NFT (Non-Fungible Tokens) - Files as crypto currency

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Gorillaz mark 20th anniversary with clothing line, toys, NFTs and album reissues

Created by Damon Albarn and artist Jamie Hewlett, the animated group released Gorillaz (Parlophone) on March 26, 2001.
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Also, check out the comments on that twidder thread, you'll see them bickering about "m-muh environment", now all of the sudden crypto is worse than oil fracking.

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Theyre comparing a global market to the energy of a single person. Big nose energy behind it, if you ask me.

:thinking:
 
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King Koalemos said:
why are people saying NFTs are bad for the environment now?
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I believe the general idea is:
- A zillion computers are running full-tilt constantly to run the Ethereum blockchain, wasting some obscene amount of energy
- If you create an NFT on the blockchain, some vanishingly small percentage of all those computers' time will be spent looking at your data
- Therefore, by a process of simple arithmetic, you are responsible for some identifiable amount of energy use, which we can guess at the carbon footprint of.

This doesn't quite hold up, because the computers running the blockchain wouldn't have been switched off for that millisecond instead, if you didn't submit the NFT. It could be argued that NFTs do increase the overall demand for Ethereum computation by some amount, but that amount is surely negligible at present.

It is true in general though that proof-of-work blockchains are a huge waste of energy.
 
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Can anyone give me a breakdown of the minting cost? how do you calculate it? by size of the pic?
Kosher Dill said:
I believe the general idea is:
- A zillion computers are running full-tilt constantly to run the Ethereum blockchain, wasting some obscene amount of energy
- If you create an NFT on the blockchain, some vanishingly small percentage of all those computers' time will be spent looking at your data
- Therefore, by a process of simple arithmetic, you are responsible for some identifiable amount of energy use, which we can guess at the carbon footprint of.

This doesn't quite hold up, because the computers running the blockchain wouldn't have been switched off for that millisecond instead, if you didn't submit the NFT. It could be argued that NFTs do increase the overall demand for Ethereum computation by some amount, but that amount is surely negligible at present.

It is true in general though that proof-of-work blockchains are a huge waste of energy.
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TL;DR: the world is going to shit anyway so might as well make a few bucks off it
 
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Cool Dog said:
Can anyone give me a breakdown of the minting cost? how do you calculate it? by size of the pic?
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The picture itself isn't on the blockchain (which is one of the many reasons NFTs are bunk), so the size doesn't matter.
Ethereum has the concept of "gas", which is how much ETH they charge you to run computations on the network. The cost depends on what instructions actually get run, and the price is set by the free market.

One example of a set of "contracts" (programs) implementing NFTs is:
github.com

erc721/src/contracts at master · nibbstack/erc721

The reference implementation of the ERC-721 non-fungible token standard. - erc721/src/contracts at master · nibbstack/erc721
github.com github.com

In other words, when we talk about the cost of minting an NFT, this really means the gas cost (in ETH) of running the function in this code that does minting. Someone who really cares could probably add it up and figure out what it could come to at current market prices.
 
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Kosher Dill said:
It would never work to have a system of real-life ownership that amounts to "Whoever has the private keys owns the property". Besides the obvious question of what happens if the keys get lost, think of all the ways property is transferred other than a willing buyer and seller coming together and transacting.
What if someone dies without heirs and the property reverts to the state?
What if a court orders property to be transferred, such in a divorce, breach of contract, eminent domain, seizing the proceeds of illegal activity, a bank repossessing a house in foreclosure, a sheriff's sale on a house with unpaid property taxes, etc?
What if someone hacks me, gets my keys, and steals my property - or if he's a real jerk, gives it away to some random address that even he doesn't know?

One could go on. In exchange for the mathematical certainty of the blockchain, you'd give up all the nuance developed by the legal system for dealing with the real world.
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I could see it as being a record. It could be useful down the road, especially if it clearly marks out the boundaries and what’s included in the property. Some poorer countries really suck at maintaining databases. The biggest use imo would be for commissioned art, perhaps original copies of books or scripts, and video games.

It’d allow for people to trade for skins and in my opinion could make very big splashes in MMOs. Say a company allows its players to sell the items the players earned or received from events, and then takes a small commission of any sales. Many of them already sell special in game items or include them with subscriptions so this is just the same step. Currently with mmos that’s all with in game currency and it isn’t profitable. However if they allow for the exchange of fiat for those items they could get a commission on each sale too. This could also allow for some games to have even higher stakes... which could draw people with a lot of money to burn. They could also make the actual items in game a token with a real life value that can be exchanged elsewhere.

I’m not interested in investing in NFTs. It’s an interesting idea and it’s possible to make money with it but I don’t like “investing” in cards, art, etc., unless I’m the artist and I’m selling it. If I get a NFT it’ll be because I think it’s interesting and I would have 0 expectation of flipping it for $€£¥ or I got it for free. If I make an investment that involves NFTs it’ll be via stock in gaming companies planning to use NFTs (I have EA stock even though I hate their guts) or in ETH which I do have as well.
 
