Can NFTs disrupt the traditional economy?

Razanm90

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

Dear all,

We are part of Ibiza Token, and are also giving classes in Ibiza about NFTs and their utility in Ibiza.
Also about blockchain and all the uses it can have.

As Ibiza is a great place for attention, and important for mass adoption of the technology (around 10 million tourists yearly) we are developing there a DAO with our own utility token (IBZ) and own NFT marketplace (nft.ibizatoken.com)

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

But we would like your opinion on what you think is important we focus next.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

You can help us on our thread here:

https://twitter.com/IbizaToken/status/1494348414418657289?t=3DhlzhBl-Z8dIMBkyCPIAg&s=19

I love games like most of the people, especially online games. I think the NFT Gaming has a great future. I am not believing in NFT arts, because I think that it's the worst way to invest. I’m currently actively following up on one interesting NFT project “Reptile Chronicles”. They have an amazing Instagram page, I was so surprised by it. I have read their novel and it is so fascinating story about three races of reptiles. Also, I love card games like HS and Gwent, so I’m looking forward to the release of this game.

kaya11

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

Dear all,

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

But we would like your opinion on what you think is important we focus next.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

The answer to the topic is "Yes", it is most likely possible, but you are not making any sense, you are promoting your NTF project and asking for advices, this is like a click bait, and advertisement rather than a discussion.

Quote from: TastyChillySauce00 on February 27, 2022, 07:16:42 PM

NFT is more than that as NFT itself is just a technology and doesn’t get fixated only for paintings and arts, it could quite literally be used
anywhere.

True, I love games, online games for specific. I love to see how NFT world enters this. I want to experience (if possible) looting NFT's on an online game. I see recently NFT are somewhat attached to paintings and they are totally wrong.

Psynthax

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it already is disrupting the current economy and could further disrupt the way of life of many people that are heavily attracted with the existence of this metaverse.
honestly, metaverse and NFT could be having a lot more use than that we currently see its just its left with limited use case because we haven’t found anything relevant yet that could further increase the use case of this NFT technology and the metaverse.
therefore in the future there are simply many opportunities for this NFT and metaverse technology in taking over the traditional economy and becomes something that very relevant its integrated with our life.
Your idea seems pretty new in the NFTs but i kinda feel doubt about that if your idea will be disrupting the economy or have a big impact on it. I think you need to prove your idea first.

indo1

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

As Ibiza is a great place for attention, and important for mass adoption of the technology (around 10 million tourists yearly) we are developing there a DAO with our own utility token (IBZ) and own NFT marketplace (nft.ibizatoken.com)

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

It seems that is indeed what we expected.
Before, I've never come across an NFT that has any utility other than games, but games are so boring.
There are no plane tickets, tourist hotels and others, but I'm sure it's necessary ,
at least if your project develops it it will be a sustainable NFT project.
I fully support your project, we really need NFT that doesn't just rely on hype as trading profit.
But making NFT a broad range of industries is a lofty goal, you're the first I've heard of.

asyakashi

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

Dear all,

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

I don't think the NFT Industry is really that annoying.
It's not the gaming, arts, music, insurance, sports or other industries that include their industries to make NFTs.
I'm sure that what's disturbing here is how from the price of the NFT itself, it seems that cheap NFTs tend to be
more in demand than expensive ones, even if they don't care about the value in the NFT.
This is actually quite disturbing, as if they actually do not appreciate the expensive work that has been made by the artist.
Maybe your project will be a solution for that ? I'm sure solving that problem will be useful for many people.

LUCKMCFLY

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Quote from: 7788bitcoin on February 26, 2022, 06:06:12 PM

Quote from: Godwinpaul on February 26, 2022, 02:20:36 PM

NFT seems like the next big thing in the industry and from my perspective, they are overvalued. I feel NFTs happen to be trending due to the fact that the industry is going through a different phase and before long we would have other trending phenomenon in the cryptocurrency space. I don't see NFTs disrupting the traditional economy as its too exorbitant and most mundane individuals cannot afford it.

