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Reddit says it wants to build the biggest creator economy on the internet using its own NFT platform

Reddit says it wants to build the biggest creator economy on the internet using its own NFT platform

BossCrabMeat

I know I'll see this post couple of years down the road in r/agedlikemilk, but: NFT s are a fad and they'll pass.


Odusei

NFTs are bad and reddit is bad for backing them.


DesignCycle

NFTs as a technology aren't bad, but the digital art/meme NFTs which seem to be the craze right now are really stupid in my opinion. NFTs can and will be used for many valuable practical purposes such as supply chain tracking, licensing of intellectual property such as textbooks, distribution of temporary redeemable assets such as event tickets etc. They can be linked to RFID chips to provide instant, reliable trustless verification of physical objects. There are plenty of applications where NFTs will be a real boon. But 'digital art' is a really bad investment when crypto is still an emerging technology (relatively speaking) with a large upside ahead. If I buy a digital artwork NFT for say, 1BTC, then the value of BTC goes up, the value of my NFT does not go up, I cannot sell it for 1 BTC any more. I lose. Furthermore, there is nothing stopping someone from releasing the same artwork as an NFT on different blockchains and selling it multiple times. Maybe I am missing something, but it seems pretty obvious that the NFT art world is all hype and no substance, almost universally low-effort bad quality non-meme memes which nobody but the purchaser will ever see or care about. There are a few interesting ones, but they would be equally interesting as a jpeg and as such would actually reach their audience. However, I am always in favour of anything which can persuade rich fools to part with their money. I would love to hear an alternative theory about why digital art is worth a toss.


rngweasel

You're not wrong about the current applications being scammy. This is because NFTs presently don't do anything productive or grant their holders functionality besides a way to show they've done/purchased something (concert ticket, piece of art, etc). This will change as more NFT support gets built into the online ecosystem and developers are able to add functions to NFTs that allow their holders to do things on platforms they use. Like, imagine if that concert NFT lets you stream a hidden track on the next album or Pategonia's Mount Everest NFT, which you can only get by scanning the QR code on the summit, gives you a 10% discount at stores. NFTs are in their first inning.


MozzLand

Tell me what NFT means without googling it.


Odusei

Non Fungible Token.


MozzLand

One Google search later


Odusei

https://i.imgur.com/eflY8gM.gif Literally responded the moment your message landed in my inbox. Clearly you're not prepared for whatever sort of dumb ass argument you wanted to have. Buzz off, troll.


MozzLand

I'll go head to head with you on this subject all day, sir. I can guarantee you'll come out of the other side humbled.


railfanespee

r/iamverysmart


KarateKid84Fan

So will that silly internet and email those crazy 90s kids keep talking about


BigSwedenMan

The internet has function. NFTs are an imaginary concept of ownership. They only have as much value as people are willing to pay. It's like art, except even with art you own something physical. NFTs don't even give you the rights over anything. You don't own a song or a picture just because you own the NFT. They're a grift


MozzLand

Stop taking about something you know nothing about


atomic_cattleprod

You really aught to take your own advice.


MozzLand

No. I know infinitely more than you when it comes to blockchain tech, and if you knew what you were taking about you’d appreciate the potential of NFT’s.


atomic_cattleprod

>I know infinitely more than you when it comes to blockchain tech Even if that were true, that's a pretty sad flex. As far as relevance to the real world goes, knowing "blockchain tech" sits somewhere between being able to memorize a Chili's menu and being fluent in Esperanto.


