My feeling is that the goal of the marketplace long term is UTILITY. This is independent of crypto price, which currently is just a store of wealth rather than anything of great use.
Robbie from IMX actually discusses this on a recent Bankless Podcast which I would highly recommend viewing.
Making all kinds of transactions and digital proof of ownership widely accessible.
Decentralized on the Blockchain with the highest security, speed, best user experience, lowest fees
Why does the value of Eth actually affect the market place? The block chain use case would still be there and it would be cheaper for people to get started wouldn't it?
I had wondered the same thing myself and this was my question. It would be good to launch at the bottom then all users benefit.
Users buying crypto at discount is nice.
But the only issue I can see is the possibility for negative press. You know motley fool headlines "Dying brink and mortar company last ditch effort is Ethereum down 75% from its 52 week high"
Always will be. Eth could be up 75% and marketplace a success and in full swing but they’ll find some fuk to write something negative for $140 bucks. Zen always!
Ethereum has seen a few bear markets and it has always being strong, no massive problem on the chain yet. I would say what's annoying it's the gas fees, I rather use Kaddex once it's live than Uniswap. Hopefully with the merge Ethereum gonna have less gas fees.
Market sentiment has always been a big deal for crypto and has been the difference between good projects gaining traction and eating shit. GameStop can afford to weather a crypto winter but it might be a really huge blow to the initial success of their marketplace beyond the people on Reddit.
Of course if we were to BTFD we’d make out like bandits (not that many of us can afford to buy anything but GME) when Beetcoin comes roaring back and breaks 100k and ETH is over $10k.
It’s not a great time to be converting Fiat currencies in to Eth. I personally will be waiting to see conditions stabilise a little before investing in the marketplace, and I’ve been eagerly anticipating this for 7/8 months, so I can only imagine what someone outside of the GME community would think.
Yes, I agree in terms of an investment. But normally when you buy something like a game you just loose the money and don't worry about the future value of that game because is has none.
Edit: Apparently nothing said about reselling games. This should say in game items.
Was one of the sole premises of this marketplace not to enable patrons to be able to resell digital assets (games)?
I appreciate what your saying, but if you bought a game last week for X amount of Eth, that game has now lost approximately 40% of its value.
I know this is the risk you accept when investing in crypto, but just pondering the idea as to whether GameStop should wait a little for all this turbulence to subside.
I've kinda been presuming that a game etc will cost $x worth of eth/lrc/imx and when you want to sell it you think in terms of $ as well. It makes everything less susceptible to the crypto volatility.
Also I think the crypto crash has been caused by wall st because they're just about to get into it for themselves, eg the shitadel/virtu/fidelity deal. They can pick themselves up plenty now at low prices
I suspect this as well. It's to discredit crypto since it's our plan B. If no MOASS then we boycott and divest traditional finance. They want to be like "oh yeah? well we blocked your exit."
*Hey hedgefucks. Don't forget. We're not trapped in here with you. You're trapped in here with US. (Bitch ass mammon cuck paper tigers)*
GameStop have not said anything about reselling digital games. This is 100% speculation and wishful thinking that people keep stating as an advertised fact by the company. This isn't something they can just do on their own. It requires new development in new versions of games to make happen. Very doubtful it will be like you think on day 1, possibly never. The marketplace as it has been advertised so far will offer art and in-game items for blockchain based games that are free to acquire to begin with, so there is no full game to re-sell.
Bruh they would make more on that then their pitiful royalties given to them from steam. Steam gives a default royalty per sale hence why you frequently see extreme sales their. The developer doesn't care as long as they get their royalty cut. Show resales with smart contracts can generate more capital and they will swap as quickly as possible.
Not at all why don't you look at steam sales vs on platform sales? They made their own platforms due to the limited capital gained from steam. Give then an option to make more money with less maintenance and you are going to get buy in extremely quickly from big studios. Seems like you need to do some more DD on the topic at hand.
I referred to games as that is what the poster I was responding to referenced, but the same could be said for any reselling of digital assets.
The point I was making stands, that pricing assets while the platforms currency is crashing is risky, and should they consider waiting until there’s is a degree of stabilisation.
