Poll of the Day > I don't understand all this "NFT" talk going on recently.

(+) Yeah! (+)

I googled and seems like it's just lootboxes and DLC which has already been a problem for years now.
What is the point of this new jargon?

It's a way for people to get money from nothing.

Just think of it like the art industry. Rich people don't buy art because they want it, it's because they can use it to launder money.

If you don't understand it, stay far, far, away.

papercup posted...

Just think of it like the art industry. Rich people don't buy art because they want it, it's because they can use it to launder money.

Call me dumb but I still don't get it.
Can someone give an example of a lootbox/DLC and an NFT and how they're different?

papercup posted...

Just think of it like the art industry. Rich people don't buy art because they want it, it's because they can use it to launder money.

I'm sure some want it, not all rich people use art to launder money otherwise the government would know what's up and shut that down real quick

Ferarri619 posted...

Can someone give an example of a lootbox/DLC and an NFT and how they're different?

The Blockchain
Really, please do not invest any energy into this. It's usually used as a type of scam or money laundering thing.

Ferarri619 posted...

Call me dumb but I still don't get it.
Can someone give an example of a lootbox/DLC and an NFT and how they're different?

A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a blockchain, a form of digital ledger.[1] NFTs can be associated with reproducible digital files such as photos, videos, and audio. NFTs use a digital ledger to provide a public certificate of authenticity or proof of ownership, but do not restrict the sharing or copying of the underlying digital files. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.
NFTs have drawn criticism with respect to the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams.[2][3] Further criticisms challenge the usefulness of establishing proof of ownership in an often extralegal unregulated market.[4]

That is wikipedia, basically it is like digital currency in a way, which are almost entirely scams, and nfts are basically a complicated way to lock currency into some sort of digital image. Like mentioned earlier with money laundering, this stuff doesn't really have an easily identifiable legitimate purpose.

NFTs are like award certificates tied to art or other things

people pretend they're buying the art, but what they own is just the award certificate

Basically, buying an NFT means you're buying a receipt that says you bought it. It's a very secure receipt, because blockchain, and it has "collectible" status because only a certain number are ever sold for a given real item, but purchasing an NFT confers absolutely no actual ownership rights over the corresponding item and all you can really do with it is enjoy having it in your collection or sell it to somebody else.

That sounds stupid, and it is. At best, it's a collection thing, but most of the people investing in it are doing so in hopes that they can profit from the bubble before it bursts. To make matters worse, every single transaction uses an amount of electricity equivalent to what a standard household uses in about four days, so it's really not a good thing.

As for how they factor into games, I haven't pinned that down yet. A number of companies (the usual offenders) are talking about integrating them into "play-to-earn" models, where you're rewarded with an NFT for completing certain tasks or playing for a certain length of time, but I don't know what that NFT will correspond to or how the companies are going to profit off of them. It doesn't sound like this is something that players are going to have to purchase, so it's distinct from microtransactions/loot boxes.

https://gamefaqs.gamespot.com/a/user_image/9/9/1/AAQwHjAACw__.jpg
https://gamefaqs.gamespot.com/a/user_image/9/9/2/AAQwHjAACxAA.jpg

agesboy posted...

NFTs are like award certificates tied to art or other things

people pretend they're buying the art, but what they own is just the award certificate

This, its a scam. Its also block chain related, so bad for the environment.

https://www.youtube.com/watch?v=DrbDWq64BNg

Like 90% of things using blockchain currently, it's a massive waste of time and electricity.

lol, so much misinformation on this board regarding blockchain. Most chains are carbon neutral now, with the exception of the two big ones...which having upgrades incoming in the next year or so to do that. I find the environmental criticism of blockchain also never mentions that the sector is also one of the biggest that uses alternative energy sources like solar.

NFT's in terms of gaming are going to function very similar to loot boxes and DLC in the long run, however it will longer be "your DLC is available as long as Nintendo/Sony/Microsoft/ect... keep up servers" it will be "your DLC is available as long as the internet is available". Blockchain as a whole is really just a way of storing data directly on the internet in a decentralized/serverless way.

