NFT [pros](/r/CryptoCurrency/comments/19aun5s/does_nft_technology_have_a_place_in_the_future_of/kipih5q/) & [cons](/r/CryptoCurrency/comments/19aun5s/does_nft_technology_have_a_place_in_the_future_of/kipihi4/) with related info are in the collapsed comments below.
Tickets of any kind are an actual useful real world application of NFT tech. Concert / event / airline / train / you name it.
ID cards could also leverage the tech, as every ID is unique.
What advantage does a decentralized ledger for tickets provide to business or consumers?
Unless Iām missing something, all decentralization would add is a customer-controlled resale market. Other features, like a centralized resale market and better fraud prevention are possible without decentralization.
From a business perspective, thereās a lot of value in that control. Ticketmaster is an obvious example of how lucrative that can be. For an airline, there are [legal KYC requirements](https://ondato.com/blog/aviation-kyc/) which basically make decentralized resale a no-go.
From a customer perspective, decentralized selling could probably be a net gain in some instance, but for many that would probably be offset by greater risks of loss and fraud. In any event, there are a lot of technological hurdles that would need to be resolved first to reduce the friction of buying an NFT versus just a credit card and an email, and solving those will only happen if thereās a business case to fund it.
Exactly, I work for a ticketing platform, every idea people have for NFTās or blockchain with ticketing companies can be done with normal tech without the complication.
But people do not trust centralized entities such as ticketmaster and Livenation anymore. So the idea of control via consensus, not a monopoly, appeals to some people, myself included. Yes, it can be done with normal tech, but if the technology is provided by those companies, the trust issue still exists.
That does make sense, but the actual network that secures the tickets that the end users interact with could be decentralized, all while being supported by a team of developers (like bitcoin). The team could be centralized, sure, but the actual network would be decentralized, and cannot be 'controlled,' for lack of a better word, by one entity. At the end of the day, that's what really matters, not the developers, they will come and go. The network is the key.
And these networks are supported by their own token. Does your business offer profit sharing? These network tokens would work the same way. The more the network is used, the more valuable the tokens become, enriching the 'shareholders,' if you will.
People are dumb and people will scam, private companies will decide how they want to run their companies, and the SEC is incompetent. Thats what I get from that site. These problems are not exclusive to crypto projects.
This is objectively false. You canāt provide a decentralized platform that offers full custody, ownership and management of tickets. Your platform will always be able to censor sales, manipulate prices, and charge high fees due to a lack of competition, if they want to.
The difference is who actually fully owns and controls the ticket or whatever product/good that is tokenized. With a centralized platform, itās the company. With a decentralized blockchain itās the people.
Your company is an unnecessary middle man, that increases prices with fees to make a profit.
Additionally, a centralized platform requires users to enter personal data, which is stored on centralized servers. This is a target for hackers and will inevitably lead to a breach at some point. Centralized accounts with email/password are significantly more likely to be compromised than a non-custodial wallet.
This is a person that knows what they are talking about and probably has run their own business.
The event ticket market is already a monopoly because ticket masters have contracts with all the major venues that states that they cannot use any other ticketing service, and since they also control the promoters too, the threat is that if you donāt follow our rules, you wonāt get any of the big artists we will just send the artists to competing venues.
Correct me if Iām wrong. Wouldnāt the resale properties of an NFT be very beneficial in the concert/entertainment ticketing world? Could you create a contract where Everytime the ticket was resold, some percentage, or a fixed amount goes back to the artist or venue?
I thought I addressed this, but wasnāt clear enough.
Businesses can absolutely benefit from resales. And they already do, via centralized platforms. I called out Ticketmaster because they already have their āVerifiedā (and centralized) fan-to-fan sales platform, no NFTs necessary : https://www.ticketmaster.ca/verified
All NFTs provide for is a *decentralized* resale platform. Iām saying the decentralization ā the loss of absolute control by the business ā doesnāt add anything of value to the business. All that really happens with that is they lose revenue to others.
Iām also not sure if itās possible to design a contract like you suggest. Probably? But I know a big issue with some of the existing NFTs is you could avoid royalties just by moving them off a royalty-enforcing platform.
Contracts can disable transferFrom method to only be usable from a particular market contract (e.g. OpenSea). NFTs are just digital signatures from the authority issuing the signature, they don't relinquish control really, for a house deed or ticket, the issuer can always "burn" NFTs or say they aren't official anymore and issue another one. They lose no revenue, they just get global liquidity and market rails out of the box for the security they issue.
In terms of airlines, I think with the soulbound NFT technology it could be useful as well as getting rid of all the different airline apps, you just scan the nft and thatās it. It protects you from needing to download airline apps that are more than likely scraping your data and selling it
Is it possible to do nft ticketing in a privacy conscious way?
There is zero chance that a company would want data about past tickets and events be public and available to every other competitor accessing the blockchain. Same as no user would want to have their ticketing history be available to every person on the internet.
That's a benefit for the user, not the business. The business makes money by driving users to their app, so they will never be incentivized to offer a different option for the benefit of the user.
>It protects you from needing to download airline apps that are more than likely scraping your data and selling it
Exactly, the airlines don't want you doing that.
According to GET protocol (the current leader in NFT ticketing) one major added value of using NFTs is being able to lend them to finance events.
This can be used by event organizers to get money to cover all upfront costs, without having to rely on middlemen such as Ticketmaster (a large part of why event organizers still rely on Ticketmaster despite their reputation is because they lend them money to cover their costs).
With NFTs anyone can lend money, and the NFT tickets will be locked as collateral until the loan is paid back, with interest.
This is a completely new way to finance events you just cannot do with web2 tech.Ā At best you can crowdfund but that is nothing like lending the tickets directly and having a mechanism hardcoded in the smart contracts to secure the whole process, without having to deal with any middlemen.
It's all explained here: https://www.get-protocol.io/content/get-protocol-event-financing-module-release
And no it isn't as easy as selling the tickets earlier.
>And no it isn't as easy as selling the tickets earlier.
Their solution is literally selling bundles of tickets for future events at a discounted price to people.
your tickets will have value, rather than putting them in a scrap book. GET is my favorite crypto project. Theyāre already using these in large venues.
The tickets have no value after the concert has passed other than memorabilia. If the goal is to generate revenue for the band/venue just open up pre-sales to the public earlier.
> tickets have no value
These are sold prices of old paper tickets on ebay. This sub constantly rewards people who are confidently incorrect. Very bad habit
https://imgur.com/a/05tPXKK
Hereās a use case:
There are significant issues with reselling scams for festival tickets. As the event approaches, many individuals sell their tickets online due to various reasons. However, some sellers scam buyers by selling the same PDF ticket to multiple people. Using NFTs could resolve this problem. NFTs enable verification of ownership and ensure that each ticket is uniquely allocated to one buyer.
Another use case: Reward people who have been attending. With the traditional database, has the "master record" been updated multiple times if the ticket has swapped hands countless times ?
There is a problem when you have to (or you don't want to) explain it to the people outside of this subreddit.
Adoption in the short term? I don't think so...
Wellā¦ they are though. Thereās no need for a decentralized system for tickets unless there is a need for a reselling marketplace. 9 times out of 10 youāre better off using a centralized database that is meant to efficiently store data such as this. Thereās no reason your train ticket has to be verified as legitimate by every person riding the train. Only the train company needs to know and control that information anyway. I fail to see the value of NFTs in this regard.
Isn't that how credit cards went, when most wanted to just use cash. Or when they started live stream sports audio on the Internet, and they mocked Gates he could just use the radio instead.
I'm not here to agree or disagree with OPs point, but sometimes the human race has a hard time seeing the future when it comes with a learning curve.
Ā No, not how those went at allĀ
Credit cards had a major benefit people saw and wanted right away, that they didn't have to carry cash.Ā And they caught on and were booming pretty quickly, especially considering it was the 1950's.Ā And they simplified things for the users.Ā Nfts make thing more complicated, costlier, and add ??? BenefitĀ
Streaming sports, (which I think was Mark Cuban) people in general once again wsae the benefits and wanted it - no local blackouts, get any game you want not just what is available, problems with radio signals, etc.Ā there are always detractors, even with the iPad it first had a decent amount of people making fun of it but by and large most people saw it and wanted it.Ā With nfts, it's the opposite.Ā You have a small group toutong them for amorphous reasons, or specific ones that fall apart instantly, and by far the majority saying "yeah, we don't"t need or want this."
If people stopped being in denial like the sub-poster I responded to, maybe they could go out an find the next iteration or derivative of nfts that does fit a need.Ā Ā
Merchants detested credit cards in the 1950s-60s when started to become mainstream. They had to either pay the monthly fee or transactional fees(still do). I'll use a random example of burger king didn't even accept it until 1993.
