NFTs for physical assets - the future of NFTs?? - page 2.

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Quote from: ccryptopark on September 09, 2021, 06:13:28 PM

Hey everyone, it’s been a while since I’ve been on here. I’ve been lurking on Twitter and honestly I can’t get with the whole NFT thing. What about guys? This feels like the ICO phase back in 2017-2018.

Yeah, it does feel like the ICO phase back then only this time there will be more tangible and closer to real world assets. SO many projects now, everywhere you look are doing NFTs for everything. To be fair, it has its value but I'm not 100% convinced that everything needs to go through the NFT route.

Definitely, a bubble that is going to full expansion and these are but early days.

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Quote from: ccryptopark on September 09, 2021, 06:13:28 PM

Hey everyone, it’s been a while since I’ve been on here. I’ve been lurking on Twitter and honestly I can’t get with the whole NFT thing. What about guys? This feels like the ICO phase back in 2017-2018.

The closest I’ve gotten to getting into NFTs is through companies like 4K where you can essentially physically-back NFTs with physical goods like expensive watches or shoes. Thought this was a novel concept and really seems like it’s going to be the next phase of NFTs. Anyone heard of them? Are there other companies working on similar things?

How I heard about them: https://www.coindesk.com/business/2021/07/20/rolexes-in-defi-nft-marketplace-4k-raises-3m-to-combine-nfts-and-luxury-goods/

Most of these platforms are only trying their best to see what they can do to get involved with crypto and for this ones they believe NFT is the way. NFT if properly worked on by most of these luxury companies or organisations can help them in a lot of ways like physically backed NFT with physical goods as the aforementioned are working on, but however they need to make sure it is highly insured or secured, they also need to educate their users on what it entails in order to get the best out of it.
One of the good things with crypto trends is that, it open up ways in which new people, new companies and new organisations can come into crypto, leverage what it offers at that point in time to grow even more thus being in line with the technological advancements that comes with crypto.

ccryptopark

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I sorta agree. Collectibles are limited. But if we’re thinking high value goods like art, jewelry, Pokémon cards, it’s a lot of work to insure and ship back and forth. Why not send it to someone like 4K to authenticate, store, and issue an NFT? That way if you sell the NFT the buyer can do the same or burn the NFT to redeem the actual item. There’s really a one time cost of sending it in.

Not to mention that auction houses charge obscene amounts to sell high end items. Using blockchain cuts down fees (I imagine) by like 99%

Quote from: blockman on September 10, 2021, 05:59:05 PM

I think there's no need for that as it normally becomes collectible if an item physically is limited. You don't have to put that as an NFT because you can keep or buy it as is. That depends on the manufacturer or maker or seller of that item if it's limited and that's why most NFTs are worth it because they're limited-made. Maybe, someday in the next years that there will be a physical NFT that they have to integrate because they're looking at it as another trend to adapt.

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I think there's no need for that as it normally becomes collectible if an item physically is limited. You don't have to put that as an NFT because you can keep or buy it as is. That depends on the manufacturer or maker or seller of that item if it's limited and that's why most NFTs are worth it because they're limited-made. Maybe, someday in the next years that there will be a physical NFT that they have to integrate because they're looking at it as another trend to adapt.

ccryptopark

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I honestly think there’s a way to marry both worlds. I’d imagine that the person that owns a Picasso would love to leverage it somehow. They store it in a vault regardless, so why not issue an NFT for it so you can seamlessly (and cheaply) sell/transfer ownership without having to insure, ship, auction it(get charged crazy fees for doing so)?

Right now NFTs are purely digital art. There’s a whole realm of possibilities if we’re talking collectible physical assets

Quote from: cryptoaddictchie on September 10, 2021, 12:27:22 AM

Seems like a gold card you want yeah? I thinj its bettet to stay decentralized and server its purpose through digital aspect alone. I like the idea however, nft usage for physically backed isny something mroe trader or collector would like. Maybe for some they want but I rather pick a personal art instead if thats the case. Nft is created and trend with a purpose, better to stay as it is.

ccryptopark

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For us crypto folk we can grasp the idea of decentralizing ownership, but for the everyday person it makes sense to use a physical asset like a watch because there’s already an understanding of value.

No matter what we do (aside from DAO’s) it’ll always be centralized. Opensea, coinbase, you name it.

I thought 4K’s concept was interesting because they’re essentially a physical validator where they store, insure, and issue you an NFT for your item. If you think about legacy marketplaces like EBay there’s so much headache that goes into buying/selling and even then there’s fraud that can happen.

I even joined their discord and asked the team what you can do with the NFT and they said you’ll be able to plug them into defi products in the future. For me personally this is a game changer. Imagine a watch collector leveraging their watch collection and whenever they want it, they just burn the NFT and it gets shipped to them.

I agree about the gold backed crypto. The problem was that it based based on “trust” that the hold actually existed.

Quote from: Kyraishi on September 09, 2021, 11:11:58 PM

What's the point of physically backed NFTs? I don't get it.

The whole point of NFTs in my opinion is to try to decentralize ownership. But if you back something with a physical asset, all of a sudden you are once again concentrating the value of the asset onto the physical object that is under custody of someone.

I'm sure it'll be done but I don't think that it'll be big. Just like how gold backed cryptos don't make sense.

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Seems like a gold card you want yeah? I thinj its bettet to stay decentralized and server its purpose through digital aspect alone. I like the idea however, nft usage for physically backed isny something mroe trader or collector would like. Maybe for some they want but I rather pick a personal art instead if thats the case. Nft is created and trend with a purpose, better to stay as it is.

Kyraishi

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What's the point of physically backed NFTs? I don't get it.

The whole point of NFTs in my opinion is to try to decentralize ownership. But if you back something with a physical asset, all of a sudden you are once again concentrating the value of the asset onto the physical object that is under custody of someone.

I'm sure it'll be done but I don't think that it'll be big. Just like how gold backed cryptos don't make sense.

ccryptopark

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Hey everyone, it’s been a while since I’ve been on here. I’ve been lurking on Twitter and honestly I can’t get with the whole NFT thing. What about guys? This feels like the ICO phase back in 2017-2018.

The closest I’ve gotten to getting into NFTs is through companies like 4K where you can essentially physically-back NFTs with physical goods like expensive watches or shoes. Thought this was a novel concept and really seems like it’s going to be the next phase of NFTs. Anyone heard of them? Are there other companies working on similar things?

How I heard about them: https://www.coindesk.com/business/2021/07/20/rolexes-in-defi-nft-marketplace-4k-raises-3m-to-combine-nfts-and-luxury-goods/

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