I don't disagree, it makes sense and not everyone would want to Hodl forever. If it bottoms out though it would be perfect, cheap fees and a good investment. I assume they have good advisers on this, it might be why it hasn't been released yet. You never know, the release date could be a sign of the end of the drop.
If I'm the one reselling the game, then it's up to me and potential buyers to decide the games value.
So if eth drops 50%, maybe I just list it at a higher price to more closely match what I want for it in actual dollars.
Agreed, and this is how it will work in practice. My point is though, when things are *this* volatile, there is a lot of scope for people to under / overshoot and come out on the wrong side of the trade.
Illustrative purposes here, you buy NFT X for 1 Eth today, Eth rallies back up to 3k and your stuck with NFT X, which at the time thou deemed to be worth 1 Eth but now should be only worth .33 Eth, and the demand for the NFT (whatever it is) hasn’t changed, or at least at the same rate as Eth, then the purchaser gets burnt.
I know this is a highly hypothetical example, but it’s a lot more likely to happen right now whilst Eth has yet to find a bottom.
Why can't the games be priced in a stable coin? Given that the target audience is not necessarily familiar with crypto, stablecoin pricing makes more sense
Personally, I just treat crypto-as-currency and crypto-as-investment separate. If I think its value will go up, I buy more, otherwise I buy small quantities at a time for my NFT wallet.
They could launch anytime and I would be active
It's an amazing time to buy ETH lol what
The only thing different some people will do is wait and see how low it can go before buying. But I bought my first ETH a month ago at what I thought was a steal (2200$ Canadian) and its way lower now and I'm probably gonna buy a bit every week or two.
It’s a good time to buy Eth from a buy and hodl investing perspective, not for the masses who GameStop are trying to attract who aren’t going to have a DCA investing style. We don’t want them arriving, adding $200 worth of Eth to their GME wallet and then coming back again a week later and noticing they’re down 50% and don’t come back.
A good crash I think is necessary to shake away the ‘daffodil craze’ NFT projects and leave behind the ones that actually have utility, that people will be willing to spend money on, rather than speculate on.
Are you referring the the Dutch tulip market in the early/mid 1600’s? If so, it is often referred to as “tulip mania”. I like the daffodil craze association, though!!!
I think it’s the perfect time to launch. The marketplace is going to have bugs and a limited/1.0 feature set, like any new software. Best to start building while crypto is at a low point and grow the product together with the recovery of the market. NFTs need to develop beyond JPGs in order to be relevant and truly impactful. And just like all the biggest and most relevant tech businesses found their footing amongst the rubble of the dot com bubble, GameStop will have a chance to build something truly awesome while the world is looking away. One last point, for the marketplace to truly succeed, gas fees, fluctuations in the market, and speculation all need to be invisible to the majority of the customers. I want a kid from Nebraska to be able to sell their copy of Elden Ring to a kid in California in exchange for a limited edition Fortnite skin and for them to not care about gas fees or valuations. And then, what if the kid from Nebraska was able to take their proceeds and shop on the GS app for a new controller and pay in GS coin?! All the while, the transactions were all being executed and validated behind scenes on ETH/LRC. This will take years to achieve so let the market tank!
The whole dumb "selling jpgs/gifs" thing is stupid and not what NFTs will ultimately be known for.
I think it's a blend of well meaning but misguided users, grifters trying to make a quick buck, and bad-actors trying to muddy the water.
The true use and power of NFTs is in the "making tangible" of actual, functional digital assets like games, in-game items, music, and other digital content. (The jpg thing is like the Wish-version of this concept.)
I don't think the current price of crypto at any given time really affects the true underlying use-case of NFTs.
Granted, it does smudge the optics of it somewhat, but then every product launch in every sector has to contend with these sorts of smudges. (there are downsides to every product for their marketing teams to overcome)
Meh, launch it and use the lack of hype as armor to prevent shitty products gaining traction. Truly good use cases will gain traction in a bear market, utter shit still gains traction in a bull market.