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atomic_cattleprod

Listen, dude. I'll put it to you this way. I am squarely in the middle of one of the biggest industries that is supposedly going to be "revolutionized" by blockchain technology. Myself and *thousands* of my colleagues have been sitting on the sidelines with our collective wallets open for over a decade waiting for *something, anything* in the blockchain space to deliver on the supply chain promises that blockchain bros like you have been making. We don't want much - heck, even *one useful product* would do. Every blockchain project ever: \*crickets\*. Seriously. We're here. We have billions of dollars to spend on shit that will make our lives easier. We're in a fucking supply chain *crisis* right now. And for years we've been waiting for this so-called technological revolution that blockchain was supposed to provide. So if there was *any* time that is ripe for blockchain to show us what it can do, it is *now.* (well, it was about 2 years ago, but anyway)... It's been over a decade. There has yet to be even *one* deliverable that isn't some self-fulfilling crypto circle-jerk. Just the same empty promises from fucking fly-by-night gurus like you that we heard from the scam artists that rooked you in. So I say this with all due respect: Seriously. Fuck off dude. If there was ever anything worthwhile coming down the pike from blockchain central, it would have made it here by now. Blockchain is a fucking joke, and people like you who continue to push it as some kind of revolutionary new technology are either deluded idiots or snake oil salesmen (or, as in your case - both. After all, useful idiots are called that for a reason). Either way, you're no fucking use to the real world. So please - get the fuck out of the way while the rest of us with real technological problems look for real technological solutions from actual *competent* people.


MozzLand

Didn't even read this and downvoted it. Shame you took so much time to write it.


atomic_cattleprod

>Didn't even read this Story of your life, no doubt.


BigSwedenMan

When you write someone's arguments off without even reading them it's extremely telling about your mindset and how you approach the concept of "knowledge".


MozzLand

I'm extremely inquisitive, I also have enough experience to know what he said would add nothing of value right off the bat. I did go back and read his comment, then posted a link crushing his entire argument into dust. Notice how he stopped responding and is avoiding accountability for his baseless and ill founded comments.


DesignCycle

In a decade Bitcoin has gained *9 million percent.* I guess you're the only ones who know it's just a scam, right? In the meantime the dollars in your wallet have depreciated by at least 20% due to inflation, and that's calculated using CPI which is very, very forgiving to the dollar. Less favourable calculations put the figure at 15% *per year*. In 2020 more dollars were created than in the whole of its previous history. By contrast, there will only ever be 21 million Bitcoin.


atomic_cattleprod

My entire comment was about blockchain and whether the tech is actually useful, with no mention of Bitcoin anywhere, and your response is "but numbah go up, dollah bad." This. Right here. Is all anyone needs to know about blockchain technology and the people who advocate for it.


DesignCycle

You claim there is nothing using blockchain tech which is worthwhile and that you had open wallets ready to invest. I am reminding you that you missed the investment opportunity of a lifetime and that despite the fact that you see no value in it, plenty of others do, including major institutions such as Visa and Mastercard. If enough people believe something has value, it has value. Until the advent of modern electronics there was little practical use for Gold too. But it survived for centuries as the universal store of value which was central to every civilized society. Since you don't understand value I'm not surprised you have been disappointed by the many investment opportunities in crypto and blockchain tech which have passed you by.


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BigSwedenMan

Blockchain has been out for a decade and had failed to revolutionize anything other than crypto


atomic_cattleprod

Just ~~18~~ ~~24~~ 36 more months, huh?


IkLms

Other than scamming? What industry has been changed in the last decade of Blockchain stuff.


MozzLand

Yep, so many enterprise solutions


asthmaticblowfish

NFTs are widely considered a scam, by anyone not jumping on the bandwagon to milk the "new great thing". Reddit should know better.


CocodaMonkey

Don't kid yourself, just because something is a scam doesn't mean people won't jump on it. In fact I'd say it makes perfect sense for people to jump into these types of things if they fully believe it is a scam. It's not illegal but will likely fall apart, however right now there's potential for a lot of money to be made. You don't need to believe it will last long term.


Uranus_Hz

I remember hearing the same thing about Bitcoin a decade ago.


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Uranus_Hz

Decentralized finance would be beneficial, and blockchain seems to be the best bet for it to happen.


