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So WTF are NFTs all about? Buying JPGs? Why can't you just right-click save? Is this a giant ponzi? Far from it...

Devampre

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infrastructures on which NFT transactions take place....

Dapps like decentraland?
opensea?
lukso being a company that creates different contracts to enable the transactions to exist?

hmmmm....

Yeah, I suppose the NFTs interaction to certain dApps and services itself is a value add.
 
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msufan

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I keep missing all the projects that do very well. I did get it right a couple of times but I made a lot of stupid mistakes.

Mistake 1: Buying too much. I minted 10 (max amount) on the first project. It did sell out but I didn't sell anything. I actually bought even more when the floor kept going up. Floor is now back to mint price...
Mistake 2: Paying insane amounts of gas. Again it's the first project. I paid .4 ETH for minting and .6 ETH for gas. So even though the floorprice is the same as minting, I'm nowhere near break-even. If gas is crazy, it might be better to sit it out, or try to buy on the secondary market.
Mistake 3: Buying dead projects. This is probably the easiest to avoid. I bought some projects that didn't sell out at all. The community was okay and I actually turned a good profit on some of these projects. But when it doesnt sell out, it's really hard to sell above mint. Some projects did end up selling out quite late, and turned out okay! Super Shiba Club floor went up x6-8 from mint, even though it took 1-2 weeks to sell out. CryptoZombiez didn't sell out, so I skipped it. The next day the floor was at x4 mint.
Mistake 4: Solana. There are some good projects, but from my experience most people want to flip quickly on here. You hardly pay fees, so the barrier to entry is lower.
Mistake 5: Buying on secondary markets. After mint, when prices are rising, I bought quite a few nft's because I was bullish. Most of the time prices dropped back a few days later.

  1. Disclaimer: I have no idea what I'm doing really. But I hope someone can learn from my mistakes.
This right here is gold. So are all of Ace's posts, Entire's story, and more. Thank you to everyone.

Diving into NFTs and trying to figure this all out, I just wanted to point people toward another example. DraftKings runs sports betting, casino, and daily fantasy sports contests. They've been running NFT drops twice a week, and the past ones are here: DraftKings Marketplace

Scroll down past the most recent ones (which were a game), and the rest are all famous athletes: Tiger Woods, Tom Brady, etc. They have created "signed" ones and various rarer and less rare varieties. They are all numbered and then can be resold in their own marketplace. It's basically like the old baseball cards people my age collected back in their heyday of the late 1980s or so. (Someone else out there must remember the 1989 Upper Deck Ken Griffey Jr. card #1 that was the dream for a while there. Or the McGwire 85 Topps rookie card. But I digress.)

So there's a collectible form of an NFT that I can understand: digital sports cards. I also can understand NFTs as things for your digital space, especially after watching the Zuckerberg presentation and seeing how they are trying to make your online avatar and home and everything so ubiquitous in what they call the metaverse.

People will make a lot of money create digital "clothing" for avatars, digital art for people to hang in their digital homes, digital accessories (think everything from purses to cars), and more. All of these will be done as NFTs to verify ownership, confirm authenticity, and allow an asset to be traded or sold. Real-world companies will pair these NFTs with real purchases -- when you buy that fancy Rolex watch, you might also get an NFT of a Rolex watch so your digital persona can wear it as well.

As far as I can tell so far, some top ways to try to make money off of this trend would be:
  1. Snap up domain names of future NFT terms (.eth domains, for example) -- this is basically just like old-school buying of .com addresses back in the day
  2. Investing in crypto and other projects that stand to benefit from NFT growth -- Ethereum is the simplest beneficiary and won't go up as wildly as some smaller tokens, but 10X growth in the next 3-5 years is very reasonable even for ETH. Smaller projects could soar if you can get in at the right entry point (read: early).
  3. You could try to be an early seller of digital products like artwork, clothing for avatars, etc. Bigger companies will be able to win this game later on by pairing NFTs with their real-world products and bigger advertising budgets, but first in the game matters too
  4. You can speculate on other people's early NFTs, hoping to catch lightning in a bottle (as described elsewhere in this thread).
I have to write things out simply because it helps me understand them. This is where I am at right now and I would love for others to correct me and build off of this admittedly very novice-level thinking. What else do we see coming soon in this space, and how can we capitalize on it?
 

msufan

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Another interesting comparison: during the pandemic, some teachers started created Bitmoji classrooms. These were virtual spaces that they tried to make inviting and realistic, since the kids were doing school online instead of in a physical school. Might this be a vision of what's to come in other realms?