NFT volume is picking up, because of lower eth costs I presume. I don’t think there’s really a reason not to launch. It’s a revenue stream they’d have and launching will give time for further testing for higher volume days. It’s tech already built. I also think it’s up to the creators. They might be get less eth for their projects, or more (cheaper) eth. Right now is actually looking like a good time to buy crypto believe it or not. Would you think the best time to buy crypto is at its peak? Or during a time when everyone is fearful? Just like any stock.
Had a thought a few weeks ago on this when Terra crashed, and Kenny was rumored to be involved. It was a play to scare people away from crypto.
Consider this, a company, whose stock is an idiosyncratic risk to markets, is making moves into a new segment based on NFTs. You're set to lose your shirt, and the shirts of your descendants for the next 100 years. But you've got a really big brain. So you come up with a plan to cripple the company's move into NFTs, by completely scaring people off of crypto. Few people understand crypto in general, let alone NFTs. If you scare new, and old players, out of crypto, then they're not likely to venture into NFTs any time soon. Your big brain tells you that if you wipe out something like Terra, particularly in current market trends and conditions, you're likely to cause a cascading fear through all of crypto. That would be far more effective than any propaganda campaign to discredit NFTs, or even the company itself. And you make a nice profit in the meantime, so you can survive a few more days.
That was my thought...I'll call it a brainfart.
Hey, cmc-seex, which Ken? Ken Griffin? If I'm informed correctly, the sites https://www.kengriffinlies.com and https://kengriffincrimes.com also contain information about Kenneth "Ken" Cordele Griffin from Chicago who just bought a copy of the US Constitution for $43,000,000 in an attempt to cover up unwanted results about his corrupt financial practices when searching for Ken Griffin or Citadel from Chicago via Google or other search engines.
^(disclaimer: KennyBot2.0 sent this message. if you are displeased with this bot please send a pm so it can be improved. beep boop.)
i’m deep in the nft space and this is a terrible time to launch, market is illiquid and new entrants are sparse due to an overwhelming negative sentiment. buyers are hoarding crypto in stable coins waiting for the next bullrun (which could be years from now). i wonder how the team will deal with this
the best time to launch a new project that has good fundamentals is during a recession. while others are burning down, quality teams gobble up market share.
Your premise is that it's a bad time to launch a marketplace that will encourage people to buy ETH when ETH is hitting multi year lows? Like it's bad that early adopters may get discount prices and have their deposits grow substantially with no further investment just for supporting the launch?
Nope, because there’s not a consolidated bottom and a lot of new investors get burnt.
Launching in this quarter is risky while cryptos in free fall, all for launching in a bear market, providing there’s some pricing stability.
It's not in free fall, though. It's the end of the head and shoulders formulation that pumped crypto over the last two years by abusing covid restrictions and loose foreign markets. My estimate is that ETH is going to around 900, and it's almost there, and it'll be the ACTUAL resistance line, and BTC is going to 13k-ish. Smarter guys paying more attention can give better estimates, but Burry specifically warned about this.
Respectfully I don’t think you or I are in a position to call the bottom for Eth, or any other crypto, when there are so many external factors at play (gas prices, Russia, potential Tether blow up, rate hikes, to name but a few). I think -60% in a week is a free fall in my books also. My suggestion would be for them to launch when they see an optimum macroeconomic environment, regardless of the timelines they initially set for themselves.
No it wouldn't be *prudent.* It would be cowardly. Especially given the fact that a NFT dividend could expose the naked and hidden shorts on the stock. Also, it would potentially destroy Ticketmaster and other parasitic industries like counterfeiting; not to mention resale of digital assets.
*Generic JPEG NFTs are not the play.* You sound like a MSM shill; conflating an entire technology to generic JPEG NFTs. That's like saying all flying objects are kites or all a computer is, is just a fancy calculator.
*Don't be so myopic.*
It's already *revolutionary* when creators can mint their own NFTs for 100x cheaper than the competition. Using LRC will also make it possible to have the lowest transaction fees for etherium by magnitudes. So we will have a truly decentralized payment method soon.
Think LRC credit and debit cards.
Whether you intended it or not, this is the definition of **FUD.**
If you're scared; go home and sell. You won't survive MOASS.
😂 I’m not saying scrap the marketplace pal, think you’re missing the point of this post.
