With The Hype Bubble Burst, Companies Try Comically Hard To Distance Themselves From NFTs
from the when-fads-turn-toxic dept
There’s surely some utility buried somewhere underneath the monumental piles of bullshit, hype, and outright scams. But with cryptocurrency values tanking and the public losing interest, the NFT craze appears to be retreating just as quickly as it arrived.
That’s bad news for the numerous companies that — after bumbling through the bureaucratic process of new product approval and design — are only just releasing their NFTs now. Reddit, for example, last week launched (to the collective sound of a million yawns) “collectible avatars.” Said avatars are on the blockchain and most definitely NFTs, but in its announcement Reddit avoids the word like the plague.
Data clearly indicates that gamers aren’t really interested in NFTs and blockchain games. That doesn’t seem to matter. It didn’t matter when Ubisoft jumped into NFTs and was greeted with a response ranging from disgust to total apathy. And it didn’t matter to GameStop, who thought last week would be the perfect time to launch a big new NFT marketplace to gain some relevance not reliant on r/WallStreetBets.
Meanwhile, Sony is planning to launch “digital collectibles” which are “3D rendered representations of things like figurines of video game characters and past Sony devices” that will be “ultra rare and hard to obtain.” The company had to go out of its way to tell the Washington Post these weren’t NFTs, which pretty much tells you everything you need to know about the state of NFTs:
“It’s definitely not NFTs. Definitely not. You can’t trade them or sell them. It is not leveraging any blockchain technologies and definitely not NFTs,” Chen said.
Again, there’s are some interesting applications when it comes to digital collectibles, even those on the blockchain. But they’ve been hard to see because they’ve been absolutely buried by a parade of cult-like opportunistic scammers and bullshit artists. That’s forced companies looking to explore digital collectible innovation to highlight at the very top of their marketing pitches not what they are, but what they aren’t.
A semi-novel idea was basically imploded by opportunists, now everybody involved in anything even tangentially related will have to spend the next two years first clarifying what their new product isn’t. That’s an obstacle you could maybe overcome if your idea is truly transformative, but it’s a hard sell when your big idea basically involves tethering some half-assed gifs to the blockchain for no reason.
Filed Under: cryptocurrency, digital collectibles, gaming, nfts
Companies: reddit, sony
Comments on “With The Hype Bubble Burst, Companies Try Comically Hard To Distance Themselves From NFTs”
Again, there’s are some interesting applications when it comes to digital collectibles, even those on the blockchain.
No there really aren’t. There is no application for an NFT that isn’t better in every way, including way more efficient, through a simple database.
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Especially when it comes to gaming.
Blockchain, Crypto, NFT, etc. bring nothing to the gaming industry that doesn’t already exist in some form without adding all the extra overhead of yet another protocol.
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Web3, sadly, has not offered anything of note for gave design, other than being an alternate payment processor
And using your payment processor as an integral part of your game is not a good idea for both the design side AND the programming side.
They thought they had more time to make some money in this grift before it collapsed.
Companies have put a lot of resources into NFT nonsense. Some will be wise enough to cut their losses and cancel their projects. But some will follow the sunk cost fallacy all the way to release.
I wouldn’t want to be the PR guys whose job it is to insist the parrot is still alive for the next couple of years.
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This parrot is no more! He has ceased to be! ‘E’s expired and gone to meet ‘is maker! ‘E’s a stiff! Bereft of life, ‘e rests in peace! If you hadn’t nailed ‘im to the perch ‘e’d be pushing up the daisies! ‘Is metabolic processes are now ‘istory! ‘E’s off the twig! ‘E’s kicked the bucket, ‘e’s shuffled off ‘is mortal coil, run down the curtain and joined the bleedin’ choir invisible!! THIS IS AN EX-PARROT!!
(With thanks to Monty Python.)
definitely not NFTs. Definitely not.
– Rainman
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That’s really insulting, but not for the reason you may think.
Re: Re:
1 – I am a horrible person.
2 – What is the reason?
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You invoked a popular “autism trope” based on a man who wasn’t autistic (Kim Peek) portrayed by a man who wasn’t neurodivergent at the time (Dustin Hoffman). There’s always pain caused to a neurodivergent group whenever inaccurate tropes are created by neurotypical actors spacking up.
Re: Re: Re:2 That was great
People having a small social “situation” and resolving it without getting all sharp elbowed and face saving or coup-counting.
Also, “spacking up”? Ilove a new expression.
Re: Re: Re:3
We are mostly all grownups.
I did not understand how my comment could cause offense to neurodivergent people, it was not my intention to cause offense with the comment, just a recycled flawed image from a movie in my brain.
I can try to do better now that I understand that flawed image causes offense. Everyone can tell you I sometimes set out to cause offense, with great gusto, when I think it is warranted. This was not one of those times, I now have a better understanding that I caused pain which was never my intention with that comment.
