> The sobering reality [...] is that the economics have simply stopped making sense.
When did it start to make sense in the first place? That is, in the real world, outside of the startup/vesting world?
What is the verifiable, growing or stable, predictable market for it?
It appeals more to the builders, the solution providers [1] that is, the new middlemen, than to the artists/creators or their audiences or even the existing middlemen.
Any paper/physical certificate holds even more value to end-users than a numerical one (because it fits in the real world).
There's no deployed user/fan realistic experience that is particularly attached to NFTs that couldn't be made without NFTs.
A distributed database that burns processing and energy like mad provides no interest when the brand value relies on being the "centralised portal" to said database. Or, it provides an incentive for new marketplaces: that is, new middlemen.
[1] including the chips makers, that since then, have found another market for their products: AI.
PaulHoule•9mo ago
My son used to play Krunker [1] which has trading mechanics for cosmetics that really adds to the fun.
I think it demonstrates that gamers could take an interest in trading but also that you don't need NFTs for it. There are about 30 or so NFT items in the game and one exclusive cosmetic class: anybody you see wearing a wristwatch has a wristwatch NFT.
Trouble is that 2 people own all the NFT items in the game and these hardly ever get bought or sold -- people are trading every other kind of item all the time but there is hardly any interest in NFTs. Trading doesn't require NFTs and even if you think the blockchain is a good place to record ownership of items it doesn't change the fact that you need to have the rest of the game running to have a place to use the items.
Juliate•9mo ago
When did it start to make sense in the first place? That is, in the real world, outside of the startup/vesting world?
What is the verifiable, growing or stable, predictable market for it?
It appeals more to the builders, the solution providers [1] that is, the new middlemen, than to the artists/creators or their audiences or even the existing middlemen.
Any paper/physical certificate holds even more value to end-users than a numerical one (because it fits in the real world).
There's no deployed user/fan realistic experience that is particularly attached to NFTs that couldn't be made without NFTs.
A distributed database that burns processing and energy like mad provides no interest when the brand value relies on being the "centralised portal" to said database. Or, it provides an incentive for new marketplaces: that is, new middlemen.
[1] including the chips makers, that since then, have found another market for their products: AI.
PaulHoule•9mo ago
I think it demonstrates that gamers could take an interest in trading but also that you don't need NFTs for it. There are about 30 or so NFT items in the game and one exclusive cosmetic class: anybody you see wearing a wristwatch has a wristwatch NFT.
Trouble is that 2 people own all the NFT items in the game and these hardly ever get bought or sold -- people are trading every other kind of item all the time but there is hardly any interest in NFTs. Trading doesn't require NFTs and even if you think the blockchain is a good place to record ownership of items it doesn't change the fact that you need to have the rest of the game running to have a place to use the items.
[1] https://krunker.io/