What's the point of physically backed NFTs? I don't get it.
What's the point of NFT's in the first place? I am with you on the physically backed NFT's though. Why not just FedEx the fucking thing? You don't even need to get out of your house. Call the company, give the item to them and they'll transfer it to its new owner. You can use a 3rd party service like Ebay to list your item. Welcome to 1998. No need to thank me. Based off of what I’ve read about them, this is how it works: 1. Send them the item 2. They authenticate, insure, and store the item 3. Issue you an NFT that you can use to buy, sell, or leverage it in defi Even if you sell it, you have to pay shipping, worry about authentication delays, astronomical fees, and the hassle of insuring a high ticket item. What you’re saying applies to normal items but definitely not high value collectibles. Every step of the way there’s friction and I haven’t even touched on auction houses. This is the post they sent me when I asked the same thing: https://medium.com/@richard4k/4k-com-launch-announcement-3ed8b52ffab |
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I thought the NFT craze was already over, to be honest, and the article being from July pretty much confirms this point. I agree with the op that it's one of those temporarily overhyped phases of the crypto market. But ICO was the strongest and the longest one, whereas those that followed it weren't as big and as long-lasting. They're not all bad, of course, but as a big movement which many want to join at some moment just because of the hype, it's harmful for many investors. And regarding physically backed NFTs, it's like a small branch inside a bigger movement, just like there were physically backed altcoin projects.
I don’t think the NFT craze is over just yet IMO. I like what 4K is going just for the fact that they’re taking valuable products and issue if nfts for them. They also mentioned that they’re launching a marketplace so I’m curious how that’ll stack up against places like eBay and stockx where the fees are high, fraud is rampant, and the crazy delays with escrowed items. I like that they have an authentication process which helps with all of the issues other marketplaces struggle with. Minting nfts only makes sense because selling a high ticket item will be much easier because you usually have to involve at least like 2-3 middlemen. |
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I think the list is further reaching than this. I went back to my hometown and was really interested to see restaurants and coffee shops accepting btc
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There are a lot of valuable points that have been brought up especially in regards to how do you educate new crypto users about which wallet is more reputable than the lesser known ones. Do wallets work with companies like Ciphertrace? I know exchanges do but it would be good to see wallets have compliance as well.
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that's an interesting way to look at it. I mean I wouldn't say all devs are terrible. Some just like to build things to build. I feel like some projects have just been one offs to test something
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I will be interested to see if exchanges choose to implement Ciphertrace's TRISA or choose to delist coins like OkEx did
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Too much scam in cryptocurrency is giving cryptocurrency another name, too much fraudulent activities, too much of ico scam, too much of doing fake self drop and bounty, i just pray and believe all this is been resolved soon.
I agree. There is a lot of unregulated and chaotic stuff happening in regards to crypto and where money is going. I think that companies like ciphertrace are really helping the current state imho |
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I think to some extent this is just an extension of KYC right? Their technology will only be flagged for movements greater than 3k
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I know in the states it's Washington state because I had a friend who used to own a mining operation there
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I am impressed with all of the people who are involved in crypto. From those who developed it, hackers, the trackers aka Ciphertrace and even the criminals. All are very intelligent people working on some pretty hefty technology. It will be interesting when they find middle ground but there will always be the yin to the yang
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I definitely think it has potential for freelancers especially those who even want to work in blockchain. There are so many opportunities in the space and once cryptocurrencies can be used for payment without the volitility then this would be great for freelancers all over the world.
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I hold NULS. Worth looking into
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I think the coins that are offering something unique to the ecosystem are the ones that will be seen profitable overtime. NULS has been on the market for a while and with each version of their upgrade they've been impressing me. Their recent announcement of a new staking model will be one to watch.
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Interesting question you posed and would really like to know the alternatives you possibly had in mind
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I am staking. A few different coins actually ATOM, Nuls, Algorand and a few others. I really like using this website: https://stakingrewards.com/ |
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I know a lot of exchanges are working with ciphertrace for AML. Does that mean Fireblocks requires KYC?
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