Coinbase NFT: Create. Collect. Connect. Launching This Year(coinbase.com)
coinbase.com
Coinbase NFT: Create. Collect. Connect. Launching This Year
https://www.coinbase.com/nft/announce/1PN6H2
59 comments
Yay, NFT pyramid schemes!
The NFT space is pretty interesting.
I've got some friends who are modeling the CryptoPunks prices with machine learning over at https://deepnftvalue.com
Pretty interesting stuff. These asset prices behave pretty exotically.
I've got some friends who are modeling the CryptoPunks prices with machine learning over at https://deepnftvalue.com
Pretty interesting stuff. These asset prices behave pretty exotically.
Can someone explain how NFTs accomplish Coinbase's mission, which is to "increase economic freedom in the world"?
NFTs can be anything, so the potential future use cases may be extremely diverse, but let's limit ourselves to the current main narrative, which is art.
Optimistically, NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. As an example, photographers often try to monetize using stock agencies, whom fully dictate terms and give them pennies, whilst keeping most of the resell value themselves.
As such, NFTs offer less gatekeepers, less or no cut on revenue, as well as new technical possibilities. The artist has far more control, and thus economic freedom. At least potentially.
As to whether this actually leads to artists more successfully monetizing is another question entirely. Too soon to tell.
Optimistically, NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. As an example, photographers often try to monetize using stock agencies, whom fully dictate terms and give them pennies, whilst keeping most of the resell value themselves.
As such, NFTs offer less gatekeepers, less or no cut on revenue, as well as new technical possibilities. The artist has far more control, and thus economic freedom. At least potentially.
As to whether this actually leads to artists more successfully monetizing is another question entirely. Too soon to tell.
> NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men.
This is a benefit of cryptocurrencies in general, but doesn't explain specifically how NFTs themselves (rather than a generic selling platform not utilizing NFT tokens) increase the artist's economic freedom.
This is a benefit of cryptocurrencies in general, but doesn't explain specifically how NFTs themselves (rather than a generic selling platform not utilizing NFT tokens) increase the artist's economic freedom.
A generic selling platform can go under, delist you, censor you, change terms, get hacked, accidentally lose all content, can change content, they can do (almost) anything.
A NFT is on chain and immutable. Further, they can have smart contracts where artists dictate advanced terms.
So you have more freedom and control in general. As to whether this leads to more monetary success is another question.
A NFT is on chain and immutable. Further, they can have smart contracts where artists dictate advanced terms.
So you have more freedom and control in general. As to whether this leads to more monetary success is another question.
Heres my refferal :p
https://coinbase.com/nft/announce/1Q4W65
https://coinbase.com/nft/announce/1Q4W65
This seems completely devoid of any real content. Maybe I'm just dumb, but I have no idea what this is supposed to be or what's being offered here.
Trading cards, but crypto.
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And Coinbase is helping its users acquire/sell/trade these digital trading cards how?
The trading cards are a combination of 1) a URL on a server, 2) an on-blockchain pointer to the URL.
Presumably Coinbase will be hosting the URLs and letting users pay real money to create and trade those on-chain pointers.
(Yes, cryptocurrency is at a point where they're trying to make you believe that buying pointers to URLs is a revolution in art and finance and mankind's freedom.)
Presumably Coinbase will be hosting the URLs and letting users pay real money to create and trade those on-chain pointers.
(Yes, cryptocurrency is at a point where they're trying to make you believe that buying pointers to URLs is a revolution in art and finance and mankind's freedom.)
NFTs are such a grift I wish they were just denounced, ridiculed and ignored by technologists and tech news sources
I think this helps us get here, When a few thousand NFTs are created and have a hard time selling... eventually it'll work itself out.
I also believe its a Digital Tulip, even more so than Doge coin. Even BTC (when tulips bulbs were a thing they were trading high too, it doesn't mean they have real long-ish term value)
I also believe its a Digital Tulip, even more so than Doge coin. Even BTC (when tulips bulbs were a thing they were trading high too, it doesn't mean they have real long-ish term value)
I have to wonder about the effects of the essentially useless economic activity that the NFT market creates. No real value is created, yet absurd amounts of value are invested in it.
China already banned cryptocurrencies. Meanwhile, not insignificant portions of the US tech sector along with investors, including retail investors, are investing time and capital in the cryptocurrency and NFT scam markets.
China already banned cryptocurrencies. Meanwhile, not insignificant portions of the US tech sector along with investors, including retail investors, are investing time and capital in the cryptocurrency and NFT scam markets.
