95% of NFTs are now probably worthless
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I'm not a big fan of NFTs but I'm pretty happy with my one NFT that got dropped free to users of /r/ethfinance. I use it as a profile pic and sometimes see other folks in the wild on random discord servers using theirs and that gives us something in common.
There's a bid of 0.19 ETH on my free NFT too, so not entirely worthless yet!
Unfortunate that 23 million or fewer people fell victim to snake oil.
A NFT is just a URL embedded into someone's block chain that points to a pic on the web.
That is not something I'm inter sted in paying for.
Among other things, I can post a pic myself, and there is no ongoing payment to keep the images hosted so they will disappear.
This could be a business model for attorneys.
Yes and No. Just like the 90% - 95% of frivolous startups that failed during the dotcom crash with the remaining 5% - 10% surviving.
Perhaps we'll see proper usage of NFTs beyond looking at the price since there are some useful NFTs such as ENS domains used to resolve wallet addresses to readable domain names on-chain and NFTs for ticketing systems, which even Ticketmaster announced for their use-case for gated sales. [0]
So let's not be absolutist here with '100%' or '99.9999%' of them. More accurately: 90% - 95% of NFT projects won't survive; as expected. [1] with the remaining 5% - 10% still surviving.
[0] https://business.ticketmaster.com/business-solutions/nft-tok...
> NFTs for ticketing systems
No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it.
> which even Ticketmaster announced for their use-case for gated sales.
As with all these announcements they are scrapped and thrown into trash just a year or two later.
Yes. Very useful for ticketing systems and quote the entire sentence next time for context:
>> Perhaps we'll see proper usage of NFTs beyond looking at the price...
> As with all these announcements they are scrapped and thrown into trash just a year or two later.
Another business product (TIXNGO) is still using NFTs for ticketing systems last year: [0] Still using it this year today [1] for their events.
Typical HNers like yourself always going for the absolutism take.
[0] https://www.secutix.com/articles/ed-sheeran-tour-shines-in-s...
[1] https://www.secutix.com/articles/secutix-enters-ticketing-pa...
Regardless of context they make zero sense for ticketing.
> Another business product (TIXNGO) is still using NFTs for ticketing systems last year
We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described).
> Typical HNers like yourself always going for the absolutism take.
No. Typical HNers know more about reality than any typical crypto bro.
Wrong. Here's another company that is using NFTs for tickets for their product. [0] Had it been unsuitable, they would have entirely stopped or never considered using them years ago after trailing it.
> We've seen many companies, large and small, do stupid things. Does!'t make these things suitable for the intended purpose (or that they even work as described).
I've assumed you have read the links and they explain how it works. Clearly you haven't bothered to read the links.
> No. Typical HNers know more about reality than any typical crypto bro.
Ah yes, the childish name calling since you have nothing intelligent left to say after debunking your denial.
I've just shown you the reality with real world companies using said NFTs as tickets and gave links to substantiate that. From you, it is all absolutism and continuous denial.
How many more goal posts are you going to move in your next reply?
You've debunked nothing. You've shown a few companies that jumped on the hype train (well, onto a well departed hype train) and are pretending that NFTs (or blockchains in general) are at all usable for ticket sales.
I expect both Ticketmaster and Sports Illustrated to quietly shut down their NFTs sometime next year.
Yo want an intelligent discussion? Then riddle me this:
- event organisers are centralised entities
- artists are centralised entities
- tickets are checked and validated by centralised entities at point of entry
- superfans etc. are tracked by centralised entities (such as streaming services), and it can't be done any other way (because people listen to songs released through centralised entites, and go to events provided by centralised entities)
- NFT assets themselves are hosted by centralised entities
- specific events (such as Tailor Swift hosting superfans at her home) require rigorous KYC checks performed by centralised entities
- fan communities do not need NFTs to exist (and have existed since time immemorial)
And that's before we get into the hundreds of use cases in ticketing that "we sell one ticket to one person for one event" doesn't even begin to cover.
But sure, do tell me how NFTs are so extremely suitable unlike anything else we had before and how companies jupmed on the departing NFT train because NFTs are suitable.
So that's why you continue to move the goal posts.
Let's remind ourselves of how you're coping so far with the evidence against your claims and denials(s):
Claim 1: "No. NFTs are useless for ticketing systems for reasons immediately obvious if you ever stop and think about it."
Reality: Gave examples of several companies currently using them, all with links for everyone to see.
Claim 2: "As with all these announcements they are scrapped and thrown into trash just a year or two later."
Reality: Gave another example of a company that deployed its solution a year ago and is still available today and another company founded 3 - 4 years ago (2019) still using NFT tickets as their solution today.
And finally the biggest denial I've seen so far after presenting the links:
Denial: "You've shown a few companies that jumped on the hype train (well, onto a well departed hype train) and are pretending that NFTs (or blockchains in general) are at all usable for ticket sales."
Reality: Sure they are 'pretending'. /s After partnering with multiple blockchain companies [0] [1] to actually build the solution which exists today right now and are indeed still using NFTs as tickets. Once again, totally debunking whatever you just said.
> Yo want an intelligent discussion? Then riddle me this:
You have now just told me that you haven't even looked at the links at all, which leads me to believe that you need more time to look at them again. Since the solution(s) presented never was a complete and total replacing towards a fully decentralized system (otherwise that would be absolutist), as your so-called questions are insinuating given your overuse of 'centralized entities'.
It is clearly an enhancement to assist with combating fraud and verification, such that the myth of the so-called 'rigorous' KYC falls flat since these KYC accounts can be bought on dark markets and faked.
You really need to detach your statements from absolutism.
> And that's before we get into the hundreds of use cases in ticketing that "we sell one ticket to one person for one event" doesn't even begin to cover.
That exact problem is solved with a NFT variant of a 'soul-bound' non-transferrable NFT. Buy one NFT ticket, sent to one person for that specific event.
> But sure, do tell me how NFTs are so extremely suitable unlike anything else we had before and how companies jupmed on the departing NFT train because NFTs are suitable.
Well you haven't answered how many more goal posts you were going to move in your next reply?
[0] https://consensys.net/blog/press-release/consensys-partners-...
[1] https://pressroom.si.com/press-releases/si-tickets-box-offic...