Can someone explain the point of NFTs?

[winb83]

Ubisoft seems obsessed with how to get this to pop and other game companies seem more than eager. That's the first sign something is wrong. Is it just that people can't help themselves and if a company sells bullshyt customers can't stop themselves from buying it?

 

[Gizmo_Duck]

Artificial digital scarcity

 

[Paper Boi]

money laundering

 

[Deman]

money laundering

 

[Uitomy]

The point of an nft is to buy something wherin the protocol of the code makes it so your ownership of said object is verified as yours on the Blockchain. No need to use a middle man to verify you're the official owner (and the authenticity of said product too)


People keep thinking nfts only refers to art and games.


Nft stands for non fungible token, which a is an independent digital asset with no inheremt value pegged to it besides whatever that person wants to sell it for.


You could make the deed to your house an nft or your will an nft. The whole point is for you to be able to pull up your nft on the Blockchain and be able to go "see the address of the owner of this item is me, it's in my wallet, it's mine (so nobody else can copy it either, that's a major key, they can do all the copy and pasting they want but when that token is minted on the Blockchain ledger that's it, it's immutable, nobody can claim what's yours).

 

[Fatboi1]

It's basically proof of ownership of a digital asset which is verifiable for authenticity through the blockchain which houses the transaction history with time stamp of who minted what and it's visible to everyone since it's decentralized.


So Ubisoft or any developer can essentially mint in game DLC(cosmetics) on a blockchain and because it's rarity can be determined by how many exists, the price per item can get really high.

 

[Gizmo_Duck]

This is how we will buy our digital property in the meta verse

You better get in before its too late

 

[killacal]

 

[Regular_P]

The point of an nft is to buy something wherin the protocol of the code makes it so your ownership of said object is verified as yours on the Blockchain. No need to use a middle man to verify you're the official owner (and the authenticity of said product too)


People keep thinking nfts only refers to art and games.


Nft stands for non fungible token, which a is an independent digital asset with no inheremt value pegged to it besides whatever that person wants to sell it for.


You could make the deed to your house an nft or your will an nft. The whole point is for you to be able to pull up your nft on the Blockchain and be able to go "see the address of the owner of this item is me, it's in my wallet, it's mine (so nobody else can copy it either, that's a major key, they can do all the copy and pasting they want but when that token is minted on the Blockchain ledger that's it, it's immutable, nobody can claim what's yours).

It's basically proof of ownership of a digital asset which is verifiable for authenticity through the blockchain which houses the transaction history with time stamp of who minted what and it's visible to everyone since it's decentralized.


So Ubisoft or any developer can essentially mint in game DLC(cosmetics) on a blockchain and because it's rarity can be determined by how many exists, the price per item can get really high.

NFTs are a scam.

 

[Take It In Blood]

just another scam created by hustlers to get u hustled

 

[FaTaL]

Ubisoft seems obsessed with how to get this to pop and other game companies seem more than eager. That's the first sign something is wrong. Is it just that people can't help themselves and if a company sells bullshyt customers can't stop themselves from buying it?

Selling you something that might be worth something some day

 

[winb83]

It's basically proof of ownership of a digital asset which is verifiable for authenticity through the blockchain which houses the transaction history with time stamp of who minted what and it's visible to everyone since it's decentralized.


So Ubisoft or any developer can essentially mint in game DLC(cosmetics) on a blockchain and because it's rarity can be determined by how many exists, the price per item can get really high.

If they're already selling items as microtransactions and making a mint why limit some items they can sell to a single one? Seems like putting ownership of a piece of DLC on a public blockchain instead of tying it to a Ubisoft account the company controls limits their control over the item. It's also going to create a second hand market Ubisoft wouldn't be a part of.

 

[Barney Rubble]

Infinite uses but people are just focusing on the basic shyt right now. Imagine the stock market moves to NFT. Instant settlement of stocks and money with complete transparency, so very hard to manipulate. Passports, drivers license, deeds, wills, all government documents. A lot of powerful people are trying to shape the narrative into some overpriced JPG shyt cuz they know the true threat it poses to the established digital powerhouses.

 

[Batsute]

It’s bullshyt since their is no intrinsic value to whatever it creates. If a server goes down or that blockchain becomes obsolete youre fukked.

Plus the market is fukkin flooded until there is one unified standard it’s all bullshyt.

 

[Uitomy]

NFTs are a scam.

You know what else is a scam, a lot of the taxes you pay