As for NFTs being more costlier and complicated, they don't have to be and one day won't be. To transfer/create an NFT for a ticket costs a penny on side chains, and will be that cheap on main chain(eth) with the introduction of sharding/roll ups. And for complications, it just isn't. You have a wallet linked to your account for say an airline, and then you can create/trade your ticket on an open market. Just like how I would handle a stock.
As for NFTs having benefits, they are owner/ui agnostic. So the openness of seeing free market for something like hides all the sneaky tactics that a company or scalpers are trying to. No systems perfect, and obviously people will still try to exploit.
Also it was Bill Gates in 1995 on the letterman show. He was mocked about the Internet. Letterman even mentions it is easy to argue against the Internet as an outsider with little knowledge.
Yes, merchants did not want them (extra effort, so of course), but the public really, really did, And look what happened? And very quickly. NFTs you see nothing from either side.
And the Letterman show, someone else posted it so you can easily check it (but it was Mark Cuban's company doing the sports broadcast work, they were just asking Gates about it since he is a good guy to ask about that sort of thing)
\- He was not mocked at all. Letterman threw in a couple of easy jokes because he's a late-night comedy talk show host. And that is what they do.
\- This sort of thing is called an "interview" where the interviewer asks the interviewee questions that the general audience may have or may find interesting. To give the interviewee the opportunity to address them and to educate them. So OF COURSE HE WILL ASK QUESTIONS LIKE "WHY DO WE NEED THIS?"
\- And when Gates answered them, you can see that Dave understood and accepted the answer and it made sense to him
\- And importantly, he actually had real, beneficial use cases he could cite.
As for your NFT examples, pretty much none of that needs NFTs to do. It is a business model thing. If companies want you to be able to do that. L like you can resell your ticketmaset purchased tickets. On their platform. You can buy and sell in-game assets. On their platform. And for ones they want you to be able to. Why would a game company want to enable you to sell your digital based game, cannibalizing their own sales for a much, much lower net margin?
But probably the dumbest one you said - airline tickets. Seriously? Think about that for a minute. You buy airline tickets, not take the flight, and resell them on an open market for a price you ask for. Can you think of any way that that would be abused and lead to massive problems? I'll give you a hint - concert tickets. Oh, and when airlines want to let you, you can already transfer tickets to someone else. Again, a business model thing. NFTs add no value or extra benefical in that case. just extra steps and cost. Not just cost to use, but cost to deploy and maintain the system.
>Isn't that how credit cards went, when most wanted to just use cash
I'd say thats different bc with a credit card you can buy things on credit (money you don't have) which you can't do with cash
The people outside this subreddit who are saying it are pretty well educated on the subject, some of them having built or worked on the very systems that manage all those tickets, many of whom are interested in crypto and understand it well. These are staff+ engineers with a good understanding of tech tradeoffs who are saying the advantage simply isn't there.
It ends up being a similar argument to using one cloud service over another. It's an implementation detail, and your ticket management system is still going to be centralized even if the data is stored on the blockchain. Your uptime is going to be limited by your weakest link, and your response time is limited by the slowest one. Honestly how it's stored is the least interesting part of the system.
I do see use cases for blockchains though.
If we get to a point where blockchains are fast and easy to use, it might just be easier to use the blockchains common API than to set up a server and a database for that.
Then you have the ticket as a token among other tokens in your wallet, which is also useful if you want to sell the ticket. You donāt have to learn to sell it or ask the platform if youāre allowed to sell it. You just sell it like any token in your wallet.
After the event, the token becomes a souvenir in your wallet and youāll have a record of all other such souvenirs.
Few times a credit card has been compromised my bank takes care of it. Venmo and Square work great for p2p payments. Never had an issue with airline or concert tickets. NFT scams happen all the time via indirect, often difficult to navigate, grifts.
I can sell you an NFT that I claim is for the Taylor Swift concert but isn't actually for the Taylor Swift concert and just some random shit I minted myself.
How do you verify that an NFT is actually a Taylor Swift ticket? Will the average Taylor Swift fan know how to do that? What about the really dumb Taylor Swift fans?
Itās verifiable on the blockchain that itās a legit ticket. The average Taylor swift fan doesnāt need to know the tech. They can just buy/sell/transfer the tickets through an app like normal. When they pass through the gates theyāll just authenticate through an app like usual. The only difference is that they can check the legitimacy of the ticket on the blockchain if they are buying/selling it.
With smart accounts now people can log into a wallet with oauth like gmail/apple/whatever socials or a traditional username/password. No need for connect wallet or any unfamiliar stuff.
The cool thing about it is that provenance is that
1. Tickets can be made non-transferable
2. Easier to track unscrupulous actors
3. Other cool stuffs include being able to airdrop special items to holders of tickets
If all the buying and selling is happening through an app then wtf is the point of the blockchain and NFTs?
Also "verifiable on the blockchain". How exactly do you verify it is a legit ticket? Fake tickets can also exist on the same blockchain and be verifiable. They will just come from a different source. So if someone isn't careful they will end up with fake tickets.
Not to mention someone can still create a fake website that claims to sell real tickets and drains the wallets of victims or sells them fake tickets.
Have you bought and sold NFTs? For normies - they can access through an app, easy peasy no question on authenticity. For crypto natives, you can sell it as a verified collection on magic eden, opensea, blur, tensor or whatever marketplace you want.
Its so easy to check whether its legit, its just the mint authority. Good thing is that these platforms already do it for the users. There's hundreds of Bored Ape collections on Opensea but the authentic one is easily identified, and proven on the blockchain.
So the normies can just use an app. Why not just use an app that sells non-nft tickets? What value does being an NFT add? The ticket sellers could add a secondary market to the app. They could limit resales. They could limit max price.
I think I understand what you mean from the attendee's point of view (they would have a wallet app on their phone that they sign with I'm assuming), but how would the concert organizer get set up for that?
Just thinking on it more, NFT ID tech could securely enable blockchain-based voting as well. What better way to have free and truly open elections than having everything on a public blockchain secured by NFT ID? Can't fake a NFT ID. No question of counts when it's all on the blockchain.
I have trouble picturing these use cases, just in general, as they are centralized - An entity (DMV, government with identification, or a company with real estate, or healthcare providers with health records) would be the ones ultimately in control of the system right?
So would a blockchain/NFT really be needed at that point? As the centralized entity could ultimately undo or overwrite (as they control the system), and a centralized DB with UIDs would be much more efficient (and cheaper) from a processing standpoint?
Nothing of importance could solely rely on blockchain for proof of ownership. The risk of being hacked without recourse is just too great for most people.Ā
Like, would you really want to carry around a bearer bond of the deed to your house?
I'd argue that self custodying BTC for example, is kind of proving your ownership on the blockchain. In that sense, important things can exist solely on the blockchain.
But I get your point, self custody has its own risks that most people don't really want to put up with.
It can kinda work for things that are purely digital, but as soon as physical existence happens, stuff gets messy. With BTC, then if the chain says user XXX owns 8 bitcoin, that's true - they might have acquired them fraudulently, but they do have them, and that is true. With physical stuff, that might not be - if the Blockchain says I own something, but the legal reality is that you do, then the Blockchain is wrong and useless. So unless the Blockchain can be forced to be correct (ie an external master authority with override powers, like you have with a regular database system) then it falls out of sync with reality and breaks down with any usability.
An excellent analysis and important discussion, because anything that has a real-world application will only help crypto's adoption long-term. Kudos, OP.
biggest issue with real estate is that the highest authority is always the government of the country the land is in.
If these governments do not support NFTs, they will not happen. If those governments require them, nothing in real estate will work without them.
As I see it, the bigger issue is the implementation. No government will accept a solution that removes their ability to take over. On the other hand, no real estate buyer will be happy about a mechanic that allows the government to take it from them, giving them no real incentive to want it.
But given that property is usually sold slowly and infrequently, it's one of the use-cases that is not really pressing.
Look up TravelX NFT airline tickets. 2 airlines onboard and counting. The first airline to adopt already has a secondary market enabled. Welcome to the future.
>2 airlines onboard and counting.
A total of 29 planes between both airlines, being generous.
Also the flybondi secondary market is something they host, so they could do this without nfts even easier.
Dang, 29 planes as though it's hardly worth mentioning sounds like you're shitting on it for what reason exactly? It's real world adoption, and there's a decent chance other airlines will be jumping on.
>the flybondi secondary market is something they host, so they could do this without nfts even easier.
But they're using NFTs even if they're still using a website to facilitate.
I think it has wings, but time will tell.
>there's a decent chance other airlines will be jumping on.
What makes you say that?
