Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
- Start date
- 11,161
- 42,272
OK, my understanding of NFT's. It's essentially leveraging a blockchain to guarantee authenticity of a digital item/object. It's like the DRM of the cryptocurrency world, and then some.
As an artist, you would be able to create digital items. Essentially this is a file or some kind. many types are supported, on Bondly you can create one up to 30mb in size. You then stake a certain amount of your token/coin to "mint" it. When you do you determine some key characteristics. Like how many you will make. Another thing you can even set is a "royalty" on the digital item. Then if someone sells it later, the minting entity earns that percentage of the sale price as a royalty fee. Or you could set it to 100% royalty and then define the beneficiary of the NFT as a charity to create a "Every time this art is sold it's a contribution to XYZ charity"
I can see this being a big boon for digital era artists, assuming the public buys into the idea of possessing and values this type of art. Or , for instance, a musician could make a special performance , one time only, and then say "Only 1000 digital copies of this will be available" and they would be numbered like prints of artwork. (Like the Wu Tang album they only produced ONE of)
There's an upcoming NFT based game called ChainGuardians which is going to include PvP and RPG characteristics based on NFTs as items and characters.
You see above the NBA iteration of this which is to package up little highlight clips like trading cards. I could EASILY see the TCG community (Magic, Hearthstone, etc...) going this route to enable better control while still allowing portability of digital assets. Logan Paul did a thing earlier this week where he sold NFTs attached to packs of unopened first edition Pokemon cards he found.
- 2
Flobee
Vyemm Raider
- 2,611
- 3,004
I similarly haven't looked into it much. Opensea seems to be the big exchange for them right now OpenSea: Buy, sell, and explore digital assets. I know Gemini has their Nifty Gateway but I can't speak to whether or not its any good.
I do think gaming applications will be the first "killer app" for NFTs though. A lot of cool use cases and it is a much more natural transition than something like digital trading cards IMO.
Tmac
Adventurer
- 9,411
- 15,995
Wouldn’t NFT’s just allow the seller to double their money? Sell the digital copy, sell the physical copy, profit. It’s not like you have to burn the physical after making the NFT.
Arden
Blackwing Lair Raider
- 2,648
- 1,941
I'm reading NFTs like super effective, non-centralized certificates of authenticity that utilize blockchain tech and can be attached to both digital and real assets. I would assume any transfer of assets would include both the asset and the NFT attached to it.
Example- you buy a baseball card from a seller. The seller transfers you both the card and the NFT which acts as a certificate of authenticity. Not only does the NFT provide you with verification of authenticity of your item, but it provides you with a transparent log of the item's origin and associated transactions.
Obviously, you can get certs of authenticity for real world items now, but by utilizing blockchain tech, you gain a million advantages over paper certs.
Clearly, the best use of NFTs would be in conjunction with digital assets. Being able to create unique digital assets that can't be duplicated and that can be quickly and easily identified as authentic/legitimate is mind blowingly big. Right now, it's very difficult to quickly/easily verify the legitimacy of digital assets (and digital identities). Yes, individual platforms have varying methods (with varying degrees of efficacy), but there is nothing close to a single, universal and decentralized method for doing this. Not only would a universal system of digital truth and transparency speed up all digital applications by a staggering amount, it would also open the door to use the digital platform in a million new ways that just aren't possible now.
NFTs could revolutionize the digital world to the extent that the printing press revolutionized the print world.
Edit: Despite the fact that this girl looks like she's 16, she explains NFTs well-
Last edited:
- 1
Lambourne
Ahn'Qiraj Raider
- 2,733
- 6,560
Someone's pulling out all the bots to keep the hype going. On a video not related to crypto or finance in any way. All comments are from recently made accounts without any content of course.
Kinda getting cold feet about the whole crypto situation currently, the Tether situation sounds like a house of cards that's going to come down spectacularly at some point and who knows what it's going to drag down along with it.
Kinda getting cold feet about the whole crypto situation currently, the Tether situation sounds like a house of cards that's going to come down spectacularly at some point and who knows what it's going to drag down along with it.
swayze22
Elite
- 1,211
- 1,091
While I understand what you are saying, you don't think there are any bots on reddit stock twits twitter youtube etc that pump equities? haha
The whole world is a lie.
Haus
you can stake coins a lot of different places to earn "interest" and still retain your coins. Most exchanges offer a handful of coins you can stake, or you can find one that supports whatever crypto you want to stake and transfer shit there using usd -> btc -> whatever. but watch the fees. the fees suck.
Last edited:
Flobee
Vyemm Raider
- 2,611
- 3,004
Extend your timeframe out a couple years and you will feel better. If I was day trading I would be scared too.
LachiusTZ
Rogue Deathwalker Box
- 14,472
- 27,162
Flobee
Vyemm Raider
- 2,611
- 3,004
Caliane
Avatar of War Slayer
- 14,625
- 10,140
Threelions
Victory Through Harmony
- 933
- 564
Back to scooping dips when I can on both BTC and ETH. Anyone actually staking their coins on DeFi? Not sure I like any risk in my coinage being out there, but I was also an idiot holding money in an exchange for 2 years
Tmac
Adventurer
- 9,411
- 15,995
I have $4k sitting on Coinbase Pro atm waiting to grab the next dip.
- 1
Sanrith Descartes
Von Clippowicz
- 41,536
- 107,628
Is it using Plaid where you have to give it your log in info or does it allow the secure method of them making two penny deposits that you verify?
Lambourne
Ahn'Qiraj Raider
- 2,733
- 6,560
I'm confused, how is "online banking" different from just logging into your bank's website and transferring money from your account to theirs? Are Americans still mailing around paper checks?
I did SEPA wire transfers to/from Kraken and both deposit and withdrawal was completed within 24 hours.
I did SEPA wire transfers to/from Kraken and both deposit and withdrawal was completed within 24 hours.
Flobee
Vyemm Raider
- 2,611
- 3,004
I'm not sure on the specifics. I don't really have a reason to fund through Kraken at the moment. I know that they have a banking license now so I have to assume that they will be using normal bank to bank transfer systems. If I end up using it I'll let ya know what I find.
Sanrith Descartes
Von Clippowicz
- 41,536
- 107,628
I set up my wife's SEP with TD and they said rules wont allow a simple bank transfer. it had to be wire or check because it was a SEP. I was too lazy to dig around to find out why.