NFT: non-fungible token. Unity and NFTs

I think what ippdev is saying is that if you care about owning the original, NFT will matter to you, otherwise, you are probably not the target market.

Eg, if you want to own THE Mona Lisa, you are probably a different market from the person who grabs a copy of the mona lisa from a student artist for $20. It doesn't matter if they are virtually indistinguable. Yes, art fraud does exist, but this fraud can be verified, to show that person A owns THE mona lisa, and person B owns a copy of the Mona Lisa. NFT probably does not prevent fraud or hacking or what have you, but as ippdev said, its to prove Provenance.

Even in the case of THE unique sword of uniqueness, even if the dev F***ed up and somehow made duplicates, you still own the FIRST unique sword of uniqueness (Argh.... we should shorten this to USoU), Granted its source of value is now different, changing from "THE" to "The First". Factors such as the time between when the USoU was first released to the time the devs caved, like say maybe 2 years later. could then be verified and affect the value. Eg, it could still be THE USoU from 1994 vs the copies released in 1996.

As per all the examples ippdev gave, the actual value is given by to the unique properties of the digital asset, not to the digital asset itself. You could use a database and store all the same information, but that would be much more open to manipulation compared to NFTs, and therein lies the value of NFTs. Please note i didn't say NFTs are fool proof, can't be hacked etc etc, just that compared to traditional databases, they would probably be much more secure, verifiable and long lasting (relative to alternate methods) and hence people are now considering making use of them to track these properties of digital assets which might have been much more difficult to do previously.

Eg, Art piece for example have limited print runs. This doesn't mean its physically impossible for the artist to make/print more copies. But doing so on a limited print run would destroy his credibility and reputation. To verify your copy was the real thing from the limited run, previously they used means such as certificate of authenticity, which could be verified with the certificate authority, etc. This doesn't mean that people can't make copies of the art pieces of prints AS WELL as the certificate, but buyers could then verify the certificate to ensure they are getting what is claimed.

NFTs are basically similar. They are not meant to verify utility but for Provenance, something which collectors such as in the art sector might be concerned with.

PS: Some one mentioned early digital items might be buggy etc and will be there forever. As food for thought, lets consider which is worth more to collectors, misprinted 1st edition pokemon/magic the gather cards/baseball or perfect prints?

 

People does that every day.
You go for example shopping clothing. Something looking like Prada, but is cheap remake, with slightly different texture and colors, so is not exact copy, but looks almost indistinguishable. Most wont see a difference.

Same with tons of other goods.
Same with asset flips etc.

Hence there is huge market for cheap resemblance of something.

Just please don't get angry, because someone has different opinion.
However, you missed my point completely.

If I got copy of the track as an example, I can share it with my friends and family, while paying for a single copy just once. No one will chase me, how many copies I made and shared in a close circle. I can even sell back the original (token or whatever comes with it) to someone else if want to. I got copy already anyway.

But I understand, someone wants to own that token. And that's fine. Just like having shelfs of CDs with music on the wall.

So my point is, this chain can not prevent from pirating.
Sure some collectors will be after signature.
Personally I don't care about Monalisa, or Picasso works. And many don't either. While few do.
As I said, the prices are just inflated, to avoid taxes.
So I don't mind having cheaper version of them, if I actually wanted to look at them outside museum, or PC screen. Unless I want to evade taxes, or I am real art fan and collector, then I go to art auction.

I am yet to see, if this tech kick of beyond some niche areas of interest.
In the end, it is not something new, neither is loud about it. Most noise is around cryptocurrency.
For me it is kind of like VR vs consoles and desktops.
Usable but niche years old tech, with rather low traction.

And btw, I am not trying stop anything. But I am skeptical about practicality of such system for average Joe.

 

No one says it does that though.

However it seems people are very willing to pay for the verifiable provenance.

 

I am not angry. That was simply an exercise in proving the futility of your stance by running you thru real world thought experiments and trying to get you to realize it is about provenance and not the straw men that were tossed up and sacrificed smugly in the course of this thread..e.g pirating and duplicating without NFT. It apparently affronted you as accurate enough that you chose to deflect by claiming I made those examples in anger.

 

I've recently heard a lot about NFTs. I don't really understand what they are. I only have a vague understanding of it. Are they like online collectibles, like you collect art, and you sell it. Like this: Someone buys this 3d model for $1,000, and then a week after that, it becomes worth millions, and you become rich? I don't understand it that much so if someone would explain to me, it'll be helpful.

 

You buy the deed to a bridge and try and erect a toll booth even though you don't own the bridge, just the piece of paper some dude named George Parker sold you.

 

Absolutely horrible analogy. Do not pay any attention to this snarkfest of a definition above from one who is usually disgruntled about everything.. It is a certificate of provenance and a contract on the blockchain. Similar to what you might get with a rare stamp or coin or painting/sculpture/limited edition print certifying it to be an original, a non-forgery and authorized. If you are capable of producing unique digital assets that others enjoy viewing this may probably interest you. If you are simply a code monkey or no real talent you can market as a cultural art collectible then you will probably not be interested..Like most things the untalented are incapable of they will snarklfest it to prop up their poor ego and will pretend mightily to avoid admitting it's utility..