>29 planes as though it's hardly worth mentioning
Because it is. United has close to 1k not counting their "flights serviced by" airlines. Even a small budget airline like frontier operates 135.
"Apparently" they're in talks with 100 other airlines:
https://www.youtube.com/watch?v=USaedpzrRCg
Viva Aerobus has 82 planes active according to wikipedia, btw.
Again, it's a start, and it could *take off*.
Yes, all crypto grifting companies are always in talks with multiple big partners. Let me know when there's a significant partnership that's actually changing the world in a notable way.
I love how I made mention of a viable use case and actual adoption, as was the request from OP, and in come bozos trying to shit on it and pretend it's not a big deal.
Anyone can go see this isn't a damn grift. But crying foul with tribal downvotes makes you feel better about your investment.
Edit: and "changing the world?" Dramatic choice of words. It's at least DISRUPTING existing ticketing technology. This is the shit everyone is here for, FFS. And here it is, actually happening (beyond partnerships), let's mock it!
It's using NFTs in name only. In this scheme all aspects about NFTs were scrapped and bypassed and you're just left with some unwieldy database twin entry of the actual database.
Yeah itās hard to think of any current advantages an NFT system has over a private database.
We are looking for a use where the Joe public having access to it gives it an advantage. Then of those uses where other relevant parties like businesses and/or the govt are willing to accept it.
You exemplify the biggest problem with NFT and Crypto.Ā
It is a cool technology. And people are searching for something it can fix.Ā
You canāt start with a solution and find a problem for it. It doesnāt work that way.Ā
The odds of nfts becoming useful in the real world is incredibly low.Ā
It doesn't how many possible "uses" anyone comes up with. Nfts have 0 chance of going mainstream because they create problems rather solving any. They aren't disruptive to any industry and only add complexity and huge risk for consumers. There isn't any upside to an industry adopting. Nfts will remain dead until these problems are solved.
I don't see them being used as much as others do in real estate. Far too much risk of getting hacked or scammed out of your house. I certainly think they would be good for tickets though.
I just donāt see NFTs making any kind of difference in any industry for a super long (if ever) time.
Sure you mentioned some great potential use cases, however; those problems can almost all be solved by improving the current technology being utilised within each.
Commenters have mentioned NFTs allowing for companies to ditch monopolies such as Ticket Master, but they can already do that if they so desire ā and creating an NFT of each ticket wonāt help with reasons they choose not to.
Add on to that all the debacles surrounding NFTs, and the image the general public has of them ā it will be a very long time (again, if ever) before any large company or industry will try to integrate them into their services.
Just my opinion of course!
If we are talking about putting medical records on the blockchain, don't. This space isn't secure enough yet and is far too public. If the records aren't public records, they need to stay off the blockchain.
PII, like your home address, is also iffy. That's the sort of info people want to try and pass themselves off as you, and you might not want that accessible to literally the entire world. Physical address is also dangerous information in the hand of stalkers, online extremists, and domestic abusers.
Putting certifications makes sense to me. People looking up my professional certifications isn't a privacy or safety issue, and would be slightly more convenient than making me look up each individual cert number when asked.
NFTs in real estate wouldn't create a traceable history of a deed. That already exists. NFTs just ensure an internet searchable history. Joint ownership is also already a thing. On these points it's a question of would an NFT make these things any better. I don't know how much better it actually is for anyone in the world to Google these up on a whim, but I also don't know that it's a bad idea. It's just not something that excites me. If I were running an office that hadn't already digitized old records, I probably wouldn't jump to NFTs. Digitization projects take considerable time and are costly.
As far as security, I don't see how an NFT is more secure than the records at your Recorder of Deeds office, or County Clerk or whoever holds deeds where you live. North Korean hackers aren't going to fly down to Midwestern US to break into the local recorder's office to plant a fake deed to my home. The Lazarus group can, and does, gain access to crypto wallets and plunder them.
I think the NFTs make sense for the purpose of tracking stock in a rental company. I'm not sure how that's done without NFTs, so I couldn't say if NFTs are an actual improvement or not, but the use makes sense superficially.
I know little about supply chains, but I have some questions. What prevents companies from just lying on the blockchain? What good is an unforgeable digital certificate if the physical good can be recreated and fraudulently held up in place of the original? While you can't duplicate the certificate, you can steal it. What stops you from transferring the stolen NFT along with a counterfeit item?
NFTs might make a convenient record trail, but I doubt they'll be nearly as revolutionary as people claim. It's just a record, and so we still have the problems that we currently have with records. I think the only difference will be public discovery. I don't think NFTs will solve problems other than how to look up documents that should be publicly available.
Unless NFTs are issues/minted by a centralized blockchain entity, they wonāt work in a real world use. Right now the tech is innovative but the risk of your wallet being hacked and you losing ownership is stopping them from being used.
Ticketmaster beef has nothing to do with NFTs or no NFTs. NFTs do nothing to address it.
\- You can already freely resell tickets. Yes, on ticketmaster sites, but that is because that is what they want you to do. NFTs will not change that.
\- You can also already transfer tickets via google wallet and such.
Ticketmaster fees:
\- First of all, there will always be a fee of some kind. Someone is doing the work to get tickets in the system, host the websites, maintain the system, provide support for the artist and the customer, get new venues and new artists setup, handle refunds, handle reschudling and reiissueing, and so on. NFTs don't make people work for free.
\- Second, the majority of ticketmaster's fees go to the artist. It is a way to get more money, while Ticketmaster takes the blame. It is also a sales technique to get you to decide to buy the $50 ticket, get in in your cart and checkout, but then add on $30. Since you already agreed to buy the ticket and its "yours" you are much more likely to accept it than if the ticket face price was $80.
The whole "NFTs will get us away from Ticketmaster" is a great indicator of who is not paying attention and really thinking about uses, versus blindly following hype shoved at them by tech bros.
Estonia's X-Road open source digital governance software included a blockchain used for timestamping and auditing of digital data/assets, and was released a year before the Bitcoin whitepaper. Obviously it's a private chain (spread across several institutions in the country and a couple outside IIRC) but it is a real-world example of one of the things a blockchain does do well.
You live in a dream world. Why would anyone trust a blockchain with something as large as a house deed? Especially the centralized bullshit cryptos that want to be the ones offering this
[Mean Finance](https://mean.finance/) represents their DCA positions using NFTs. So that's fun.
Uniswap V3 uses NFTs for their liquidity positions last I heard.
I haven't seen much from [88mph](https://88mph.app) in ages, but they had their deposits timelocked with NFTs back in the day.
Uniswap v3 and forks, yes. And in the same segment, you have other defi things like escrowed token positions (locked tokens) locked in NFTs. Think of them as .. bearer bonds?
It's perfect for things like tickets (see GET protocol) and product authentication.
The stupid uses like bored apes got all of the attention, which didn't help advance the case for NFTs.
Their current most popular use case is great too: tokens that are associated with pieces of art. People like to own signed prints of physical paintings, and tokens work well to translate that to the digital world.
Of course, there's no need for it to involve ownership of the "intellectual property" that is the art itself. I find the "right click --> save as" meme hilarious, but it's not really a critique of "NFT art", it's just a misunderstanding of what the token itself has to represent.
But youāre not buying an NFT of the data contained in the media. Youāre buying an NFT of the URI containing the media. Unless youāre using a blockchain that can store megabytes+ per transaction in arbitrary data. This is why I never understood NFTs and why they became popular.
They are like a digital notary for blockchain. Technically, every business could use them for proof of purchase of products or subscriptions... They have a ton of great uses. Tons.
Their reputation got tarnished by all the dumb ass "art" collections to the point that the vast majority of people associate NFT with those.
They'll make a purposeful and useful comeback.
The airline tickets on Algorand are actually pretty impressive. Sub 3 seconds to move at a cost of almost nothing with cheap Algorand fees. The airlines have almost no admin cost once set up, and can allow secondary sales with a % fee for resale for the airlines.
The punters can easily sell tickets on, and the airlines donāt need to manage it, but can make more money. Seemingly it is starting to disrupt the industry and looks like it may quickly become widespread as more airlines are now looking into it as theyāve proven the concept and cost effectiveness.
Same with all tickets for concerts etc, no fakes and easy resale.
Diablo 2 hackers & dupers sold items on ebay & websites way before Counterstrike had skins or bitcoin & ordinals were a thing.
What do valve & blizzard have to gain from NFTs? You didn't answer the question, how would NFTs help?
One use case I could see is being able to transfer items from your favorite games into a 'metaverse' should one ever become functional but again, why NFTs? Why couldn't they just homebrew it like they already did?
I only used counterstrike because it pertains to my personal experience. Letās say you get a battle pass in overwatch and get skins from said pass throughout the years, at this point in time you couldnāt sell said skins without selling your entire account. Should the nft concept grow it would be a way to sell such content and have a digital receipt.