Re: Re: Re:4
I did not understand how my comment could cause offense to neurodivergent people, it was not my intention to cause offense with the comment, just a recycled flawed image from a movie in my brain.
I thought that, which is why I figured I’d open up an invitation for you to ask me to explain rather than invite everyone else to pile on you, as seems to be a common weapon here.
Re: Re: Re:5
I don’t often see people here dog piling, then I admit to skipping the resident crazies posts & responses to them.
I remember seeing someone using the n word, in its full horror, to make a point who got swatted on the nose with a newspaper by 2 people I think. The poster thought they needed the strong word to make a point, the other posters disagreed, pointing out that use of it usually ends anyone looking at what was said.
I appreciate you pointing out something I wasn’t aware of, & I will try to do better but I might only be human.
Re: Re: Re:6
I don’t often see people here dog piling, then I admit to skipping the resident crazies posts & responses to them.
You must have missed it a few weeks back when someone posting under the name of Arthur Conan Doyle to avoid plagiarism got jumped on for “defending Prenda” when they hadn’t even invoked the name of that copyright troll. They weren’t even one of the “resident crazies” either, from what I gathered.
Re: Re: Re:4
I did not understand how my comment could cause offense to neurodivergent people…
Actually just autistic people in this particular case. I think the term “neurodivergent people” was used because it’s not just autistic people who can be discriminated against by movie producers, etc.
Re: Re: Re:5
I used the term the person who pointed out my misstep used.
Its not just movie producers, but most media refuses to how to handle people who are different.
I thought for a long time I was just supposed to be a supportive bestie to my straight girlfriend because thats all they ever showed. Then they started making us real, but making sure to bury us before the end of the show.
I think sometimes we get in our own way in understanding that as badly teh gays are portrayed, they do it to all of those who are different. We celebrate seeing us shown as real actual people, but never think about how they still keep othering other people.
I had never considered how ‘Rainman’ would/could make people feel badly, but now I know better. Everyone deserves to see themselves on the screen, and society should be able to do better but we’re not there yet. Hopefully things will keep improving so that everyone can see themselves on the screen.
Re: Re: Re:6
Its not just movie producers, but most media refuses to how to handle people who are different.
Hence my use of the phrase “movie producers, etc.“
Re: Re: Re:4
Don’t worry, jokes are okay if they’re told by the popular kids in school.
Re: Re: Re:5
Not how it works at all, bro.
Re: Re: Re:3
Also, “spacking up”?
Based on the phrase “blacking up”. The phrase to describe an able-bodied actor portraying a physically disabled character (such as Eddie Redmayne in The Theory of Everything or Sally Hawkins in The Shape of Water) is “putting on cripface”, which is based on the phrase “putting on blackface”. The intent behind the creation of those phrases is to highlight just how harmful such casual ableism can be by directly comparing it to the same type of casual racism, especially in the risk of the creation of caricatures of people with disabilities by writers and actors who don’t have disabilities themselves.
Re: Re: Re:2
Apologies, it was just the first thing my brain conjured up upon reading the quote.
I’ll try to do better, but rule 1 always applies…
Bragging rights...
Your interesting application of NFTs (shares of stock in the Green Bay Packers) is really a grant of membership/bragging rights.
A blockchain to keep these things in public, preferably with some kind of signature-based proof of stake rule seems reasonable…but I’m not sure its any less of a MacGuffin than the displayable shares on paper.
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I’ve yet to see a real-world application of blockchain that couldn’t be done at least as effectively, and much more simply, using a centralized authority.
Re: Re: Decentralized Dreaming
The trouble with central authorities is that they tend to rot after awhile, to the point where we can talk about organizations being old and doing really counterproductive things.
Would a blockchain help if the Green Bay Packers organization went rogue or simply non-functional?? I still like the idea of a public, multi-homed and multiply-signed database for the minority shares.
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I have a lot of issues with the banking and investment industries, but I still trust them with my money a lot more than any crypto market I’ve ever seen.
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Well, the point of blockchain and distributed authority is that there’s no central point of failure. For example, if you have a digital good, you don’t lose access to it just because the original vendor shuts down their database (something that happens all the time with videogames).
That doesn’t meet the hype surrounding NFTs, etc., but the benefits of blockchain vs. a single central authority are obvious in a general sense.
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I didn’t say in a general sense, I said a real-world application.
Re: Re: Re:2
Seriously? Relying on a false dichotomy only loses the debate.
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A central authority has an easier time of invalidating your ownership claim.
“It’s Amway, but everywhere you look, everyone’s wearing ugly-ass ape cartoons.” – Dan Olson
You know that NFTS are on their way out when GameStop joins the Blockchain market.
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Guess I'm just right time entering nft market...
When everyone else is fleeing from the nft market, entering the market is like the perfect timing.
This is why I added cookie popups and monetizing popups to meshpage, and then there’s even link to the nft.
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Hey, thanks for the heads up. I didn’t need another reason to never visit your site, but you gave me a couple anyway, great service!
