Gamers Don't Want NFTs

It’s so good that it incidentally includes one of the best short summaries of the 2008 financial crisis I’ve seen.

While I knew about many other cypto subcultures, this video led me to a dive into the absurdities that are DAOs. They’re just publicly held companies, that’s it. It’s like a parody from the dotcom boom when people were putting ‘e-’ in front of everything regardless of whether it made sense but now it’s “blockchain”. I cannot wait for “it’s radio on the blockchain”.

It’s been funny to watch crytobros encounter governance problems that co-ops, corporate boards, and revolutionary organizations have been dealing with for centuries. And because they think that DAOs are a novel technology they often seem unaware that there is a huge body of knowledge that can be applied to these problems.

It also led me to the ongoing comedy that is the Spice DAO. If you want to see a group posting Ls on a daily basis, follow them on twitter.

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Just my own theory here based on the limited knowledge I have of the actual workings of crypto:

Imagine a speculative bubble so unstable, so top-down, that once you run out of people to convince to engage in the market the surface tension keeping it intact will immediately disappear and it will burst. The propaganda posting and astroturfing isn’t doing anything more than keeping the walls of this bubble intact as long as possible so everyone in on the grift can extract as much money as possible.

I don’t think this bubble lasts very long and it will be life-ruining to so many marks, like Congressional oversight needed levels of bad potentially depending on how far this goes.

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The fact that crypto bro’s talk about purchases and sales in USD is all the proof you need the thing is doomed lol. A currency so great that all anyone cares about is what it pays to get out.

Further why use Discord and Twitter when decentralized versions exist? Seems like not a lot of faith in “Web 3.0” if you’re worried you can’t get anyone to follow you over.

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Another indicator that Dan Olson, the creator of the above video, pointed out is that cryptocurrencies losing a trillion dollars in value over the span of three months does not appear to have had a significant affect on the larger economy.

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What is NFT in general and who invented it? Of course, selling GIFs and pictures is cool, but why is the price rising for them?

So, if you want to understand NFTs, the ‘Line Goes Up’ video posted upthread is probably the most thorough explanation of them, and is often shared to help explain it. That said, if you don’t want to watch a two hour video on the topic, here’s my simple breakdown.

A NFT is a ‘Non Fungible Token’ stored on the blockchain. Or, to cut the jargon, it’s a small entry in a restricted database. Generally speaking, this entry will include a hyperlink to the image the NFT is supposed relate to, and a note of who owns it. For some pixel art images, the image will be small enough to save to the database, but for most NFT images, the image requires regular web hosting.

As for who invented it, two developers, Kevin McCoy and Anil Dash, are credited as having invented NFTs, in part as a workaround for failing to find a way to store large image files in the blockchain. This was in 2014 though, so it’s invention has little relation to the attention it receives today.

As for why the price rose so quickly, this is the easiest to explain: it’s an unregulated speculative market. The crypto space has always been awash with pump and dump scams, pyramid schemes, and money laundering, but by adding another layer of obfuscation, NFTs have allowed these to be done faster and more efficiently. Even for projects that are intended to be fully legitimate, their use as speculative assets encourages all their buyers to do whatever they can to raise the prices. Examples can be found in the video above, or from the @Bitfinex account on twitter, but as a general rule, anyone invested in crypto or NFTs should be seen as suspect, since they have a financial incentive to make it seem as desirable as possible.

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Based itch.io

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