were given away for free at mint on the first project and the floor was at 20k MTV a few days ago. People had 100s in their wallet. (Multiworms dot ac)

Now there is 30-40 projects launching on the chain and it will be difficult to choose but I'm in for more free mints tomorrow. Most now are getting expensive though.

Discord for me is the best area to find out about early projects. Telegram is just full of bots and scammers

Find another early L1 that has smart contracts just released and get into the early NFT projects

jolivmmx · 10-02-2022 7:10pm

How do we join those sites?

Potatoeman · 10-02-2022 8:01pm

NFTs are just smart contracts so they are as good as the contract.

I picked up some sol parasites, these mutate daily based on the other nfts in your wallet, they have gone up in price now that you can stake them for a cut of Nftgenie.ai profits, it makes nfts based on what you type in using the same servers.

These can be a bit of work, looking into the project and team though. Also the more nfts you get early the more perks you get so you can get multiple free nfts from projects. Lots of scams in the space now though.

Irish_rat · 10-02-2022 9:11pm

https://www.boards.ie/discussion/comment/118612312#Comment_118612312

Discord! It's the only place to find things very early and it's not moderated as badly as telegram.

I minted 20+ NFT's just now for free

jolivmmx · 10-02-2022 9:18pm

I minted some NFTs on Rarible, but have zero interest

AndrewJRenko · 10-02-2022 9:30pm

https://www.boards.ie/discussion/comment/118575023#Comment_118575023

If only we had some existing technologies that allowed us to sell on concert/match tickets knowing they aren't fakes (such as pre-printed tickets with holograms or equivalent that we were using 30-10 years ago.

KevMayo88 · 05-03-2022 7:44pm

Anyone seen that Cardano Clanns NFT collection? It's an Irish NFT project minting soon- the art looks unique with alot of Irish themes, could be one to watch.

The_Kew_Tour · 05-03-2022 9:26pm

https://www.boards.ie/discussion/comment/118738000#Comment_118738000

Ya definitely one to keep eye on

virginmediapls · 05-03-2022 9:28pm

None of them are ones to keep an eye on because NFT technology is, by its design, completely and totally pointless.

KevMayo88 · 06-03-2022 1:43am

Great contribution.

KevMayo88 · 06-03-2022 1:43am

Potatoeman · 08-03-2022 1:09pm

https://www.boards.ie/discussion/comment/118738431#Comment_118738431

NFTs are a contract so are as good as the contract. Like art their value is debatable. Vote with your wallet.

Potatoeman · 08-03-2022 1:12pm

Anyone else notice that the price of nfts pumps when the dollar value of the crypto drops? They don’t seem to be a bad hedge. Though like shitcoins you just need one or two winners to make a profit.

melven100 · 08-03-2022 6:58pm

I know that the most popular market is Opensea. Also, see a lot of action going on Twitter. Just need to find proper people.

Irish_rat · 09-03-2022 5:29pm

Opensea is for rich eth heads. Literally waste of time going on there.

Potatoeman · 10-03-2022 9:58am

https://www.boards.ie/discussion/comment/118758498#Comment_118758498

Phantom integration soon. Beta has already started. so you’ll see more Sol nfts on there. Eth is just too unstable for minting, you can lose the eth and the nft.

Potatoeman · 06-04-2022 1:17pm

https://gadgets360.com/cryptocurrency/news/frosties-nft-creators-ethan-nguyen-andre-llacuna-arrested-us-rug-pull-usd-1-million-2842404

A wake-up call for scammers. Some serious charges.

dirk_dangler · 16-04-2022 10:36am

https://www.boards.ie/discussion/comment/118738431#Comment_118738431

You may have seen the GME Loopring partnership?

GME was attacked by short sellers, in simple terms selling shares they dont have to drive down the price.

The speculation is they will now issue shares in the form of a NFT, you cant short them as if you dont have the NFT you cant put it up for sale.

We are at the very very early days of NFT's, the serious applications for them are coming and it wont be the likes of bored apes that get the headlines in the years ahead.

Donald Trump · 16-04-2022 9:50pm

https://www.boards.ie/discussion/comment/118934462#Comment_118934462

People don't sell shares they don't have. That's not actually how shorting actually works in practice. When you short a share, you have to transfer the ownership of a share to the buyer. So what you need to do is borrow that share and then sell it. Your "short squeeze" potentially arises because you have to give that share back, and need to go out and buy one on the market.

