Topic: The Future of NFT - page 3. (Read 1020 times)

Well, difference of caring and not caring about that can be worth of ton of money. And obviously you don't need to care as you will not be part of the markets. Just don't fool yourself of getting the benefits from that picture you copied by using the linked image in somewhere. Except maybe for your own enjoyment, if that's enough for you then fine. Enjoy.

People who minted and hodled Bored Apes got ton of free stuff like mutants, dogs, $ape and when they stake those they get couple thousand dollars per week. So they wouldn't care less how much people are printing or copying apes. Because that's obviously not the point. Those are not part of the set and they are worthless.

And just because collectable NFT profile pics don't have a proper use case yet doesn't mean they won't have in the future, and buying the collectable secures your part in that place. Some people want to take that bet and it's their money to do as they wish.

And just to clarify,  I am not saying NFTs are a safe bet, they are anything but. Or that you should buy them (or even altcoins), you most likely shouldn't if you consider them too much of a risk.  And risk is very high i admit that. Odds are that you will lose.

I am just pointing out that logic people are using to diss NFTs is very much similar to early days of altcoin haters.
You would be making a better point by just pointing out that they are pretty much an expensive lottery tickets. Just dissing the protocol because you can copy some linked pictures makes me think you are missing the point.

If you think ERC721 or ERC1155 are still just about aesthetics you are missing the point i've been making with collectables.
I ended up defending the idea of just one of the use cases that doesn't even have real adoption yet.
They already have use cases in those blockchains you were talking about, like representing the lp positions in uniswap v3.
But people see just the visual ones that might as well be used as keys in the future.

It reminds me a lot of ICOs back in the day, the "timeline/MO" is very similar, I reckon everything will dilute itself with time, and after then we'll probably have more, let's say, genuine intention projects.

We saw images being a thing for NFT world, how about we start seeing something else. There is now a great deal of effort going into publishing world working within the NFT sphere as well, basically e-books but in NFT format meaning you would be able to buy and own a book, you could find torrented version anywhere anyway, so this way if you bought the book, you would have the nft of it, and if you ever want to sell it, you could do that as well.

I believe that it would be something decent if people worked on it properly and that is just one thing. We will see the NFT world spread towards many more industries and not just images, that will be the future of it.

maybe it is because some people want to follow the hype and take advantage. but it seems that collectors will not always focus on the NFT market, and choose works that are good and have a high value.
however, projects that do business in the NFT market today, always rely on Hype to create market enthusiasm. Do you still remember the Ronaldo NFT event launched by Binance? now, what's the other goal, after all, is done?

Scammers abused NFTs so much that I do not know if they can make such a comeback, after all it reminds me of the ico model we had before the 2017 bull run, so many people were scammed that icos never recovered, and while they have been renamed many times over since then the model had to change too as otherwise investors would refuse to trust the developers with any amount of money, and I feel the NFT market at minimum will need to go through a similar process.

It's a trash when there's no art in NFT and only a mere image but it's different when real artists make it. There are a lot of trash images that become NFT since a lot of people want to take the advantage of the Hype and when the Hype slowly fades away it's like NFT is not worth to invest again but in reality, real art will always remain valuable.  

As you can see, the NFT product is not something we have to lean to either side. They appear and will be accompanied by advocates and opponents of varying sizes, sometimes I think we should consider this issue in this market as normal rather than being carried away by the news. There's a lot of news surrounding it, and from experience that I've learned this is that something like the NFT is just a small part of a big pool of water, and let's just take a look at what it's capable of in that large pool.

I believe your point is that you think the code, the ownership behind the NFT worths something, while I mean they are all about aesthetics, and that is everything what worths in a NFT art piece, therefore I can copy it and have the same final product anywhere on the internet.

If I have the aesthetics, I see no reason why I should care about having the ownership of it, and I see no reason why it should be so valuable, therefore I consider it a risky investment which can have its price driven from 1$ million to zero in a matter of a day.

You will say altcoins also involve the same risk, but they aren't about aesthetics and their respective blockchains are used by crypto developers to create their own tokens and by crypto enthusiasts to transact when the networks of the main cryptocurrencies are too congested, so it's not so simple for them to have their demand and price nuked.

Hi friend, in my very personal opinion, the future is in the NFTs with utility and gaming ones. The NFTs like the BAYC and CryptoPunks will only survive a few like those but most will die if they don't have any utility but their existence.

The most promising in a bull market will be the Gaming Hubs like $DUX that seek the easy adoption of the crypto gaming, especially for those who don't have funds to afford an NFT.

Only real life practical purposes for altcoins i've seen so far can be summarized to transfer of value and storage of value. Yet people are mainly using them to speculate with volatility. Which in high enough quanties ironically defeats the purpose for transfering value or storage of value. You can use nfts for transferring value too, that value however will be even more volatile. Ironically again attracting those same speculators who could be speculating with altcoins but are now bringing more liquidity to nfts.

We have already established that you can't reproduce them as collectables. It's like saying you can reproduce bitcoin by making your own chain that might as well be hosted only in your own computer. It would be identical yet, no one wants it.

This is true yet it applies to any altcoin out there. Current applications are only worth something as long there are enough people using them. Not sure what benefits you are talking about.

Once again you are talking about artistic value. NFTs aren't about that. They are about tokens that are not fungible. People are not really "buying art" even though some people are acting as they are. They are buying tokens that are representing something. They are buying pictures in a sense they are buying links to files in ipfs. There are so far only few use cases for them. Reddit for exaample has already implemented nfts as avatars. When you use NFT avatars whey show up differently in your profile and you can't fake having nft as your user profile. But this isn't really about those either as infrastructure for making any practical use for nfts is not mature enough. We don't know what future holds but i am sensing it would be going to direction of profile pics like in reddit first.

