But I also won't put a single sat in any of them right now.
I'm struggling to understand the possibilities. Can you enlighten me? It seems like people buying these things are just speculating. Can you paint a picture of what kind of possibilities you're excited about?
I think they mean, you could have the same stuff in different video games
Without integration into large networks, NFTs are worthless.
A very simple example is that it could partially solve the problem of verifying digital identities. If I follow/friend your NFT based identity, and various virtual realms (games, social media, virtual spaces) integrate with that 'identity' NFT for user accounts, then any new virtual realm I enter, I can immediately find and connect with people I already know, or identify imposters. There will obviously still be some other hoops I need to jump through to know a digital identity maps to a particular physical person.
I could also see game studios start to issue varying tiers of rare in-game items as NFTs that can then trade on a free market, like collectible cards. Not only would I suspect people will be much more likely to pay more for digital items they can actually take uncensorable possession of (and still sell after they get banned from a game), but different studios could even make deals to make their NFT items cross compatible. (Mario NFT skins and items in Minecraft?)
Maybe I'm starry eyed and delusional, and I'm sure it's a LONG, messy road to get wherever we're going with this.
You don't need Crypto Kitties for account verification. All you need is a cryptographic keypair, like the kind you already get by default in any Bitcoin wallet. Just sign a message proving you own a public key with the corresponding private key.
> Maybe I'm starry eyed and delusional, and I'm sure it's a LONG, messy road to get wherever we're going with this.
Evidently we’re going back in time to 2015, when “NFT” meant a blockchain representation of a digital trading card game. No one cared then, and no one cares now. The only thing new to the 2021 “NFT” narrative cycle is Twitter trying to monetize itself by selling tweets. Needless to say, none of the historical attempts at NFTs have ever resulted in lasting value to society, and probably this won’t either.
It does not. In fact, it reduces to the public/private key system we already have for verifying digital identities.
I have zero way of proving that I am the owner or creator of an NFT without the private key used to sign the original transaction. Why bother with an NFT and the complexity of a wallet when I can just sign whatever you'd like me to sign and you can verify it with the same public key that verifies my identity claim?
NFTs add _nothing_ to the equation.
Why not just have a government or trusted company sign things rather than an NFT? If the UN says "we will digitally sign digital passports", that seems strictly better than an NFT for identity. Without a central authority to verify identity, how do you solve the problem of a thousand people creating NFTs saying they're john doe living at location X? Don't you need someone to validate it, at which point you have a central authority?
Or is this for digital assets like "I own this git repository", which you can already do by signing it with your gpg key and then distributing it via ipfs or such?
> can't be arbitrarily erased by any central authority.
Sure they can be. If a government creates a law saying "anyone that processes NFTs must first put them through this list of NFTs to filter, must filter them out, etc, or go to prison", well, now NFTs are effectively erased.
Boy would it suck if they 'accidentally' delete your digital identity and suddenly you can't participate in any social media. As more and more of our lives go virtual, this could legitimately become a prison like punishment and hopefully there's an arm of the justice system that manages that transparently.
As always, this always exists and the question is why Facebook would want to give up their centralized control of it, just like national central banks won't willingly accept loss of control over their own currencies.
Just like how the government successfully erased the drug market by making drugs illegal.