I guess you could say that NFT's are a game like collection, gambling? So in this way NFT's create a value of being fun novelty?
I'd be worried about the global competitive capability of an economy that has so much literal investment in what amounts to gambling, especially when companies, institutions and investors are investing billions of dollars in digital assets that are akin to playing cards at a casino.
Well, these investors do have some bigger vision regarding NFTs, or crypto as a whole.
The idea being that we live in a rapidly digitizing world (software eats the world) where everybody has a smartphone. To them it seems an inevitability that you have a digital wallet holding your assets, whether they be physical or digital.
In your case, it won't have a JPEG, which you consider gambling. But it might have concert tickets, a token of your favorite football club, assets from a game you love to play, or even the proof of ownership of your real estate.
I don't know how and if this vision will materialize but that's the big idea. Your concern that companies and institutions are invested in digital assets (specifically NFTs) is misplaced, the actual gambling is done mostly by big crypto holders.
The idea being that we live in a rapidly digitizing world (software eats the world) where everybody has a smartphone. To them it seems an inevitability that you have a digital wallet holding your assets, whether they be physical or digital.
In your case, it won't have a JPEG, which you consider gambling. But it might have concert tickets, a token of your favorite football club, assets from a game you love to play, or even the proof of ownership of your real estate.
I don't know how and if this vision will materialize but that's the big idea. Your concern that companies and institutions are invested in digital assets (specifically NFTs) is misplaced, the actual gambling is done mostly by big crypto holders.
It's funny to think we have reached point in capitalism where there is too much capital. I wonder if there is any underserved actually profitable places to put it at least in the west...
It depends on what they represent.
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Well, artists are making money at least.
Is it more life long artists, or pardon the pun, newly minted artists?
Look at OpenSea and other NFT markets.
It is obvious from their layout that their purpose is the sale and speculation of the products sold there. It is evident that the quality of the "work" published is utter garbage, devoid of any aesthetic value.
Now look at DeviantArt or any website dedicated to creating a community of artists and artisans. Then tell me that NFT isn't anything but a grift.
It is obvious from their layout that their purpose is the sale and speculation of the products sold there. It is evident that the quality of the "work" published is utter garbage, devoid of any aesthetic value.
Now look at DeviantArt or any website dedicated to creating a community of artists and artisans. Then tell me that NFT isn't anything but a grift.
What does DeviantArt have to say about all of this?
Ironically, their tool will greatly help NFT marketplaces, as it improves their credibility.
>Every time someone joins the waitlist using your referral link, you'll move up the leaderboard. Be first in line for early access to Coinbase NFT by referring others
Interesting (but not particularly surprising) choice for ranking the waitlist members. OpenSea (which is also a YC company, wow!) has been dominating this market to an amazing extent in the last year, so it will be interesting to see how well this pans out for Coinbase. Here's a graph of NFT MM marketshare by volume for the past year: https://i.imgur.com/C0l9O1Q.png
In the case of NFTs, I don't blame anyone for wanting to be the one selling the shovels, so I'm interested in seeing how this turns out for Coinbase over the next few months/years.
Interesting (but not particularly surprising) choice for ranking the waitlist members. OpenSea (which is also a YC company, wow!) has been dominating this market to an amazing extent in the last year, so it will be interesting to see how well this pans out for Coinbase. Here's a graph of NFT MM marketshare by volume for the past year: https://i.imgur.com/C0l9O1Q.png
In the case of NFTs, I don't blame anyone for wanting to be the one selling the shovels, so I'm interested in seeing how this turns out for Coinbase over the next few months/years.
This is a genius marketing tactic in general. Announce a new feature, artificially introduce a line to get in, move people up the line if they bring in their friends, now the friends want to move up the line as well. The MLM guide to product launches. Robinhood was I believe the first one to apply this in a major way.
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The natural progression of the NFT market is that the barrier to entry for creating and marketing them will become so low that the market will get flooded until the median NFT sells for $0
You can look at the garbage on OpenSea and see that we've already reached that point. Two weeks away from being made mostly on Paint.
Shouldn't it be that? I mean, isn't that a major success case if so?
That's how the physical world works. You or I can scribble whatever we want on a piece of paper and the median value of those creations is $0. It doesn't mean there isn't a valid art market that uses the same medium.
That's how the physical world works. You or I can scribble whatever we want on a piece of paper and the median value of those creations is $0. It doesn't mean there isn't a valid art market that uses the same medium.
So, slightly higher than what the average artist makes for a piece of work?
Mint an NFT of the Coinbase logo jumping over a shark.
The degen apes market cap is 133 million USD.