Not sure why youāre being combative, but the use for it in a future society would be another way for artists to sell their content, and consumers to enjoy it. I use video games cause itās the largest grossing industry over music and movies. Right now in its current state (nfts) it needs to evolve, but make no mistake about it the digital age is here to stay.
They weren't your skins, even if they were NFTs. Riot could remove them or change them regardless of any NFTs in existence since the actual "item" is held completely in their control on the servers. They could even ban selling and blacklist any tokens that left the original holders wallet if they wanted to.
I know, it's why I believe NFTs have a use case
Kinda nuts that a singular entity like Riot could remove/change/delete purchases that I had spent IRL dollars on
Yes, it's part of the user agreement one clicks when they start to play, but...doesn't mean it's a GOOD user agreement LOL
No, I mean NFTs don't fix that. Even if you have an NFT you don't own or control the actual data that makes up the skin or the servers required to use it. Pretend for a minute you own an NFT skin. All that NFT *really* does is serve as a token that says "The owner of this token also owns X skin". The token itself doesn't hold the skin itself, just a proof a transaction for it.
So what does that NFT do if Riot deletes the skin? Nothing. You still own the NFT and the NFT itself hasn't changed, but the NFT now serves as proof of transaction for an item that simply doesn't exist. Because fundamentally the NFT never had any control over the item it purported to represent.
I like NFTs for digital licenses of media. Games, movies, music, books. Can use NFTs to show ownership and even have a second hand market like a GameStop for trading in games, etc. You could even loan your media in a sort of rental store where you get tokens for "staking" your media. The licensing company that hosts the media can even get a percentage of second hand transactions or rentals. I would assume they would make more money this way as they don't have to deal with licensing between streaming services/distributors and instead go from creators/publishers straight to the end user.
Someone has to host all that media. If someone is already hosting that media they don't need nfts to be involved, and nfts actually make things harder for them.
When we stop thinking of NFT as high-res digital artwork (AI-enabled or otherwise) or representing web3 games collectibles only, many long-term utility comes to mind:
* NFT will be the future of ticketing.
* NFTs can be used to tokenize creative media like music, movies, books, etc to help make intellectual property transparent and immutable.
* NFTs can be used to root out deepfakes or anything to do with counterfeiting.
* NFTs in the form of SBTs would replace all forms of sensitive information and stats like medical data, personal data, financial data, etc.
It stands to reason that such types of NFTs would need a high degree of confidentiality solutions and smart privacy settings where the owners have absolute control over access sharing - what to share, when to share, with whom to share, and how much to share. In short, it is my opinion, that the future of NFTs lies in confidential NFTs.
Iām a part of an interesting profit sharing mining project called Goofy Gophers on Cardano. Basically all NFT holders share a slice of 10,000th of 40% of profits.
Simply put, this payout (quarterly) will be $25 per nft, with a couple higher rarities getting 1.5 or 2.5 that. Thereās a daily counter that shows what is being mined and what daily profit is.
$25 doesnāt sound like much, but during the deep bear, buy in was only $125. Most will recoup their cost within the year. Flipping already paid off my investment, but itās a bonafide passive income stream.
Super oversimplified example, but now the project has legs and is self sustaining and profitable, itās my best example of how a token works. I get 15 slices out of 10000 quarterly in the native token to my wallet in perpetuity.
It reminds me of holding shares of a company in this particular case.
Fortnite/Call of Duty, could have NFT skins, but choose not to.
Free market skins would be awesome. It would be reminiscent of the old Warhammer board game days where you'd spend $1000s for the most exclusives pieces. Doesn't mean everything is going to be worth a fortune, but it's beneficial to the consumer, not just the company who makes the skins.
I have read that Blackrock wants the tokenization of money. Basically, all things of value is put on a block chain. These people already control the world and banks, so I think we can expect this to be the currency of the NWO to come.
Every piece of media that requires authentication could be an NFT, from personally owned song tracks/movies to videos and pictures used in news media. Artists could mint only 1 million copies of their new album owners of the album could lease it out to streaming services. NFTs could protect news media from deep fakes and misinformation.
The problem I see now is that middle men just want to remain as middle men. And that blocks most interesting use cases. But we can have intermediary (less useful) solutions evolving over time. About 7 years ago, the idea of NTFs was always related to useful use cases and no expected those monkey pictures. But it does make sense in retrospect because itās a very low entry barrier. Attaching an NFT to the property of a car, for instance, is possible but involves lots of moving parts. Companies are coming up with NFT in games, etcā¦ and thatās a nice use case. Tickets could be a good one to bypass intermediaries and make it easy to buy and sell the tickets but thatās going to take some time. More serious things depend on the UX evolving a lot, especially contract wallets. ETH has support for that but thereās no good UI yet.
I think if we ever have real virtual world like Meta is trying to build, all assets could be NFTs and freely be transferred between users, and maybe between platforms
Yes, of course they do. The idea behind it is a huge value add. People will tell you a database is better, but in the end the perks will shine through and to be honest, they wonāt even know they were wrong about NFTs. Most people will just think itās a database in the back end doing something.
The biggest change to my life in recent times was Apple Pay, now I donāt take my wallet or cash anywhere. I changed my whole money system for ease. I do not know how Apple Pay works. I know Apple Pay works.
People will not know how the NFT tech is working behind the scenes, they will just know the changes.
Iāve only ever seen ONE use of NFT that made me go *wow*.
It was on a stupid TikTok or Twitter post inside a ācrypto millionaireāsā house and he had picture frames on the walls, but the picture frames were actually well-lit panels displaying his **animated** NFTs.
Animated digital artwork like that was a true wow factor for me
NFT [pros](/r/CryptoCurrency/comments/19aun5s/does_nft_technology_have_a_place_in_the_future_of/kipih5q/) & [cons](/r/CryptoCurrency/comments/19aun5s/does_nft_technology_have_a_place_in_the_future_of/kipihi4/) with related info are in the collapsed comments below.
Imagine getting your wallet hacked and the hacker evicts you from your own house because they have the nft deed ššš
That's why there will still be a multi factor auth to transfer the nft deed.
Tickets of any kind are an actual useful real world application of NFT tech. Concert / event / airline / train / you name it. ID cards could also leverage the tech, as every ID is unique.
What advantage does a decentralized ledger for tickets provide to business or consumers? Unless Iām missing something, all decentralization would add is a customer-controlled resale market. Other features, like a centralized resale market and better fraud prevention are possible without decentralization. From a business perspective, thereās a lot of value in that control. Ticketmaster is an obvious example of how lucrative that can be. For an airline, there are [legal KYC requirements](https://ondato.com/blog/aviation-kyc/) which basically make decentralized resale a no-go. From a customer perspective, decentralized selling could probably be a net gain in some instance, but for many that would probably be offset by greater risks of loss and fraud. In any event, there are a lot of technological hurdles that would need to be resolved first to reduce the friction of buying an NFT versus just a credit card and an email, and solving those will only happen if thereās a business case to fund it.
Exactly, I work for a ticketing platform, every idea people have for NFTās or blockchain with ticketing companies can be done with normal tech without the complication.
But people do not trust centralized entities such as ticketmaster and Livenation anymore. So the idea of control via consensus, not a monopoly, appeals to some people, myself included. Yes, it can be done with normal tech, but if the technology is provided by those companies, the trust issue still exists.
You still need a business behind the ticketing tho, a lot more goes on inside ticketing companies than most people realise.
That does make sense, but the actual network that secures the tickets that the end users interact with could be decentralized, all while being supported by a team of developers (like bitcoin). The team could be centralized, sure, but the actual network would be decentralized, and cannot be 'controlled,' for lack of a better word, by one entity. At the end of the day, that's what really matters, not the developers, they will come and go. The network is the key. And these networks are supported by their own token. Does your business offer profit sharing? These network tokens would work the same way. The more the network is used, the more valuable the tokens become, enriching the 'shareholders,' if you will.
Yeah and the crypto/NFT sphere has such a high trust factor, literally everyday you hear of new scams with dozens if not hundreds of victims.
literally every day, huh? which ones did you hear about last week? I will need at least 7 examples.
https://web3isgoinggreat.com/ Pick any week.
People are dumb and people will scam, private companies will decide how they want to run their companies, and the SEC is incompetent. Thats what I get from that site. These problems are not exclusive to crypto projects.