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Kosher Dill said:
The picture itself isn't on the blockchain (which is one of the many reasons NFTs are bunk), so the size doesn't matter.
Ethereum has the concept of "gas", which is how much ETH they charge you to run computations on the network. The cost depends on what instructions actually get run, and the price is set by the free market.

One example of a set of "contracts" (programs) implementing NFTs is:
github.com

erc721/src/contracts at master · nibbstack/erc721

The reference implementation of the ERC-721 non-fungible token standard. - erc721/src/contracts at master · nibbstack/erc721
github.com github.com

In other words, when we talk about the cost of minting an NFT, this really means the gas cost (in ETH) of running the function in this code that does minting. Someone who really cares could probably add it up and figure out what it could come to at current market prices.
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So its like the cost of a smart contract? is there a boilerplate or you have to code and audit each NFT?
 
Cool Dog said:
is there a boilerplate or you have to code and audit each NFT?
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There's a standard and a reference implementation of the standard, but it's up to you to figure out if the contract you're dealing with is a correct, TRUE AND HONEST implementation of the standard. I don't think there's any automatic way of telling.
 
Kosher Dill said:
There's a standard and a reference implementation of the standard, but it's up to you to figure out if the contract you're dealing with is a correct, TRUE AND HONEST implementation of the standard. I don't think there's any automatic way of telling.
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So NFTs are basically smart contracts? the proposition sounds unreliable now, I'm getting a "when theres a gold rush sell shovels" feeling, like they are getting all this people to pay to mint NFTs nobody will buy, but they keep feeding money into this scheme, do these marketplaces do the minting for you? because that would explain a lot
 
Cool Dog said:
So NFTs are basically smart contracts?
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Yes, just like any other application built on Ethereum.

I don't know what goes on in the commercial NFT minting scene, I assume there's a lot of profit built in for anyone who hooks a whale.
 
Kosher Dill said:
Yes, just like any other application built on Ethereum.

I don't know what goes on in the commercial NFT minting scene, I assume there's a lot of profit built in for anyone who hooks a whale.
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So I was right with the shovel analogy?
 
Have a look at the Aston Martin F1's team NFT page done with crypto . com which is a major sponsor of the team:

Crypto.com NFT | Buy, Sell, Discover Exclusive Digital Collectibles

As a modern team with a strong heritage, we’re excited to be the first Formula One™ team to offer a new way for our fans to own a unique piece of our history. The collection of NFTs we’re making available capture the very first moments of the team’s return to grand prix racing after an absence...
crypto.com crypto.com
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Look at the prices, look at the numbers minted and numbers sold. This just went live a couple of hours ago. This stuff is real.
 
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King Koalemos said:
why are people saying NFTs are bad for the environment now?
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Because they heard it on the news. Also, environmentalistic screeching is a smokescreen for real problems with Proof-of-Work: centralization, rent-seeking behaviour by miners and sheer inefficiency of the system. Thankfully, ETH should be moving from PoW to PoS.
 
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Leo Bonhart said:
Have a look at the Aston Martin F1's team NFT page done with crypto . com which is a major sponsor of the team:

Crypto.com NFT | Buy, Sell, Discover Exclusive Digital Collectibles

As a modern team with a strong heritage, we’re excited to be the first Formula One™ team to offer a new way for our fans to own a unique piece of our history. The collection of NFTs we’re making available capture the very first moments of the team’s return to grand prix racing after an absence...
crypto.com crypto.com
View attachment 2032951

Look at the prices, look at the numbers minted and numbers sold. This just went live a couple of hours ago. This stuff is real.
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Wait, 250 editions means there are 250 NFTs of each picture? and each is worth that price? or thats the total price for all 250?
 
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Cool Dog said:
Wait, 250 editions means there are 250 NFTs of each picture? and each is worth that price? or thats the total price for all 250?
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Each one is worth that price, dude. The now sold-out ones were cheaper at $300 a pop with 500 pieces minted each.
Piece 1: 61 pieces @ $10K = $610,000
Pieces 2 & 3: 500 @ $3000 = $150,000
Pieces 4&5: 1000 @ $300 = $300,000
Total: $1,060,000 if they all sell out.

Granted, I don't know where the money is going, but that would just about pay for the fuel for the team's two cars over the course of the racing season.
 
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Leo Bonhart said:
Each one is worth that price, dude. The now sold-out ones were cheaper at $300 a pop with 500 pieces minted each.
Piece 1: 61 pieces @ $10K = $610,000
Pieces 2 & 3: 500 @ $3000 = $150,000
Pieces 4&5: 1000 @ $300 = $300,000
Total: $1,060,000 if they all sell out.

Granted, I don't know where the money is going, but that would just about pay for the fuel for the team's two cars over the course of the racing season.
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Sheeeeit, any idea of what the minting cost might been? or once you make a NFT for a piece selling 1000 of them has not extra cost?
 
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