Have you checked the token price of some of the NFT projects and do you still claim that the tokens are over valued. There was a time when the market used to rally last year and majority of the NFT projects rallied a lot and anyone who invested during those rallies are stuck as majority of the projects went down 50% to 70% of the all time high valuation they achieved.

NFT is not made to disrupt traditional economy but it is here to change the business model of how arts are traded and sold.

I agree with your statement, only that for now it is not very viable to be thinking much about NFTs if the BTC market is in a slight drop for a long time, however the potential of NFTs has not been seen 100%, since in 2021 the NFT games were largely in the hands of devs who did not know how to handle the boom and managed to carry out ponzi schemes, which took away their credibility, at this time NFT does not represent any type of danger for the traditional economy, I think that if the mistakes of the past are improved, if many more things can be achieved and taking into account the metaverse, it is likely that better projects will be proposed.

kotwica666

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

*SNIP*

It's a very nice idea that you are in the tourism industry. In my opinion, it is definitely an industry that is very underrated in the world of cryptocurrencies, but maybe it is because it was tourism that suffered the most during the covid19 pandemic.
As for which industries will adopt NFT the fastest, I have no doubts that it will be art, filmmaking and computer games, then I think it will be sports and music.

Luqman

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The concept may be different. NFT will not disrupt the traditional economy because it may have different targets and also concepts. We know how NFT works so far and they will probably precisely support the economy.
Many people are rising their financial and also economy because of NFT. They will support each other, not for dusrupting.

Btw, what you are going to refer to here is about your own project?

TastyChillySauce00

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If it’s for something like ticketing that uses technology of NFT considering the unique nature of NFT that’s differ in each coin I think it could disrupt the economy in the future.
I could vision the use of NFT in the future could strengthen economy by digitalizing everything making the economy runs faster and basically could helps increase the growth of an economy.
So many of us here are just talking about arts and painting but honestly NFT is more than that as NFT itself is just a technology and doesn’t get fixated only for paintings and arts, it could quite literally be used
anywhere.

7788bitcoin

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Quote from: Godwinpaul on February 26, 2022, 02:20:36 PM

NFT seems like the next big thing in the industry and from my perspective, they are overvalued. I feel NFTs happen to be trending due to the fact that the industry is going through a different phase and before long we would have other trending phenomenon in the cryptocurrency space. I don't see NFTs disrupting the traditional economy as its too exorbitant and most mundane individuals cannot afford it.

Have you checked the token price of some of the NFT projects and do you still claim that the tokens are over valued. There was a time when the market used to rally last year and majority of the NFT projects rallied a lot and anyone who invested during those rallies are stuck as majority of the projects went down 50% to 70% of the all time high valuation they achieved.

NFT is not made to disrupt traditional economy but it is here to change the business model of how arts are traded and sold.

Godwinpaul

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NFT seems like the next big thing in the industry and from my perspective, they are overvalued. I feel NFTs happen to be trending due to the fact that the industry is going through a different phase and before long we would have other trending phenomenon in the cryptocurrency space. I don't see NFTs disrupting the traditional economy as its too exorbitant and most mundane individuals cannot afford it.

clarkt

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This is more like an advertisement rather than discussion. To answer your question or should I say your advertisement , NFT is a new phenomenon in cryptocurrency and it is still in it's early stage! I think NFT will have utility in metaverse of which is still developing as well. When we begin to have well developed AI, Gaming Metaverse NFT will play more important role in these ecosystem. Football, Music, Art will adopt NFT as tool and value in those sectors!

evilgreed

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Honestly, I do not see NFTs being something that would disrupt industries in fact, I think that instead of disrupting, it will revolutionise most if not all of the industries existing. Although it may become a bit chaotic in the short to midterm but in the long run, the possibilities are endless! NFTs for me isn't limited to being just stuff that we often see being shilled on twitter but an innovative invention that has many uses. If it gets enough attention and brilliant minds then we can only expect more from it.

hyudien

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Quote from: IbizaToken on February 26, 2022, 08:36:38 AM

Quote from: Jating on February 25, 2022, 03:15:06 PM

Quote from: hyudien on February 25, 2022, 01:14:38 PM

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

I totally agree. When I say disrupt, I am not talking about disrupting in a negative way, is kind of opposite Wink

I am very curious what NFTs can bring to logistical processes and product distribution(especially collectibles with high value, where NFTS will work as proof of authenticity)

And I have no problem that people earn, we all need to live. But I think we should think farther than that, and really use new tech to build a better future.