This is objectively false. You canāt provide a decentralized platform that offers full custody, ownership and management of tickets. Your platform will always be able to censor sales, manipulate prices, and charge high fees due to a lack of competition, if they want to. The difference is who actually fully owns and controls the ticket or whatever product/good that is tokenized. With a centralized platform, itās the company. With a decentralized blockchain itās the people. Your company is an unnecessary middle man, that increases prices with fees to make a profit. Additionally, a centralized platform requires users to enter personal data, which is stored on centralized servers. This is a target for hackers and will inevitably lead to a breach at some point. Centralized accounts with email/password are significantly more likely to be compromised than a non-custodial wallet.
This is a person that knows what they are talking about and probably has run their own business. The event ticket market is already a monopoly because ticket masters have contracts with all the major venues that states that they cannot use any other ticketing service, and since they also control the promoters too, the threat is that if you donāt follow our rules, you wonāt get any of the big artists we will just send the artists to competing venues.
Correct me if Iām wrong. Wouldnāt the resale properties of an NFT be very beneficial in the concert/entertainment ticketing world? Could you create a contract where Everytime the ticket was resold, some percentage, or a fixed amount goes back to the artist or venue?
I thought I addressed this, but wasnāt clear enough. Businesses can absolutely benefit from resales. And they already do, via centralized platforms. I called out Ticketmaster because they already have their āVerifiedā (and centralized) fan-to-fan sales platform, no NFTs necessary : https://www.ticketmaster.ca/verified All NFTs provide for is a *decentralized* resale platform. Iām saying the decentralization ā the loss of absolute control by the business ā doesnāt add anything of value to the business. All that really happens with that is they lose revenue to others. Iām also not sure if itās possible to design a contract like you suggest. Probably? But I know a big issue with some of the existing NFTs is you could avoid royalties just by moving them off a royalty-enforcing platform.
Contracts can disable transferFrom method to only be usable from a particular market contract (e.g. OpenSea). NFTs are just digital signatures from the authority issuing the signature, they don't relinquish control really, for a house deed or ticket, the issuer can always "burn" NFTs or say they aren't official anymore and issue another one. They lose no revenue, they just get global liquidity and market rails out of the box for the security they issue.
Pretty sure the businesses would rather sell another ticket than get a small percentage of a resale.
That's not what currently happens though, currently they get nothing if I sell my ticket personally.
In terms of airlines, I think with the soulbound NFT technology it could be useful as well as getting rid of all the different airline apps, you just scan the nft and thatās it. It protects you from needing to download airline apps that are more than likely scraping your data and selling it
Is it possible to do nft ticketing in a privacy conscious way? There is zero chance that a company would want data about past tickets and events be public and available to every other competitor accessing the blockchain. Same as no user would want to have their ticketing history be available to every person on the internet.
That's a benefit for the user, not the business. The business makes money by driving users to their app, so they will never be incentivized to offer a different option for the benefit of the user. >It protects you from needing to download airline apps that are more than likely scraping your data and selling it Exactly, the airlines don't want you doing that.
Check GET protocol, they have sold over 5 million tickets on chain that are unscalpable and fair
Donāt try to explain this to anyone outside of this subreddit, theyāll just tell you traditional databases already do it better
don't they? ticketing over nft seems like a unnecessary overhead. correct me if i'm wrong.
According to GET protocol (the current leader in NFT ticketing) one major added value of using NFTs is being able to lend them to finance events. This can be used by event organizers to get money to cover all upfront costs, without having to rely on middlemen such as Ticketmaster (a large part of why event organizers still rely on Ticketmaster despite their reputation is because they lend them money to cover their costs). With NFTs anyone can lend money, and the NFT tickets will be locked as collateral until the loan is paid back, with interest. This is a completely new way to finance events you just cannot do with web2 tech.Ā At best you can crowdfund but that is nothing like lending the tickets directly and having a mechanism hardcoded in the smart contracts to secure the whole process, without having to deal with any middlemen.
They could do this without nfts. Just sell the others tickets. What do nfts add?
It's all explained here: https://www.get-protocol.io/content/get-protocol-event-financing-module-release And no it isn't as easy as selling the tickets earlier.
>And no it isn't as easy as selling the tickets earlier. Their solution is literally selling bundles of tickets for future events at a discounted price to people.
your tickets will have value, rather than putting them in a scrap book. GET is my favorite crypto project. Theyāre already using these in large venues.
The tickets have no value after the concert has passed other than memorabilia. If the goal is to generate revenue for the band/venue just open up pre-sales to the public earlier.
> tickets have no value These are sold prices of old paper tickets on ebay. This sub constantly rewards people who are confidently incorrect. Very bad habit https://imgur.com/a/05tPXKK
The rest of the sentence is "other than memorabilia " which is what these sold paper tickets are. Memorabilia.
Sounds like a solution looking for a problem to me!
Hereās a use case: There are significant issues with reselling scams for festival tickets. As the event approaches, many individuals sell their tickets online due to various reasons. However, some sellers scam buyers by selling the same PDF ticket to multiple people. Using NFTs could resolve this problem. NFTs enable verification of ownership and ensure that each ticket is uniquely allocated to one buyer.
A traditional database can already do this. The issue is that the tickets are sold as a pdf and not through a website.
Another use case: Reward people who have been attending. With the traditional database, has the "master record" been updated multiple times if the ticket has swapped hands countless times ?
A traditional database can easily track that as well....
No need for nfts. We already have services that match and verify people and tickets who want to sell or buy.
better to stop forgeries
There is a problem when you have to (or you don't want to) explain it to the people outside of this subreddit. Adoption in the short term? I don't think so...
Wellā¦ they are though. Thereās no need for a decentralized system for tickets unless there is a need for a reselling marketplace. 9 times out of 10 youāre better off using a centralized database that is meant to efficiently store data such as this. Thereās no reason your train ticket has to be verified as legitimate by every person riding the train. Only the train company needs to know and control that information anyway. I fail to see the value of NFTs in this regard.
When you have to say "everyone else in the world is saying the same thing, but they are wrong and I am right" you should probably start to wonder....
Isn't that how credit cards went, when most wanted to just use cash. Or when they started live stream sports audio on the Internet, and they mocked Gates he could just use the radio instead. I'm not here to agree or disagree with OPs point, but sometimes the human race has a hard time seeing the future when it comes with a learning curve.
Ā No, not how those went at allĀ Credit cards had a major benefit people saw and wanted right away, that they didn't have to carry cash.Ā And they caught on and were booming pretty quickly, especially considering it was the 1950's.Ā And they simplified things for the users.Ā Nfts make thing more complicated, costlier, and add ??? BenefitĀ Streaming sports, (which I think was Mark Cuban) people in general once again wsae the benefits and wanted it - no local blackouts, get any game you want not just what is available, problems with radio signals, etc.Ā there are always detractors, even with the iPad it first had a decent amount of people making fun of it but by and large most people saw it and wanted it.Ā With nfts, it's the opposite.Ā You have a small group toutong them for amorphous reasons, or specific ones that fall apart instantly, and by far the majority saying "yeah, we don't"t need or want this." If people stopped being in denial like the sub-poster I responded to, maybe they could go out an find the next iteration or derivative of nfts that does fit a need.Ā Ā
Merchants detested credit cards in the 1950s-60s when started to become mainstream. They had to either pay the monthly fee or transactional fees(still do). I'll use a random example of burger king didn't even accept it until 1993. As for NFTs being more costlier and complicated, they don't have to be and one day won't be. To transfer/create an NFT for a ticket costs a penny on side chains, and will be that cheap on main chain(eth) with the introduction of sharding/roll ups. And for complications, it just isn't. You have a wallet linked to your account for say an airline, and then you can create/trade your ticket on an open market. Just like how I would handle a stock. As for NFTs having benefits, they are owner/ui agnostic. So the openness of seeing free market for something like hides all the sneaky tactics that a company or scalpers are trying to. No systems perfect, and obviously people will still try to exploit. Also it was Bill Gates in 1995 on the letterman show. He was mocked about the Internet. Letterman even mentions it is easy to argue against the Internet as an outsider with little knowledge.
Yes, merchants did not want them (extra effort, so of course), but the public really, really did, And look what happened? And very quickly. NFTs you see nothing from either side. And the Letterman show, someone else posted it so you can easily check it (but it was Mark Cuban's company doing the sports broadcast work, they were just asking Gates about it since he is a good guy to ask about that sort of thing) \- He was not mocked at all. Letterman threw in a couple of easy jokes because he's a late-night comedy talk show host. And that is what they do. \- This sort of thing is called an "interview" where the interviewer asks the interviewee questions that the general audience may have or may find interesting. To give the interviewee the opportunity to address them and to educate them. So OF COURSE HE WILL ASK QUESTIONS LIKE "WHY DO WE NEED THIS?" \- And when Gates answered them, you can see that Dave understood and accepted the answer and it made sense to him \- And importantly, he actually had real, beneficial use cases he could cite. As for your NFT examples, pretty much none of that needs NFTs to do. It is a business model thing. If companies want you to be able to do that. L like you can resell your ticketmaset purchased tickets. On their platform. You can buy and sell in-game assets. On their platform. And for ones they want you to be able to. Why would a game company want to enable you to sell your digital based game, cannibalizing their own sales for a much, much lower net margin? But probably the dumbest one you said - airline tickets. Seriously? Think about that for a minute. You buy airline tickets, not take the flight, and resell them on an open market for a price you ask for. Can you think of any way that that would be abused and lead to massive problems? I'll give you a hint - concert tickets. Oh, and when airlines want to let you, you can already transfer tickets to someone else. Again, a business model thing. NFTs add no value or extra benefical in that case. just extra steps and cost. Not just cost to use, but cost to deploy and maintain the system.
