Why NFT might become important in the cryptospace and the world

[JooBra]

I very much disagree with your reply on ICOs. Everyone is aware that much of the ICOs from before 2017 have died, however, the ICO as a democratic method of fundraising a project will not die. It will be called something else and be made to appear like something else but it will be an ICO.

I stand to be corrected. As far as I am concerned, pretty much sales that are going on now are on IDO compared to ICO. While my point, ICO in a terminology way is left behind compared to what most people doing now which is IDO. But one thing I can be sure of is I also believe the crowdfunding method that started with ICO, and now some people said IDO as a successor of it is worth attending, per se.

I kinda think NFT's are new ICOs where you buy part of project and get some royality holding it. It's good concept but there are a lot of scums.

[Kavelj22]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.



I speculate similar to ICOs and Defi, NFTs will be here for many years.

Being here for many years doesn't mean that it's a successful technology. You mentioned ICOs and Defi, can you tell me how many projects based ICO you knew were successful? Among thousands of running ICOs, i only know Ethereum (was first lunched with an initial coin offering) and Binance (BNB). All the rest was a way to scam investors or used for money laundering. The same situation can be applied for DEFI and for meme coins as well.

NFT market has few use-cases (mainly in gaming) but we can't say it's successful because someone was successful to sell a pixel art for thousands of dollars as no one can tell who bought it and for what reasons.

[bbc.reporter]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.



I speculate similar to ICOs and Defi, NFTs will be here for many years.

Being here for many years doesn't mean that it's a successful technology. You mentioned ICOs and Defi, can you tell me how many projects based ICO you knew were successful? Among thousands of running ICOs, i only know Ethereum (was first lunched with an initial coin offering) and Binance (BNB). All the rest was a way to scam investors or used for money laundering. The same situation can be applied for DEFI and for meme coins as well.

NFT market has few use-cases (mainly in gaming) but we can't say it's successful because someone was successful to sell a pixel art for thousands of dollars as no one can tell who bought it and for what reasons.

There are not many projects that begun as ICOs that have become successful, however, the projects that became successful has become very successful. These are projects like Ethereum, Binance smartchain, Avalanche and other blockchains. Was Chainlink an ICO? I reckon that project is also very successful.

In any case, this news might also imply that my speculations on NFTs might become true. One of the world's biggest bank is investing in the metaverse. This is certainly only the beginning. NFTs will in portfolios of billionaires.



HSBC (HSBC), with almost $3 trillion in assets, is the first global bank to enter The Sandbox metaverse, the blockchain gaming firm said on Wednesday.

The bank will buy a plot of land at The Sandbox metaverse, which it will develop to engage with sports, e-sports and gaming fans, the statement said.

Details of HSBC's development in the virtual plot of land weren't announced. A promotional GIF that was posted along with the statement showed an HSBC stadium next to a virtual body of water.

HSBC sees "great potential" in creating "new experiences through emerging platforms," said Suresh Balaji, chief marketing officer at HSBC Asia-Pacific, in the statement. The partnership with The Sandbox will enable the bank to "create innovative brand experiences for new and existing customers," he added.

Gucci, Warner Music Group (WMG), The Walking Dead, Snoop Dogg and Adidas are among global brands that are working with The Sandbox.

Source https://www.coindesk.com/business/2022/03/16/hsbc-enters-the-metaverse-through-partnership-with-the-sandbox/

[AnisahSiti]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

I agree. NFT is a place where artists and art enthusiasts come together to create and appreciate the work of the artist. Where what is judged there is the art regardless of the price of a work of art, art fans will not care about it. I also think that NFT will continue to exist like ICOs and DeFi. Because I think there will be many artists who will work through NFT to distribute their work digitally.

Then the game industry, which in my opinion will continue to grow, will also enliven the NFT market and make it live for many years.

[husdemba]

There is a lot of discussion about NFTs. Art, culture, sports are indispensable factors of human life. In the digital world, these artifacts can now be stored differently. For this, the NFT issue may become more valuable.

[bbc.reporter]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

I agree. NFT is a place where artists and art enthusiasts come together to create and appreciate the work of the artist. Where what is judged there is the art regardless of the price of a work of art, art fans will not care about it. I also think that NFT will continue to exist like ICOs and DeFi. Because I think there will be many artists who will work through NFT to distribute their work digitally.

Then the game industry, which in my opinion will continue to grow, will also enliven the NFT market and make it live for many years.

However, once NFT and Defi merge, it might not be the artists who dictates what NFT will be more valuable or be the most beautiful. I speculate that similar to the art industry, with art sellers and agents who run the industry, it will be the market but in a more scalable method through Defi.

[asyakashi]

The concept of NFT seems to be an upgraded version of a coin or token utility of the blockchain itself.
Basically using the blockchain network only to transact, send, receive and shop on any platform that accepts the coin to buy goods.
in contrast to NFT, which can reach a wider range of applications, if an application requires NFT to use it, I think it is incomplete if it only uses coins that are only transacted in general.
NFT is used to read the platform as a token of ownership it is the core of NFT and therefore NFT is quite important in the cryptocurrency world.