Final thought on NFT's and Apes specifically, rich people gonna rich people and buy rich people things they don't need.

IronBornCorps posted...

lol, so much misinformation on this board regarding blockchain. Most chains are carbon neutral now, with the exception of the two big ones...which having upgrades incoming in the next year or so to do that. I find the environmental criticism of blockchain also never mentions that the sector is also one of the biggest that uses alternative energy sources like solar.

NFT's in terms of gaming are going to function very similar to loot boxes and DLC in the long run, however it will longer be "your DLC is available as long as Nintendo/Sony/Microsoft/ect... keep up servers" it will be "your DLC is available as long as the internet is available". Blockchain as a whole is really just a way of storing data directly on the internet in a decentralized/serverless way.

Final thought on NFT's and Apes specifically, rich people gonna rich people and buy rich people things they don't need.

You can't scam me!

IronBornCorps posted...

lol, so much misinformation on this board regarding blockchain. Most chains are carbon neutral now, with the exception of the two big ones...which having upgrades incoming in the next year or so to do that. I find the environmental criticism of blockchain also never mentions that the sector is also one of the biggest that uses alternative energy sources like solar.

NFT's in terms of gaming are going to function very similar to loot boxes and DLC in the long run, however it will longer be "your DLC is available as long as Nintendo/Sony/Microsoft/ect... keep up servers" it will be "your DLC is available as long as the internet is available". Blockchain as a whole is really just a way of storing data directly on the internet in a decentralized/serverless way.

Final thought on NFT's and Apes specifically, rich people gonna rich people and buy rich people things they don't need.

I don't use twitter and I'd prefer an actual source but:
https://twitter.com/DigiEconomist/status/1477420461122375683

and Bitcoin specifically will continue to be high energy usage until layer two solutions are deployed.

Of course the biggest and most popular blockchain, which is also recognized as national currency in some countries, is going to have high volume of transactions. I expect all the ATM's around the world and bank mainframes use a lot of energy too.

One thing I've read about gaming NFTs is they could carry between games, ie if you buy a weapon skin NFT you can use it in more than one game. But...that requires the games to be compatible, NFTs aren't magically universally usable. Do you really think game companies will work together so they can use each other's NFTs? Not a chance. They'll just sell their own versions of the skins. There's also no reason standard DLC can't be compatible across multiple games already and devs aren't doing it because they can resell it each game, so why would NFTs change that?

All NFTs do differently is allow devs to make limited run items, which increases their value so they can sell or even auction them for more than a reasonable price. Then if the NFT is resold they'll get a cut of each resell so they can continue making money on it. At no point is this in the consumers' favor, it's just going to allow them to get away with practices that would otherwise create massive backlash. Luckily the few attempts so far have gotten lots of backlash already, but I think that's more boogeyman outrage than understanding of future ramifications. At least it works...for now.

IronBornCorps posted...

I find the environmental criticism of blockchain also never mentions that the sector is also one of the biggest that uses alternative energy sources like solar.

Electricity is fungible. If not for blockchain applications using it up, those green energy resources could be used elsewhere, replacing non-renewables. The argument can be made that blockchain applications have driven the construction of renewable infrastructure by increasing demand for electricity in a way that's profitable enough to cover the costs of building it, but the resources used to construct solar (et al) infrastructure are finite and therefore have their costs driven up by increased demand, making it less viable to replace existing non-renewables.

Wherever the electricity comes from, significantly increasing electricity consumption is not a good thing.

IronBornCorps posted...

NFT's in terms of gaming are going to function very similar to loot boxes and DLC in the long run, however it will longer be "your DLC is available as long as Nintendo/Sony/Microsoft/ect... keep up servers" it will be "your DLC is available as long as the internet is available". Blockchain as a whole is really just a way of storing data directly on the internet in a decentralized/serverless way.