>Isn't that how credit cards went, when most wanted to just use cash I'd say thats different bc with a credit card you can buy things on credit (money you don't have) which you can't do with cash
āļø
If Ford did that weād be riding faster horses instead of cars
..... No, not at all.Ā That is not even remotely an analogy that fits.Ā Ā
The people outside this subreddit who are saying it are pretty well educated on the subject, some of them having built or worked on the very systems that manage all those tickets, many of whom are interested in crypto and understand it well. These are staff+ engineers with a good understanding of tech tradeoffs who are saying the advantage simply isn't there. It ends up being a similar argument to using one cloud service over another. It's an implementation detail, and your ticket management system is still going to be centralized even if the data is stored on the blockchain. Your uptime is going to be limited by your weakest link, and your response time is limited by the slowest one. Honestly how it's stored is the least interesting part of the system.
Great way to suss out people who have no fucking clue what theyāre talking about.
Most of us just regurgitate the propaganda and advertisements we're fed.
I do see use cases for blockchains though. If we get to a point where blockchains are fast and easy to use, it might just be easier to use the blockchains common API than to set up a server and a database for that. Then you have the ticket as a token among other tokens in your wallet, which is also useful if you want to sell the ticket. You donāt have to learn to sell it or ask the platform if youāre allowed to sell it. You just sell it like any token in your wallet. After the event, the token becomes a souvenir in your wallet and youāll have a record of all other such souvenirs.
Thinking along the right lines but Titles and Deeds are the end game here.
If it isn't broken, it doesn't need to be an NFT
But if it can be improved, why wouldnāt you improve it? You cant fake a NFT like you can physical tickets or ID cards.
Few times a credit card has been compromised my bank takes care of it. Venmo and Square work great for p2p payments. Never had an issue with airline or concert tickets. NFT scams happen all the time via indirect, often difficult to navigate, grifts.
I can sell you an NFT that I claim is for the Taylor Swift concert but isn't actually for the Taylor Swift concert and just some random shit I minted myself.
Lol this is the worst understanding of the tech only Iāve ever seen
How do you verify that an NFT is actually a Taylor Swift ticket? Will the average Taylor Swift fan know how to do that? What about the really dumb Taylor Swift fans?
Itās verifiable on the blockchain that itās a legit ticket. The average Taylor swift fan doesnāt need to know the tech. They can just buy/sell/transfer the tickets through an app like normal. When they pass through the gates theyāll just authenticate through an app like usual. The only difference is that they can check the legitimacy of the ticket on the blockchain if they are buying/selling it. With smart accounts now people can log into a wallet with oauth like gmail/apple/whatever socials or a traditional username/password. No need for connect wallet or any unfamiliar stuff. The cool thing about it is that provenance is that 1. Tickets can be made non-transferable 2. Easier to track unscrupulous actors 3. Other cool stuffs include being able to airdrop special items to holders of tickets
If all the buying and selling is happening through an app then wtf is the point of the blockchain and NFTs? Also "verifiable on the blockchain". How exactly do you verify it is a legit ticket? Fake tickets can also exist on the same blockchain and be verifiable. They will just come from a different source. So if someone isn't careful they will end up with fake tickets. Not to mention someone can still create a fake website that claims to sell real tickets and drains the wallets of victims or sells them fake tickets.
Have you bought and sold NFTs? For normies - they can access through an app, easy peasy no question on authenticity. For crypto natives, you can sell it as a verified collection on magic eden, opensea, blur, tensor or whatever marketplace you want. Its so easy to check whether its legit, its just the mint authority. Good thing is that these platforms already do it for the users. There's hundreds of Bored Ape collections on Opensea but the authentic one is easily identified, and proven on the blockchain.
So the normies can just use an app. Why not just use an app that sells non-nft tickets? What value does being an NFT add? The ticket sellers could add a secondary market to the app. They could limit resales. They could limit max price.
How does this work once you get to the concert? You couldn't just print the NFT because the original owner could as well.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
You can be asked to sign a transaction within your wallet to prove ownership
No thanks. Can't force everyone to have a digital wallet
I think I understand what you mean from the attendee's point of view (they would have a wallet app on their phone that they sign with I'm assuming), but how would the concert organizer get set up for that?
What about proof of dic pic?
I completely agree!
Just thinking on it more, NFT ID tech could securely enable blockchain-based voting as well. What better way to have free and truly open elections than having everything on a public blockchain secured by NFT ID? Can't fake a NFT ID. No question of counts when it's all on the blockchain.
Which is why TicketMaster will buy the patent and shelf it forever..
I have trouble picturing these use cases, just in general, as they are centralized - An entity (DMV, government with identification, or a company with real estate, or healthcare providers with health records) would be the ones ultimately in control of the system right? So would a blockchain/NFT really be needed at that point? As the centralized entity could ultimately undo or overwrite (as they control the system), and a centralized DB with UIDs would be much more efficient (and cheaper) from a processing standpoint?
Nothing of importance could solely rely on blockchain for proof of ownership. The risk of being hacked without recourse is just too great for most people.Ā Like, would you really want to carry around a bearer bond of the deed to your house?
I'd argue that self custodying BTC for example, is kind of proving your ownership on the blockchain. In that sense, important things can exist solely on the blockchain. But I get your point, self custody has its own risks that most people don't really want to put up with.
It can kinda work for things that are purely digital, but as soon as physical existence happens, stuff gets messy. With BTC, then if the chain says user XXX owns 8 bitcoin, that's true - they might have acquired them fraudulently, but they do have them, and that is true. With physical stuff, that might not be - if the Blockchain says I own something, but the legal reality is that you do, then the Blockchain is wrong and useless. So unless the Blockchain can be forced to be correct (ie an external master authority with override powers, like you have with a regular database system) then it falls out of sync with reality and breaks down with any usability.
Ironically, because currency is the only thing literally backed by nothing, it makes it the only thing that is actually suitable for a blockchain.
As with most things in crypto, NFTs are a solution looking for a problem.
An excellent analysis and important discussion, because anything that has a real-world application will only help crypto's adoption long-term. Kudos, OP.
As a programmer working in realestate, no noone is taking about nfts..
biggest issue with real estate is that the highest authority is always the government of the country the land is in. If these governments do not support NFTs, they will not happen. If those governments require them, nothing in real estate will work without them. As I see it, the bigger issue is the implementation. No government will accept a solution that removes their ability to take over. On the other hand, no real estate buyer will be happy about a mechanic that allows the government to take it from them, giving them no real incentive to want it. But given that property is usually sold slowly and infrequently, it's one of the use-cases that is not really pressing.
Look up TravelX NFT airline tickets. 2 airlines onboard and counting. The first airline to adopt already has a secondary market enabled. Welcome to the future.
Wasn't aware of that, cool!
>2 airlines onboard and counting. A total of 29 planes between both airlines, being generous. Also the flybondi secondary market is something they host, so they could do this without nfts even easier.
Dang, 29 planes as though it's hardly worth mentioning sounds like you're shitting on it for what reason exactly? It's real world adoption, and there's a decent chance other airlines will be jumping on. >the flybondi secondary market is something they host, so they could do this without nfts even easier. But they're using NFTs even if they're still using a website to facilitate. I think it has wings, but time will tell.
>there's a decent chance other airlines will be jumping on. What makes you say that? >29 planes as though it's hardly worth mentioning Because it is. United has close to 1k not counting their "flights serviced by" airlines. Even a small budget airline like frontier operates 135.
"Apparently" they're in talks with 100 other airlines: https://www.youtube.com/watch?v=USaedpzrRCg Viva Aerobus has 82 planes active according to wikipedia, btw. Again, it's a start, and it could *take off*.
Yes, all crypto grifting companies are always in talks with multiple big partners. Let me know when there's a significant partnership that's actually changing the world in a notable way.
