pull down to refresh
212 sats \ 3 replies \ @elvismercury 4 Jan freebie
I think most of the current way NFTs are discussed is idiotic. I also think there is less than 1 percent chance (and I mean this literally) of NFTs going away. I believe NFTs going away is comparable probable than the remnants of civilization becoming hunter-gatherers again.
reply
1321 sats \ 2 replies \ @orthwyrm 4 Jan
My prediction: NFTs will never be fully priced out by "legitimate" transactions. As fees rise, blockspace becomes more valuable, and it becomes more lucrative to mint stuff on it.
I think there's some evidence of this already. For example, BRC-20s are horribly inefficient JSON blobs that have no reason to be human-readable. The same information could be stored with less than half the space. But the point of the BRC-20 minting process is to effectively burn blockspace, so the inefficiency doesn't really matter. Fees are irrelevant to some degree.
Another example is with the NFTs. You can have NFTs on any alt-chain really, but there's a specific interest in Bitcoin because it's the only chain whose blockspace is truly scarce. If fees were the limiting factor then we'd see a thriving NFT ecosystem on BSV. I think a lot of Bitcoiners misunderstand these market dynamics, and say silly things like "just move it all to Liquid" as a result.
It's actually kind of interesting TBH. We all know about Bitcoin's famous 21M cap, but less thought has been given to the scarcity of blockspace and what that entails. Interested to see where these crazy experiments end up.
reply
50 sats \ 0 replies \ @elvismercury 5 Jan
Well put. The sacrifice that makes ordinals wasteful is exactly what makes them desirable; and is the central psychological linchpin the flywheel of the btc ecosystem revolves around.
reply
0 sats \ 0 replies \ @ek 4 Jan freebie
Stop. I only have so many sats.
update: I realized I also have a relevant meme.
this meme does not necessarily reflect my views, I posted it because I think it's funny 🙃
1294 sats \ 1 reply \ @grayruby 4 Jan
I know Darth is calling me a shitcoiner from SN heaven or hell, wherever he went, but I initially thought NFTs were an interesting idea and had potential until the primary use case was jpegs.
reply
748 sats \ 0 replies \ @elvismercury 5 Jan
You're killing me but this line is worth 1k sats.
reply
51 sats \ 0 replies \ @xz 4 Jan freebie
After the posts about ordinals, imploring maxis to go and learn it. I suppose there's a stenographic aspect that is interesting. I admit defeat, jpg hunters know more about it than I do.
It might not go away but trying to convince me to drop everything else to lean about gamifying collecting transactions and 'ownership on the atomic level' doesn't seem as worthwhile as say, building commerce solutions, building privacy, researching the immutability and security of a blockchain itself..
reply
21 sats \ 0 replies \ @phatom 4 Jan
NFTs no matter how jpeg most of them are, have an effective use on blockchains
reply
21 sats \ 2 replies \ @guts 4 Jan
Can't take anyone seriously if they are still mocking NFTs as monkey jpegs.
reply
0 sats \ 1 reply \ @028559d218 17 Aug
which is exactly what they are
reply
0 sats \ 0 replies \ @guts 17 Aug
Naah
reply
0 sats \ 0 replies \ @023ad18700 20 Sep
Nfts are so dead lol
reply
0 sats \ 0 replies \ @castingluxfr 7 Jan freebie
NFTs are digital owwnership, this can be super useful as: proof of menbership, as replacement to a tiquet to events, as proof of ownership, like a house or a car. But for art, I find it absurd, no digital painting or drawing will ever be worth as much to me as a real painting. Who agrees with me?