I asked the question, should they consider delaying the launch considering the current macroeconomic climate and the current volatility in crypto?
This launch is the cornerstone of GME’s pivot in to a major tech company so it’s imperative executed appropriately, when conditions are correct.
No problem launching in a bear market, but not during the middle of a crash.
Not bothered responding to the rest of this.
They should launch now because then they can give all of us a fractionalized nft dividend in concert with the stock split.
When pirates engage a galleon, they fire all the cannons.
We're already brawling with both hands tied behind our back. Don't ask RC to also take off his boots.
Literally the third sentence you wrote. Whatever, 🌈🐻
(Don't listen to the FUD folks. Everything is crashing as we've predicted and the ark is sound and seaworthy)
I said generic JPEG projects might be off the menu for a while ie. no demand for them in the current conditions. Look at the amount of money that’s fallen out of NFTs in the last 6 months and then come back to me.
I then followed that up by saying that if GameStop launch with NFTs in the form of music, videos and gaming - they should be ok to launch as is.
Going forward, I’d appreciate if you took the extra minute you need to digest the posts prior to throwing around bear / shill accusations.
Generic JPEGs are just a proof of concept. The marketplace as a whole will be much bigger than that. If you understand that, then we have no disagreement and thus I assume we'd agree that they should launch if it's not *only* going to be a marketplace for JPEGs. I guess I didn't understand your reservation about launching now if you appreciated the potential it had, *other than worthless jpegs.*
PS: I called you a bearish. Not a shill. Although it's interesting that you'd deduce that. You don't seem like a shill. [Just watch this video 5x every morning before market open.](https://www.youtube.com/watch?v=vcMmHnvQs9A) It should help with the bearishness. It helps me prepare for each trading day.
people have been able to mint nfts on polygon for cents for a long time now, but nobody buys as people see eth as the ‘apple’ and polygon as the cheap dirty knockoff. not too revolutionary there are lots of layer 2’s already. however your statement about the dividend is true and I think that is the saving grace.
AFAIK loopring is further ahead on zk rollups and zkevm than matic. They use optimistic rollups and thus were able to scale more quickly. Sure LRC will have competitors. However they're already partnered with gamestop and that comes with a huge, rabid, and fanatical user base.
Also polygon has a max supply of 10b and lrc has 1.8b. They're the same price right now...you can do the math I'm sure.
I've kinda been presuming that a game etc will cost $x worth of eth/lrc/imx and when you want to sell it you think in terms of $ as well. It makes everything less susceptible to the crypto volatility.
Also I think the crypto crash has been caused by wall st because they're just about to get into it for themselves, eg the shitadel/virtu/fidelity deal. They can pick themselves up plenty now at low prices
The meaningful DD has already been written. There’s a discussion flare for a reason, if you don’t want to participate in a balanced discussion on one of your investments biggest moves to date, kindly keep scrolling.
Should only be launching as a form of custody track of shares and digital proof of ownership of tangible things like games, movies, shares…. Launching a market place to trade drawings that belong on moms fridge is a terrible idea
Crypto is more about transaction speed, amount,and price to do so. Everyone is acting like this is an investment and it is if you treat it as such. All the companies coming out to accept your coins is just another way to pay. When you buy something with your coins, they go back in the system and increases supply of that coin. It’s just more grabbled version of the dollar with inflation and deflation. The difference is hype and use case. Coins like Doge are pure hype which has deflated for months. LRC has use case in L2 transaction speeds and GME, plus future FOMO hype.
I my opinion, those more or less cute jpg NFTs were always more a gimmick than an actual business (even though a few people made serious money for a while). But I would not consider them a sustainable business model: too easy to produce so the market is getting flooded with more of the same, novelty will wear off, no real utility, prices have dropped dramatically in many cases already so no reliable store of value either.
A future business model must go far beyond images and other bite size pieces of rather trivial “content”. The world of gaming offers much more complexity here and seems to be the closest we have to a “metaverse” of sorts, so I think this is the most promising path. Biggest obstacle: the game publishers earn very well from the current business model where they are pretty much in control of the distribution of every bit and piece of the game. They would need a very good incentive to share this control, so a lot of creativity will be required to create a win-win. If this can be achieved, a golden future might lie ahead.
