NFTs are Dead, Long Live NFTs \ stacker news ~crypto

NFTs are Dead, Long Live NFTs avc.xyz/nfts-are-dead%2C-long-live-nfts

2858 sats \ 10 comments \ @kr 4 Jan crypto

191 sats \ 3 replies \ @elvismercury 4 Jan

Most everyone thinks NFTs are images of silly apes, something to laugh at, but yet the reality is they are the atomic unit of digital ownership in the 21st century. Once again, the thing that we laughed at turns out to be the big thing.

I think most of the current way NFTs are discussed is idiotic. I also think there is less than 1 percent chance (and I mean this literally) of NFTs going away. I believe NFTs going away is comparable probable than the remnants of civilization becoming hunter-gatherers again.

1321 sats \ 2 replies \ @orthwyrm 4 Jan

My prediction: NFTs will never be fully priced out by "legitimate" transactions. As fees rise, blockspace becomes more valuable, and it becomes more lucrative to mint stuff on it.

I think there's some evidence of this already. For example, BRC-20s are horribly inefficient JSON blobs that have no reason to be human-readable. The same information could be stored with less than half the space. But the point of the BRC-20 minting process is to effectively burn blockspace, so the inefficiency doesn't really matter. Fees are irrelevant to some degree.

Another example is with the NFTs. You can have NFTs on any alt-chain really, but there's a specific interest in Bitcoin because it's the only chain whose blockspace is truly scarce. If fees were the limiting factor then we'd see a thriving NFT ecosystem on BSV. I think a lot of Bitcoiners misunderstand these market dynamics, and say silly things like "just move it all to Liquid" as a result.

It's actually kind of interesting TBH. We all know about Bitcoin's famous 21M cap, but less thought has been given to the scarcity of blockspace and what that entails. Interested to see where these crazy experiments end up.

50 sats \ 0 replies \ @elvismercury 5 Jan

Well put. The sacrifice that makes ordinals wasteful is exactly what makes them desirable; and is the central psychological linchpin the flywheel of the btc ecosystem revolves around.

0 sats \ 0 replies \ @ek 4 Jan

Stop. I only have so many sats.

update: I realized I also have a relevant meme.

this meme does not necessarily reflect my views, I posted it because I think it's funny 🙃

1294 sats \ 1 reply \ @grayruby 4 Jan

I know Darth is calling me a shitcoiner from SN heaven or hell, wherever he went, but I initially thought NFTs were an interesting idea and had potential until the primary use case was jpegs.

748 sats \ 0 replies \ @elvismercury 5 Jan

I know Darth is calling me a shitcoiner from SN heaven or hell, wherever he went

You're killing me but this line is worth 1k sats.

51 sats \ 0 replies \ @xz 4 Jan

After the posts about ordinals, imploring maxis to go and learn it. I suppose there's a stenographic aspect that is interesting. I admit defeat, jpg hunters know more about it than I do.

It might not go away but trying to convince me to drop everything else to lean about gamifying collecting transactions and 'ownership on the atomic level' doesn't seem as worthwhile as say, building commerce solutions, building privacy, researching the immutability and security of a blockchain itself..

21 sats \ 0 replies \ @phatom 4 Jan

NFTs no matter how jpeg most of them are, have an effective use on blockchains

21 sats \ 0 replies \ @guts 4 Jan

Can't take anyone seriously if they are still mocking NFTs as monkey jpegs.

0 sats \ 0 replies \ @castingluxfr 7 Jan freebie

NFTs are digital owwnership, this can be super useful as: proof of menbership, as replacement to a tiquet to events, as proof of ownership, like a house or a car. But for art, I find it absurd, no digital painting or drawing will ever be worth as much to me as a real painting. Who agrees with me?