We all need a little more of this in our lives. NFT Market Collapses Just As Square Enix Sells Tomb Raider To Bet Big On Blockchain

Armenius

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They shouldn't have come for video games. You can see a corollary impact through the search interest at the beginning of the year when they started pushing for it hard in games.

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Aurelius

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I can see NFTs having some value in limited circumstances, but they've definitely been overblown. And I can't really see a place for them in gaming, at least not at the moment. Square Enix, Ubisoft and others were clearly betting the market would have longer legs than it apparently has.
 

Lakados

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I can see NFTs having some value in limited circumstances, but they've definitely been overblown. And I can't really see a place for them in gaming, at least not at the moment. Square Enix, Ubisoft and others were clearly betting the market would have longer legs than it apparently has.
I can see where the technology can be applied to MMO’s for some interesting mechanics involving truly unique monster spawns and drops. Creating a game where there could only ever be one of a particular something but it completely gives up on the concepts of balance or player equality, which in itself could appeal to some player types.
 

DukenukemX

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I can see NFTs having some value in limited circumstances, but they've definitely been overblown.
Like how? You are literally buying nothing and throwing it's value into the block chain. To extract it you need to waste far more electricity than it should be needed. NFT's are just millennials and Gen Z's version of a retirement fund. Better off doing a UBI than dealing with NFT's.
And I can't really see a place for them in gaming, at least not at the moment. Square Enix, Ubisoft and others were clearly betting the market would have longer legs than it apparently has.
The moment anyone turns gaming into a method of making money is when you ruin gaming. The west in particular has no patience for micro-transactions. NFT's in games is just micro-transactions on AIDs.
I can see where the technology can be applied to MMO’s for some interesting mechanics involving truly unique monster spawns and drops. Creating a game where there could only ever be one of a particular something but it completely gives up on the concepts of balance or player equality, which in itself could appeal to some player types.
If this were ever applied to MMO's you would just get monsters with different skins. The problem with MMO's in general is the lack of content that isn't copy and paste crap. NFT's in MMO's would just be more of that. The appeal of the MMO as a game sudio is that you can generate content for cheap and that would hopefully satiate the consumer. This is why MMO's rise and fall so often because after a few months of playing the game you've experience all there is in this game. MMO's don't need another random number generator, they need unique content that is actually fun to do and isn't copy and paste quest design. Once the gamer reaches the point where they are repeating quests in the game, then they look for another game. Right now especially where everyone is producing a MMO, you risk losing your customers because the simply truth is they can take their $15/month and move that money elsewhere and get a whole new experience. Hence why Final Fantasy Online got big once World of Warcraft players got sick of repeatable content. Lost ARK is now picking up from players who are sick of repeatable content in Final Fantasy.

Just make good unique content, and not depend on a random number generator to do it for you.
 

Zarathustra[H]

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I'm just watching this and Bitcoin tanking and I'm pretty happy.

I look at the value of Bitcoin daily hoping to see the bottom fall out of it.

Let's hope it's all dip from here on out so we can put this crypto stupidity behind us and move on.

 

wizzi01

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I'm just watching this and Bitcoin tanking and I'm pretty happy.

I look at the value of Bitcoin daily hoping to see the bottom fall out of it.

Let's hope it's all dip from here on out so we can put this crypto stupidity behind us and move on.


Why, because you didn't get into bitcoin early and are jealous of other people who did?
 

Lakados

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Like how? You are literally buying nothing and throwing it's value into the block chain. To extract it you need to waste far more electricity than it should be needed. NFT's are just millennials and Gen Z's version of a retirement fund. Better off doing a UBI than dealing with NFT's.

The moment anyone turns gaming into a method of making money is when you ruin gaming. The west in particular has no patience for micro-transactions. NFT's in games is just micro-transactions on AIDs.

If this were ever applied to MMO's you would just get monsters with different skins. The problem with MMO's in general is the lack of content that isn't copy and paste crap. NFT's in MMO's would just be more of that. The appeal of the MMO as a game sudio is that you can generate content for cheap and that would hopefully satiate the consumer. This is why MMO's rise and fall so often because after a few months of playing the game you've experience all there is in this game. MMO's don't need another random number generator, they need unique content that is actually fun to do and isn't copy and paste quest design. Once the gamer reaches the point where they are repeating quests in the game, then they look for another game. Right now especially where everyone is producing a MMO, you risk losing your customers because the simply truth is they can take their $15/month and move that money elsewhere and get a whole new experience. Hence why Final Fantasy Online got big once World of Warcraft players got sick of repeatable content. Lost ARK is now picking up from players who are sick of repeatable content in Final Fantasy.

Just make good unique content, and not depend on a random number generator to do it for you.
The MMO in question here was based on an AI simulation where the enemy mobs each had their own AI's and what they were doing was every week when they would do their maintenance they would take the logs of how everything was killed and they would re-train the mobs based on that data, so bosses would adapt each week to the strategies and such that were used before. But it ultimately leads to the monsters and such creating their own mini-dungeons and blah blah blah safety in numbers, or they would attack the players in their cities and safe spaces going on the offensive it was a pretty neat simulation. But think less NFTs and more just raw blockchain so any newly named mob of a type would be based on the ones that lead up to it, as it would then be part of the base that builds any that come after it. Like an evolution of the LOTR Nemesis system. The studio they were working for was later purchased by Amazon and they don't work there any more but they are pretty sure the idea died on the drawing board but every now in Discord they think about it, and it leads to the same rant about how that would have been a cool game.
 