Here's an article about Bitmoji in the classroom: Bitmoji Classrooms: Why Teachers Are Buzzing About Them
 

biophase

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Well, the drop was on Rarible.com, I joined their Discord, and 10-15 minutes before it went live, they dropped the link with a non-functional buy button. I continued to spam the buy button and happened to be able to purchase it!
I’m sorry, but isn’t this just purchasing an NFT? You did not mint and NFT?
 
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biophase

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I was lucky enough to mint 2/7500! Metakey: Edition 4. The key sold out in 15 minutes.

I love the art of the key and the utility of the NFT are great!
In this edition of 7500 units. Are each of them the same? Or are they all slightly different? Is 1/7500 worth more than say 2512/7500?
 

biophase

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I have so many questions as I am a noob here. But I am putting together the framework to create my own community and using NFT‘s as memberships. I will be minting my first collection soon. Just working out all the benefits now. It’s a lot of work and basically like starting a new company that will be partially governed by the future NFT holders.

Is it an advantage or disadvantage to use a polygon network versus Ethereum?

Should I do:
100 unique NFTs, 1 of 1
1 NFT, 100 of 100, each NFT is exactly the same
100 NFTs, but the image on each one is 95% the same with subtle differences in some of them? What I’ve heard is that this would make the rarer NFTs more valuable than the common ones.
 

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I have so many questions as I am a noob here. But I am putting together the framework to create my own community and using NFT‘s as memberships. I will be minting my first collection soon. Just working out all the benefits now. It’s a lot of work and basically like starting a new company that will be partially governed by the future NFT holders.

Is it an advantage or disadvantage to use a polygon network versus Ethereum?

Should I do:
100 unique NFTs, 1 of 1
1 NFT, 100 of 100, each NFT is exactly the same
100 NFTs, but the image on each one is 95% the same with subtle differences in some of them? What I’ve heard is that this would make the rarer NFTs more valuable than the common ones.

Answers:

It's an advantage to use any network other than Ethereum, for example Tezos or Solano, the reason being are the gas fees. Minting, listing, buying, selling, all costs gas. On the other chains the gas fee is negligible, on Ethereum its crippling.

When deciding how to do the NFTs its up to you, all the suggestions you make are valid. I personally prefer (as the market seems to) ones that have a basic overall design with a slight difference, like the cowboy apes I've started collecting. Each one has attributes, kind of like trump cards and some attributes are super rare.

Also what people are doing is they are burning the ones they don't sell after a while, which makes all the purchased ones raise in value.

Feel free to fire more questions about it, I'm just getting into them myself, however my friend is deep into them and is doing well in trading and creating them, so I'm getting most of my info from him.
 
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biophase

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Answers:

It's an advantage to use any network other than Ethereum, for example Tezos or Solano, the reason being are the gas fees. Minting, listing, buying, selling, all costs gas. On the other chains the gas fee is negligible, on Ethereum its crippling.

When deciding how to do the NFTs its up to you, all the suggestions you make are valid. I personally prefer (as the market seems to) ones that have a basic overall design with a slight difference, like the cowboy apes I've started collecting. Each one has attributes, kind of like trump cards and some attributes are super rare.

Also what people are doing is they are burning the ones they don't sell after a while, which makes all the purchased ones raise in value.

Feel free to fire more questions about it, I'm just getting into them myself, however my friend is deep into them and is doing well in trading and creating them, so I'm getting most of my info from him.
But would you limit the market on your NFT if you used a network other than Ethereum? Meaning are there less buyers on these other networks or would somebody be not willing to purchase your NFT just because you used the Solano network instead of Ethereum.
 

Roli

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But would you limit the market on your NFT if you used a network other than Ethereum? Meaning are there less buyers on these other networks or would somebody be not willing to purchase your NFT just because you used the Solano network instead of Ethereum.

As with all of these things liquidity is a potential problem regardless of the chain you use.