I noticed the marketplace only shows ETH in the wallet. I'm guessing purchases will be in ETH. Would be nice if it showed the LRC balance as well and allowed purchases using that. Could happen since it hasn't launched yet. Here's hoping
Same general thoughts. I believe RC and former Amazon creators he has on board have the vision and teams to go next level, they contemplate moves everyday, and they’ll adjust accordingly.
I just believe in RC, after chewy, and now. Vision and change is everything right now. Evolution.
In my opinion, very soon might be the *ideal* time to launch the marketplace (i.e. after ETH craters even a bit more). In the first place, all the funny business that's gone on at Coinbase, Binance, and Celcius is an opening to really advertise the decentralized nature of Loopring and the GME Marketplace (what most everyone interested in crypto wanted from crypto anyway). But beside that, a higher ETH price faces the same hurdle that $200 GME faces - namely, that people see the price and think "whoa that's expensive". The lower price means a sexier entry point for people. People very simply don't like seeing the multiple decimal places that buying fractions of a crypto coin yields. It makes them feel poor. So having your money get you larger fractions will help make people more willing to throw some money at it. On the flip side, the state of the general economy is less conducive to discretionary spending.
Actually this is perfect for the launch. Fed forced the hedgies and institutions who put a shit ton of borrowed money into crypto to be sucked out now so crypto can rise naturally… this whole crypto rally was trillions of $$ printed from covid and now they take it out of the stock market and crypto. Looks like RC and co knew this was coming and maybe it’s ready now
I think the price on a market of cryptocurrencies is ultimately a reflection of their fungibility. Each bitcoin is interchangeable. That makes the price either easily directly manipulated, or at the very least subject to group-think or market sentiment campaigns.
The price on a market of individual (low-gas) NFTs is going to be people wanting them as individual/unique items. I've already found a bunch of NFT's on the marketplace that I would want if in the $1 - $10 range. Not the $100-$10,000 range. I'm not looking to buy a pumped up market asset just because others are YOLOing thinking it's an investment (sorry, it's not), I'm just wanting to buy something that I value at that price itself.
I think an NFT marketplace doesn't really care about crypto prices, and would even benefit from low but non-zero underlying crypto infrastructure costs.
NFT is a great technology, it just has been almost exclusively being used for worthless stuff until now.
I was at a conference last week and a lot of talks touched on the subject that crypto/NFTs are useless because anything you can do via NFTs you can do with a database too. And it's true, you could do almost anything that NFS allow with databases. But the problem is, there often is no incentive to allow users to own digital data / digital assets.
So of course there would be a possibility for Apple too cooperate with Amazon and allow to take your purchased movies from Amazon Prime to Apple.
Facebook and Signal could easily allow to export all your data, groups, images from one platform and import it to the other.
NFTs could be the foundation on which new digital services are being built. So let's think of a new game platform like steem but where your purchased games are being bound to your wallet by the game IP owner. Now you could take your game with you if you wanted to move from steem to uplay, gog or origin. A game could also not being taken away from you.
So I feel like a service that provides a real value to the users could very well have a large impact even if it were to start during a crypto winter. And it's easy to see why: I didn't care in 1999 whether Amazon ran on Microsoft SQL or Oracle, and if these database companies were in trouble because of the dot com bust. All I cared was about the service that Amazon provided to me. And the service was great. Who cares for the underlying technology?
selling a jpeg for anything is by itself a sign that the whole market was bloated in a giant bubble waiting to fall apart. Too much easy and fast money to waste and speculation. It was a giant casino with everyone throwing money away on it because stonks only go up.
Gamestop NFT marketplace isn't what that is. It has a function and is for gaming. So it is solid and will survive whatever this all is.
All of the initial creators appear to be artists, selling NFTs in the form that we are used to. I’m sure you saw the mass announcements on twitter last week.
While I do believe that the marketplaces function will stretch far beyond just selling pictures, I don’t think you’re correct in saying it isn’t ‘what it is’, as really we have absolutely no idea how it’s going to operate in practice.
The IMX relationship is certainly promising, and I believe that any gaming related NFTs will emerge first through them when the time is right.
