the exclusivity of NFTs only really comes to shine with all the future nft integrations. Skins in games like League of Legends or Fortnite are already a multi billion business. Generalized nft clothing for games might be a multi trillion business in the future.
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Think of it as limited edition adidas shoes that you can only „wear“ in a game if you proof nft ownership. Of course there might be copies, but other players can easily see if the signature of that shoes you are wearing belongs to adidas
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But who needs NFT/Blockchain for this? Since this is all about well known brands (whose authenticity/identity is established outside any blockchain), adidas could just sign proof of purchase with a single digital certificate. Why burn the planet?
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I'd argue that it is both cheaper and more convenient for companies to adopt issuing NFTs on Ethereum L2.
NFTs are a standard based on ERC721 with a common API and there exists countless 3rd party integrations already.
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A proof of purchase certificate is worthless if i can't do anything with it conveniently... adidas would need to define a standard, build a platform and marketplace, integrate with all other clothing brands... on top of this they would need to lock in their users on this platform
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and "burn the planet" is not a valid concern anymore with Ethereum, since the community is switching to PoS in Q1 and there are already L2 solutions that offer extremely cheap/free minting of NFTs incl. CO2 compensation for the environmental impact Ethereum currently still has.
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(a) none of these standards solve authenticity/identity issues with real-world entities involved, required to guarantee "origin" and scarcity of any NFT
(b) climate change is real, offsetting co2 doesn't remove it
[cont.]
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(c) i agree that the tooling/convenience of PKI/digital signature (which as legal status in germany) is bad, the incentive to build a great public platform is missing
(d) in "crypto"-land, the incentive is there, because there is so much (dumb) money available. BUT [cont.]
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(e) you should not fuel a system that wastes energy and fosters money laundering, ponzi scheme investments and ransomware just because it is "more convenient"
(f) convenient payment is a solved problem, i call it EURO (heard of paypal? or klarna? or SEPA?) or "fiat money"
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and since i don't have so much time, if refer to:
nitter.vloup.ch/smdiehl/status/1…
and
I've been in mostly violent agreement with @smdiehl and others who call out cryptocurrency and its descendants for what they are—an end run around financial regulation at best, a massive fraud at worst. We all agree it makes no sense as a technology. But one thing worries me:
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