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A lot of Tero’s behaviorisms aren’t too far off the mark compared to NFT bro culture – the constant insistence that normies just don’t get it, an almost ritualistic faith that emphasizes that large windfalls based on empty promises and premises are just around the corner, and absolutely no contributions of value.
It’s not really surprising; Tero has consistently been on the lookout for functioning scams. The difference is he honestly expects his scams to work even though he’s put up a glowing neon sign and has been constantly screaming “GUYS THIS IS A RUG PULL” into the void.
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ATT called, they like the cut of your jib and want to offer you a job bringing these ideas to them.
Re: Congrats?
You’re the only asshole I’ve ever seen proud that they started a popcorn business inside a burning building.
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That wasn’t on purpose, in all honesty. I accidentally started the fire when overclocking my ego, then all the Jiffy Pop in my cabinets started popping, so I thought I’d make the best of a bad situation by selling it.
I’m cautiously excited to see this crypto madness going down in flames. Cautiously because I’m not so sure it’s the end of this cancer or if it’s a temporary cash out from the heads of the Ponzi schemes built on top of blockchain and this will just resume afterwards.
In any case, if it is the proverbial end of crypto currencies and NFTs it is long, long overdue. It’s an environmental disaster, it greatly disrupted GPU prices and it’1s mostly used for shady practices and money laundering as far as I can see. I’m just glad it’s crashing in flames.
Does NFT mean New Fashioned Tulip?
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Nice Flippin’ Tulip
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Nice one, centurion.
The funny thing
IS that the rarest of the rarest, May be worth something in the near future as Oddball things.
Contrast with Minecraft
Minecraft put out a statement a few days ago saying that NFTs aren’t compatible with the spirit of Minecraft and they aren’t permitted within the Minecraft client.
And
https://www.minecraft.net/en-us/article/minecraft-and-nfts
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Wasn’t there an early NFT based on a Minecraft house?
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I know there have been several offerings, some of them with a lot of design and engineering work behind them (see, eg, https://cointelegraph.com/news/minecraft-is-set-to-launch-its-own-nfts-before-the-year-is-out), but if you look at the fine print none of them are actual collaborations with MS/Mojang, but based on independent plugins.
No Fing Thanks
“Data clearly indicates that gamers aren’t really interested in NFTs and blockchain games.”
This is a delightfully massive understatement.
NFT = No Fucking Thanks.
So they want us to pay for a 3D render of a physical object based on a 3D render of a fictional character? Yeah, no thanks.
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No, they actually want you to pay for a binary address that points to a 3D rendering of a 3D rendering you could simply go and copy and save freely in the first place by viewing the chain address.
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If it’s an NFT, yes. But since they insist it’s NOT AN NFT!! I’m not really sure what it is exactly. An NFT, but they don’t want to admit it? Or something else?
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Point taken. 😉
Wondering off the path
Good! Here’s why; NFTs weren’t first designed as a collectible. The token art was a happy little guy to show ownership of a spot on chain.
Once again greedy corp people jumped on the cart and went for a ride. Straight off the cliff!
I’m growing sick as bloody hell of greedy turds running everything they touch!
Reality? The crypto market did not crash. The bank people came along and jacked everything up. Got bored and left. And we’re back to realistic rates.
Yes, there’s a few coins out there intended as actual money.
A tiny percentage. Most coins and tokens however are nothing more than grassroots funding of an idea or plan.
From the likes of Peer and Tron paying to keep files online (I’m hosting more than 40 Linux and Unix/BSD distros) to Bit and File paying for rented drive space.
Brave browser pays you to look at adverts. And many advertisers give you discounts for using BAT to pay.
Survey pays you transferable coins to fill out surveys and polling forms
The idea of the NFT existed since day one. It’s nothing more than a metadata note.
Your little chain contract post. What started as words in BitCoin moved on to ascii art. Then binary code. And ultimately higher level things.
You’re little graphics of birds and spheres are kool. But not really special.
That greedy shites decided to sell art blocks to gullible ignorant masses is no surprise. Shite sellers is how we got Coca-Cola and Dr Pepper. After all.
Ultimately this is a good thing for blockchain as it removes corporate greed and pushes the public back out. Blockchains are meant to be used, in the background. Not thrown out to the highest bidder.
Much how the idea of finding business via stock was abused into investing portfolios, NFTs sales are bad for the chains. The goal was to make funding your spot fun. Happy playful. Not an investment!
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sumber
https://pragmaticgacor.xn--6frz82g/
NFTs: the 21st century’s South Sea Bubble.
So, Sony: you’re saying your tokens are fungible? If they’re digital and fungible, what’s to stop me from making infinite copies of these ultra-rare 3D renderings?
After all: rival Nintendo’s online Pokemon assets are essentially NFTs of 3D renderings you can play with: the digital ledger they’re tracked on is just called a “database” and the blockchain is really short to improve efficiency.
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