Solano is getting very popular because it's easy to use and navigate, the Phantom wallet it uses is solid with no bugs and the gas fees are tiny. So no, someone won't avoid you because you're not using Ethereum, but of course that person may never see you because they only like to use Ethereum.

Frankly it surprises me that anyone uses Ethereum, depending on the network it can cost $50 just to mint or list an NFT, which is ridiculous as you can do it for pennies on other chains.

I would suggest checking out Tez, because any mistakes you make will be very cheap.

Also different NFT chains are attracting different types of collector, for instance Foundation is more about serious art rather than clipart/8bit art.
 

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I have so many questions as I am a noob here. But I am putting together the framework to create my own community and using NFT‘s as memberships. I will be minting my first collection soon. Just working out all the benefits now. It’s a lot of work and basically like starting a new company that will be partially governed by the future NFT holders.

Is it an advantage or disadvantage to use a polygon network versus Ethereum?

Should I do:
100 unique NFTs, 1 of 1
1 NFT, 100 of 100, each NFT is exactly the same
100 NFTs, but the image on each one is 95% the same with subtle differences in some of them? What I’ve heard is that this would make the rarer NFTs more valuable than the common ones.

Minting NFTs is the easy part - the hard part is building a robust and engaged community held together by the right incentive structures.

What is your goal?
Why does your community need NFTs?

Put yourself in the shoes of a customer that minted your NFT - now what? What do they get to do with this NFT? What does this enable for them? How are they incentivized to purchase and hold your NFT? What's the value proposition?
 
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biophase

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Minting NFTs is the easy part - the hard part is building a robust and engaged community held together by the right incentive structures.

What is your goal?
Why does your community need NFTs?

Put yourself in the shoes of a customer that minted your NFT - now what? What do they get to do with this NFT? What does this enable for them? How are they incentivized to purchase and hold your NFT? What's the value proposition?

Yes, definitely. It's the same as ecommerce. Getting the product is the easy part. These NFTs will be an extension of my current company. There will be many benefits in owning an NFT that will outweigh their initial cost. For example, owners will get physical products sent to their home. I don't know how I'd get their addresses yet or if people would even want to give that information out. I already have a community but their demographic is older so getting them to purchase an NFT would be hard. I don't want to put my whole plan out here. Maybe I'll do another progress thread on the inside.
 

OverByte

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Yes, definitely. It's the same as ecommerce. Getting the product is the easy part. These NFTs will be an extension of my current company. There will be many benefits in owning an NFT that will outweigh their initial cost. For example, owners will get physical products sent to their home. I don't know how I'd get their addresses yet or if people would even want to give that information out. I already have a community but their demographic is older so getting them to purchase an NFT would be hard. I don't want to put my whole plan out here. Maybe I'll do another progress thread on the inside.

What's the reason for choosing NFT opposed to a traditional membership service? Would you want the memberships to be auctioned?
 

biophase

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What's the reason for choosing NFT opposed to a traditional membership service? Would you want the memberships to be auctioned?

Because the membership service has a set value. The main purpose of the NFTs would be to fundraise.

If I charged $1000/year for the membership and each member got $5000 in value, I couldn't ask them to pay more. But as the value went up, they could keep or sell it for more. I also like the option of giving members additional NFTs for hanging around and making rewards for the accumulation of them. Also, most of the sales money would go into a pool and be donated.
 
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Ocean Man

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I’m sorry, but isn’t this just purchasing an NFT? You did not mint and NFT?
If I remember correctly, I connected my wallet to Rarible and was able to use my "eth" to purchase/mint my NFT. I don't really remember the backend, but pretty much a mint. Some platforms like THE DEMATERIALISED - The experiential marketspace for digital fashion NFTs still allow payments through CCs instead of only crypto. But most platforms just use crypto as payment.

In this edition of 7500 units. Are each of them the same? Or are they all slightly different? Is 1/7500 worth more than say 2512/7500?
In this case, they're all the same. Some people just like to buy certain numbers because depending on the project, they may have different characteristics. For this project specifically, all 7500 of them were the same so which specific 1/7500 you minted doesn't really matter. They just sold out in literally seconds so I was surprised I was able to get even one out of the 7500.
 

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Because the membership service has a set value. The main purpose of the NFTs would be to fundraise.