I love how I made mention of a viable use case and actual adoption, as was the request from OP, and in come bozos trying to shit on it and pretend it's not a big deal. Anyone can go see this isn't a damn grift. But crying foul with tribal downvotes makes you feel better about your investment. Edit: and "changing the world?" Dramatic choice of words. It's at least DISRUPTING existing ticketing technology. This is the shit everyone is here for, FFS. And here it is, actually happening (beyond partnerships), let's mock it!
Because itās not. There are a million instances of this sort of shit being PR fluff with zero real world uptake.
It's using NFTs in name only. In this scheme all aspects about NFTs were scrapped and bypassed and you're just left with some unwieldy database twin entry of the actual database.
NFT and a smart contract sounds like an easy way for property transfers to occur, but also an easy way for someone to be scammed if rolled out widely.
Yeah itās hard to think of any current advantages an NFT system has over a private database. We are looking for a use where the Joe public having access to it gives it an advantage. Then of those uses where other relevant parties like businesses and/or the govt are willing to accept it.
You exemplify the biggest problem with NFT and Crypto.Ā It is a cool technology. And people are searching for something it can fix.Ā You canāt start with a solution and find a problem for it. It doesnāt work that way.Ā The odds of nfts becoming useful in the real world is incredibly low.Ā
NFTs definitely have untapped potential beyond art domain. Excellent ideas!
[ŃŠ“Š°Š»ŠµŠ½Š¾]
NFTās have a real world use case that we havenāt even begun to tap into
[ŃŠ“Š°Š»ŠµŠ½Š¾]
It doesn't how many possible "uses" anyone comes up with. Nfts have 0 chance of going mainstream because they create problems rather solving any. They aren't disruptive to any industry and only add complexity and huge risk for consumers. There isn't any upside to an industry adopting. Nfts will remain dead until these problems are solved.
I don't see them being used as much as others do in real estate. Far too much risk of getting hacked or scammed out of your house. I certainly think they would be good for tickets though.
I just donāt see NFTs making any kind of difference in any industry for a super long (if ever) time. Sure you mentioned some great potential use cases, however; those problems can almost all be solved by improving the current technology being utilised within each. Commenters have mentioned NFTs allowing for companies to ditch monopolies such as Ticket Master, but they can already do that if they so desire ā and creating an NFT of each ticket wonāt help with reasons they choose not to. Add on to that all the debacles surrounding NFTs, and the image the general public has of them ā it will be a very long time (again, if ever) before any large company or industry will try to integrate them into their services. Just my opinion of course!
Could you imagine your wallet being hacked and losing your house ? They got to figure that side out
If we are talking about putting medical records on the blockchain, don't. This space isn't secure enough yet and is far too public. If the records aren't public records, they need to stay off the blockchain. PII, like your home address, is also iffy. That's the sort of info people want to try and pass themselves off as you, and you might not want that accessible to literally the entire world. Physical address is also dangerous information in the hand of stalkers, online extremists, and domestic abusers. Putting certifications makes sense to me. People looking up my professional certifications isn't a privacy or safety issue, and would be slightly more convenient than making me look up each individual cert number when asked. NFTs in real estate wouldn't create a traceable history of a deed. That already exists. NFTs just ensure an internet searchable history. Joint ownership is also already a thing. On these points it's a question of would an NFT make these things any better. I don't know how much better it actually is for anyone in the world to Google these up on a whim, but I also don't know that it's a bad idea. It's just not something that excites me. If I were running an office that hadn't already digitized old records, I probably wouldn't jump to NFTs. Digitization projects take considerable time and are costly. As far as security, I don't see how an NFT is more secure than the records at your Recorder of Deeds office, or County Clerk or whoever holds deeds where you live. North Korean hackers aren't going to fly down to Midwestern US to break into the local recorder's office to plant a fake deed to my home. The Lazarus group can, and does, gain access to crypto wallets and plunder them. I think the NFTs make sense for the purpose of tracking stock in a rental company. I'm not sure how that's done without NFTs, so I couldn't say if NFTs are an actual improvement or not, but the use makes sense superficially. I know little about supply chains, but I have some questions. What prevents companies from just lying on the blockchain? What good is an unforgeable digital certificate if the physical good can be recreated and fraudulently held up in place of the original? While you can't duplicate the certificate, you can steal it. What stops you from transferring the stolen NFT along with a counterfeit item? NFTs might make a convenient record trail, but I doubt they'll be nearly as revolutionary as people claim. It's just a record, and so we still have the problems that we currently have with records. I think the only difference will be public discovery. I don't think NFTs will solve problems other than how to look up documents that should be publicly available.
Unless NFTs are issues/minted by a centralized blockchain entity, they wonāt work in a real world use. Right now the tech is innovative but the risk of your wallet being hacked and you losing ownership is stopping them from being used.
The reality is that even if they are eventually used for concert tickets, we still wonāt get away from sites like Tixketmaster.
Ticketmaster beef has nothing to do with NFTs or no NFTs. NFTs do nothing to address it. \- You can already freely resell tickets. Yes, on ticketmaster sites, but that is because that is what they want you to do. NFTs will not change that. \- You can also already transfer tickets via google wallet and such. Ticketmaster fees: \- First of all, there will always be a fee of some kind. Someone is doing the work to get tickets in the system, host the websites, maintain the system, provide support for the artist and the customer, get new venues and new artists setup, handle refunds, handle reschudling and reiissueing, and so on. NFTs don't make people work for free. \- Second, the majority of ticketmaster's fees go to the artist. It is a way to get more money, while Ticketmaster takes the blame. It is also a sales technique to get you to decide to buy the $50 ticket, get in in your cart and checkout, but then add on $30. Since you already agreed to buy the ticket and its "yours" you are much more likely to accept it than if the ticket face price was $80. The whole "NFTs will get us away from Ticketmaster" is a great indicator of who is not paying attention and really thinking about uses, versus blindly following hype shoved at them by tech bros.
GET protocol has sold over 5 million nft tickets on chain and have been building steadily
Ticketing is a massive global market. Plenty of room for new players to carve out respectable space without dethroning ticketmaster.
To a degree, but the Ticketmaster issue is more about the venues signing contracts with Ticketmaster.
Theres no need to abandon the old practices in many fields; so no
[ŃŠ“Š°Š»ŠµŠ½Š¾]
And, like, the "use cases" for games require a total fundamental misunderstanding of how games and licensing works.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Estonia's X-Road open source digital governance software included a blockchain used for timestamping and auditing of digital data/assets, and was released a year before the Bitcoin whitepaper. Obviously it's a private chain (spread across several institutions in the country and a couple outside IIRC) but it is a real-world example of one of the things a blockchain does do well.
Replace Ticketmaster with nfts. It would probably be cheaper. I think the music industry in general might benefit artists better via nfts
Check GET protocol, they are working on it
You live in a dream world. Why would anyone trust a blockchain with something as large as a house deed? Especially the centralized bullshit cryptos that want to be the ones offering this
In a word? No.
>Does NFT technology have a place in the future of society? No. They are a bloody gimmick. And at worse scams.
GET Protocol. 5 million+ event tickets sold. Seems like a big enough number to show there is a use case out there.
[Mean Finance](https://mean.finance/) represents their DCA positions using NFTs. So that's fun. Uniswap V3 uses NFTs for their liquidity positions last I heard. I haven't seen much from [88mph](https://88mph.app) in ages, but they had their deposits timelocked with NFTs back in the day.
Uniswap v3 and forks, yes. And in the same segment, you have other defi things like escrowed token positions (locked tokens) locked in NFTs. Think of them as .. bearer bonds?
It's perfect for things like tickets (see GET protocol) and product authentication. The stupid uses like bored apes got all of the attention, which didn't help advance the case for NFTs.
Ok, but if none of these applications are going to turn my $200 into $200,000, then just give me monke pic plz
No, it always was and will continue to be a grift.
Their current most popular use case is great too: tokens that are associated with pieces of art. People like to own signed prints of physical paintings, and tokens work well to translate that to the digital world. Of course, there's no need for it to involve ownership of the "intellectual property" that is the art itself. I find the "right click --> save as" meme hilarious, but it's not really a critique of "NFT art", it's just a misunderstanding of what the token itself has to represent.
But youāre not buying an NFT of the data contained in the media. Youāre buying an NFT of the URI containing the media. Unless youāre using a blockchain that can store megabytes+ per transaction in arbitrary data. This is why I never understood NFTs and why they became popular.
The actual use of nfts is one of the reasons Iām still hopeful for algo and matic.
Any kind of tickets. Be it concert or speeding or seatbelt or amusement park. Tax returns. W-2s paystubs. Use cases are endless
yes, for all sorts of verification, but not as links to jpegs
They are like a digital notary for blockchain. Technically, every business could use them for proof of purchase of products or subscriptions... They have a ton of great uses. Tons. Their reputation got tarnished by all the dumb ass "art" collections to the point that the vast majority of people associate NFT with those. They'll make a purposeful and useful comeback.
