Are there non-fungible tokens (NFTs) in Second Life?

[Coffee Pancake]

Companies love NFTs because it's a literal money for nothing hype bubble with no risk to them when it crashes or gets regulated out of existence.

NFTs have no place in any future metaverse, why? ... they don't scale.

We can't have a world where everyone is buying and selling NFTs. It's not possible. It would require more energy and computers than we can ever have.

The environmental impact from the tiny number of crypto nutters trading them now is insane and utterly unsustainable in it's own right.

[Oct Oyen]

1 hour ago, Coffee Pancake said:

Companies love NFTs because it's a literal money for nothing hype bubble with no risk to them when it crashes or gets regulated out of existence.

NFTs have no place in any future metaverse, why? ... they don't scale.

We can't have a world where everyone is buying and selling NFTs. It's not possible. It would require more energy and computers than we can ever have.

The environmental impact from the tiny number of crypto nutters trading them now is insane and utterly unsustainable in it's own right.

Environmental impact from blockchain is definitely an issue needs to be addressed, which the industrial has been working on it. Next gen of blockchain will be much more efficient and will be out by end of this year.

NFT is a certificate of authenticity for anything that is in digital form and it's virtually unhackable (for now). Currently, trading digital arts happens to be the most well known usage of NFT. But soon NFT will be used for everyday legal documents in real estate, healthcare and many others as paper documents are been replaced by digital documents. NFT is here to stay.

As for NFT "arts", currently 90% of them been traded by day traders who are in for the quick bucks. They don't care about the art, all they care about is the stats and tradablility of it. The rest of 10% are those who actually appreciate the arts and want to support the artists.

Edited January 18, 2022 by Oct Oyen

[Scylla Rhiadra]

We have seen The Future. 

And it's astonishingly stupid.

https://interestingengineering.com/an-nft-group-bought-a-copy-of-dune-for-304-million-thinking-its-the-copyright

[Wulfie Reanimator]

16 hours ago, Coffee Pancake said:

Companies love NFTs because it's a literal money for nothing hype bubble with no risk to them when it crashes or gets regulated out of existence.

NFTs have no place in any future metaverse, why? ... they don't scale.

We can't have a world where everyone is buying and selling NFTs. It's not possible. It would require more energy and computers than we can ever have.

The environmental impact from the tiny number of crypto nutters trading them now is insane and utterly unsustainable in it's own right.

I don't know about the power consumption part, I think it's at least significantly less than non-NFTs, but there is another major issue even if that part was solved.

This crypto stuff wants to be decentralized, but in order for any of it to work, it needs to become centralized. Every company having its own currency/NFT isn't very useful.

Just like how you can't use your Flight Miles to buy furniture from IKEA (or spend your linden dollars at McDonalds), you can't do much with [insert company]'s NFT when it comes to any other company.

Edited January 19, 2022 by Wulfie Reanimator

[Myntz Mysterious]

7 hours ago, Wulfie Reanimator said:

I don't know about the power consumption part, I think it's at least significantly less than non-NFTs, but there is another major issue even if that part was solved.

This crypto stuff wants to be decentralized, but in order for any of it to work, it needs to become centralized. Every company having its own currency/NFT isn't very useful.

Just like how you can't use your Flight Miles to buy furniture from IKEA (or spend your linden dollars at McDonalds), you can't do much with [insert company]'s NFT when it comes to any other company.

Pretty sure NFTs use Ethereum blockchain, and if so then yes you need some heavy computing power. Specially when your up against huge computing farms mining Eth & Bitcoin. And yes the blockchain is solvable, its how miners mine crypto. They solve the blockchain to create a new block, pending coin transactions are added to the block creating a chain. Miners are awarded crypto in return. 

Thats my basic understanding on how the process works. 

[Coffee Pancake]

There is no green crypto. None.

No matter how they shuffle the problem around , it still ends up being a planet killer when scaled up to include everyone on the planet.

If it can't include everyone, what's the point.

[Wulfie Reanimator]

6 hours ago, Matilda Melune said:

And yes the blockchain is solvable, its how miners mine crypto.

I was talking about solving the power consumption problem. Even in a hypothetical world where crypto miners were no different from average gamers, other issues remain that make it not viable for one of its main selling points.

2 hours ago, Coffee Pancake said:

There is no green crypto. None.

