NFTs for physical assets - the future of NFTs??

[ccryptopark]

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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[Kyraishi]

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.

[cryptoaddictchie]

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.

[ccryptopark]

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.

[ccryptopark]

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.

[blockman]

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.

[ccryptopark]

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.

[Shallow]

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/

Most of these platforms are only trying their best to see what they can do to get involved with crypto and for this ones they believe NFT is the way. NFT if properly worked on by most of these luxury companies or organisations can help them in a lot of ways like physically backed NFT with physical goods as the aforementioned are working on, but however they need to make sure it is highly insured or secured, they also need to educate their users on what it entails in order to get the best out of it.
One of the good things with crypto trends is that, it open up ways in which new people, new companies and new organisations can come into crypto, leverage what it offers at that point in time to grow even more thus being in line with the technological advancements that comes with crypto.

[DarkDays]

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.

Yeah, it does feel like the ICO phase back then only this time there will be more tangible and closer to real world assets. SO many projects now, everywhere you look are doing NFTs for everything. To be fair, it has its value but I'm not 100% convinced that everything needs to go through the NFT route.

Definitely, a bubble that is going to full expansion and these are but early days.

[bitcon]

I have heard a lot about this. Many people say that NFT-art and gaming is just a start of development in this sphere. In the future we are to expect something more serious. I am sure that we will use NFTs in many spheres from tokenization of physical things like you said to storing big data and transferring different documents.

Before it, we need to solve some problems concerning storage to NFT and privacy and then it will be a very convenient and useful thing.

[Ucy]

Ofcourse, the physical part of NFT is one of the most important thing that will make a difference. NFT backed by physical asset can be used as collateral online/offline... But I wish the company (4k) provides private vaults they can't even access, so that once someone acquires an NFT that is backed by physical asset that is in the vault the new owner automatically controls the keys that can unlock the vault. If an owner is far away, he/she can send the keys to the company to have the asset transferred to him/her. With this, you fully control your asset once a physical asset backed NFT is acquired.. I prefer a non-custodial company.

[pawanjain]

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/

Even I think that the current NFT craze is just like the ICO hype from 2017 but at the same time I find the concept really amusing.
Having the ownership of something and proving it on the internet over blockchain sounds kinda cool.
But people are just using it to gain profits by flipping digital art drawings. I don't think it has any usecase and actually looks kind of stupid to pay thousands of dollars for a drawing.
The future might have something more interesting for NFTs but digital art drawings is not something I would put my money in.

[darylalban]

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.

Yeah, it does feel like the ICO phase back then only this time there will be more tangible and closer to real world assets. SO many projects now, everywhere you look are doing NFTs for everything. To be fair, it has its value but I'm not 100% convinced that everything needs to go through the NFT route.

Definitely, a bubble that is going to full expansion and these are but early days.

I don’t think it’s going to be a bubble. Back in the ICO days it was all speculative and we can’t forget what some companies did with “gold backed crypto”. I just heard about 4K but their use case is interesting. For mass adoption is makes sense to derive value from assets the average person can understand.

[alexcopper]

Ofcourse, the physical part of NFT is one of the most important thing that will make a difference. NFT backed by physical asset can be used as collateral online/offline... But I wish the company (4k) provides private vaults they can't even access, so that once someone acquires an NFT that is backed by physical asset that is in the vault the new owner automatically controls the keys that can unlock the vault. If an owner is far away, he/she can send the keys to the company to have the asset transferred to him/her. With this, you fully control your asset once a physical asset backed NFT is acquired.. I prefer a non-custodial company.

How is this even possible though? When it comes to physical assets you do need some form of centralization. I’ve chatted with the team on their Discord and they said they are going to release more details about their authentication process and security.

[tyz]

The real problem is not NFT itself. I think most are sure that NFT (physical or non-physical) will remain an important part of the crypto ecosystem. The form may change. And NFT is also partly responsible for giving crypto an even broader public perception. But: every halfway finished project now seems to implement some NFT feature just to be hyped. There will be a big purge sooner or later and a lot of these projects will disappear. It's like the ICO hype at the end of 2017. Only a few survive and these platforms will help determine the future in the NFT space.

[dhemasm]

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/

Already checking the article and the concept was really cool, The company seems understand the NFT potential and by utilizing Blockchain Technology for Counterfeit Detection where it will be store on the public Network and i think it's the closes thing for NFT to be implemented for backing up physical goods, It's still early phase of NFT and we will see tons of new NFT potential in the future, Let's see what will happens!

[kryptqnick]

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.

[amishmanish]

The concept of NFTs has evolved from the initial intention of linking with real world assets or as representation of a real-world commodity. NFTs now are basically jpegs on blockchain that can boast of some form of uniqueness or specialty owing to the community or owing to its history. It is becoming more of a culture thing that can be shared and flaunted as a means of identity or privilege.

Lot of people consider them to be useless but that is like throwing the baby out of bathwater. The strength of NFTs in associating them with communities and events and actions cannot be understated. The problem is the proliferation and zero curation. They aren't unique enough with these drops which are solely meant for flipping and comprise of a lot of insider trading on opensea. Once these platforms evolve and become more decentralized, there certainly is hope.

Don't take this as financial advice but if you want to be part of something really cool which is at the building stage, do check universe.xyz

Join the discord and be part of the community. A lot of upcoming drops and DAO based curation are promising aspects of this project.

[mindrust]

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.

[_Miracle]

The closest thing it reminds me of are silver/gold certificates? Which I personally prefer the solid asset in hand.

Would this be like a certificate for a share of the physical asset or am I way off?


I appreciate digital assets as NFTs.