Can NFTs disrupt the traditional economy?

[IbizaToken]

Dear all,

We are part of Ibiza Token, and are also giving classes in Ibiza about NFTs and their utility in Ibiza.
Also about blockchain and all the uses it can have.

As Ibiza is a great place for attention, and important for mass adoption of the technology (around 10 million tourists yearly) we are developing there a DAO with our own utility token (IBZ) and own NFT marketplace (nft.ibizatoken.com)

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

But we would like your opinion on what you think is important we focus next.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

You can help us on our thread here:

https://twitter.com/IbizaToken/status/1494348414418657289?t=3DhlzhBl-Z8dIMBkyCPIAg&s=19

[1715296038]

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[1715296038]

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[CaVO32]

Why not include the ANN thread of your project in your post? And checking your ANN thread, it was introduced last year, what significant events have been accomplished since the introduction of your project? Have you completed the items as listed in your roadmap? And just wondering about the team members, are they or some of them originated from Ibiza? Because no team members are published on the site and whitepaper. If you believe you can be of important part in the Ibiza's realm of business, why not venture in the industry where Ibiza is most known of?

[pinggoki]

I don't think so, let me ask you this though, do you think that paintings disrupt the economy? If no then that's probably the same with NFTs as most of them are like paintings, they're overvalued and sought after by many because it's a status symbol. The world of NFTs is too small to be able to disrupt an economy and even if it has the capability, I don't see how it can disrupt though.

[KingRaji]

I don't think so, let me ask you this though, do you think that paintings disrupt the economy? If no then that's probably the same with NFTs as most of them are like paintings, they're overvalued and sought after by many because it's a status symbol. The world of NFTs is too small to be able to disrupt an economy and even if it has the capability, I don't see how it can disrupt though.

You dont see that the NFT and Blockchain goes outside the system of Swift and Iban and therfore the banks cant control it.

[IbizaToken]

Why not include the ANN thread of your project in your post? And checking your ANN thread, it was introduced last year, what significant events have been accomplished since the introduction of your project? Have you completed the items as listed in your roadmap? And just wondering about the team members, are they or some of them originated from Ibiza? Because no team members are published on the site and whitepaper. If you believe you can be of important part in the Ibiza's realm of business, why not venture in the industry where Ibiza is most known of?

Hi, thanks for your reply.

Here was more about the perception of NFTs, and the possible impact it can have on economics.

About Ibiza Token:

I think almost all elements of the roadmap has been achieved, with most important ones:

- Launch of our NFT marketplace
- Launch of our decentralized wallet : IbizaPay (On Android and Iphone)
- Partnerships for development of utility NFTs : Las Dalias, Atzaro, Pikes, Counsel, Hermanos Parrot,...
- Managed to get all local artists on-board for our first NFT collection
- Partnerships with Polygon and Bankless DAO for development of DAO and token economics
- Partnership with local politics and association of small and medium enterprises of Ibiza. This gave us the ability to give blockchain lessons to companies, connect with local businesses and get big locations for our events
- Expositions and events on the ground, real life connection to the digital

Team members that created Ibiza Token are all living in Ibiza. The team of 12 developers is mostly Barcelona and Milan, and some USA based.

About the future, we have a good idea about what we are going to develop. Venture is a possibility, but only with the ones that have the right mindset. No pump and dump attitude.

Thats about it atm...More news very soon, as a lot is gonna move for this summer season. The expect more then 10M tourists this year...

I don't think so, let me ask you this though, do you think that paintings disrupt the economy? If no then that's probably the same with NFTs as most of them are like paintings, they're overvalued and sought after by many because it's a status symbol. The world of NFTs is too small to be able to disrupt an economy and even if it has the capability, I don't see how it can disrupt though.

Depend how you perceive NFTs, that's why this topic is interesting

The NFTs you are talking about, are the artistic ones, if you are lucky..., as 90% is not done by artists, are not decentralized, and are pure crap
NFTs made by real artists, I do love. As it give huge possibilities.