As appealing as that sounds, there's no way in hell most video game companies are actually going to make significant strides toward allowing customers to own their digital purchases more permanently. That's flagrantly at odds with everything these companies have done to erode ownership rights, between messing with used game sales, ensuring that half of a game's content is locked up in account-specific purchases, and requiring connections to a server in order to play even single-player games. NFT's are in no way needed to ensure permanent access to DLC. There's absolutely no reason that Nintendo/Sony/Microsoft can't use a single set of distribution servers to maintain a unified storefront for all of their platforms for as long as the companies exist (with the possible exception of their first forays into digital distribution, since I expect those servers weren't exactly future-proofed and updating the systems' firmware to use something new may not be possible). That they haven't done so means they aren't interested in doing so, presumably because discontinuing support for older systems makes buying new systems (possibly re-buying old games in the process) more appealing.

even the most innocuous NFT uses today in games and media is stuff that could be easily accomplished without actually using NFTs; they're just trying to acclimate everyone to the idea of them so they can escalate later and make tons of money while the market's still hot

agesboy posted...

even the most innocuous NFT uses today in games and media is stuff that could be easily accomplished without actually using NFTs; they're just trying to acclimate everyone to the idea of them so they can escalate later and make tons of money while the market's still hot

That's basically what it is. Every company is trying to do what Bitcoin did a decade ago, except most consumers are smart enough to understand that there's no practical use for any of these cryptocurrencies.

Its just buying a recipt for a digital art piece that will fry your comouter almost as much as mining Bitcoins

https://gamefaqs.gamespot.com/a/user_image/6/2/9/AAQwHjAACxZl.jpg

https://gamefaqs.gamespot.com/a/user_image/0/5/6/AAQwHjAACxgQ.jpg
https://gamefaqs.gamespot.com/a/user_image/0/5/7/AAQwHjAACxgR.jpg
https://gamefaqs.gamespot.com/a/user_image/0/5/8/AAQwHjAACxgS.jpg
https://gamefaqs.gamespot.com/a/user_image/0/5/9/AAQwHjAACxgT.jpg

captpackrat posted...

https://gamefaqs.gamespot.com/a/user_image/9/9/2/AAQwHjAACxAA.jpg

Hahaha what a dumbass. Should get his kid taken away from him for being such an idiot.

https://gamefaqs.gamespot.com/a/user_image/7/7/3/AAQwHjAACx7F.jpg

It sucks when people who usually have the right idea about stuff fall for this dumb crap

https://gamefaqs.gamespot.com/a/user_image/2/1/5/AAQwHjAACyB_.jpg

Wait, are the people complaining about being "hacked" actually just upset that somebody copied the ugly image they bought an NFT for? I was vaguely sympathetic when I thought it was actually a matter of having their investment compromised, even if the investment was a bad idea, but if it's nothing more than taking a screenshot, I don't think that's warranted.

adjl posted...

Wait, are the people complaining about being "hacked" actually just upset that somebody copied the ugly image they bought an NFT for? I was vaguely sympathetic when I thought it was actually a matter of having their investment compromised, even if the investment was a bad idea, but if it's nothing more than taking a screenshot, I don't think that's warranted.

Considering copies for personal use are legal in many countries.

I think people have had the actual NFTs "stolen", even though the Blockchain is supposed to be some impenetrable infallible secure system or whatever

adjl posted...

Wait, are the people complaining about being "hacked" actually just upset that somebody copied the ugly image they bought an NFT for?

Not here. From the very little I've read about it the NFT actually disappeared from the guy's wallet. The situation is suspect though and likely a publicity stunt, as the wallet also contained a good amount of crypto that wasn't taken. Why wouldn't a hacker take everything?

They do also get mad when you save as though lmao

Veedrock- posted...

Not here. From the very little I've read about it the NFT actually disappeared from the guy's wallet. The situation is suspect though and likely a publicity stunt, as the wallet also contained a good amount of crypto that wasn't taken. Why wouldn't a hacker take everything?

Okay, that's less insanely idiotic.

https://gamefaqs.gamespot.com/a/user_image/3/5/2/AAQwHjAACyTw.jpg

Pretty much a new game for rich people that have too much money.