 

Thanks. I didn't get that definition either. I understand now.

 

Please tell me, you are not excerpting your anger, or upsetness again?
This attitude is repeating across multiple threads over past.
Weather person is wrong or not, that is not the way to address things.

 

Are you presuming that you know me well enough to claim I am angry? I am in an online debate and folks were playing games with definitions and repeatedly ignoring basic facts to bolster their argument . This type of gambit does not need addressing like some nursery schoolmarm. Do not mistake dealing directly with such subterfuge as anger. As per Murgilod..simply an observation of a pattern that has been apparent since that poster began posting here. It offered no cogent facts and mislead a poster simply trying to understand the utility of an NFT. I called it exactly what is was. Do you maintain I should lie?. Do not pretend to be able to police my conduct via passive aggressive backbiting as I will simply recognize it for what it is..an attempt at controlling my sovereignty of thought, words and action to make myself palatable to someone who does not share my moral strictures or worldview.. Step back and look at your behavior. You rail on me for speaking in a manner you deem offensive and then proceed to level charges at my feet that are offensive. You are virtue signaling and I am reacting to what i see as hypocritical. Let's not go there anymore OK? I do not need any amateur psychoanalysis. I know myself pretty well having lived with me 63+ years.

This thread is a debate on the utility of NFT's. Present your case.

 

Meanwhile one of our pre-release NFT's has sold multiple times with the latest sale at ~$9,000 USD (5 WETH)

https://opensea.io/assets/0xd07dc4262bcdbf85190c01c996b4c06a461d2430/180095

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And our fans are cashing in too, a piece of fan art currently has a bid of ~$900 USD (admittedly one of our co-founders is the bidder):

https://opensea.io/assets/0x60f80121c31a0d46b5279700f9df786054aa5ee5/403809

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Say what you will about the utility, market is hot right now.

EDIT: To be clear we aren't profiting from this (minus a 1% fee that goes to the creator), we gave away these NFT's as part of an airdrop to our first community members. We are already making our players cash

 

Stop trying to pathologize thinking that the Brooklyn Bridge Scam in cryptocurrency form is reprehensible.

 

I certainly don't disagree that the tech makes such scams really easy to set up, and puts a lot of onus on the buyer to research, etc. We are already getting hit with fake NFTs, fake airdrops, etc, and we haven't even launched.

However I don't think that this makes the technology useless, or bad. Its just another challenge to work through.

 

And the snarkfest goes on..and on..and on.. Entirely predictable and not any sort of enjoiner of any quality to the debate about utility and provenance and entirely dismisses current market trends, valuations and purchases in this market. In fact it is a classic straw man gambit.

The Federal Reserve Note is reprehensible and the crimes committed thru it's use are manifold and have cost millions of lives. People even counterfeit those notes of debt..which clearly state on their face they are not money but chits pointing to a pile of debt. Folks don't want them anymore when they have alot because they want to store value. 80K USD in 1959 dollars is worth about 4-6 million today in buying power.

Since it is all stores of energy expended as money has been since time immemorial then which system of value storage should you put your wealth into. This is a critical decision to make and one should have a proper understanding when investing in any form of currency. The Brooklyn Bridge is obviously a public works and anybody trying to sell it is obviously a crook. An NFT representing an artist's personal output has nothing in common with the Brooklyn Bridge scam analogy. It is a digital version of a Certificate of Authenticity you would get with a limited edition fine art print. To attempt such a connection is pathological.

 

This is not a forum for posting NFT auctions. This is a game developers site. I have NFT's as well but since they are not game related I do not post them here. Not that yer gonna read this..you appear to be a one and done spammer. And 55th anniversary???..Maybe 50th or 75th.

 

I do not know.
One tweet of https://twitter.com/CryptoWhale mention that cost 30% of what banks and related security cost. Also assuming x100 grow is still good (assuming PlanB is right).

I'm scared about this side of a blockchain. Especially if there is an unstoppable Ai in it.

 

Most NFT and Blockchain networks have carbon footprints that would make an airline blush... But not all - there is an emerging movement towards ecological responsibility...

https://github.com/memo/eco-nft

You'll find me on https://twitter.com/quirkyfb making videos with my own unity based psychedelics engine... And hopefully soon interactive stuff too

 

'member when snarky little know-it-alls called Bitcoin "Ron-Paul-Fun-Bux" and "buttkoin" in the early years? I 'member.

The know-it-all forum bullies of the world don't get blockchain. They don't want to. They dont understand money is not ideological. They wont get NFT's either. They know their masters tell them their little system of lies, and trillions of numbers printed every year now, to hand out to their criminal friends on wall street and K street, are threatened by it, and that is all they need to know, because a dude in suit on TV said so.

What is the carbon-footprint of the petro-dollar, I wonder? What is the cost in blood and war?

Doesn't even matter. Blockchain is unstoppable and inevitable.

If anybody is curious about how cool NFT and blockchain can be, it's on the internet. NFT's in gaming, in particular, is going to be spectacular.