If I charged $1000/year for the membership and each member got $5000 in value, I couldn't ask them to pay more. But as the value went up, they could keep or sell it for more. I also like the option of giving members additional NFTs for hanging around and making rewards for the accumulation of them. Also, most of the sales money would go into a pool and be donated.

Just saw this on Twitter, imagine paying $600 to make a transfer. Remember that is regardless of size of transfer. This would be the same if you were minting a brand new (worthless) NFT.
 

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msufan

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Just saw this on Twitter, imagine paying $600 to make a transfer. Remember that is regardless of size of transfer. This would be the same if you were minting a brand new (worthless) NFT.
Not to derail, but does ETH have a plan for reducing these fees somehow, or is that what other coins/projects are for?
 
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Ocean Man

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Not to derail, but does ETH have a plan for reducing these fees somehow, or is that what other coins/projects are for?
Gas fees would be reduced once ETH upgrades to ETH2. And note it's not purely because ETH upgrades to ETH2 but because of all the things that will come out of ETH2. I would recommend looking into it a little bit if you're interested.
 

AceVentures

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Not to derail, but does ETH have a plan for reducing these fees somehow, or is that what other coins/projects are for?

Layer 2 technologies offer faster and cheaper compute whilst preserving Layer 1 ETH security.

Optimism (live)
Arbitrum (live)
EVM-ZKRollups (coming soon)

Not all dApps and services are offered on Layer 2 - many projects are still working to integrate their existing services with these Layer 2 networks.

Others leverage a host of different networks depending on their use-cases. Bridges exist to-from most active networks.
 
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I have so many questions as I am a noob here. But I am putting together the framework to create my own community and using NFT‘s as memberships. I will be minting my first collection soon. Just working out all the benefits now. It’s a lot of work and basically like starting a new company that will be partially governed by the future NFT holders.

Is it an advantage or disadvantage to use a polygon network versus Ethereum?

Should I do:
100 unique NFTs, 1 of 1
1 NFT, 100 of 100, each NFT is exactly the same
100 NFTs, but the image on each one is 95% the same with subtle differences in some of them? What I’ve heard is that this would make the rarer NFTs more valuable than the common ones.
Do not use Ethereum, use Polygon, because ETH is very slow and have high gas fees. It tries to fix it since the start, but it's system is so difficult so they cannot launc it .
Solano is the best)
 
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Roli

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Not to derail, but does ETH have a plan for reducing these fees somehow, or is that what other coins/projects are for?

Yeah the plan is ETH 2.0, but I wouldn't hold your breath. The other platforms have understood that the average person doesn't care about EVM this and block time that. People just want something that works and won't cost them and an arm and a leg to use.

I'm about to do a deep dive today, I'll give you more info after if you want.
 

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I got into NFTs this year so take my words with a grain of salt. I slowly stacked coins during the early pump this year and continued stacking during the dip. Nothing brought returns like NFTs.

I've invested around $1500 into crypto in different coins. The value of my crypto coins/tokens in total are now $10,000 and I've already withdrawn $2,000. I'm playing with profits. And I have 4 NFTs that are very valuable, one of them recently got an offer for $88,000.

This was all done in three months. And on Cardano.

If you want to play around with NFTs, I advise you go to other blockchains. True, Eth is where the majority of the market and the money is. But the gas fees will kill you. You need to be able to make mistakes when you're playing around. The cost of failure on ETH can get really high.

Cardano has a strong community eager to use their ecosystem. This is very important. And Cardano has low gas fees so you have a lower barrier of entry.

I've read a lot of information from this forum so if there's any way I can add value within the NFT space I would be happy to.

Here's the NFT that someone offered 44k ADA for. There's only 12 orangutans in the 10,000 series so it's very rare. The floor(what the most common ones go for) price is around 1,000 ADA so the other 3 I own will get me at least $6,000. I refused the offer btw because I see it going higher. Snoop Dogg just retweeted the project and he is a big influencer in the space.


I minted these for 65ADA/ $130 each.
 

Roli

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I got into NFTs this year so take my words with a grain of salt. I slowly stacked coins during the early pump this year and continued stacking during the dip. Nothing brought returns like NFTs.

I've invested around $1500 into crypto in different coins. The value of my crypto coins/tokens in total are now $10,000 and I've already withdrawn $2,000. I'm playing with profits. And I have 4 NFTs that are very valuable, one of them recently got an offer for $88,000.