And after tech like dusk is ready, we can make them represent actual physical things like securities.

Well this is just you speculating. Some people also thought bitcoin and altcoins would be dead by now. And even icos were supposed to be dead but that just changed name and shape a little and came back with vengeance.

In some cases it also applies. But regards altcoins, there is still a practical purpose on why we should acquire and hold them for real benefits.

True, but if you can speculate on something which has a practical usage it's more advised than speculating on NFTs which have as main argument the uniqueness of the pieces, although you can reproduce each of them for free with a simple print-screen function on your keyboard. The potential of these artistic NFT collections is the same potential of memecoins. Today they have demand, but tomorrow they might not have anymore, because it's exclusively about hype, instead of real benefits and application.

That was an example of scarcity, originality that could never be replaced by a digital format of art.

Because of the speculation which can last until tomorrow only, and not because those NFTs are considered outstanding art pieces. Speculative price can be 1$ million dollars, but artistic value of those NFTs is zero.

Regards NFTs, do you mean? In some months or years nobody will know what apes and punks are anymore and enthusiasts holding those pictures on their wallets are going to see their investments melting down... And that is not hate, just an alert for investors who are being deluded by this category of crypto investment.

I am optimistic about the future of NFT sector, as its use case is growing continuously, many industries, such as the art, gaming, and collectibles markets, are already starting to adopt NFTs as a way to authenticate and sell digital assets which indicates that there is huge investor's interest in this sector.
It is also possible that  DEFI sector may start using NFTs as a way for representing ownership of digital assets. Despite all these positive development, it is worth mentioning that NFT market is relatively new, how it develops in future, remains to be seen.

As an investor, who has been following NFT's for about a year and has a significant amount of NFT in my portfolio, I think that this technology has a future. However, it looks like it will take a long time for this to happen.

To talk about NFT projects in general, it is possible to clearly state that there are many waste and projects with no future, just like in the cryptocurrency market. For this reason, it is necessary to be very careful when making investments for the future, especially in this area where the transaction volume and the market are just forming. It is also very important to constantly monitor every long-term investment, because NFT prices vary depending on both crypto prices and traditional markets.

In summary, I think NFT technology has a future, but it needs some time to prove itself and gain popularity. In addition, it is clearly understood that not every NFT project has a future.

Personally, I am an art lover so when I see artworks depicted as Nfts I feel excited.

That being said I see a solid future in web2 products transitioning into web3 this includes arts and content, and with some recently developed technology content creators can have their works of genius protected by a trusty app such as the CAPTURE APP of the Numbers protocol ecosystem.

Using this app even in the advent of works being exposed to robotics such works are already backed up and ownership is saved on the metaverse using blockchain technology.

So you see most of the nft fears are unnecessary, a lot could be achieved using web3 services.

People who i know who are buying and selling apes and punks aren't laundering money. They are paying taxes for them, just like with altcoins.

But would that money laundering argument apply in altcoins and why they sell as well?
Because one could explain the whole reason of making new cryptocurrencies, building DeXes and having icos, ieos, and idos as just a method to launder money.

And of course buyers are speculating. Whole cryptocurrency scene is purely speculative so i don't know why NFTs should be an exception. They are just in tokens with a different protocol.

And i wasn't talking about art and i am not sure what Mona Lisa got to do with this. I was talking about scarcity and linking nfts to pictures. And market tells us that they sell and work perfectly in digital format. It doesn't really matter if you call those pictures art or not. And what's happening now is whole another thing, you really can't draw parallers to physical art. Not yet anyway as there's no legit blockhain system that would transfer rights to art, securities or anything like that with permissionless / KYCless systems. They just are what they are.

But originals keep on selling then even if those are the same exact picture. Because people are buying scarcity and history. Quality of that "art" is irrelevant and a bonus.
And i am really baffled why people hate nfts. It's just a protocol.

I really can't sell that, because nobody will have interest in purchasing, since just like me, they can also get a .jpg identical copy for free. On the other hand, you could never have an identical Monalisa painting copy for free. The market of art pieces can work only in physical format.

NFT artistic pieces are purely speculative and a method to launder money virtually.

I believe NFTs have a lot of potential, but inside online multiplayer games only, as they have unique usages on practice there.

In my opinion, it is difficult to predict the future of NFT tokens, but one thing is for sure, they are here to stay.
and one of the important factors in predicting the future of NFT tokens is their ability to provide utility in games and other applications, if these tokens can be used in more applications then the demand will increase again, and may increase the price. And there is still the possibility of another trend, and it is still too early because the road to NFT is still long and there is a possibility that it will grow again, or disappear, because it is unpredictable.

They've been profitable before but this is the cycle in the crypto market. Once a hyped project becomes profitable, soon its popularity will eventually be gone and it's hard to see it back again.
And on the case of NFTs, there could be some that shall survive but it will never be the same as high as before. The future of it is uncertain because we've been through the bear market and just as the ICOs/IEOs and others, they've never came back as lively as before.

Might be harsh to judge the future of these projects but I guess we have also to think about what these projects can do for us. In fact, they are not profitable in real but just a sort of art collection. Whether it will stay in the market but all I can say is that we can't make fortune from them. If we aim to make money from investing in crypto, we are supposed to look for projects that could really give us what we aim for, not just to spend and get nothing.
As long as we can never see any interesting development form them, it won't encourage investors as well to invest with them.

Until NFTs start applying utilitarian properties, NFTs have no good future. Right now NFTs are just a speculative tool. It is a very risky asset for speculation, and very few NFTs are developing utilitarian properties. As soon as this technology applies these properties on a larger scale, it will live, but until then it will enjoy the notoriety of shitcoins, which depreciate very quickly.