The dullards, nay-sayers and unimaginitive always think progress and change will be slow and steady, that the orthodox way is the only way, and are always surprised when it isn't. They don't even have the imagination to see how NFTs will be awesome in the multiplayer universe, much less in other aspects of informatics.

 

NFT as expected, big noise at beginning of the year, some trailing noise until mid march and literały quite no news since April. Or, ... me wrong. There are news about NTF price collapse.
So basically, who meant to make money already did money.
Even the thread suddenly went quite, as good news stopped popping out.

Spoiler

For more curious, about stock market manipulation, here may be interesting bit to watch.

This exactly how ntf was done "popular" at very beginning 2021.

Really? Which games does that already, other than metionin kitty-caty game?
Again, this isn't new tech. Had plenty time to be proved, to be functional in games. But is it?
And maybe actual cost of server maintenance and power usage with this tech, is a major stopper for gaming application?

There is literalny 0 movement toward implementation of NTF in gaming. Maybe besides some odd experimental cases.

I am happy to review this thread in 2 years time, if anything has changed in this field.

 

Christies is auctioning off NFT's this month. Does not bode well for your price collapse scenario. Can you post an article stating a price collapse? I would be interested in their take and stats.

 

https://www.bloomberg.com/news/arti...rs-debate-on-whether-stimulus-led-fad-is-over

Stats referred to in the many articles on this have come from NonFungible.com

https://nonfungible.com/market/history

 

All the curves on the second link bottomed out and are rising in a natural sin wave.The first bump in the wave before the dip was when the actual collectibles were sold off, the dip came when the market was flooded with crap and gems were harder to find. There are now curators and auction houses at the level of Christies. As in any collectible item..stamps, comic books, vinyl records, vintage automobiles...there will be a plethora of units in the market with a core of highly sought after units that command greater valuation. In this regards it is up to the issuer and collectors of NFT's to establish the market value in accordance with their desires.

In regards to the bloomberg link, a Wall Street - Federal Reserve trumpet, I agree with this point from the article..."Others who study the technology argue the use of blockchain to create scarcity for digital collectibles is a lasting innovation rather than a price fad." Imagine Steve Wozniak had an original disk image of the Mac OS right before they released the first one. Given that premise Steve decides to sell it and several digital museums and the billionaires want to own that set of bits right from the Woz himself. It defines a critical moment in history. An NFT is generated for it and now the next owner of it can polish his nails on his lapel because he could pay more than the next guy for this unit of collectability..which in essence is what an NFT is...or a baseball card, or a comic book... or a blue horse from WoW??

 

There are new protocols such as ImmutableX which have zero gas fees for most operations (immutable.com). You can also play their game Gods Unchained: https://godsunchained.com/

Its not as polished as hearthstone but its a very playable online CCG with NFTs for the in game cards.

Plenty of their cards are selling in the 0.1-1 ETH range ($200-$2000)

If you can't be botherd registering you can check out a trailer:

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Lost Relics is also supposed to be okay, but I can't vouch for it personally:
https://lostrelics.io/

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The biggest is probably Axie Infinity (https://axieinfinity.com/)

Another pet game but they are slowly adding more and more gameplay features.

Lots of NFTs being actively traded (total trade volume is arounf 50m USD): https://opensea.io/collection/axie

(Not really my cup of tea)

 

In short, it may or may not revolutionise gaming, but there are real games making real money.

And also note the community is extremely keen for games! This can't be underestimated.

You hear people here talking about how hard it is to create a community, at Illuvium we have only released some screenshot some concepts and an early cinematic trailer, and yet we have 25k discord users and 19k twitter follows...

 

There are always enough people who fall for pyramid-schemes, so I am not worried about NFTs.

 

Collectibles are not pyramid schemes. The Federal Reserve Dollar is a pyramid scheme. So, in a sense, I agree with you.

 

I already pointed out that that was merely a single example of multiple articles all reflecting the same Nonfungible.com figures. This was merely the one with the highest profile website.

 

Sadly, not all pyramid schemes are illegal. I have no intention to ban anyone, have never done it. So, please, shove your assumptions.

 

@Lurking-Ninja I'm actually curious why you think NFTs are a pyramid scheme. Not offended, I'm genuinely curious.

When playing our game you find items (and creatures). Items and creatures make you stronger. This is no different to pretty much any MMO or TCG. Some games allow you to trade such items for real money, and the ones that don't typically end up with some kind of blackmarket where people trade out of the game and take a lot of risk.

Game items sometimes go for a lot of money becasue people like to have good game items: https://www.forbes.com/sites/oliver...the-sale-of-virtual-property/?sh=1aa452c421cd

The NFTs allow this trading to happen in a safe secure way without having to have us in the middle. A lot of people think this is a valuable thing with real utility. (As an aside: Another useful capability provided by solidity contracts and NFTs is provable/verifiable rarity).

There's certainly a lot of hype, but if you wanted to be negative I think a comparison to Tulip Fever would be more justified than comparing to a pyramid scheme.

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In the end we are trying to build a good game, thats the only way to derive long term value. Of course we to make ourselves and our investors money, but we spend a lot of time working out how we can ensure that everyone, regardless of budget, can play and enjoy our game.