This was all done in three months. And on Cardano.

If you want to play around with NFTs, I advise you go to other blockchains. True, Eth is where the majority of the market and the money is. But the gas fees will kill you. You need to be able to make mistakes when you're playing around. The cost of failure on ETH can get really high.

Cardano has a strong community eager to use their ecosystem. This is very important. And Cardano has low gas fees so you have a lower barrier of entry.

I've read a lot of information from this forum so if there's any way I can add value within the NFT space I would be happy to.

Here's the NFT that someone offered 44k ADA for. There's only 12 orangutans in the 10,000 series so it's very rare. The floor(what the most common ones go for) price is around 1,000 ADA so the other 3 I own will get me at least $6,000. I refused the offer btw because I see it going higher. Snoop Dogg just retweeted the project and he is a big influencer in the space.


I minted these for 65ADA/ $130 each.

Nice, thanks for the info man. I've just got into Sol but Cardano sounds cool. What exchanges/wallets do you use and where should I go to download them?
 
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Nice, thanks for the info man. I've just got into Sol but Cardano sounds cool. What exchanges/wallets do you use and where should I go to download them?
You can get it on Binance and other major CEX(central exchanges). I used Binance to stack my ADA, after selling a few NFTS I cashed out my capital and my crypto holdings are all profits .edit for clarity: I keep it in Yoroi, a Cardano wallet. If you plan to hodl/use the ecosystem instead of trading, I advise taking your coins off centralized exchanges.

I use the Yoroi wallet but if you want to be in the NFT game you should be using Daedalus on the PC. Better chances of minting as it directly interacts with the blockchain. It lags on my Lenovo Y520 though.

Remember....
to DYOR
write your seed phrase on paper
never send from an exchange
theres a huge supply of NFTs since it's hyped right now so only pick gems. Opportunities are everywhere, there'll be new gems on the horizon, don't FOMO. At least in my opinion.

Clay, Spacebuds and CardanoTree are reliable strong projects. Clay collaborated with Good Charlotte and got retweeted by Snoop. I'm personally bullish for Clay. Spacebuds was the first 10K and they have strong hodlers. The floor price does not slide down the way most projects do. The first million dollar NFT sale on Cardano was Spacebus, if I'm not mistaken.

I want to get in on Solana too so if you have any tips I'd love to hear them!
 
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Sefyu24

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thank you @mirabdolbaghi for the info! I find it really interesting that you've been trading NFT's on other blockchains and will look into it. Do you have any source that could help get more information on the next NFt's drops on ADA's blockchain for example ? I feel like it's the hardest thing to do when you want to research something new it's kind of hard to know where to look at.
 

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thank you @mirabdolbaghi for the info! I find it really interesting that you've been trading NFT's on other blockchains and will look into it. Do you have any source that could help get more information on the next NFt's drops on ADA's blockchain for example ? I feel like it's the hardest thing to do when you want to research something new it's kind of hard to know where to look at.

I should put a disclaimer: I don't know what I'm doing lol. I've only been four months into the space and am learning as I go. I'll provide value where I can, but this is a speculative space so how you spend your money matters.

For finding new NFTS to mint, there's SlaveToTheScreen . Most drops will be shown here. And as you can see, there's a lot of them! Get a Twitter account and a discord account. That's where these communities are. Follow/join Clay, Spacebuds, Trees, etc. Join in on the fun, ask questions, and you'll be able to judge on how the community feels about an upcoming project.

Some guidelines I wrote for myself(and sometimes regrettably break):
-- Only buy what you like so if it doesn't take off you have something that you like.
-- Invest what you can lose. I had a limit on what I can spend and didn't cross that line. Except for the Clays which I spent all my ADA on lol.
-- I knew they were going to be big because they had previous releases that were successful, they had unique and cool art, and their community is entrenched within the Cardano and CNFT community. These people are passionate about Cardano. That's what you want. Not cash grab projects with teams that don't understand the tech they're minting on. Of course, I didn't expect it to be this successful. And of course, a project could meet all these criteria and still not be flippable. Refer to guideline 1 and 2.
--- Minting is better than buying on secondary, unless you're familiar with the market. Clays had a few weeks where the floor price slid to 900Ada. They had a Halloween release and you had to hold a Clay Nation to mint one. 1 Clay Nation = 1 ClayNation X Good Charlotte. The floor quickly rose to 2000ADA as Halloween drew closer. It would've been profitable to have bought floor Clays at 900 and sell them after minting at 1700-2000. I did not do this as I was in a conservative state. But just more info for you.

