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NFTs - Discussion, Projects, Etc…

  • 30-01-2022 12:25am
    Registered Users Posts: 1,548 ✭✭✭

    Jus to separate NFTs from the Crypto thread I said I’d start this up. I know very little about them and they seem to kind of be i their infancy.

    I think 99% of projects will ultimately end up being worthless but in the short term at least there seems to be some real gains to be made.

    I haven’t jumped in yet as there are so many projects, mints, etc happening that it’s kind of overwhelming.

    What are some good projects?

    Where are the best places to find them early?

    Best way to avoid gas fees?

    Where do you get your news about NFTs?



  • Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,667 Mod ✭✭✭✭Capt'n Midnight

    An NFT has no intrinsic value. You are completely dependent on the creator not cashing in by churring them out.

    As an asset it works on the bigger fool principle. At least they aren't contributing to global warming.

  • Registered Users Posts: 122 ✭✭dropinthocean

    The whole selling a virtual ape is a bit of a distraction to the real potential use of NFTs.

    A major use case for NFT's will be in making NFT's out of things like concert/match tickets - this way they can be sold on (sent from your phone to someone elses) and since it is an NFT, the recipient can be guaranteed that they are not receiving a fake.

    Another NFT use case will be ensuring items bought in the metaverse are real and original. Whether you think its silly or not, Rolex and major companies like Gucci etc are making NFTs of virtual watches, handbags etc for purchase in the metaverse. Since it will be an NFT, you and others will know its an original and not a cheap knock-off.

    Eventually - may be possible to associate a digital NFT tag to real estate so that property can be purchased without the need of a solicitor drawing up deeds etc.

  • Registered Users Posts: 3,027 ✭✭✭Lantus

    Looked at nft and can't see any link or contract between the nft, which is just a serial code called a token and the product. Just because I sell you a digital token which I claim is associated with said item what is to stop me from keeping the original, reselling it or changing one or more pixels. It's all looks to be a huge scam and linked into crypto currency which is not a currency but an elaborate pyramid scheme.

    And cyrpto uses more power than several small countries as it is so intensive to mine and inefficient by design so horribly harmful environmentally.

    Check this out.

  • Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,667 Mod ✭✭✭✭Capt'n Midnight

    So a genuine fake Rolex that you can display on your smartwatch ?

  • Registered Users Posts: 14,818 ✭✭✭✭ShaneU

    Immutable X and Gamestop partnering for NFT Marketplace. Loopring mentioned in the filing also, so first official confirmation they are working together. And Loopring CEO just stepped down at the same time as this announcement hmmm

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  • Registered Users Posts: 122 ✭✭dropinthocean

    Agree with the heavy energy usage of NFTs. Opensea is built on the Eth Network which which is killing the Planet. BTC uses even more energy.

    Have you heard of Hedera - Independently shown (By University College London) to use significant less energy than every other crypto network. Plus they are now planting Trees so that they are carbon Negative.

    Lots of rumors that going to be built on the Hedera network.

  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

    Isn’t algo carbon positive as they invest in green energy. It’s still a red herring, look at the energy usage of other ‘useless’ consumers.

  • Registered Users Posts: 30 iRawwwN

    Great part about Gamestop being partnered with Immuteable X is that they (IMX) are driven to be carbon neutral.

    Any NFT that is created or traded on Immutable X is 100% carbon neutral.

    via their website.

    With the likes of Microsoft already having a partnership with Gamestop in one form, the possibility of MS also getting into the NFT space is more likely with them knowing that they won't have negative headlines regarding fossil fuels being used to mint/buy NFT's.

    NFT's as a technology is more than just buying .jpegs of randomly generated apes or whichever. Blockchain benefits us. We can see transactions made and we have proof of ownership.

    In my personal opinion the negative views on NFT's are engineered due to lack of information on them, and a bit of fear mongering from MSM. If used correctly NFT's along with the rest of web3 will make a great experience.

  • Registered Users Posts: 2,554 ✭✭✭Irish_rat

    The most important things about NFT are a dedicated dev team, community and growing base of users.

    The best NFTs to buy are the ogs or the blue chips which are unaffordable on eth.

    I'm in MTV where literally NFTs were given away for free at mint on the first project and the floor was at 20k MTV a few days ago. People had 100s in their wallet. (Multiworms dot ac)

    Now there is 30-40 projects launching on the chain and it will be difficult to choose but I'm in for more free mints tomorrow. Most now are getting expensive though.

    Discord for me is the best area to find out about early projects. Telegram is just full of bots and scammers

    Find another early L1 that has smart contracts just released and get into the early NFT projects

  • Registered Users Posts: 858 ✭✭✭jolivmmx

    How do we join those sites?

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  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

    NFTs are just smart contracts so they are as good as the contract.