Also you can download all 10000 in minutes with:
Also you can download all 10000 in minutes with:
mkdir copy-all-degen && cd copy-all-degen && curl -O "https://data.solanart.io/img/degenape/[1-10000].jpg"
I don't follow Solana, but assuming their NFTs are the same as Ethereum's, the long-term potential value is the proof of ownership and the rights that may bring, not the image itself.
I can take a picture of someone else's bank balance, I can even edit the html on a picture of my own bank account to have the same numbers and post that on twitter. It's the same pixels, sure... but it doesn't let me spend the dollars.
I can take a picture of someone else's bank balance, I can even edit the html on a picture of my own bank account to have the same numbers and post that on twitter. It's the same pixels, sure... but it doesn't let me spend the dollars.
Ownership and rights? That would actually mean that if I buy NFT I could DMCA the original locations I downloaded it from? And possibly even in many cases any other sharers...
NFTs don't bring proof of ownership. You can mint whatever. The only real protection to ownership is given through copyright and by asserting that legal right. Everything else is smoke and mirrors.
As a creator you absolutely CAN validate ownership of your creation uniquely from anything else ever minted. That's the whole point. Someone else can't just mint the same thing and pass the same digital validation.
Example: If I were a famous artist, sold NFTs with my art, said you could only enter my gallery opening if you are an owner, you absolutely can't fake that by "minting your own". The signatures wouldn't match.
Example: If I were a famous artist, sold NFTs with my art, said you could only enter my gallery opening if you are an owner, you absolutely can't fake that by "minting your own". The signatures wouldn't match.
Also there is an NFT for the Mona Lisa
Sure, and there are also billions (?) of photos of the Mona Lisa, countless fakes, drawings, scribbles, desktop wallpapers, and posters sold.
The owners of those things aren't holding priceless art they can resell but they do definitively OWN those things despite their value generally being at or close to $0. It's the same for NFTs and your example proves my point.
It's never been about the image, it's about the provenance.
At least in recent history, visual content has always been copyable, and digital content PERFECTLY copyable, but NFTs are unique in that they attach an easily verifiable ownership record to digital content, much like physically holding something provides ownership in the real world to complement the physical characteristics.
I don't see anyone in this post's comments calling for the end of paper because someone used it to print a photograph of the Mona Lisa and someone could potentially try to sell it (although I imagine some people argued this when photographs came about).
New mediums have always started their lives looking like copies of old mediums.
The owners of those things aren't holding priceless art they can resell but they do definitively OWN those things despite their value generally being at or close to $0. It's the same for NFTs and your example proves my point.
It's never been about the image, it's about the provenance.
At least in recent history, visual content has always been copyable, and digital content PERFECTLY copyable, but NFTs are unique in that they attach an easily verifiable ownership record to digital content, much like physically holding something provides ownership in the real world to complement the physical characteristics.
I don't see anyone in this post's comments calling for the end of paper because someone used it to print a photograph of the Mona Lisa and someone could potentially try to sell it (although I imagine some people argued this when photographs came about).
New mediums have always started their lives looking like copies of old mediums.
> but NFTs are unique in that they attach an easily verifiable ownership record to digital content
Attach to as included with the download, or point at as a separate piece of data?
Attach to as included with the download, or point at as a separate piece of data?
Will (are) legal courts defending NFT ownership as claims over the digital good?
Why not? If people are willing to throw away money on glorified text files, might as well cash in on it. Any useful functionality of NFTs can be achieved using public key cryptography or digital signatures, but we're not gonna get rich with that attitude.
It's a scam. Mental illness, susceptibility to certain messaging, or even lack of intelligence can make people easy targets to be exploited by financial scams.
Some believe they have the right to not be pillaged, because a society looks out for its weakest.
Some believe: too bad, let 'em crash-n-burn and grind em into haggis when they fall. That's life.
The question is: do we want to let the cons prey on the weak in our society? I'm sure it'll never possible to stamp out all the possible ways to exploit people, but I think it wouldn't hurt to help protect people who aren't hip to the con.
I waffle about this issue. For example, when I see people throwing their life savings at a rich Prosperity Gospel preacher (google that shit, it is totally bonkers and elderly fall for it!) I fall into group #1, but when I see people gobbling up Kardashian NFTs, I fall into group #2.
Tough call...
Some believe they have the right to not be pillaged, because a society looks out for its weakest.
Some believe: too bad, let 'em crash-n-burn and grind em into haggis when they fall. That's life.
The question is: do we want to let the cons prey on the weak in our society? I'm sure it'll never possible to stamp out all the possible ways to exploit people, but I think it wouldn't hurt to help protect people who aren't hip to the con.