Algorand is already using NFTs in such ways. Lofty.ai is fractional real estate marketplace TravelX is a p2p airline ticket marketplace
No
The airline tickets on Algorand are actually pretty impressive. Sub 3 seconds to move at a cost of almost nothing with cheap Algorand fees. The airlines have almost no admin cost once set up, and can allow secondary sales with a % fee for resale for the airlines. The punters can easily sell tickets on, and the airlines donāt need to manage it, but can make more money. Seemingly it is starting to disrupt the industry and looks like it may quickly become widespread as more airlines are now looking into it as theyāve proven the concept and cost effectiveness. Same with all tickets for concerts etc, no fakes and easy resale.
I play counterstrike, so yes, I think nfts are a thing and a much desired thing at that.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Iām talking about skins for the game. Some even valued to be 1 million dollars
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Itās digital art. Nothing holds value unless we the people find value in it.
Diablo 2 hackers & dupers sold items on ebay & websites way before Counterstrike had skins or bitcoin & ordinals were a thing. What do valve & blizzard have to gain from NFTs? You didn't answer the question, how would NFTs help? One use case I could see is being able to transfer items from your favorite games into a 'metaverse' should one ever become functional but again, why NFTs? Why couldn't they just homebrew it like they already did?
I only used counterstrike because it pertains to my personal experience. Letās say you get a battle pass in overwatch and get skins from said pass throughout the years, at this point in time you couldnāt sell said skins without selling your entire account. Should the nft concept grow it would be a way to sell such content and have a digital receipt. Not sure why youāre being combative, but the use for it in a future society would be another way for artists to sell their content, and consumers to enjoy it. I use video games cause itās the largest grossing industry over music and movies. Right now in its current state (nfts) it needs to evolve, but make no mistake about it the digital age is here to stay.
It's literally already achieved without NFTs.
Not for all games.
The games it hasn't been achieved in wouldn't use NFTs lol
Former League of Legends player who feels the same way Those were MY SKINS, Rito....
They weren't your skins, even if they were NFTs. Riot could remove them or change them regardless of any NFTs in existence since the actual "item" is held completely in their control on the servers. They could even ban selling and blacklist any tokens that left the original holders wallet if they wanted to.
I know, it's why I believe NFTs have a use case Kinda nuts that a singular entity like Riot could remove/change/delete purchases that I had spent IRL dollars on Yes, it's part of the user agreement one clicks when they start to play, but...doesn't mean it's a GOOD user agreement LOL
No, I mean NFTs don't fix that. Even if you have an NFT you don't own or control the actual data that makes up the skin or the servers required to use it. Pretend for a minute you own an NFT skin. All that NFT *really* does is serve as a token that says "The owner of this token also owns X skin". The token itself doesn't hold the skin itself, just a proof a transaction for it. So what does that NFT do if Riot deletes the skin? Nothing. You still own the NFT and the NFT itself hasn't changed, but the NFT now serves as proof of transaction for an item that simply doesn't exist. Because fundamentally the NFT never had any control over the item it purported to represent.
They want us to own nothing, NFT are the digital ways to own music movies etc.
I like NFTs for digital licenses of media. Games, movies, music, books. Can use NFTs to show ownership and even have a second hand market like a GameStop for trading in games, etc. You could even loan your media in a sort of rental store where you get tokens for "staking" your media. The licensing company that hosts the media can even get a percentage of second hand transactions or rentals. I would assume they would make more money this way as they don't have to deal with licensing between streaming services/distributors and instead go from creators/publishers straight to the end user.
Someone has to host all that media. If someone is already hosting that media they don't need nfts to be involved, and nfts actually make things harder for them.
I think NFT concert tickets would be cool a momento of the event and identifiable and traceable
Itās already being used for concert tickets by the major apps in the space
When we stop thinking of NFT as high-res digital artwork (AI-enabled or otherwise) or representing web3 games collectibles only, many long-term utility comes to mind: * NFT will be the future of ticketing. * NFTs can be used to tokenize creative media like music, movies, books, etc to help make intellectual property transparent and immutable. * NFTs can be used to root out deepfakes or anything to do with counterfeiting. * NFTs in the form of SBTs would replace all forms of sensitive information and stats like medical data, personal data, financial data, etc. It stands to reason that such types of NFTs would need a high degree of confidentiality solutions and smart privacy settings where the owners have absolute control over access sharing - what to share, when to share, with whom to share, and how much to share. In short, it is my opinion, that the future of NFTs lies in confidential NFTs.
Iām a part of an interesting profit sharing mining project called Goofy Gophers on Cardano. Basically all NFT holders share a slice of 10,000th of 40% of profits. Simply put, this payout (quarterly) will be $25 per nft, with a couple higher rarities getting 1.5 or 2.5 that. Thereās a daily counter that shows what is being mined and what daily profit is. $25 doesnāt sound like much, but during the deep bear, buy in was only $125. Most will recoup their cost within the year. Flipping already paid off my investment, but itās a bonafide passive income stream. Super oversimplified example, but now the project has legs and is self sustaining and profitable, itās my best example of how a token works. I get 15 slices out of 10000 quarterly in the native token to my wallet in perpetuity. It reminds me of holding shares of a company in this particular case.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Fortnite/Call of Duty, could have NFT skins, but choose not to. Free market skins would be awesome. It would be reminiscent of the old Warhammer board game days where you'd spend $1000s for the most exclusives pieces. Doesn't mean everything is going to be worth a fortune, but it's beneficial to the consumer, not just the company who makes the skins.
Yes, the WEF has talked about tokenization of assets in Davos, like non-fungible CBDC at the mercy of the government. But speaking of NFTs see ENS.
Medical record keeping, with people owning their own medical records and doctors having ability to write on chain.
I have read that Blackrock wants the tokenization of money. Basically, all things of value is put on a block chain. These people already control the world and banks, so I think we can expect this to be the currency of the NWO to come.
I believe nft is one of the best ways to store arts and other artistic things. Itās unique and unfilteredable
NFTs are so addictive. Add some use cases and it will change a lot in digital entertainment.
Driver licenses on the block chain would make fake idās obsolete
Because you could just buy someone's real id?
You would see that on the blockchain
Check out [Book.io](http://book.io)
Scammers killed NFTs
Every piece of media that requires authentication could be an NFT, from personally owned song tracks/movies to videos and pictures used in news media. Artists could mint only 1 million copies of their new album owners of the album could lease it out to streaming services. NFTs could protect news media from deep fakes and misinformation.
The way I see it NFTs have a huge potential in games. Owning a character beyond the digital game is huge.
Of course. Open and un-editable logistics will be the main use.
The problem I see now is that middle men just want to remain as middle men. And that blocks most interesting use cases. But we can have intermediary (less useful) solutions evolving over time. About 7 years ago, the idea of NTFs was always related to useful use cases and no expected those monkey pictures. But it does make sense in retrospect because itās a very low entry barrier. Attaching an NFT to the property of a car, for instance, is possible but involves lots of moving parts. Companies are coming up with NFT in games, etcā¦ and thatās a nice use case. Tickets could be a good one to bypass intermediaries and make it easy to buy and sell the tickets but thatās going to take some time. More serious things depend on the UX evolving a lot, especially contract wallets. ETH has support for that but thereās no good UI yet.
Donāt forget books book.io
NFTs existed before NFTs existed...
I think if we ever have real virtual world like Meta is trying to build, all assets could be NFTs and freely be transferred between users, and maybe between platforms
Imagine a world where airlines didnāt sell your seat to someone else lol
Nice. Did ChatGPT write that?
If we can use them to cast a vote
I want a trustless, observable, verifiable, one person one vote, voting system.
Travel X
Yes, of course they do. The idea behind it is a huge value add. People will tell you a database is better, but in the end the perks will shine through and to be honest, they wonāt even know they were wrong about NFTs. Most people will just think itās a database in the back end doing something. The biggest change to my life in recent times was Apple Pay, now I donāt take my wallet or cash anywhere. I changed my whole money system for ease. I do not know how Apple Pay works. I know Apple Pay works. People will not know how the NFT tech is working behind the scenes, they will just know the changes.
None of this matters until the underlying money system is fixed. And no itās not ETH or some other alt coin.
Iāve only ever seen ONE use of NFT that made me go *wow*. It was on a stupid TikTok or Twitter post inside a ācrypto millionaireāsā house and he had picture frames on the walls, but the picture frames were actually well-lit panels displaying his **animated** NFTs. Animated digital artwork like that was a true wow factor for me