Nothing, it's just for a bunch of communities. If you pay attention to Crypto punk, which can only be traded by a handful of people who are said to be crazy with their money. Then take a look at the current NFT market? can't really move unless hype influencers to enliven it.

True, that thinking further is the key to not getting carried away with the hype that only a bunch of people launder money on at NFT. It doesn't make more sense to invest, in authenticity in NFT if you do coding from the beginning of the manufacturing process instead of stealing photos from the internet and then claiming them and uploading them on NFT.

IbizaToken

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Quote from: Jating on February 25, 2022, 03:15:06 PM

Quote from: hyudien on February 25, 2022, 01:14:38 PM

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

I totally agree. When I say disrupt, I am not talking about disrupting in a negative way, is kind of opposite Wink

I am very curious what NFTs can bring to logistical processes and product distribution(especially collectibles with high value, where NFTS will work as proof of authenticity)

And I have no problem that people earn, we all need to live. But I think we should think farther than that, and really use new tech to build a better future.

IbizaToken

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Quote from: hyudien on February 25, 2022, 01:14:38 PM

What does this have to do with NFT disrupting the economy? There has to be a proper basis for this, NFT is a work of art for sale, whereas economics is a general income line. Not even 1% of NFT is disrupting the traditional economy, there is no link or correlated relationship for this. Bullshit if you attribute it to traditional economics. Even until now is there any impact that affects or reduces the income of the traditional economy with NFT? No

Like I said, perception Wink

NFT is a Non Fungible Token. Nobody ever said that it can only be used for art.
Of course, mainstream only knows this part at the moment, as the only info and visibility NFTs have mainstream, is what is being pushed now. And that are crypto punks and million copies of it, bored apes and million copies of it, nfts of celebs, of big brands,...but that is not the essence of the concept.

hyudien

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Quote from: Jating on February 25, 2022, 03:15:06 PM

Quote from: hyudien on February 25, 2022, 01:14:38 PM

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

If you go to the NFT market section you'll only see pictures that don't really have the right value to display at such a high price. And a bunch of influencers will spread the hype very massively. I think NFT is now mostly just a pile of garbage. At first, we were interested, but that's how it is without influencers such as influencers in developing promotions it will be quite difficult to sell. I think it's better to take advantage of the correction and hoard as many bitcoins as you can take.

wheelz1200

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Quote from: IbizaToken on February 18, 2022, 07:27:55 AM

Dear all,

We are part of Ibiza Token, and are also giving classes in Ibiza about NFTs and their utility in Ibiza.
Also about blockchain and all the uses it can have.

As Ibiza is a great place for attention, and important for mass adoption of the technology (around 10 million tourists yearly) we are developing there a DAO with our own utility token (IBZ) and own NFT marketplace (nft.ibizatoken.com)

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

But we would like your opinion on what you think is important we focus next.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

You can help us on our thread here:

https://twitter.com/IbizaToken/status/1494348414418657289?t=3DhlzhBl-Z8dIMBkyCPIAg&s=19

I think sports and in particular the ticketing industry this can be useful. Having certain nfts gets you into certain sections of a stadium maybe for VIPs, gets you access to buy something before the general public etc. In general I think 99.9999% nft projects are cash grabs, once the dust settles I will make my judgment on whether there is staying power with nfts or not.

Baofeng

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The only crypto that can disrupt traditional economy is BTC. Because it is the priime mover and we have seen throughout that government is afraid of it's growth that they have to put regulations around it. Decentralized, hard to track because it's psuedo anonymous and people are putting their wealth on it as a hedge. And I don't think that NFT's has this underlining values because per definition it is just a digital art form that anyone can make and then sell in the market.

Jating

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Quote from: hyudien on February 25, 2022, 01:14:38 PM

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

Topic: Can NFTs disrupt the traditional economy? (Read 239 times)