I waffle about this issue. For example, when I see people throwing their life savings at a rich Prosperity Gospel preacher (google that shit, it is totally bonkers and elderly fall for it!) I fall into group #1, but when I see people gobbling up Kardashian NFTs, I fall into group #2.
Tough call...
NFTs are neither a scam or a con. Words have meaning.
An NFT has a clearly listed price. Pay that price and you will own it. And you will get exactly what you paid for. That's not a scam. Nobody robbed you of your money, you willingly gave it, and you got the listed product, and not something else entirely.
A scenario that I would consider scammy is an NFT that is minted without permission from the original artist.
An NFT has a clearly listed price. Pay that price and you will own it. And you will get exactly what you paid for. That's not a scam. Nobody robbed you of your money, you willingly gave it, and you got the listed product, and not something else entirely.
A scenario that I would consider scammy is an NFT that is minted without permission from the original artist.
> And you will get exactly what you paid for.
What are they getting though?
It's like saying when you spend $1,000 for a beanie baby (or a cabbage patch kid if you're older) you got something of transient value driven by cultural hype.
On its face, yes you are right: you got a doll for a lot of money, or a token for a lot of money.
But you weren't buying a doll, you were buying hype whipped up by con men that it will be worth more to another person who is conned. Dolls aren't worth thousands of dollars unless a critical mass agrees they are.
Its the Austrian economic theory why diamonds are worth more than water, when water is necessary for life and diamonds are just shiny rocks.
I consider that a scam too.
You are correct that words do matter. We need to call these what they are: scams and cons.
I think perhaps you are trying to partition a scam or a con into a "bait and switch", that is also a scam/con, at the expense of everything else. That's what it sounds like to me.
What are they getting though?
It's like saying when you spend $1,000 for a beanie baby (or a cabbage patch kid if you're older) you got something of transient value driven by cultural hype.
On its face, yes you are right: you got a doll for a lot of money, or a token for a lot of money.
But you weren't buying a doll, you were buying hype whipped up by con men that it will be worth more to another person who is conned. Dolls aren't worth thousands of dollars unless a critical mass agrees they are.
Its the Austrian economic theory why diamonds are worth more than water, when water is necessary for life and diamonds are just shiny rocks.
I consider that a scam too.
You are correct that words do matter. We need to call these what they are: scams and cons.
I think perhaps you are trying to partition a scam or a con into a "bait and switch", that is also a scam/con, at the expense of everything else. That's what it sounds like to me.
Well, clearly you apply the word "scam" very generously. You apply it to anything involving hype, so in that sense you might consider fashion a scam too. Or pretty much anything involving marketing.
The famous art work consisting of a banana duck-taped to a wall, is that a scam? I consider the value of that work zero, somebody else might consider it worth a million USD. Yet I see no scam, just a subjective valuation.
A subjective valuation isn't equal to a scam. We could go back and forth on the definition of a scam, but in a context of regulation it does matter.
The famous art work consisting of a banana duck-taped to a wall, is that a scam? I consider the value of that work zero, somebody else might consider it worth a million USD. Yet I see no scam, just a subjective valuation.
A subjective valuation isn't equal to a scam. We could go back and forth on the definition of a scam, but in a context of regulation it does matter.
Might as well have no ethical boundaries of any kind!
This is cool, but I'd appreciate it if they fixed the bug that perpetually locked my account with no way to verify my identity first.
Sigh, more trash from America’s favorite shitcoin casino. Why bother with hard decentralized money when you can buy centralized jpegs.
> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.
This waitlist concept is just artificial scarcity for accounts that aren't actually scarce and that have no reason to be limited. The only way to increase your position in the queue is to advertise it and get more people lower down to buy into the premise, further pushing the illusion to everyone else that the positions at the front of the queue are valuable and in demand.
In other words, it's the perfect way to launch an NFT platform.
This waitlist concept is just artificial scarcity for accounts that aren't actually scarce and that have no reason to be limited. The only way to increase your position in the queue is to advertise it and get more people lower down to buy into the premise, further pushing the illusion to everyone else that the positions at the front of the queue are valuable and in demand.
In other words, it's the perfect way to launch an NFT platform.
Coinbase has relied on referral marketing for their platform for a while[1], and I can't help but draw parallels to how referral marketing is relied upon by MLMs.
[1] https://www.fintechmarketinghub.com/post/coinbase-the-power-...
[1] https://www.fintechmarketinghub.com/post/coinbase-the-power-...
EDIT: I see now!
> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.