Aurelius

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Like how? You are literally buying nothing and throwing it's value into the block chain. To extract it you need to waste far more electricity than it should be needed. NFT's are just millennials and Gen Z's version of a retirement fund. Better off doing a UBI than dealing with NFT's.
The notion that there will never, ever be a reason for exclusive digital art just seems too absolutist to me. If the metaverse ever takes off (yeah, it's a buzzword, but a virtual connected world is a possibility), you'd want pieces that were truly unique.

And there are ways to reduce the energy impact of the blockchain, both through NFT minting methods and through the blockchains themselves... but I will definitely agree that NFTs still tend to drain a lot of electricity, and it's a problem that industry needs to face if it wants a hope of survival.
 

OutOfPhase

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I'm gut-checking myself. I "hate NFTs", but in a way, I don't really. The implementation just seems awkward to me. Also the horrific monetization angle where it doesn't belong.

Is buying signed CDs from the artist any different, really? Is buying a print with a signed certificate from an artist who works only in digital media different?

Just ruminating:
I think to me, and yes - I'm old, it seems different. I don't care if a digitally-transferred song came with a string of data which indicated it was provably unique. I do care about some tangible connection to the author - they physically wrote their name on the CD sleeve. That - sane or not - feels different.
Maybe just a difference in perception of artificial scarcity.

Willing to accept this is me being insane and/or dated.
 

Zarathustra[H]

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Why, because you didn't get into bitcoin early and are jealous of other people who did?

Nope, because it is harmful to the world economy, consumes a huge amount of electricity, and essentially amounts to a huge scam.

It's the worst idea in financial circles since splitting up mortgage backed securities into tranches and giving them AAA credit ratings.

It's only a matter of time before crypto collapses, at least in its current form, and the sooner that happens, the better, as the more it becomes mainstream, the more damage it will do when it inevitably goes tits up.
 

serpretetsky

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Like how? You are literally buying nothing and throwing it's value into the block chain. To extract it you need to waste far more electricity than it should be needed. NFT's are just millennials and Gen Z's version of a retirement fund. Better off doing a UBI than dealing with NFT's.
I imagine you could use NFT in places where titles are concerned. For example the title for you car could be in the form of an NFT. The energy usage will depend on the algorithm I imagine, proof of stake vs proof of work? Not an expert, correct me if I'm wrong..
 

Lakados

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I imagine you could use NFT in places where titles are concerned. For example the title for you car could be in the form of an NFT. The energy usage will depend on the algorithm I imagine, proof of stake vs proof of work? Not an expert, correct me if I'm wrong..
Something like this could work with enough buy in from insurance agencies and manufacturers. Where entries to the chain can only be made at verified institutions, but you would need everybody using it or it becomes useless and wouldn’t provide many benefits over the current systems in place.
 

LukeTbk

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The notion that there will never, ever be a reason for exclusive digital art just seems too absolutist to me. If the metaverse ever takes off (yeah, it's a buzzword, but a virtual connected world is a possibility), you'd want pieces that were truly unique.

And there are ways to reduce the energy impact of the blockchain, both through NFT minting methods and through the blockchains themselves... but I will definitely agree that NFTs still tend to drain a lot of electricity, and it's a problem that industry needs to face if it wants a hope of survival.
If the metaverse do run on say facebook server I am really unsure what NFT would add versus doing regular transaction and regular usual ownership...

Has a way to put some more confidence on the buyer that their property cannot easily be destroyed or seized by Facebook ? It seem that they can easily ban it from the server anyway to destroy it's value.
 

Zarathustra[H]

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I imagine you could use NFT in places where titles are concerned. For example the title for you car could be in the form of an NFT. The energy usage will depend on the algorithm I imagine, proof of stake vs proof of work? Not an expert, correct me if I'm wrong..

But what would that buy you over the status quo? Titles work fine as they are.

It seems like a solution in search of a problem.
 
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LukeTbk

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Maybe for something like video games/movies it could be a bridge that fix some issues with the digital world.

Imagine the ownership of a video game title that could resold but only x amount of times and with a certain cooldown period each ?

But then again, I feel like steam could do all this already, but maybe it would be simpler or more universal (geographical, payment method, game store and so on) and more robust via the chain.
 

DanNeely

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But what would that buy you over the status quo? Titles work fine as they are.

It seems like a solution in search of a problem.
You forget the part where it brings it's own new set of problems much worse than any its fainbois claim it can solve. Like no way to force the reversal of fraudulent transactions.

