Why NFT might become important in the cryptospace and the world - page 2.

AnisahSiti

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

I agree. NFT is a place where artists and art enthusiasts come together to create and appreciate the work of the artist. Where what is judged there is the art regardless of the price of a work of art, art fans will not care about it. I also think that NFT will continue to exist like ICOs and DeFi. Because I think there will be many artists who will work through NFT to distribute their work digitally.

Then the game industry, which in my opinion will continue to grow, will also enliven the NFT market and make it live for many years.

bbc.reporter

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Quote from: Kavelj22 on February 27, 2022, 06:12:05 PM

Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

Being here for many years doesn't mean that it's a successful technology. You mentioned ICOs and Defi, can you tell me how many projects based ICO you knew were successful? Among thousands of running ICOs, i only know Ethereum (was first lunched with an initial coin offering) and Binance (BNB). All the rest was a way to scam investors or used for money laundering. The same situation can be applied for DEFI and for meme coins as well.

NFT market has few use-cases (mainly in gaming) but we can't say it's successful because someone was successful to sell a pixel art for thousands of dollars as no one can tell who bought it and for what reasons.

There are not many projects that begun as ICOs that have become successful, however, the projects that became successful has become very successful. These are projects like Ethereum, Binance smartchain, Avalanche and other blockchains. Was Chainlink an ICO? I reckon that project is also very successful.

In any case, this news might also imply that my speculations on NFTs might become true. One of the world's biggest bank is investing in the metaverse. This is certainly only the beginning. NFTs will in portfolios of billionaires.

HSBC (HSBC), with almost $3 trillion in assets, is the first global bank to enter The Sandbox metaverse, the blockchain gaming firm said on Wednesday.

The bank will buy a plot of land at The Sandbox metaverse, which it will develop to engage with sports, e-sports and gaming fans, the statement said.

Details of HSBC's development in the virtual plot of land weren't announced. A promotional GIF that was posted along with the statement showed an HSBC stadium next to a virtual body of water.

HSBC sees "great potential" in creating "new experiences through emerging platforms," said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific, in the statement. The partnership with The Sandbox will enable the bank to "create innovative brand experiences for new and existing customers," he added.

Gucci, Warner Music Group (WMG), The Walking Dead, Snoop Dogg and Adidas are among global brands that are working with The Sandbox.

Source https://www.coindesk.com/business/2022/03/16/hsbc-enters-the-metaverse-through-partnership-with-the-sandbox/

Kavelj22

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

Being here for many years doesn't mean that it's a successful technology. You mentioned ICOs and Defi, can you tell me how many projects based ICO you knew were successful? Among thousands of running ICOs, i only know Ethereum (was first lunched with an initial coin offering) and Binance (BNB). All the rest was a way to scam investors or used for money laundering. The same situation can be applied for DEFI and for meme coins as well.

NFT market has few use-cases (mainly in gaming) but we can't say it's successful because someone was successful to sell a pixel art for thousands of dollars as no one can tell who bought it and for what reasons.

JooBra

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Quote from: vv181 on February 27, 2022, 11:23:53 AM

Quote from: bbc.reporter on February 25, 2022, 11:25:45 PM

I very much disagree with your reply on ICOs. Everyone is aware that much of the ICOs from before 2017 have died, however, the ICO as a democratic method of fundraising a project will not die. It will be called something else and be made to appear like something else but it will be an ICO.

I stand to be corrected. As far as I am concerned, pretty much sales that are going on now are on IDO compared to ICO. While my point, ICO in a terminology way is left behind compared to what most people doing now which is IDO. But one thing I can be sure of is I also believe the crowdfunding method that started with ICO, and now some people said IDO as a successor of it is worth attending, per se.

I kinda think NFT's are new ICOs where you buy part of project and get some royality holding it. It's good concept but there are a lot of scums.

vv181

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Quote from: bbc.reporter on February 25, 2022, 11:25:45 PM

I very much disagree with your reply on ICOs. Everyone is aware that much of the ICOs from before 2017 have died, however, the ICO as a democratic method of fundraising a project will not die. It will be called something else and be made to appear like something else but it will be an ICO.