The real future of NFTs is utility. And that, is much more then a painting.
The smart contracts behind NFTs can improve almost all logistical processes imo...It can change everything.
The key is the use of a NFT, the smart contract. I am not going to elaborate too much, as I want to hear the opinions of others first.

I am here definitely not talking about the 100000s copies of punks and apes, or NFTs of pics of someone's behind


 

[Gyfts]

NFT's aren't currencies, so their economic impact is minimal. It's like asking whether the fine art market would have any sizeable economic impact. NFT's are just the next speculative market. I understand you have an ambitious project within the field but IMO your market niche is small. Positioning yourselves within crypto investors is the only target audience that works, general music and sports fans don't care nor understand NFT's.

[tabas]

Although they have a significant value and economy but it's still not yet on that part where they can disrupt the entire economy that we have.
They have their own space but not too big compared to the usual economy.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

It's likely the music industry. I'm starting to see the potential of those popular and not popular music artists on this space just like the artists that became the center of nft.

[IbizaToken]

NFT's aren't currencies, so their economic impact is minimal. It's like asking whether the fine art market would have any sizeable economic impact. NFT's are just the next speculative market. I understand you have an ambitious project within the field but IMO your market niche is small. Positioning yourselves within crypto investors is the only target audience that works, general music and sports fans don't care nor understand NFT's.

The solution to that are Utility NFTs imo. If you have an easy to use app, and easy to buy NFTs with utility, it can help mass adoption.
For example NFTs as ticketing for events, that become souvenirs and collectibles with advantages in the future.

There are so many possibilities...we dont know half of it.

[avikz]

Start thinking beyond NFTs! Because it is something running on hype only! Otherwise the picture of an ape wouldn't have sold for millions of dollars. NFT is a hoax and bound to fail miserably. I am sure you would have a different view on NFT obviously.

But two years down the line, let's revisit this thread to see if NFT market has gone down to drain or not! NFT can't be the future! Tokenization is not a solution to everything.

Start looking for a real problem people face and try to solve that real problem. We don't actually need different tokena for different applications.

[TribalBob]

I don't think so, painting, art = NFT (in modern parlance) all support economics, it's just a different way of doing marketing. I think you understand what I mean.

[IbizaToken]

Start thinking beyond NFTs! Because it is something running on hype only! Otherwise the picture of an ape wouldn't have sold for millions of dollars. NFT is a hoax and bound to fail miserably. I am sure you would have a different view on NFT obviously.

But two years down the line, let's revisit this thread to see if NFT market has gone down to drain or not! NFT can't be the future! Tokenization is not a solution to everything.

Start looking for a real problem people face and try to solve that real problem. We don't actually need different tokena for different applications.

Its a question of perception.
For me building a decentralized ecosystem using DeFi and tokenisation as way of trade, is a solution to a lot of real problems
In this example NFTs are used as art and utility in a parallel economy.

Here of course it is a local solution, for the residents and visitors of Ibiza, with a local token and a local layer 3. Still we use worldwide networks as Ethereum and Matic.
Is a bit how Vitalik thinks, with his project about blockchain cities. You dont need one token to rule them all, it can be inter connected. And each token has its use in his ecosystem.

makes sense imo...  

NFTs for me is not just art, far from it. It will be a way to exchange goods and services in a different way in a parallel economy that is decentralized.

[hyudien]

What does this have to do with NFT disrupting the economy? There has to be a proper basis for this, NFT is a work of art for sale, whereas economics is a general income line. Not even 1% of NFT is disrupting the traditional economy, there is no link or correlated relationship for this. Bullshit if you attribute it to traditional economics. Even until now is there any impact that affects or reduces the income of the traditional economy with NFT? No

[Jating]

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

[Baofeng]

The only crypto that can disrupt traditional economy is BTC. Because it is the priime mover and we have seen throughout that government is afraid of it's growth that they have to put regulations around it. Decentralized, hard to track because it's psuedo anonymous and people are putting their wealth on it as a hedge. And I don't think that NFT's has this underlining values because per definition it is just a digital art form that anyone can make and then sell in the market.

