GAMESTONKS II - Full Faith and Credit in Memes

[6souls]

Y’all are so damn quick to hop on each others dicks and just ride it into conclusions on this board it’s ridiculous. I didn’t once say he was wrong, I didn’t once say I disagree, I simply said I don’t know enough to refute.

I can say that while also saying his presentation leads me to be skeptical about his motives.

Some of y’all are legit nutty man. Like for real chill the fuck out. Sorry for criticizing the true YouTube NFT opinion gospel for its presentation style. My bad, clearly.

Hilarious how there’s a multi faceted post but all anyone focuses on is OH MY GOD HE SAID HE WAS RUDE HE MUST NOT AGREE HE MUST HAVE A DISSENTING VIEW HE MUST NOT LIKE WHAT HES HEARING. And not a single other part of what was said is addressed. Great job guys awesome conversation.

Are you okay?

[Mythe_Seraph]

Are you okay?

I’m good, but it’s just nuts how the people on this board operate.

[6souls]

I’m good, but it’s just nuts how the people on this board operate.

I get it, the benefits don't currently outweigh the negative. I am not against NFTs, but I am biased against the jpeg style as I see them as low effort. I have a collection of NBA and NFL NFTs that I've been gathering for just over a year now. I have plenty of complaints, but these collections have gotten me interested in pro sports again. I attended roughly 20 NBA games last season because of the NBA NFTs. It got me engaged.

[Drai]

The thing that bothers me about NFT’s specifically is that people are treating it like some “exclusive club for the elite” in many cases, and when you try to question them about it with simple questions like “But what do these provide by themselves that we already didn’t have?”, most I’ve spoken with usually just answer with “You just don’t get it.”

Great, awesome, if I don’t get it shouldn’t you be TRYING to get me to understand? Like, NFT’s need US to accept THEM, not the other way around lol

[Kaslo]

The thing that bothers me about NFT’s specifically is that people are treating it like some “exclusive club for the elite” in many cases, and when you try to question them about it with simple questions like “But what do these provide by themselves that we already didn’t have?”, most I’ve spoken with usually just answer with “You just don’t get it.”

Great, awesome, if I don’t get it shouldn’t you be TRYING to get me to understand? Like, NFT’s need US to accept THEM, not the other way around lol

On top of this, NFTs will never be anything until Governments accept them. Otherwise they have no authority.

You think your NFT gives you rights to use a piece of art? How do you enforce that? You can't unless you can access courts.

[6souls]

On top of this, NFTs will never be anything until Governments accept them. Otherwise they have no authority.

The parent company of the NBA NFTs that I collect, Dapper, is the first NFT company to register with the US Gov.

https://cointelegraph.com/news/dappe...-us-government

[Spicyryan]

"Like it or not, a stupid thing that has no value to add to the video game industry is touching the video game industry".

No, really? Gosh. This must be the first time ever that stupid shit has gotten into the video game industry.

Yes, most people don't know enough about NFTs to make an intelligent argument about them. Guess what? You're one of those people.

You have convinced me that I am a fool, and that NFTs are the worst thing since Elvis Presley.

Any more videos over 2 hours long I am supposed to break down for you on this?

[Outlaw]

Here's how I see it.

If I buy a NFT let's say like one 6souls is talking about.. 20 years from now will I be able to make a million dollars off of it? As much as some people have paid for these things it seems like a pretty risky investment. The technology that protects them is more what interests me. I think it will take a long time before it becomes mainstream however.

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[Drai]

Here's how I see it.

If I buy a NFT let's say like one 6souls is talking about.. 20 years from now will I be able to make a million dollars off of it? As much as some people have paid for these things it seems like a pretty risky investment. The technology that protects them is more what interests me. I think it will take a long time before it becomes mainstream however.

Sent from my SM-A505U1 using Tapatalk

the Blockchain technology itself is interesting, but in my mind, with my current understanding of NFT's, this ain't it.

Someone tried to explain this to me in the terms of Sword Art Online, with you having a universal gaming account protected by the Blockchain, which you could use to transfer characters/items/whatever between associated games, and that itself seems like an interesting idea to me, but using it to protect ugly pictures of monkeys?

[6souls]

Here's how I see it.

If I buy a NFT let's say like one 6souls is talking about.. 20 years from now will I be able to make a million dollars off of it? As much as some people have paid for these things it seems like a pretty risky investment. The technology that protects them is more what interests me. I think it will take a long time before it becomes mainstream however.

Sent from my SM-A505U1 using Tapatalk

If I can get a million dollar return on a $3 purchase, fuck yes.

[Spicyryan]

the Blockchain technology itself is interesting, but in my mind, with my current understanding of NFT's, this ain't it.

Someone tried to explain this to me in the terms of Sword Art Online, with you having a universal gaming account protected by the Blockchain, which you could use to transfer characters/items/whatever between associated games, and that itself seems like an interesting idea to me, but using it to protect ugly pictures of monkeys?

The NFT is merely a representation of authentic and unique ownership of that picture of a monkey. It could just as easily represent anything that isn't a picture of a monkey or even art. This ownership is then transferred via a smart contract. Which is rarely part of the conversation. Immutable code which only exchanges the item after both parties have fulfilled the conditions of the contract. Rather than a picture of a monkey it could just as easily be the facilitation of a sale of equipment where no intermediary is needed due to the trustless exchange of funds. It could be your vote in an election or proof of your ownership over "real" tangible assets. For instance people are currently engaging in the exchange in ownership in real estate with NFTs as the proof of said ownership.