[AnisahSiti]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

I agree. NFT is a place where artists and art enthusiasts come together to create and appreciate the work of the artist. Where what is judged there is the art regardless of the price of a work of art, art fans will not care about it. I also think that NFT will continue to exist like ICOs and DeFi. Because I think there will be many artists who will work through NFT to distribute their work digitally.

Then the game industry, which in my opinion will continue to grow, will also enliven the NFT market and make it live for many years.

However, once NFT and Defi merge, it might not be the artists who dictates what NFT will be more valuable or be the most beautiful. I speculate that similar to the art industry, with art sellers and agents who run the industry, it will be the market but in a more scalable method through Defi.

To become like that will take a long time and development.

There are many artists in the world whose rights cannot be protected by the government in their country, even their works are often pirated and royalties that are not necessarily channeled to artists are able to encourage the development of the NFT sector in the future. Most likely what you convey is able to provide new hype and new market share which later aims to bring good change, of course, to artists and art enthusiasts around the world.

[Eternad]

I speculate similar to ICOs and Defi, NFTs will be here for many years.

yes I agree, NFT will exist and the hype will last a long time. nft is a lucrative industry for artists especially those focused on digital. The NFT market is very strong today and is growing every day. and NFT has also begun to be applied to other things such as Games and more. looks similar to ICO and defi, but arguably the NFT ecosystem is much better.

NFT offers a wide ideas of having a more advanced system. It is seen now that the market becoming more and more engaging that attracts new customers. Those into arts and into games. The idea of play to earns as well digital purchases makes more investors who are not in crypto yet to fully join and engaged in buying or making accounts to have these tokens as assets.

[uneng]

I've never seen an unique piece of art in NFT environment. They are pretty common, so i think there is a clear overvaluation happening right now. The same art concept a freelancer designer can create for 10$ or 20$ at any site around, including this forum, is being sold for thousands of dollars in NFT format by some artists. It makes no sense someone is going to buy it and it's really suspect.

Moreover, virtual art can't be compared to physical historical paints, statues, sculptures and architecture. The effort, patience, skill and technique demanded are totally different. So I see no point in justifying the expensive price of NFT art pieces for this reason.

[bbc.reporter]

The concept of NFT seems to be an upgraded version of a coin or token utility of the blockchain itself.
Basically using the blockchain network only to transact, send, receive and shop on any platform that accepts the coin to buy goods.
in contrast to NFT, which can reach a wider range of applications, if an application requires NFT to use it, I think it is incomplete if it only uses coins that are only transacted in general.
NFT is used to read the platform as a token of ownership it is the core of NFT and therefore NFT is quite important in the cryptocurrency world.

I disagree. NFTs have become more popular because it has something to do with the culture of the cryptospace than the utility side. I reckon Cryptopunks is certainly a very good example of this. It was free to mint with no utility during 2017, however, today one cryptopunk is presently valued more than $100k for every cryptopunk. Why is this? Similar question on why Andy Warhol's paintings and his other art works are more than $100k for every piece.

[Fundamentals Of]

The world of NFT is a free world. Nobody is forced to buy a jpeg worth a million. Just like during the ICO, nobody is forced to invest in a project that turned out to be a scam.

But the main problem is that it is a free world. In a free world, the predators are free to abuse their prey. This is what happened in the ICO years. Projects are 99.9% scam and low quality. They are promoted and marketed everywhere. They used the names of large companies and popular individuals to prey upon the innocent people.

This is somehow the same with NFT. Not to mention that many NFTs steal artworks and are not really showing any amazing artistic talents. Creating pixeled avatars and selling them for hundreds of thousands with the promise that its value would appreciate more in the future because it is a limited collectible is tantamount to fooling the customers.

Comparing a jpeg picture of a monkey with the works of Van Gogh and Picasso is an insult to art itself.

[doomloop]

The world of NFT is a free world. Nobody is forced to buy a jpeg worth a million. Just like during the ICO, nobody is forced to invest in a project that turned out to be a scam.

But the main problem is that it is a free world. In a free world, the predators are free to abuse their prey. This is what happened in the ICO years. Projects are 99.9% scam and low quality. They are promoted and marketed everywhere. They used the names of large companies and popular individuals to prey upon the innocent people.

Yeah, when it is a free world there tends to be more risk involved. In a community that is decentralized there is the possibility that a lot of scammers will be trying to prey on some people. Because, they know that there isn’t anyone to look into whatever issue that happens in the cryptocurrency community most of the times. So, it is up to people to be careful when it comes to NFT.

You have to know what you are buying and be sure of it and not just buying any art you see on any of these NFT platforms. You have to be very sure that what you are buying is correct and also know the quality of art piece that you are buying. You don’t just go buying random stuffs without even checking them out.