Come on, Coffee. "Significantly less than non-NFT" doesn't mean "green."

2 hours ago, Coffee Pancake said:

If it can't include everyone, what's the point.

Everybody has phones, at least to the extent that we can consider them "all inclusive" in this context. Phones aren't green either, but we don't generally go around calling them "pointless planet killers." What I was trying to say in my previous post was that crypto is truly pointless in its current form, planet killer or not.

Edited January 19, 2022 by Wulfie Reanimator

[Myntz Mysterious]

43 minutes ago, Wulfie Reanimator said:

I was talking about solving the power consumption problem. Even in a hypothetical world where crypto miners were no different from average gamers, other issues remain that make it not viable for one of its main selling points.

Come on, Coffee. "Significantly less than non-NFT" doesn't mean "green."

Everybody has phones. Not literally and not in every country, but you can understand what I mean. Phones aren't green either, but we don't generally go around calling them "pointless planet killers." What I was trying to say in my previous post was that crypto is truly pointless in its current form, planet killer or not.

My apologies! I misread what you where saying. 😏 I thought you where defending them. 

[Oct Oyen]

 

Pretty sure NFTs use Ethereum blockchain, and if so then yes you need some heavy computing power.

NFT is not blockchain exclusive. It's a piece of code inside of a smart contract, it verifies the authenticity of the smart contract. Ethereum was the 1st and ONLY blockchain to incorporate smart contracts into its blockchain. That's why most of NFTs today are on Ethereum. But now there are many other blockchains with smart contracts, some target niche market like indie musicians for example. In short, any blockchain with smart contract can create its own NFT.

[Coffee Pancake]

1 hour ago, Wulfie Reanimator said:

I was talking about solving the power consumption problem. Even in a hypothetical world where crypto miners were no different from average gamers, other issues remain that make it not viable for one of its main selling points.

Come on, Coffee. "Significantly less than non-NFT" doesn't mean "green."

Everybody has phones, at least to the extent that we can consider them "all inclusive" in this context. Phones aren't green either, but we don't generally go around calling them "pointless planet killers." What I was trying to say in my previous post was that crypto is truly pointless in its current form, planet killer or not.

The point is that crypto CANT scale up like phones. Not as a currency, not as a way to trade art receipts.

We can't do it. We do not have the energy, materials, infrastructure or production capacity to make it happen.

Even if we devoted out entire global civilization to it, and all the means of production we have .. we couldn't make it work for everyone as cryptobro's like to claim it can.

[Sammy Huntsman]

24 minutes ago, Coffee Pancake said:

The point is that crypto CANT scale up like phones. Not as a currency, not as a way to trade art receipts.

We can't do it. We do not have the energy, materials, infrastructure or production capacity to make it happen.

Even if we devoted out entire global civilization to it, and all the means of production we have .. we couldn't make it work for everyone as cryptobro's like to claim it can.

Than how is crypto and even crypto mining a good thing. If it's damaging the environment. Should we not be putting green regulations on crypto miners? That and how is NFT good at all, I mean you buy a receipt not an actual artwork? When I pay for a digital or physical item, I get the object. I don't get the object from an NFT it is not my object, I get a receipt to a very expensive and lucrative art gallery display. That is it, and when they are done with it. That link is useless and guess what? It is just used to basically show off another expensive piece of JPEG pixel art.

[Fluffy Sharkfin]

The issue of power consumption may well be temporary if quantum computing ever becomes a reality.

Google’s Quantum Computer Is About 158 Million Times Faster Than the World’s Fastest Supercomputer

Perhaps by the time it eventually does someone will have also discovered a practical use for NFTs so they have some realistic value rather than one which is arbitrarily decided based on the whims of greedy opportunists and how much they can scam from bored and equally greedy speculative investors.

[animats]

1 hour ago, Sammy Huntsman said:

Should we not be putting green regulations on crypto miners?

China did that last fall. They actually cut the power to crypto mining operations. Then the arrests started.

[Sammy Huntsman]

3 minutes ago, animats said:

China did that last fall. They actually cut the power to crypto mining operations. Then the arrests started.

I am not saying we arrest people, but maybe limiting the amount of rigs they can have to a very bare minimum. Something like that.

[Oct Oyen]

2 hours ago, Coffee Pancake said:

The point is that crypto CANT scale up like phones. Not as a currency, not as a way to trade art receipts.