As for what I'm excited for, it's games. There's a use case baked into the NFT so I believe this results in more long-term holding, which leads to a more stable price. DYOR as not all blockchain games are equal.

Here's my picks: 1) EquineNFT. Built by an OG community member. looks good and a lot of development updates are shared on Twitter. Full details are not out yet but it's a horse racing game lol. 2) Cornucopias. A member of their team is/was the Head of Atari Blockchain Division. nuff said I think.


Please do share whatever knowledge you all have. This is a space growing rapidly and there's just too much to know. And do please share more "bigger picture" insights @AceVentures . They are entertaining and I share some of your optimism on what will happen thanks to NFTs.
 
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mirabdolbaghi

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An IMPORTANT detail: always check the policyid of an NFT. That is the proof that says this is an authentic NFT. Scammers will mint a copy of a successful project and sell them to unsuspecting buyers. Marketplaces have the ability to filter and show only VERIFIED policyids but it's good practice to compare the policyid shared by the project and the policyid of the NFT you're buying. Doubly so when you're dealing through Discord.

I don't know how this problem is tackled on other blockchains and I am interested to hear @AceVentures take on this issue. There are fake Clay Nation being minted on OpenSea(Ethereum) which would be copyright infringement, stealing intellectual property, fraud, etc.

How would this be tackled in the future in your opinion?
What happens when a successful project on Cardano( smaller NFT market than ETH) gets their art stolen and minted on ETH, then it becomes super popular on that platform? Is it possible for a brand to be hijacked?

I think no, because the community keeps everyone honest and will call out bullshit like this. Without community, a project is nothing. But do you think there will be technological solutions to this problem?

And if there is one, but it goes against the decentralized principle of blockchain, will it be adopted? Is this just a side-effect of a completely free market? (with greater powers come greater responsibility for the consumer)
 

AceVentures

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Yeah the plan is ETH 2.0, but I wouldn't hold your breath. The other platforms have understood that the average person doesn't care about EVM this and block time that. People just want something that works and won't cost them and an arm and a leg to use.

I'm about to do a deep dive today, I'll give you more info after if you want.

Replace the word decentralization with censorship resistance and see if your arguments still hold.

"Nobody really cares about censorship resistance anyway"

If people wanted "cheap transactions" they could use PayPal and avoid dealing with blockchain constraints to begin with.

Frankly it surprises me that anyone uses Ethereum, depending on the network it can cost $50 just to mint or list an NFT, which is ridiculous as you can do it for pennies on other chains.

I don't want to distract from the topic of this discussion, but because the past few posts have been criticizing ETH I felt it was necessary to provide an informed take on the matter. News flash, if demand is so high that people are paying hundreds in fees to access blockspace, that means blockspace is incredibly valuable.

Demand is so high in fact, that the network can afford to pay for security AND there's enough left over to burn supply. ETH has been deflationary this month - meaning that the network burned more supply than issuance because demand was so high. Numbers below are from EIP1559 launch - so from early August till now ~$4B worth of ether was taken out of circulation.

1636839767533.png

Do not confuse scalability with throughput - "Solano" as someone called it in here, is inflating at a 99% annualized rate in order to subsidize the liquidity on their platform. Their throughput comes at the expense of "scalability" because cost of validating the network is outstanding. Also the security budget is not sustained by network demand - it is subsidized with imaginary money.

To understand scalability - one must recognize the tradeoffs that were made in early design principles to promote security. Scalability comes to ETH and EVMs in the form of modularity paired with ZK-rollups (zero knowledge). If you are unfamiliar with this, I strongly recommend you study up on the topic - there is a steamroller approaching and people that don't understand this breakthrough in cryptography will get flattened very soon.

How does this form of cryptography work in practice? A zk validator can receive L1 information, perform numerous computations at extremely high throughput, and provide a hash of the entire merkle-tree back to the L1. Data remains available to L1 at all times - thereby providing the security of the entire network - and compute costs/timing can drop dramatically.