I stand to be corrected. As far as I am concerned, pretty much sales that are going on now are on IDO compared to ICO. While my point, ICO in a terminology way is left behind compared to what most people doing now which is IDO. But one thing I can be sure of is I also believe the crowdfunding method that started with ICO, and now some people said IDO as a successor of it is worth attending, per se.

Scripture

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

I speculate similar to ICOs and Defi, NFTs will be here for many years.

Actually, NFTs have a better chance to stay for good in the market compare to ICOs and DeFi, but don't get me wrong because all those three made a huge contribution in cryptomarket its just that NFTs are very broad and this is not just an art it can offer a lot more.

NFTs hype should remain active as well even though I didn't understand the purpose of some NFTs I still believe that if there's an investor then something is good about it and since Art can't be appreciated by many, only the true collector will see its real value. NFT will continue to contribute a huge impact in cryptomarket, lucky to be part of some NFT projects.

GreatArkansas

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

(....)
I speculate similar to ICOs and Defi, NFTs will be here for many years.

Indeed, they will stay but for sure in the future, the methods or how they are being done will change like there could be some improvement in the future. Just like how ICOs, which there is newly developed like IDO (Initial Dex Offering), which become much better than ICO (for me).

NFT trend now for sure sometime in the future will be changing, like how it become famous for now and for sure later on it will improve like more options of owning it or the way how you own it.

kaya11

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

The only time that it could match up to the value of the physical paintings is when a copy (NFT) of the said painting would be burn is some ways. Now is the time to make an NFT of those important paintings because there could be a WW3 and even those paintings are not safe. In order for them to survive even nuclear weapons would wipe them out is to save them in a digital one like NFT. Even they are kept underground for security purposes, we might lose them, we don't know yet what a Nuclear war could be, it might change the geographical features of the earth. NFT is a safe haven those treasures if they want to save them of course.

sunsilk

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Only time will tell.

The art industry is really a vast industry for which huge money is flowing there. And as the NFT has been born, they've just expanded their reach and now everyone, every artist can have their own exhibit just by providing their own arts published as an NFT.

I think that's the positive side of it and it's for all the artists, unlike before, the art was just mostly for the known artists and only a few gets the attention. But with the rise of NFT, they've became a prospect and I agree about the opportunity that it has given.

bbc.reporter

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Quote from: ANSEL_2.0 on February 26, 2022, 01:16:42 AM

Only in game NFTs are useful not all those low quality art NFT that people are buying for thousands of dollars, it's only a matter of time that people will start realising that they waste money on so many NFTs, many of them will die and some will be worthless.

I very much disagree with your reply also. Do you know these Andy Warhol paintings? They are very similar to the style of NFT art, however, they are being bought and sold for millions of American dollars. What Andy Warhol has done was get images of famous people or images of ordinary things and create art out of them.

We might not presently know this yet, however, NFT might be the combination of culture and the cryptospace.

ANSEL_2.0

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Only in game NFTs are useful not all those low quality art NFT that people are buying for thousands of dollars, it's only a matter of time that people will start realising that they waste money on so many NFTs, many of them will die and some will be worthless.

bbc.reporter

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Quote from: vv181 on February 25, 2022, 02:28:00 AM

Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

The NFT itself may be called as a big shot, but the art within? I don't think so. Separating the wheat from the chaff is hard in a world where every creator is sprouting their creativity, not until a long years after the art have been established, that it will gain mainstream attention in the yet of future worlds.

From what I see, there is a great distinction between ICO and Defi with NFT. The former of ICO was obliterated and deemed as failure, Defi may be embraced by many people but it will come as the technology itself matures. But NFT, I think NFT are able to gain wider mainstream attention even though it is still in the early stage compared to the former. The things that many regular Joe users are able to and make use of NFT, it may be a sign that there is something worth attention to within of it.

I very much disagree with your reply on ICOs. Everyone is aware that much of the ICOs from before 2017 have died, however, the ICO as a democratic method of fundraising a project will not die. It will be called something else and be made to appear like something else but it will be an ICO.

Ethereum begun as an ICO, also Binance and other big projects in the top 20 of coinmarketcap.com begun as ICOs.

NFTs will certainly go through a similar situation. Much of them will die and similar to julerz12‘s reply, there will only be a few that will hold their value. Cryptopunks and Bored apes yatch club might be the Ethereum and Binance chain of NFTs hehe.