We can't do it. We do not have the energy, materials, infrastructure or production capacity to make it happen.

Even if we devoted out entire global civilization to it, and all the means of production we have .. we couldn't make it work for everyone as cryptobro's like to claim it can.

Newer crypto currencies have already scaled up to and surpassed the speed of credit card transactions. BTW, there are hundreds of thousands if not millions of computer processing credit cards transaction. They only use fraction of energy compare to crypto minting.

It's just matter of time governments around to world to create its own blockchains. In the US,  FED is already planning the roadmap to replace paper money with crypto currency. I was in Shanghai before pandemic, it was crazy to see everyone uses phone to pay for everything, including buying cars and houses. I got a dirty look from some punk ass clerk at the store "Oh man, you're still using cash? I have to open the register..." she said. lol

Environmental impact from mining crypto is a big issue now. Fusion power will be a reality in 10-15 years.

 

 

[Coffee Pancake]

2 hours ago, Sammy Huntsman said:

Than how is crypto and even crypto mining a good thing.

It's a speculative hype bubble. Put money in, pump pump pump, hope you can get a ton of money out before it all crashes.

2 hours ago, Sammy Huntsman said:

If it's damaging the environment.

During 2021 Bitcoin consumed the same electricity as Argentina.

This caused enough carbon emissions to negate the entire global net savings from electric vehicles.

That's JUST bitcoin. 

10 minutes ago, Oct Oyen said:

Environmental impact from mining crypto is a big issue now. Fusion power will be a reality in 10-15 years.

I hate to burst your bubble here .. but Fusion has always been 10 - 15 years away. If you honestly think fusion is going to ride to the rescue in the next 50 years, you have no idea what you're talking about. Fusion is so far from being viable that we're not even talking about energy production in true break even terms.

[Myntz Mysterious]

4 minutes ago, Coffee Pancake said:

I hate to burst your bubble here .. but Fusion has always been 10 - 15 years away. If you honestly think fusion is going to ride to the rescue in the next 50 years, you have no idea what you're talking about. Fusion is so far from being viable that we're not even talking about energy production in true break even terms.

What the?!?! Well this NFT of Mr. Fusion was a complete waste of money! 🤬 

[Lucia Nightfire]

2 hours ago, Oct Oyen said:

Ethereum was the 1st and ONLY blockchain to incorporate smart contracts into its blockchain.

2 hours ago, Oct Oyen said:

But now there are many other blockchains with smart contracts

🤔

[Sammy Huntsman]

32 minutes ago, Coffee Pancake said:

It's a speculative hype bubble. Put money in, pump pump pump, hope you can get a ton of money out before it all crashes.

During 2021 Bitcoin consumed the same electricity as Argentina.

This caused enough carbon emissions to negate the entire global net savings from electric vehicles.

That's JUST bitcoin. 

I hate to burst your bubble here .. but Fusion has always been 10 - 15 years away. If you honestly think fusion is going to ride to the rescue in the next 50 years, you have no idea what you're talking about. Fusion is so far from being viable that we're not even talking about energy production in true break even terms.

Then if it's that bad, what is so good about crypto or nfts?

[Coffee Pancake]

[Rowan Amore]

Crypto Exchange Shuts Down Withdrawals After Hackers Reportedly Steal $33 Million in Bitcoin, Ethereum (entrepreneur.com)

[Oct Oyen]

14 hours ago, Coffee Pancake said:

People were saying that about online payment networks at the dawn of internet. Elon Musk was like hmmm... I'm all in! Rest is history.

[Bree Giffen]

I think smart contracts and blockchain that will be adopted by businesses and governments. Smart contracts will make a business/government more trustworthy as every transaction will be recorded forever on their blockchain. If you ask the mayor, where did my tax dollars go, the answer will be on the blockchain and can be audited. There are blockchains designed for utility and not for trading. The blockchains are even designed to use less energy. A lot of changes will be made in the back end and ordinary people simply won't notice when their company/city switches over. NFTs and crypto currency trading is more of a sideshow.

[Sammy Huntsman]

Until there is a more sustainable way to mine crypto and NFTs don't feel scammy. That and there is some regulations put in place by governments. I am not gonna get involved with any of it.

[Coffee Pancake]