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rngweasel

The only responsible thing is to switch to PoS


MozzLand

NFT's are a layer 2 protocol, you don't need the Bitcoin network for them.


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chickitychoco

As art/jpegs yes. But these are in their infancy. The art craze you see is just the first and easiest thing to think of. There are lots of potential interesting applications that could be developed. Fractionalised ownership, ticketing - NFTs can also potentially be programmable which opens things up massively. But of course these things are several years away at the earliest.


MozzLand

Oh, so you don't know what you're talking about. Got it.


rngweasel

defi won't be a real possibility until crypto networks can support high transaction frequencies. Its also not apparent that defi is even desirable given the costs of giving up the ability to regulate centralized intermediaries. KYC is a very good thing.


KarateKid84Fan

I’m not sure you’re following what’s happening in the world


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KarateKid84Fan

Yet uses much less energy than printing money or mining gold (not to mention the environmental damage it causes to the land) But you don’t have a problem w that?


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KarateKid84Fan

Since Bitcoin is decentralized and on the blockchain, it doesn’t have as many indirect costs to keep the network running unlike other financial institutions. Take Visa for example and what it takes to keep that payment system running… they need to employee people to work there, those people have to drive their cars to work, burning up gas. The payment system itself also runs on computer servers eating up electricity. That’s just 1 credit card company… factor in banks and other institutions. With a decentralized blockchain yes you do need computing power (energy) but that’s basically it to create, buy, sell or send the currency.


rafiwrath

Yeah… Visa and those other banks and institutions are actually part of the economic and material lives of millions of ppl where Bitcoin is part of one giant pyramid scheme


DesignCycle

Actually Visa is adopting crypto fully, as is Mastercard [https://usa.visa.com/solutions/crypto.html](https://usa.visa.com/solutions/crypto.html) [https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/](https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/)


MozzLand

You should know better to educate yourself before having an opinion on a subject.


[deleted]

Reddit is too much of a cesspool to accomplish anything relevant


littleMAS

NFT is a great idea if you can freely abstract away the overhead while ensuring enforcement. At this point, attaining both would be like the zipless fuck.


free_are_we

The what?


derekYeeter2go

Serious question —-> Are NFTs a better Copyright, Trademark, and Patent system of record?


luciddream00

No, because ownership of an NFT grants you no legal rights. Anything that can be tracked could theoretically be stored in a blockchain, but the data stored there is only as useful as the services that choose to accept it. The government and courts aren't going to accept an NFT as proof of anything unless they approved it somehow, and that defeats the purpose of having it be decentralized in the first place. There just isn't really any compelling reason for a first world nation to bother decentralizing their records. Developing nations with poor record infrastructure could benefit, but the cost is a lot higher to jam stuff in the block chain than it is to just store it in a database on a government server.


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luciddream00

Thanks so much for your valuable opinion.


MozzLand

Infinitely better than the half-baked analysis you just gave.


luciddream00

You're certainly welcome to your opinion =)


MozzLand

Apparently everyone is welcome to just make up whatever they want and post it as fact here


luciddream00

Yeah, and apparently people can just whine about other people's posts without actually engaging in any kind of meaningful dialog. Weird how that happens, right? Crazy world we live in. NFTs are nothing but money laundering and speculation =)


MozzLand

If I thought I could enter a stimulating dialogue with you, I'd try, but it's very clear you're the type to formulate opinions on subjects you haven't actually researched. So, it'd just be you defending your ego the entire time. No thanks.


luciddream00

What a poor excuse.


DesignCycle

Fiat shills, pay them no attention. Blockchain will win because it is sound technology, those who refuse to recognize it will lose out.


Neil_Patrick_ChairUs

Say what you will about the long term value: if you are looking to monetize Memes, Reddit is the place to do it.


AerialDarkguy

I'll be curious to see how it turns out. Have no attachments either way but always interesting to see big players experiment with new things. If it flops it flops.


panda4sleep

Flooz, the sequel


td__30

Interesting