    I picked up some sol parasites, these mutate daily based on the other nfts in your wallet, they have gone up in price now that you can stake them for a cut of profits, it makes nfts based on what you type in using the same servers.

    These can be a bit of work, looking into the project and team though. Also the more nfts you get early the more perks you get so you can get multiple free nfts from projects. Lots of scams in the space now though.

  • Registered Users Posts: 2,554 ✭✭✭Irish_rat

    Discord! It's the only place to find things very early and it's not moderated as badly as telegram.

    I minted 20+ NFT's just now for free

    Post edited by Irish_rat on

  • Registered Users Posts: 858 ✭✭✭jolivmmx

    I minted some NFTs on Rarible, but have zero interest

  • Registered Users Posts: 28,348 ✭✭✭✭AndrewJRenko

    If only we had some existing technologies that allowed us to sell on concert/match tickets knowing they aren't fakes (such as pre-printed tickets with holograms or equivalent that we were using 30-10 years ago.

  • Registered Users Posts: 394 ✭✭KevMayo88

    Anyone seen that Cardano Clanns NFT collection? It's an Irish NFT project minting soon- the art looks unique with alot of Irish themes, could be one to watch.

  • Registered Users Posts: 34,041 ✭✭✭✭The_Kew_Tour

  • Registered Users Posts: 325 ✭✭virginmediapls

    None of them are ones to keep an eye on because NFT technology is, by its design, completely and totally pointless.

  • Registered Users Posts: 394 ✭✭KevMayo88

    Great contribution.

  • Registered Users Posts: 394 ✭✭KevMayo88

  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

    NFTs are a contract so are as good as the contract. Like art their value is debatable. Vote with your wallet.

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  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

    Anyone else notice that the price of nfts pumps when the dollar value of the crypto drops? They don’t seem to be a bad hedge. Though like shitcoins you just need one or two winners to make a profit.

  • Registered Users Posts: 10 melven100

    I know that the most popular market is Opensea. Also, see a lot of action going on Twitter. Just need to find proper people.

  • Registered Users Posts: 2,554 ✭✭✭Irish_rat

    Opensea is for rich eth heads. Literally waste of time going on there.

  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

    Phantom integration soon. Beta has already started. so you’ll see more Sol nfts on there. Eth is just too unstable for minting, you can lose the eth and the nft.

  • Registered Users Posts: 4,204 ✭✭✭Potatoeman

  • Registered Users Posts: 520 ✭✭✭dirk_dangler

    You may have seen the GME Loopring partnership?

    GME was attacked by short sellers, in simple terms selling shares they dont have to drive down the price.

    The speculation is they will now issue shares in the form of a NFT, you cant short them as if you dont have the NFT you cant put it up for sale.

    We are at the very very early days of NFT's, the serious applications for them are coming and it wont be the likes of bored apes that get the headlines in the years ahead.

  • Registered Users Posts: 19,019 ✭✭✭✭Donald Trump

    People don't sell shares they don't have. That's not actually how shorting actually works in practice. When you short a share, you have to transfer the ownership of a share to the buyer. So what you need to do is borrow that share and then sell it. Your "short squeeze" potentially arises because you have to give that share back, and need to go out and buy one on the market.

    You can achieve what you are saying synthetically with a derivative contract but the types allowed will depend on the market/jurisdiction. You may be going short but you aren't shorting a share there.

  • Registered Users Posts: 19,019 ✭✭✭✭Donald Trump

    Number 1: You said "Short sellers". Not "naked short sellers". You said that short selling was "selling shares they dont have to drive down the price". Your wikipedia link, in the first line has a link to it's article on "short selling" - which is here

    Number 2: As I pointed out, you can achieve what you said synthetically where it is allowed. For example, I can agree with you to sell a share of X even though I don't have any and have not borrowed any, then later go out and try to buy it if I am confident it's price will drop. But, for your "naked short", I will need to have that done before the required settlement. So it is a very short term transaction. Unless you agree to a delayed settlement, in which case we have a derivative transaction. And, as also mentioned, it depends on where the jurisdictions allow it. It is banned by the SEC.

    Main point is, there is no reason why "shorting", synthetically or otherwise, cannot be done with an NFT. It would be risky to do so, but not impossible. There was a man who put an NFT for sale up last week. There would be nothing in theory, except that I might not be stupid enough, stopping me from agreeing, in advance of the auction, to sell you that NFT for say $30m. It would just have meant I would then need to go and buy it to deliver it to you! We could also enter a cash settled derivative transaction on it.

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  • Registered Users Posts: 252 ✭✭hgfj

    I read somewhere the other day that the guy who paid 2.9 million dollars (in eth) for Jack Dorseys first tweet put the nft up for sale for 48 million. The highest offer he had at the time I was reading it was 6,200 dollars. I betcha the guy who paid 69 million for the Beeble nft must be feeling a just a little bit concerned.