If a scammer goes to the county records office and files a forged title transfer giving them ownership of your home getting it reversed is going to be PITA but is doable, you can't roll back the blockchain. Likewise when someone dies without a will sorting out their inheritance is a mess; but someone will eventaully end up with all their property, if you die without a copy of your keys available your crypto is gone forever with no way for your heirs to claim it.
 

sleepeeg3

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I'm for crypto.
...but NFTs are stupid.
The concept might make sense if there was one cryptocurrency and there wasn't the ability to simply copy the file and list it somewhere else - there is no uniqueness about them!

Great, there is an ape at XXX block on the AVAX blockchain. What's to stop anyone from copying and pushing it back to the blockchain, copying or publishing somewhere else? Does the artist themselves not have an earlier copy of the original art?
If it was private and only accessible to the person accessing the smart contract, then maybe it would have some utility. Then it could be treated like some collectible. However, again, since it's digital it could still be republished. That would make it equivalent of having a "limited edition" of #1 out of infinity.

I imagine you could use NFT in places where titles are concerned. For example the title for you car could be in the form of an NFT. The energy usage will depend on the algorithm I imagine, proof of stake vs proof of work? Not an expert, correct me if I'm wrong..
Sure, but you don't even need a paper copy of the title. Smart contracts themselves could serve as the "title". Electronic Health Records (EHR) are another use case for smart contracts. These ideas were around long before the term "NFT" was coined.
 
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M76

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I can see where the technology can be applied to MMO’s for some interesting mechanics involving truly unique monster spawns and drops. Creating a game where there could only ever be one of a particular something but it completely gives up on the concepts of balance or player equality, which in itself could appeal to some player types.
It doesn't have to give up balance, I mean you can have multiple unique items that have similar stats, it doesn't have to be OP.
Now it's entirely another thing that I find artificial scarcity introduced in games entirely stupid, but even if I disregarded that, a convoluted blockchain based receipt is not necessary for it. The in-game inventory contains the item, and you can sell it on the in-game marketplace. Just as steam the marketplace operates. There is no blockchain or NFT needed.
 

M76

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credit card companies and the federal reserve use no electricity, last I heard, they communicate by turd flicking, or something...
I did the calculations based on estimated numbers years ago. If every credit card transaction was a crypto transaction instead, it would take 10 times the entire energy consumption of all of humanity to facilitate. That's why crypto is completely unsustainable, and the sooner it dies the better. Too bad most people can't look past what they can gain in the short term by speculating or mining.
 

sfsuphysics

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I'm a bit tech savvy but as I get older I start leaning more towards the "get off my lawn" crowd. NFTs... taking the whole "you wouldn't download a car would you?" meme to new levels.

I swear a bunch of tech heads watched the movie "The Big Short" saw how the stock market was just manipulating and reforming shit and saying "look value!" and people just found a digital way to do that.
 

Red Falcon

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Why, because you didn't get into bitcoin early and are jealous of other people who did?
I see posts like this in every single crypto currency thread.
Yeah, we're all just soooo jealous that we couldn't be like the thousands of crypto investors and miners to have had our lives destroyed each time the crypto market artificially plunges or collapses to give large financial boosts to those at the top of the crypto pyramid scheme.

Where have I seen this before, oh right, the great depression.
Actually, NFTs are so much better - why invest in something physical like precious metals, or fiat currency on paper, or digital currency... when you can invest in the idea of a digital currency that technically doesn't even exist!

Also, considering CBDC is right around the corner and will be forced on everyone, crypto currencies in their current form will simply cease to exist.
I mean, the wealth of it will get transferred to those in power, but the crypto currency itself will simply cease.

So crypto currency in its current form, be it Bitcoin, Etherium, NFTs, etc. were all just a prototype that paved the way to a centralized digital currency, like CBDC.
Oh yeah, we're totally jealous we didn't invest in your artificial super fiat soon-to-be-non-existent crypto currencies.

Keep up the rhetoric, tool.
 
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Balkroth

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NFT's in there present form kind of confuse me, I kind of see them as an extension of what already exists, for example Back in the UO days, I had sold Houses for $100s of dollars, Small armor sets for $250, etc, but those had some Value, being unique or helpful in games, and that type of selling still happens today. NFTs, well. could make sense if it allowed transfer between systems or kind of some value, for collecting as an example (I think the sports ones that exist now are still holding value). Yes, for example, as this metaverse fun rolls out (and not the facebook version).

I think Crypto has more value than NFTs currently, but also think people are looking at it wrong a lot of the time not really knowing why they're buying it, just speculating on it's value.
 

M76

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I'm a bit tech savvy but as I get older I start leaning more towards the "get off my lawn" crowd. NFTs... taking the whole "you wouldn't download a car would you?" meme to new levels.

I swear a bunch of tech heads watched the movie "The Big Short" saw how the stock market was just manipulating and reforming shit and saying "look value!" and people just found a digital way to do that.
People can waste their money on whatever they want as long as it doesn't affect me. But that cannot be said about crypto as it is already wasting resources at a scary rate. It is literally pouring natural resources into a bottomless digital pit that has no intrinsic value.
And in this crypto and NFT are literally the same, the only difference is that the crypto blockchain only stores values, while the nft blockchain stores links to jpegs.
 
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