I'm pretty bearish on NFTs, but they're certainly fascinating! Found this piece interesting, because it dives into the social/community aspect of value creation. The communities surrounding NFTs...
I'm pretty bearish on NFTs, but they're certainly fascinating!
Found this piece interesting, because it dives into the social/community aspect of value creation. The communities surrounding NFTs (and cryptocurrency, in general) are more important than the technology underpinning them.
In the NBA Topshot case, the use of a blockchain NFT doesn't really make sense in the end. There is a very clear entity that is inevitably the source of truth and someone you have to trust to...
In the NBA Topshot case, the use of a blockchain NFT doesn't really make sense in the end. There is a very clear entity that is inevitably the source of truth and someone you have to trust to engage in these tokens: the NBA. I mean Top Shots have a terms of service lol.
A blockchain backing is only really useful if you, for whatever reason, need to proxy transaction trust onto that blockchain.
In this context, where clearly the NBA is the boss of this community, this isn't actually that unique. What's really the difference between NBA top shots and the whole host of digital items (a.k.a many of which are unique tokens - a.k.a a token that is non-fungible) that Valve has?
There's discussion on the value of the idea of a non-fungible token, and there's discussion on the value of blockchain NFTs (which proxy trust but are immensely expensive on a per-operation basis) and I feel like coverage has consistently mish-mashed them in a confusing manner.
I'm pretty bearish on NFTs, but they're certainly fascinating!
Found this piece interesting, because it dives into the social/community aspect of value creation. The communities surrounding NFTs (and cryptocurrency, in general) are more important than the technology underpinning them.
In the NBA Topshot case, the use of a blockchain NFT doesn't really make sense in the end. There is a very clear entity that is inevitably the source of truth and someone you have to trust to engage in these tokens: the NBA. I mean Top Shots have a terms of service lol.
A blockchain backing is only really useful if you, for whatever reason, need to proxy transaction trust onto that blockchain.
In this context, where clearly the NBA is the boss of this community, this isn't actually that unique. What's really the difference between NBA top shots and the whole host of digital items (a.k.a many of which are unique tokens - a.k.a a token that is non-fungible) that Valve has?
There's discussion on the value of the idea of a non-fungible token, and there's discussion on the value of blockchain NFTs (which proxy trust but are immensely expensive on a per-operation basis) and I feel like coverage has consistently mish-mashed them in a confusing manner.