[kidbounty]

NFT looks important because the trading volume of NFT is very large. there are many people who want to buy NFT at a high price while hoping it will be more profitable in the future. Unlike most crypto coins which are highly dependent on the market situation, NFTs are very different. The NFT ecosystem is moving due to rumors/speculation so it's hard to predict. maybe this is what makes NFT has its own place in cryptospace.

[bbc.reporter]

NFT looks important because the trading volume of NFT is very large. there are many people who want to buy NFT at a high price while hoping it will be more profitable in the future. Unlike most crypto coins which are highly dependent on the market situation, NFTs are very different. The NFT ecosystem is moving due to rumors/speculation so it's hard to predict. maybe this is what makes NFT has its own place in cryptospace.

I disagree. There is certainly more in NFT art than being a medium for profit. There is value in a new type of culture being created because of new mediums similar to NFT. I will also predict that NFTs will bring more mainstream users to the cryptospace than bitcoin, altcoins and defi.

It is beginning with fashion brands already. These companies will certainly bring more than a billion people in the cryptospace through NFTs.



Estée Lauder Breaks Into the Metaverse

One of prestige beauty’s biggest heritage players has set its sights on the metaverse. Estée Lauder, as the exclusive beauty brand partner of Decentraland’s Metaverse Fashion Week, is debuting its first NFT.

Source https://wwd.com/beauty-industry-news/beauty-features/exclusive-estee-lauder-breaks-into-the-metaverse-1235138604/

[magneto]

There was a thread arguing why we should not invest in NFTs. I agree that similar to the ICOs of 2017, there will be scams and this is a good reason to avoid them. However, similar to ICOs as a democratic method to fund a project, NFT is becoming a cultural submovement that also earns income for the artists and the collectors of the artists’ work.

Also, those digital art pieces might also develop into something important in the cryptospace similar to how a Van Gogh or a Picasso are important in the physical world. This is art, this is culture and because we are humans, much of us have an inborn ability to create art and treasure art of different forms.

I speculate similar to ICOs and Defi, NFTs will be here for many years.

I agree that NFT art can be a good thing, especially if the art has some substance.

It's just that there is not much objectively good art right now. I do realise however that the community aspect of NFTs is definitely not to be underrated, but that's a different discussion in its own right.

The major utility for NFTs will be sort of a loyalty token/status symbol. As you said, like the ICO/DeFi craze, I don't see these things going away any time soon. But some early projects are definitely going to die down as the hype falters.

[ItsNotSean]

NFT market is purely created to help the scammers and money laundering activities. It's a great method to turn your black money into white. There is no art in the entire NFT world.

If you visit opensea platform and browse the collections, you will see ape pictures are being sold for millions and real pieces of art is staying unsold. There are multiple examples you can see during your visit.

NFT market doesn't value art, it values the hype! Once this hype is gone, NFT market will go down to drain as well.

This guy gets it.

There are likely a few projects that might possibly, by sheer chance, wind up retaining some value 10 years from now. In its present incarnation the NFT market has been co-opted by certain parties to launder money/ tokens.

The sad, unexpected consequence was that a herd of momentum chasing crypto "investors" have unwittingly (or ignorantly) jumped on the tail end to hold the bags for the launderers!

[justdimin]

NFT needs to crack out of this "play to earn" and "images" world. Those are the two things that it is famous for right now and unless people find a way to stop that, it will always be remembered the same way and I do not think that it would help NFT to grow.

If we could get some other methods to use NFT, some greater utility then we are going to see a lot better results but if we fail to see that, we will not be able to see NFT do any better and eventually start to go down more and more. Obviously, we will not be easily predicting when that will happen but hype is already losing power right now and it is harder to sell out as an NFT project these days.

[bitgolden]

There are likely a few projects that might possibly, by sheer chance, wind up retaining some value 10 years from now. In its present incarnation the NFT market has been co-opted by certain parties to launder money/ tokens.

The sad, unexpected consequence was that a herd of momentum chasing crypto "investors" have unwittingly (or ignorantly) jumped on the tail end to hold the bags for the launderers!

What you have to understand is that if you are only looking at NFT images and think that this is what NFT could all be about and nothing else, then you are going to of course believe that it is a scam. NFT images are used for scamming, money laundering, promotions of nothing, and many other bad stuff (albeit could be a few good, who knows).

But the idea of NFT is not just images, it might get popular thanks to that, but it is not that alone. We are talking about ownership papers here, and NFT could result with so much more than just images thanks to this development. It is not going bigger right now, but give it some time but there will be much more than just images in the NFT world. Thats what I am hopeful about for the future.

[7788bitcoin]

~
But the idea of NFT is not just images, it might get popular thanks to that, but it is not that alone. We are talking about ownership papers here, and NFT could result with so much more than just images thanks to this development. It is not going bigger right now, but give it some time but there will be much more than just images in the NFT world. Thats what I am hopeful about for the future.

NFT is definitely much bigger than just pictures and arts, there are projects now launching music and other clips as well. P2E is another aspect of this market and we are yet to see solid games in this platform but in a few years we will see interesting games and other in game memorabilia being traded in NFT and major gaming companies are already in the space and things are getting interesting.