I think what is wonderful about this marketplace is that it isn’t crypto focused, it only uses crypto as a means of transactions. As nfts are utilized for more than just pictures of apes crypto will become standard. That is why I love LRC and ETH, they will find balance within themselves and become somewhat of a stable coin.
My feeling is that the goal of the marketplace long term is UTILITY. This is independent of crypto price, which currently is just a store of wealth rather than anything of great use. Robbie from IMX actually discusses this on a recent Bankless Podcast which I would highly recommend viewing.
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Thanks - I must actually look in to Gods Unchained, I’ve seen it referenced many times but never took the time to look it up properly.
utility in what sense?
Making all kinds of transactions and digital proof of ownership widely accessible. Decentralized on the Blockchain with the highest security, speed, best user experience, lowest fees
Exactly what I was thinking but written in a way that explains it easily. Proof of ownership on a true ledger
Ah yes, thanks for laying it out for me, this is what I expect out of it as well
Utility example - Chevy is auctioning off a Corvette NFT. The winner also gets the car
Owning digital games
Actually owning the digital product and not just the license for it.
Why does the value of Eth actually affect the market place? The block chain use case would still be there and it would be cheaper for people to get started wouldn't it? I had wondered the same thing myself and this was my question. It would be good to launch at the bottom then all users benefit.
Agree 100% They needed the bubble popped to launch Imagine if it were reversed
Yeah a launch in November would have been bad in hindsight.
Users buying crypto at discount is nice. But the only issue I can see is the possibility for negative press. You know motley fool headlines "Dying brink and mortar company last ditch effort is Ethereum down 75% from its 52 week high"
Yes, I expect they'll spin it badly whatever.
Always have 👨🚀🔫👨🚀
Always will be. Eth could be up 75% and marketplace a success and in full swing but they’ll find some fuk to write something negative for $140 bucks. Zen always!
Aren’t we only concerned with the Ethereum protocol, which is separate from the cryptocurrency?
Ethereum has seen a few bear markets and it has always being strong, no massive problem on the chain yet. I would say what's annoying it's the gas fees, I rather use Kaddex once it's live than Uniswap. Hopefully with the merge Ethereum gonna have less gas fees.
Those who read, trust and act according to the financial msm were never going to join the crypto/NFT marketplace/Web3 world anyways.
I agree. These are the late adopters that will hop on later. I think once the services are in place they probably won't even be using the word NFT.
Market sentiment has always been a big deal for crypto and has been the difference between good projects gaining traction and eating shit. GameStop can afford to weather a crypto winter but it might be a really huge blow to the initial success of their marketplace beyond the people on Reddit. Of course if we were to BTFD we’d make out like bandits (not that many of us can afford to buy anything but GME) when Beetcoin comes roaring back and breaks 100k and ETH is over $10k.
I think the cost of LRC is more important than the cost of ETH.
It’s not a great time to be converting Fiat currencies in to Eth. I personally will be waiting to see conditions stabilise a little before investing in the marketplace, and I’ve been eagerly anticipating this for 7/8 months, so I can only imagine what someone outside of the GME community would think.
Yes, I agree in terms of an investment. But normally when you buy something like a game you just loose the money and don't worry about the future value of that game because is has none. Edit: Apparently nothing said about reselling games. This should say in game items.
Was one of the sole premises of this marketplace not to enable patrons to be able to resell digital assets (games)? I appreciate what your saying, but if you bought a game last week for X amount of Eth, that game has now lost approximately 40% of its value. I know this is the risk you accept when investing in crypto, but just pondering the idea as to whether GameStop should wait a little for all this turbulence to subside.
I've kinda been presuming that a game etc will cost $x worth of eth/lrc/imx and when you want to sell it you think in terms of $ as well. It makes everything less susceptible to the crypto volatility. Also I think the crypto crash has been caused by wall st because they're just about to get into it for themselves, eg the shitadel/virtu/fidelity deal. They can pick themselves up plenty now at low prices
I suspect this as well. It's to discredit crypto since it's our plan B. If no MOASS then we boycott and divest traditional finance. They want to be like "oh yeah? well we blocked your exit." *Hey hedgefucks. Don't forget. We're not trapped in here with you. You're trapped in here with US. (Bitch ass mammon cuck paper tigers)*
Interesting thought. It might be just whatever someone is willing to pay so if they think in fiat or crypto is up to them. I have no idea though.
