What I’m really excited for is the convergence of the metaverse with physical goods.
Companies like 4K that are creating physically-backed NFTs will eventually enable users to bring their assets to the metaverse.
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The concept of NFTs in the blockchain used to represent real life items and assets is an amazing one. I think there should however be a way of verifying the authenticity of the said item of the Blockchain. This will help avoid cases of counterfeit or copyrights. With NFT valuable itens like baseball cards, etc can be listed on the Blockchain and retain its true value
What’s interesting about what 4K is doing is that they’re authenticating all items that come in. Based off your f my conversation with the team they’re going to show people how they authenticate items so it’s not some process people normally “trust” like with jewelers.
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I sorta agree. Collectibles are limited. But if we’re thinking high value goods like art, jewelry, Pokémon cards, it’s a lot of work to insure and ship back and forth. Why not send it to someone like 4K to authenticate, store, and issue an NFT? That way if you sell the NFT the buyer can do the same or burn the NFT to redeem the actual item. There’s really a one time cost of sending it in. Not to mention that auction houses charge obscene amounts to sell high end items. Using blockchain cuts down fees (I imagine) by like 99% I think there's no need for that as it normally becomes collectible if an item physically is limited. You don't have to put that as an NFT because you can keep or buy it as is. That depends on the manufacturer or maker or seller of that item if it's limited and that's why most NFTs are worth it because they're limited-made. Maybe, someday in the next years that there will be a physical NFT that they have to integrate because they're looking at it as another trend to adapt.
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I honestly think there’s a way to marry both worlds. I’d imagine that the person that owns a Picasso would love to leverage it somehow. They store it in a vault regardless, so why not issue an NFT for it so you can seamlessly (and cheaply) sell/transfer ownership without having to insure, ship, auction it(get charged crazy fees for doing so)? Right now NFTs are purely digital art. There’s a whole realm of possibilities if we’re talking collectible physical assets Seems like a gold card you want yeah? I thinj its bettet to stay decentralized and server its purpose through digital aspect alone. I like the idea however, nft usage for physically backed isny something mroe trader or collector would like. Maybe for some they want but I rather pick a personal art instead if thats the case. Nft is created and trend with a purpose, better to stay as it is.
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For us crypto folk we can grasp the idea of decentralizing ownership, but for the everyday person it makes sense to use a physical asset like a watch because there’s already an understanding of value. No matter what we do (aside from DAO’s) it’ll always be centralized. Opensea, coinbase, you name it. I thought 4K’s concept was interesting because they’re essentially a physical validator where they store, insure, and issue you an NFT for your item. If you think about legacy marketplaces like EBay there’s so much headache that goes into buying/selling and even then there’s fraud that can happen. I even joined their discord and asked the team what you can do with the NFT and they said you’ll be able to plug them into defi products in the future. For me personally this is a game changer. Imagine a watch collector leveraging their watch collection and whenever they want it, they just burn the NFT and it gets shipped to them. I agree about the gold backed crypto. The problem was that it based based on “trust” that the hold actually existed. What's the point of physically backed NFTs? I don't get it.
The whole point of NFTs in my opinion is to try to decentralize ownership. But if you back something with a physical asset, all of a sudden you are once again concentrating the value of the asset onto the physical object that is under custody of someone.
I'm sure it'll be done but I don't think that it'll be big. Just like how gold backed cryptos don't make sense.
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Hey everyone, it’s been a while since I’ve been on here. I’ve been lurking on Twitter and honestly I can’t get with the whole NFT thing. What about guys? This feels like the ICO phase back in 2017-2018. The closest I’ve gotten to getting into NFTs is through companies like 4K where you can essentially physically-back NFTs with physical goods like expensive watches or shoes. Thought this was a novel concept and really seems like it’s going to be the next phase of NFTs. Anyone heard of them? Are there other companies working on similar things? How I heard about them: https://www.coindesk.com/business/2021/07/20/rolexes-in-defi-nft-marketplace-4k-raises-3m-to-combine-nfts-and-luxury-goods/
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I would love to have a general conversation around mixers and if they are legal. I've heard both sides. Would be great to have someone involved in the legal side of things like Ciphertrace or a regulator to shed light on this topic
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The app could be beneficial to NYPD for sure. I would be interested to know the cost to use it
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I don't know why you wouldn't. I would stick around the top 20 imho
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I didn't realize there were multiple companies competing to fix this recommendation. I had heard about TRISA before but the others not so much. I know these aren't laws yet but instead recommendations so it'll be interesting to see what exchanges choose to do
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Right, they going to like "flex" their muscle again, maybe ala BTC-E seizure most likely in the future. Interpol/EUROPOL also have this sort of mentality as in the case of Bestmixer.io last May. I don't think the BTC-e seizure went at all like the US government was hoping. In many ways, it was an embarrassment. They weren't able to seize any funds up front, arresting Vinnik netted absolutely nothing, and BTC-e reemerged a month or so later. That experience probably showed the DOJ how difficult it is to target crypto services who are scattered across many borders, and who employ proper operational security. I believe the US government has wanted to take down Bitfinex for years -- the DOJ and CFTC have been investigating them since at least 2017 and probably earlier. That they haven't suggests that they can't, at least not yet. Targeting mixers (who don't even touch fiat money) is even more problematic for governments. An honest mixer can easily recover from authorities shutting down clearnet domains or seizing servers. New infrastructure can be built within days and proper encryption would protect all customer funds in the meantime. But the Bestmixer case -- and subsequent disappearance of BitBlender -- highlights the biggest problem for us: Law enforcement temporarily shutting down a mixer creates an opportunity for them to exit scam. I am almost positive Ciphertrace's technology can still trace movements of transactions even after they've gone through a mixer
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Token Network is looking to make it easier for businesses to trade globally without any issues. The goal is to level out any intermediaries. The cool thing about Token Network is that it is an open-source built using NULS Chain Factory. Token Network is a proof of credit blockchain with smart e-commerce contracts that allow e-comm businesses to start using blockchain for their own businesses. What are your thoughts on this system? Thoughts on being built with NULS? https://medium.com/@nuls/ama-sco-lab-interviews-token-network-9b6301afc05a
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excited to watch this one especially once Binance US launches too
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I think NULS will be sticking around for quite some time
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Well from the sounds of it exchanges are going to have to abide by the travel rule regardless. That's not set in stone. Nothing the FATF does is binding. They just pressure individual governments to implement their standards -- it often doesn't actually happen. None of the FATF member countries have even passed complying legislation yet, let alone the rest of the world. Anything that exchanges do to comply at this point is completely voluntary, not required. And then, once laws are actually passed, enforcement is another question entirely. Does what they propose somehow become a regulation or law overtime? What would an ideal timeline be like for something to be set into place?
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I'm ready for NULS to fire off
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NULS. Infrastructure, adoption (Chainbox allowing devs to spin up a blockchain in 10 minutes), new staking model and the partnership announcements that have been rolling out recently are impressive
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Or consider looking into NULS's SCO crowdfunding method
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