[wheelz1200]

Dear all,

We are part of Ibiza Token, and are also giving classes in Ibiza about NFTs and their utility in Ibiza.
Also about blockchain and all the uses it can have.

As Ibiza is a great place for attention, and important for mass adoption of the technology (around 10 million tourists yearly) we are developing there a DAO with our own utility token (IBZ) and own NFT marketplace (nft.ibizatoken.com)

We are working on NFT ticketing, Utility NFTs with partners (hotels, artistic venues, tourist places,...), art NFTs,...

But we would like your opinion on what you think is important we focus next.

So, What industries do you think are going to be the most disrupted by NFTS? Music? Sports? Insurances?

You can help us on our thread here:

https://twitter.com/IbizaToken/status/1494348414418657289?t=3DhlzhBl-Z8dIMBkyCPIAg&s=19

I think sports and in particular the ticketing industry this can be useful.  Having certain nfts gets you into certain sections of a stadium maybe for VIPs, gets you access to buy something before the general public etc.  In general I think 99.9999% nft projects are cash grabs, once the dust settles I will make my judgment on whether there is staying power with nfts or not.

[hyudien]

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

If you go to the NFT market section you'll only see pictures that don't really have the right value to display at such a high price. And a bunch of influencers will spread the hype very massively. I think NFT is now mostly just a pile of garbage. At first, we were interested, but that's how it is without influencers such as influencers in developing promotions it will be quite difficult to sell. I think it's better to take advantage of the correction and hoard as many bitcoins as you can take.

[IbizaToken]

What does this have to do with NFT disrupting the economy? There has to be a proper basis for this, NFT is a work of art for sale, whereas economics is a general income line. Not even 1% of NFT is disrupting the traditional economy, there is no link or correlated relationship for this. Bullshit if you attribute it to traditional economics. Even until now is there any impact that affects or reduces the income of the traditional economy with NFT? No

Like I said, perception

NFT is a Non Fungible Token. Nobody ever said that it can only be used for art.
Of course, mainstream only knows this part at the moment, as the only info and visibility NFTs have mainstream, is what is being pushed now. And that are crypto punks and million copies of it, bored apes and million copies of it, nfts of celebs, of big brands,...but that is not the essence of the concept.

[IbizaToken]

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

I totally agree. When I say disrupt, I am not talking about disrupting in a negative way, is kind of opposite

I am very curious what NFTs can bring to logistical processes and product distribution(especially collectibles with high value, where NFTS will work as proof of authenticity)

And I have no problem that people earn, we all need to live. But I think we should think farther than that, and really use new tech to build a better future.

[hyudien]

What does this have to do with NFT disrupting the economy?

This is also the question that comes to my mind. Yes, there will be investors on NFT, but I don't see it disturbing the economy specially in the negative way.

It is just part of crypto market, hence we are not sure if the NFT hype will continue or not in the future. So just join the bandwagon make some money and that's it.

I totally agree. When I say disrupt, I am not talking about disrupting in a negative way, is kind of opposite

I am very curious what NFTs can bring to logistical processes and product distribution(especially collectibles with high value, where NFTS will work as proof of authenticity)

And I have no problem that people earn, we all need to live. But I think we should think farther than that, and really use new tech to build a better future.

Nothing, it's just for a bunch of communities. If you pay attention to Crypto punk, which can only be traded by a handful of people who are said to be crazy with their money. Then take a look at the current NFT market? can't really move unless hype influencers to enliven it.

True, that thinking further is the key to not getting carried away with the hype that only a bunch of people launder money on at NFT. It doesn't make more sense to invest, in authenticity in NFT if you do coding from the beginning of the manufacturing process instead of stealing photos from the internet and then claiming them and uploading them on NFT.

[evilgreed]

               Honestly, I do not see NFTs being something that would disrupt industries in fact, I think that instead of disrupting, it will revolutionise most if not all of the industries existing. Although it may become a bit chaotic in the short to midterm but in the long run, the possibilities are endless! NFTs for me isn't limited to being just stuff that we often see being shilled on twitter but an innovative invention that has many uses. If it gets enough attention and brilliant minds then we can only expect more from it.