Gayong88

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Regarding the resemblance to ICOs, I'm not too deep into it, but what is certain is that NFT is one of the scientific revolutions for society, both in the art and gaming world, so it's not limited to just buying and selling cryptocurrencies. NFT is a competition because the amount of NFT is limited, unlike crypto, especially during presale and early minting, competition with other users.

vv181

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

The NFT itself may be called as a big shot, but the art within? I don't think so. Separating the wheat from the chaff is hard in a world where every creator is sprouting their creativity, not until a long years after the art have been established, that it will gain mainstream attention in the yet of future worlds.

From what I see, there is a great distinction between ICO and Defi with NFT. The former of ICO was obliterated and deemed as failure, Defi may be embraced by many people but it will come as the technology itself matures. But NFT, I think NFT are able to gain wider mainstream attention even though it is still in the early stage compared to the former. The things that many regular Joe users are able to and make use of NFT, it may be a sign that there is something worth attention to within of it.

bbc.reporter

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@Dave1. Correct, however, similar to the art community, the NFT that attracts much of the liquidity will be more valuable not only as a collector’s item or an investment, it might also become more useful for moneylaudering hehe. This is reality because liquidity will only attract and create more liquidity. Much of the art industry is also unregulated.

Dave1

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I think you have some point, and we might see a niche in the future just for NFT and maybe pure art collectors. And who knows, maybe we can see plots in the movie wherein instead of criminals stealing physical paintings and precious art, it will be NFTs in their hands. Grin

So we will see how NFT markets will evolved in the next 5 years as this might be turn into a specialized segments of a market.

bbc.reporter

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Quote from: avikz on February 23, 2022, 06:17:10 AM

Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

NFT market is purely created to help the scammers and money laundering activities. It's a great method to turn your black money into white. There is no art in the entire NFT world.

If you visit opensea platform and browse the collections, you will see ape pictures are being sold for millions and real pieces of art is staying unsold. There are multiple examples you can see during your visit.

NFT market doesn't value art, it values the hype! Once this hype is gone, NFT market will go down to drain as well.

I agree that the market for NFTs is being used for moneylaundering, hiding illegal wealth and many of these are pump and dump scams. However, telling everyone that the NFTspace was only created for scammers, by scammers to scam everyone is very much incorrect.

Also, agreed. There will always be hype, however, there will always be culture. We should witness the development of this new platform for artists without bias.

OcTradism

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them.

Different trends in different years but if they have use cases and have good technologies back behind, they will survive. Scam projects can not kill an industry and they will be eliminated by the market, governments and time.

Quote

However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

People discussed and thought about NFT with use cases as for art, games, etc but they can be used in many industries: finance, data storage and management, etc. NFT and related technologies have huge use cases and can be applied more in society.

Quote

I speculate similar to ICOs and Defi, NFTs will be here for many years.

NFT will be here but so few NFT projects nowadays will be here in next few years. Many of NFT projects will fail and be abandoned or they will have rug-pulls or scam exits. Nevertheless, it won't change the fact that NFT will not die.

masterrex

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IMO, I believe many crypto users and investors do not agree with that notions about NFTs because most people are saying that it was just a collector's hobby and not advisable for investments because NFTs are just digital artwork and there was no demand for it.

An argument like that is taking the NFT platform in doubts plus including the accusation that NFT's demand was artificially induced to gain hype on the NFT marketplace like the Open Sea,

But I will say may stand crypto thing is full of hype that's why everything in crypto is risky and there's was no distinction it doesn't matter what kind of idea it is the more important is that before anybody will invest they should know what we are doing.

Jackl87

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Quote from: bbc.reporter on February 22, 2022, 10:25:59 PM

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.
I speculate similar to ICOs and Defi, NFTs will be here for many years.

I think it will be similar to all the hypes that are happening within the crypto space. First a new projects appears that is doing something different and become surprisingly very successful, then the next few project that are launching that are doing the same are also still successful. Then the hype cycle has reach it's highest points and we see a lot of copycat projects that are either just trying to make a quick dollar by copying existing projects or by even being outright scams to begin with. Then the hype around those topic slowly fades away but the good projects that are existing in that segment will stay and will continue to grow and expand but those will only be a few out of those 100's that were created during the big hype.

Topic: Why NFT might become important in the cryptospace and the world - page 2. (Read 369 times)