As far as gaming goes. Players buy tons of stupid shit. Having an NFT represent the authenticity and ownership of digit items. As well as document the exact scarcity of said type item is a logical way to facilitate that. Just because everyone is engaging in a new era of bullshit art speculation doesn't mean NFTs have no place in gaming. Right now its in its infancy. Where it is no different from bullshit trading cards in a dotcomesque bubble. However, being against it without seeing or giving credit to the great potential of it is way too common.

NFTs are arguably a rather basic concept in theory at a certain level of technological advancement, but so is/was a fax machine or now digital fax machines. These things require the extra infrastructure of far less simple concepts to facilitate it though such as the entire network of whatever the NFT is on or the smart contract itself. It is more straightforward to create and exchange things on the blockchain of a specific network than to write something on a piece of paper and fax it. It will take time for the general understanding to transition to thinking this way. People don't like change.

[Byrthnoth]

6souls' Top Shots example is basically the NFT best case scenario. Broadcast rights / likenesses / etc. of NBA moments are already commercialized. If someone makes another topshots chain, they will probably be sued. It is like an official, NBA sanctioned basketball card collection that other people can see you have.

That is pretty different from other NFTs, and it is worth thinking about why it is able to be different. A big part of it is that the NBA has a fuckton of money and lawyers, because it is an established, capitalized, and entrenched old money interest.

[Drai]

Ok, but the main question then becomes, ARE NFT's truly there to protect the content, or there to create an artificial scarcity on specific commodities to inflate prices? Using your card collection analogy, the way most cards prices are determined can be summed up as some combination of Quality/Content/Rarity, so what exactly are you buying? are Top Shots able to determine who's buying what and artificially limit it down the road to justify charging more for it? What determines how much of a specific commodity is allowed to be generated?

[6souls]

Ok, but the main question then becomes, ARE NFT's truly there to protect the content, or there to create an artificial scarcity on specific commodities to inflate prices? Using your card collection analogy, the way most cards prices are determined can be summed up as some combination of Quality/Content/Rarity, so what exactly are you buying? are Top Shots able to determine who's buying what and artificially limit it down the road to justify charging more for it? What determines how much of a specific commodity is allowed to be generated?

Yes and the NBA Players Association decides on scarcity based pay tier.

[Spicyryan]

Ok, but the main question then becomes, ARE NFT's truly there to protect the content, or there to create an artificial scarcity on specific commodities to inflate prices? Using your card collection analogy, the way most cards prices are determined can be summed up as some combination of Quality/Content/Rarity, so what exactly are you buying? are Top Shots able to determine who's buying what and artificially limit it down the road to justify charging more for it? What determines how much of a specific commodity is allowed to be generated?

NFTs are there as a digital certificate of authenticity as well as to display the rarity of said item. They don't protect the content.

The sales are visible transactions on the chain. The users minting the NFTs would determine the quantity of said commodity. In this case as 6souls said, the NBA has rights to this.

[Drai]

Maybe I'm not understanding something, which is entirely possible, but how is this regulated? is there protections for, if say, a certain Highlight were to auction for say, $10,000, is there anything stopping the NBA from minting a new copy of the Highlight to sell themselves for, say, $5000? Right now in my mind it feels like the equivalent of a microtransaction in a video game, you buy an in game item off that cash shop, in this case a highlight, and you then have the ability to hold onto it and hope the price increases.

This legit feels just like the Real Money Auction House when Diablo 3 first launched.

[6souls]

Maybe I'm not understanding something, which is entirely possible, but how is this regulated? is there protections for, if say, a certain Highlight were to auction for say, $10,000, is there anything stopping the NBA from minting a new copy of the Highlight to sell themselves for, say, $5000? Right now in my mind it feels like the equivalent of a microtransaction in a video game, you buy an in game item off that cash shop, in this case a highlight, and you then have the ability to hold onto it and hope the price increases.

This legit feels just like the Real Money Auction House when Diablo 3 first launched.

The NBA does have their own ventures, same with every major sports organization, but most of these have a contract deal with a company. The NBA's deal with Dapper/Top Shot currently runs through 2030. They do get their own mints (platinum rarity), but none of those have ever been sold.
The NFL actually is know for going off on their own and doing what you are describing, but they have been very bad and have no added value outside of being very rare. They also have a deal with Dapper via the All Day platform.
Dapper also has contracts with the UFC (UFC Strike) and the soccer league La Liga, but that doesn't have a storefront, yet.

[Forte]

NFTs are there as a digital certificate of authenticity as well as to display the rarity of said item. They don't protect the content.

The sales are visible transactions on the chain. The users minting the NFTs would determine the quantity of said commodity. In this case as 6souls said, the NBA has rights to this.

None of that, absolutely none of that, didn't already exist in some form or another.

[Spicyryan]

None of that, absolutely none of that, didn't already exist in some form or another.

Oh? Go ahead.

[Meresgi]

Oh? Go ahead.

Now it's digital