The technology is interesting, but so far most of the use cases involve some form of illegality. If you want to use, say, NFTs for something legitimate, it turns out they don't really work very well for that.
I'd looked at using NFTs for cross-grid ownership transfers of objects in Open Simulator. That's a set of virtual worlds run by several hundred different people and organizations, but using the same software, a rewrite of Second Life in C#. There's no moderately-secure way to pass 3D models around in that system without them being copied for free, which is why most of the good stuff stays in Second Life, which is centrally managed.
Such object instances have prices in the US$0.25 to US$20 range. When you go through a portal from one grid to another, and take some objects with you, a database transaction is required to transfer ownership from avatar A, grid X, to avatar A, grid Y. Otherwise, you could buy one copy and have a free copy in every grid.
The assets have to be hosted somewhere. Somewhere with reliable access times in the < 1s range for a few megabytes.
The blockchain systems just don't have the bandwidth and costs for that. As databases, they're far too slow, and transactions are too expensive. As storage, I've seen $5 for a gigabyte, forever. It's supposed to be funded by investing the $5 in a speculation that storage cost will decline.
But the fine print says basically "until they get tired of doing this".
As for NFTs generally, the art is unimpressive, to put it mildly.
The NFT world is reportedly about half Axie Infinity and a quarter OpenSea, with all the little guys in the remaining quarter. (That may be bogus; there are no reliable stats on this stuff.) Axie Infinity is a Ponzi in the final stages of collapse.[1] OpenSea is becoming a stalled market. Pick some category, like "Bored Ape", which was getting news coverage a few weeks back. Look at the asking prices. Then look at "recently sold" prices. The "recently sold" prices seem to have a lot of zeros after the decimal point.
> The technology is interesting, but so far most of the use cases involve some form of illegality. If you want to use, say, NFTs for something legitimate, it turns out they don't really work very well for that.
This sounds like opinion written as fact. NFTs have use cases that don’t just encompass illegal activities and work well. I personally own NFTs that are used for governance in terms of a budding project’s direction and NFTs that are even used as subscription keys to certain alpha products.
Also it’s a little disingenuous to encourage looking at a contextless single data point indicating a collapse of a product without understanding other factors like there being a bear market in place for the overall cryptocurrency landscape
> Also it’s a little disingenuous to encourage looking at a contextless single data point indicating a collapse of a product without understanding other factors like there being a bear market in place for the overall cryptocurrency landscape
Which is it? Is it a single data point, or is crypto in a bear market?
NFTs are 100% a scam, and the use-cases you've described sounds like financial cosplay.
Solana blockchain would be appropriate for your grid transfer as it can function in that time frame. You can also just do things asynchronously client side.
NFT data is not comprehensive and doesn't include all subsets of that market, most of it is collectors markets.
The Play 2 Earn space has nothing to do with collectors markets. This is analogous to saying Fortnite players grinding for characters skins are providing a forecast into the baseball trading card market.
The verified Bored Ape Yacht Club is the only Bored Ape collection to care about. This seems like the worst example for you to pick, since that collection is still under high demand? Asking prices being met, recently sold prices being the same price?
I'd looked at using NFTs for cross-grid ownership transfers of objects in Open Simulator. That's a set of virtual worlds run by several hundred different people and organizations, but using the same software, a rewrite of Second Life in C#. There's no moderately-secure way to pass 3D models around in that system without them being copied for free, which is why most of the good stuff stays in Second Life, which is centrally managed.
Such object instances have prices in the US$0.25 to US$20 range. When you go through a portal from one grid to another, and take some objects with you, a database transaction is required to transfer ownership from avatar A, grid X, to avatar A, grid Y. Otherwise, you could buy one copy and have a free copy in every grid.
The assets have to be hosted somewhere. Somewhere with reliable access times in the < 1s range for a few megabytes.
The blockchain systems just don't have the bandwidth and costs for that. As databases, they're far too slow, and transactions are too expensive. As storage, I've seen $5 for a gigabyte, forever. It's supposed to be funded by investing the $5 in a speculation that storage cost will decline. But the fine print says basically "until they get tired of doing this".
As for NFTs generally, the art is unimpressive, to put it mildly.
The NFT world is reportedly about half Axie Infinity and a quarter OpenSea, with all the little guys in the remaining quarter. (That may be bogus; there are no reliable stats on this stuff.) Axie Infinity is a Ponzi in the final stages of collapse.[1] OpenSea is becoming a stalled market. Pick some category, like "Bored Ape", which was getting news coverage a few weeks back. Look at the asking prices. Then look at "recently sold" prices. The "recently sold" prices seem to have a lot of zeros after the decimal point.
[1] https://coinmarketcap.com/currencies/smooth-love-potion/