Ethereum Network/NFTs ???

[KoolHndLuke]

Was recently browsing for info on a specific game and came across this. I just don't quite get it. Anyone care to elaborate?

 

related articles- https://starloopstudios.com/nft-games-what-are-they-and-what-are-their-benefits/#:~:text=But in video games that,any other player with cryptocurrency.

 

                       - https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

 

Edited July 14, 2023 by KoolHndLuke

[donttouchmethere]

Sounds like a glorified Null Modem Cable ?

That brings back memories ?

[t.ara]

1 hour ago, KoolHndLuke said:

Was recently browsing for info on a specific game and came across this. I just don't quite get it. Anyone care to elaborate?

 

related articles- https://starloopstudios.com/nft-games-what-are-they-and-what-are-their-benefits/#:~:text=But in video games that,any other player with cryptocurrency.

 

                       - https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

 

Pervers!

 

[ttts1]

If you are asking about NFT games:

 

They are scams.  Really, it is dishonest marketing to scam people.

 

NFTs are just a pyramid scheme.  I've met with some of these companies at blockchain events and they were all really shady (for a variety of reasons).  In theory there are some interesting ideas that could be useful, but in practice it seems almost all of it is get-rich-quick scams.  

 

1)  These games will reward early players (developers, their friends, investors, "insiders", etc.) at the expense of later players.  These types of things will result in hyperinflation as more people play, early players can cash out while later players have devalued assets.

 

2)  They are based on crypto markets which the player has no control over.  If you are playing to make money, your assets are locked to mining the game.  If there is some external market correction, a player has no control over what happens to the value of what they are mining in-game.  You may spend hundreds of hours only to try and cash out and see it's all worthless (no willing buyers). 

 

3)  Some of these games have hidden fees as a way to syphon off some they payout to players.  There are way to introduce transaction fees, account fees, storage fees, or whatever they want to do, and in some cases it may not have to be declared to the player (especially depending on the country of origin). 

 

4)  The would probably target kids who aren't sophisticated enough to figure out the finance aspects of this, and don't really understand money (let alone abstract crypto accounts).  I really think they are using kids to mine crypto for them.  It is, in some ways, child labor.  They can get around this by calling it a "game". 

 

     And do we think some 8-year old kids will understand proxy wallets, crypto-scammers, digital counterfeiters, and so on?  They're going to get manipulated and taken advantage of by organized cyber gangs and/or lone wolf conmen. 

 

5)  Most of the people interested in making money through this concept are going to be speculators.  If nearly all of the market is speculators, everyone is going to hold on for unrealistic "big" gains.  It will make the market inefficient, so people won't really be making money as they hold on to assets until they sell...but it will more than likely crash due to lack of trading and asking prices being too high. 

 

6)  These game could result in digital slave empires.  I'm serious.  As early players have an advantage and get things cheap, very similar to the modern banking system where banks receive new currency from a nation-state to introduce it into the economy, the later players will get assets that will be inflated.  This will result in either: 

 

     a) pay-to-play worse than anything out there now; or

     b) getting digital loans to afford things in game. 

 

     In order to pay back these loans, they will be indebted to the one who made the loan....almost certainly one of the early players who benefited from profiting before the in-game economy collapsed. 

 

7) In order to prevent #6, game makers would have to create artificial economic structures for "game balance".  But since everything is ultimately tied to external crypto market forces, they are going to inhibit the ability of people to make money and therefore undermine the very concept the game is created on. 

 

8. Seems to me that, to an extent, some of this is using players to crypto mine for them.  They're outsourcing cost to "consumers", by using them to mine for them in some cases.  Probably depends on the game and the business plan of each companies, but the most obvious thing for a crypto company to do is off load mining cost to others in return for a small cost.  You get rid of most of the crypto mining cost (large electric utility and server maintenance bills) off server farms, replacing them with a distributed network without needing to set up contractors.  I'd guess you would make money off volume (from transaction fees, etc) if you can get a large player base.    

 

These are just guesses.  I'm sure there are positive things that could be done with NFTs in concept, but I haven't seen it in practice. 

Edited July 14, 2023 by ttts1

[Guest]

Useful for corporations, but useless for mod authors, due to a series of factors. 

 

In theory, you could release a numbered ticket, mint it as a NFT in Polygon and sell it with a 20% comission on re-selling. 

Then, when the comissions reaches a certain number, you release the mod for free. That is, it would configure as a fundraiser using a specific NFT. 

The problem is that Open Sea only let the first item to be minted free, so you would have to pay to mint the others. 

And the NFT space is saturated with monkey jpegs and useless scams. So you would have no visibility, even if your public would be there. 

 

A corporation can use it inside a MMO, selling it in a limited platform, where it would have visibility and the target public at the same time. 

But a mod author would be obfuscated by the scams in non-related platforms. The target public would also not be there. 

The solution would be to have a platform specifically for NFT-based mods. The mods would be unlocked through funding, which could be tracked through the comissions set during minting. 

 

But we have a problem: modding communities are stuck in the stone age of the internet, sponsoring harmful proprietary models, and using bad distribution designs that rewards the intermediary, while leaving both author and user with scraps (both in the reward and the content offered). Many users and authors are also stuck in this old mentality, so a NFT model would look like a scam to them. 

Edited July 15, 2023 by Wolfstorm321

[jesseld]

You’ve summed it up really well — the idea has potential, but the current NFT space isn’t ideal for small creators. As a Binance trader, I definitely see the frustration. Still, crypto and NFTs are expected to be around for the long haul, and getting involved now could set you up for real earnings and growth as the space matures.  If you’re looking to explore more about where it’s all heading, knowscience.org is a solid place to start. Timing and persistence could make all the difference.

Edited April 12, 2025 by jesseld

[jhonpet]

1 hour ago, jesseld said:

You’ve summed it up really well — the idea has potential, but the current NFT space isn’t ideal for small creators. As a Binance trader, I definitely see the frustration. Still, crypto and NFTs are expected to be around for the long haul, and getting involved now could set you up for real earnings and growth as the space matures.

I agree with you, but sometimes I think the cash payment is better than Online pay.

[AlbaBasket]

On 4/4/2025 at 5:11 PM, jhonpet said:

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Only for anonymity's sake I guess

Edited May 16, 2025 by AlbaBasket

[AlbaBasket]

Quote

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The next ETH update is going to be massive!

Edited September 22, 2025 by AlbaBasket

[Rayblue]

Lmao. MMORPG money is some serious business.