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A game where the players bet NFTs and the winner...


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Would like to hear more, but I tell you what – I've been messing aorund with NFTs and while I think the current mania is total BS, there is definitely something legit here.

Things I've been thinking about: 

 – Once we have proper NFT-based markets with thick books/liquidity and reasonably stable pricing, no reason these assets can't be used for FTSO data on Flare, and in defi generally – even as collateral for loans 

 – I've realized most of these silly jpg/gif NFTs are actually better suited for micro- and nano-payments incentive mechanisms, and to encourage higher transactions on fast blockchains (Avalanche, XRPL, Stellar, Solana, etc) rather than slow, bloated Ethereum, and will reward smaller artists a bit like Coil and cut out middle layers, but most platforms will still run into IP/copyright/TM issues and thus centralized platforms will compete for this layer

 – The XRPL is very, very behind on NFTs (also sidechains, variants of which Avalanche and Polkadot aleady have!) and is going to struggle to keep up and gain the snowball network effect required to pull in NFT biz

 – The NFTs I can best rationalise, currently, are the more "solid" but digital-native use cases e.g.  underlying assets but ones that can be crypto-tethered to the NFT/chain, for example: handshake (HNS) web domains

 – Non-digital underlying assets as NFTs will struggle for a time but ultimately be amazing instruments as collateral etc, these being things like real estate & land titles, derivatives, art & valuable objects – but these will require the physical "custodians" or a complex managing/QC/control layer (as well as legal) that will probably take royalties (perhaps embedded as NFT smart contracts) and fees just as it has done traditionally, but in a much more efficient way 

 – Cryptocurrencies are really just NFTs (and vice versa) with the quantity set to whatever upper limit; NFTs tend to be "coins" that aren't divisible into further units, essentially

 – I think businesses like stock image websites etc are going to get destroyed unless they act fast on this

 – Tokenization is more tricky than the hype would have you believe; cutting up real estate, for example, into tiny pieces is not an easy task; there are countless legal/technical/contractual challenges with this that would take pages to explain but should be obvious to those who've worked in the biz

 – I am curious about Ripple's patents; specifically I swear I remember one they listed regarding NFTs that can be split up (or the ownership thereof) cryptographically, but I can't find the link now – anyone?

Sorry to take over the thread @KarmaCoverage , but it's kinda related no?! :)

/brainstorm-ramble-tangent

Edited by thinlyspread
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5 hours ago, thinlyspread said:

Non-digital underlying assets as NFTs will struggle for a time but ultimately be amazing instruments as collateral etc, these being things like real estate & land titles, derivatives, art & valuable objects – but these will require the physical "custodians" or a complex managing/QC/control layer (as well as legal) that will probably take royalties (perhaps embedded as NFT smart contracts) and fees just as it has done traditionally, but in a much more efficient way 

 – Cryptocurrencies are really just NFTs (and vice versa) with the quantity set to whatever upper limit; NFTs tend to be "coins" that aren't divisible into further units, essentially

 – Tokenization is more tricky than the hype would have you believe; cutting up real estate, for example, into tiny pieces is not an easy task;

Regarding Real estate, that's exactly what first attracted me to XRPL. I had been doing a bunch of work on creating a network of real property profiles, which would each have a set of rights (issued IOUs) and them an individual market for each right could be made (orderbooks).

I still think it's the most viable method. It should be done. Propy's NFTs dont have the correct set of capabilities and functionality.

That said, let's say you had an NFT for some Art & I have an NFT for some property. We play a game and each wager put NFTs. 

What I was getting to with this post is that there are methods we can both be mutually assured that at the end of the game... winner takes all.

Edited by KarmaCoverage
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21 hours ago, KarmaCoverage said:

Either gets the loser's NFT as a prize, or the loser's NFT private key is blackholed meaning the loser loses their NFT.

Banksy will be all over that... might even bring his own game dynamics. :)

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  • 1 month later...

For the record, I dont gamble, and dont encourage gambling. Dont buy lottery tickets, I suck at poker, and have never been to Vegas (although I regret not going to APEX).

I will invest in fundamentals, but gambling seems like a frivolous activity to me. Only started this thread due to some thinking I was doing about some XRPL features.

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