You can achieve what you are saying synthetically with a derivative contract but the types allowed will depend on the market/jurisdiction. You may be going short but you aren't shorting a share there.

dirk_dangler · 17-04-2022 1:44pm

https://www.boards.ie/discussion/comment/118937270#Comment_118937270

https://en.wikipedia.org/wiki/Naked_short_selling

Donald Trump · 17-04-2022 2:08pm

https://www.boards.ie/discussion/comment/118938903#Comment_118938903

Number 1: You said "Short sellers". Not "naked short sellers". You said that short selling was "selling shares they dont have to drive down the price". Your wikipedia link, in the first line has a link to it's article on "short selling" - which is here https://en.wikipedia.org/wiki/Short_(finance)

Number 2: As I pointed out, you can achieve what you said synthetically where it is allowed. For example, I can agree with you to sell a share of X even though I don't have any and have not borrowed any, then later go out and try to buy it if I am confident it's price will drop. But, for your "naked short", I will need to have that done before the required settlement. So it is a very short term transaction. Unless you agree to a delayed settlement, in which case we have a derivative transaction. And, as also mentioned, it depends on where the jurisdictions allow it. It is banned by the SEC.

Main point is, there is no reason why "shorting", synthetically or otherwise, cannot be done with an NFT. It would be risky to do so, but not impossible. There was a man who put an NFT for sale up last week. There would be nothing in theory, except that I might not be stupid enough, stopping me from agreeing, in advance of the auction, to sell you that NFT for say $30m. It would just have meant I would then need to go and buy it to deliver it to you! We could also enter a cash settled derivative transaction on it.

hgfj · 17-04-2022 2:39pm

I read somewhere the other day that the guy who paid 2.9 million dollars (in eth) for Jack Dorseys first tweet put the nft up for sale for 48 million. The highest offer he had at the time I was reading it was 6,200 dollars. I betcha the guy who paid 69 million for the Beeble nft must be feeling a just a little bit concerned.

dirk_dangler · 19-04-2022 11:20am

https://www.boards.ie/discussion/comment/118938999#Comment_118938999

You get the gist of it, might be illegal but it happens

See Comex silver shorts as prime example, for every real ounce, hundreds of paper ounces are traded, and a premium paid at the end of the month to not take delivery of the ounces that dont exist.

NFT's could be a solution to this, time will tell

28-04-2022 10:32am

Anybody heard of stepn? Get paid to walk/jog/run but you must pay an extortionate amount for an NFT first. Against my better judgement, I bought one with my winnings from elsewhere. I'm into running though so that was a massive pull for me.

mallards · 29-04-2022 1:25pm

Yes, got on it early on the binance launchpad, earn as you exercise, good idea. Done very well for me when others were losing their heads.

Potatoeman · 29-04-2022 1:29pm

What drives the token demand though? I saw a few of these but never heard what’s driving the price.

cruizer101 · 29-04-2022 1:31pm

Interesting video on NFT's explaining what they really are

https://www.youtube.com/watch?v=IZaTd0hDtkI

Still not convinced they are much use, seem more like a solution looking for a problem, but understand them far better now

silliussoddius · 29-04-2022 7:58pm

This video looks at the legal side of crappy gifs, sorry NFTs.

https://m.youtube.com/watch?v=C6aeL83z_9Y

30-04-2022 12:22pm

https://www.boards.ie/discussion/comment/118993475#Comment_118993475

Like any good crypto ponzi, it'll need a constant influx of new users to continue. There are plenty of ways for the tokens to be burned in game though so it's not all a massive sell pressure on the GST token that you get paid in. It costs GST to level-up your shoe NFT which in turn allows you to accrue more GST by running. It costs GST to mint new shoes. Also costs GST to repair your shoes. While I fully acknowledge NFT's are a joke, I love it so far. I'm trying to get back into regular exercise and its a great excuse to get out.

Potatoeman · 03-05-2022 3:52pm

https://www.boards.ie/discussion/comment/118993495#Comment_118993495

No one seems to mention why some are valuable. He skipped the bored ape yacht club, and most don’t mention it’s the early minting rights that give them value not the cartoon apes. It’s a smart contract, it’s as good as the contract or like any art it’s worth what people will pay. Then he ends on the green argument which has so many holes.

Potatoeman · 03-11-2022 1:43pm

I’ve noticed a number of amendments to NFT smart contracts. First the creators can change the smart contract. They can change the cut the creator gets. DeGods done this during a price drop and put a higher creator cut called the ‘b*tch tax’ to punish sellers. That never sat right with me, the owner should not be punished for selling. Then there have been collections change the artwork, something that they still own the rights to. Now one of the retailers MagicEden is giving the users the right to opt out of paying the creators a cut of the sale as in the smart contract, so ME get their 2% but the creator can get nothing. This is not great for the revenue sharing ones that split any creator cut between holders. Has anyone else been following this?