ZK-rollups can do everything that another L1 can do - but better and faster. A single ZK-rollup can outperform anything that "Solano" can do - because in one case every tx needs to be echoed from one validator to every validator in the network, and in the case of zk-rollups, a single hash of the entire computation suffices to provide finality guarantee without flooding the network with data.

If anybody here wants faster throughput - look at Arbitrum, Optimism, Loopring, zkSync, Hermez, dydx, immutableX, and soon to drop StarkNet. This is how you can get extreme throughput while preserving security from a highly decentralized L1 network.

1636845108595.png

Why are NFTs stupid expensive on ETH? Because the blockspace is valuable - an immutable and censorship resistant database is the real moat, not the JPG.

There is a lot of noise in this space right now and it can be hard to keep up - but don't miss the forest for the trees.

An overview of Rollups
 
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AceVentures

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Please do share whatever knowledge you all have. This is a space growing rapidly and there's just too much to know. And do please share more "bigger picture" insights @AceVentures . They are entertaining and I share some of your optimism on what will happen thanks to NFTs.

Hats off to your success - and please stay cognizant that most times the odds are stacked against you. Most NFT projects fail with the exception of a few. Because supply can be infinite and there is no limit to human creativity.

NFTs are infinite - there can be as many NFTs as the human imagination allows. This is not where I place my bets - picking a winning idea amongst infinite ideas is a lottery ticket (the barrier to entry for minting something as an NFT is incredibly low). The real value-proposition is what NFTs, the abstraction itself, enable and where that value settles. The web3 infrastructure layer is critical to understand: without a comprehensive understanding of the routing of data on these networks, it becomes increasingly harder to capture the real value that trickles through them.

My recommendation for people that are interested in NFTs is to understand the value-proposition of the abstraction itself, and not hastily drop money on lottery tickets. Behind every successful NFT collection is the cohesion of a powerful idea. The human beings behind the thing make the thing valuable, not the thing itself, be it JPG or a poem or whatever. Find thriving communities with strong values, and participate in them to understand how people are leveraging the tech. Where is it going next? What are the value-skews that would enhance the user-experience? What about interacting with this technology could change the game? What are systems design principles that promote sustainable ecosystem growth and value-creation? How are DAOs leveraging their treasuries to create a more interconnected networks? These are the things we need to pay attention to, rather than which lottery ticket might hit next.
 
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mirabdolbaghi

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please stay cognizant that most times the odds are stacked against you. Most NFT projects fail with the exception of a few

Yes this should be pointed out too. Do not expect rags-to-riches just by jumping into a project. I have flipped many projects and only Clay have brought massive returns like the one you see above. I also have many projects that have no flip value. But again, I liked the art so I did not mind the small loss.

I do believe you can increase the odds by looking at the team members and what niche it falls under. We are in a bullish trend and metaverse is a hot buzzword being thrown around. If there's a game with an experienced team behind it, it's going to be flippable. Of course, treat what I say as something you'd hear from a gambler on a horse track. There are only a few successful blockchain games and metaverse is a young idea.

This is not where I place my bets - picking a winning idea amongst infinite ideas is a lottery ticket (the barrier to entry for minting something as an NFT is incredibly low). The real value-proposition is what NFTs, the abstraction itself, enable and where that value settles.

So I am guessing you are picking L2 solutions like ImmutableX ? Do you own any NFTs? Ethereum is a whole lot more mature than any other blockchains. Do they also have 'pirated' fake NFT?
 

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So I am guessing you are picking L2 solutions like ImmutableX ? Do you own any NFTs? Ethereum is a whole lot more mature than any other blockchains. Do they also have 'pirated' fake NFT?

The alpha is buried somewhere in this thread.

Yes I do own NFTs. I personally hit the jackpot with RTFKT. Looking forward to minting their new CloneX project next week. Will let yall know if I get lucky with a rare mint.

The "fake" NFT phenomenon you speak of is universal. This is what happens when you have permissionless decentralized systems. Not just NFTs, but every project is forkable, every new idea is repeatable. This is where provenance becomes important. Who minted the NFT? Who designed the artwork? Who created the 3D assets? Who built the render pipeline? These are the elements that further differentiate copycat projects from the real ones - look out for systems/NFT platforms that focus on this provenance property.
 

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