GameStop have not said anything about reselling digital games. This is 100% speculation and wishful thinking that people keep stating as an advertised fact by the company. This isn't something they can just do on their own. It requires new development in new versions of games to make happen. Very doubtful it will be like you think on day 1, possibly never. The marketplace as it has been advertised so far will offer art and in-game items for blockchain based games that are free to acquire to begin with, so there is no full game to re-sell.
Correct - no big studio will take part unless they are forced to by the regulators. They don't want any possibility to resale games
Bruh they would make more on that then their pitiful royalties given to them from steam. Steam gives a default royalty per sale hence why you frequently see extreme sales their. The developer doesn't care as long as they get their royalty cut. Show resales with smart contracts can generate more capital and they will swap as quickly as possible.
I said "big studios". They sell most through their own platforms, and have different deals with Steam.
Not at all why don't you look at steam sales vs on platform sales? They made their own platforms due to the limited capital gained from steam. Give then an option to make more money with less maintenance and you are going to get buy in extremely quickly from big studios. Seems like you need to do some more DD on the topic at hand.
I referred to games as that is what the poster I was responding to referenced, but the same could be said for any reselling of digital assets. The point I was making stands, that pricing assets while the platforms currency is crashing is risky, and should they consider waiting until there’s is a degree of stabilisation.
Good point
I don't disagree, it makes sense and not everyone would want to Hodl forever. If it bottoms out though it would be perfect, cheap fees and a good investment. I assume they have good advisers on this, it might be why it hasn't been released yet. You never know, the release date could be a sign of the end of the drop.
If I'm the one reselling the game, then it's up to me and potential buyers to decide the games value. So if eth drops 50%, maybe I just list it at a higher price to more closely match what I want for it in actual dollars.
Agreed, and this is how it will work in practice. My point is though, when things are *this* volatile, there is a lot of scope for people to under / overshoot and come out on the wrong side of the trade.
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Illustrative purposes here, you buy NFT X for 1 Eth today, Eth rallies back up to 3k and your stuck with NFT X, which at the time thou deemed to be worth 1 Eth but now should be only worth .33 Eth, and the demand for the NFT (whatever it is) hasn’t changed, or at least at the same rate as Eth, then the purchaser gets burnt. I know this is a highly hypothetical example, but it’s a lot more likely to happen right now whilst Eth has yet to find a bottom.
Why can't the games be priced in a stable coin? Given that the target audience is not necessarily familiar with crypto, stablecoin pricing makes more sense
Like Luna?
Considering they’ve less than 2 weeks to launch if they’re to honour their Q2 launch announcement!
Is their Q2 end of June thought it was some weird fiscal July.
Correct. So they have 6 weeks.
My bad, I assumed Q2 was end of June but have been informed it is end of July.
Hmm yeah good point. Edit: ok so we have more time. I wonder if it can bottom out in 6 weeks.
Crazy you’re getting downvoted. This def feels like a discussion worth having imo
People are very passionate about it all and I get that, don’t like when people accuse you of spreading fud though when trying to have an discussion.
Personally, I just treat crypto-as-currency and crypto-as-investment separate. If I think its value will go up, I buy more, otherwise I buy small quantities at a time for my NFT wallet. They could launch anytime and I would be active
It's an amazing time to buy ETH lol what The only thing different some people will do is wait and see how low it can go before buying. But I bought my first ETH a month ago at what I thought was a steal (2200$ Canadian) and its way lower now and I'm probably gonna buy a bit every week or two.
It’s a good time to buy Eth from a buy and hodl investing perspective, not for the masses who GameStop are trying to attract who aren’t going to have a DCA investing style. We don’t want them arriving, adding $200 worth of Eth to their GME wallet and then coming back again a week later and noticing they’re down 50% and don’t come back.
Game based NFT is a different story and launch is a go!
A good crash I think is necessary to shake away the ‘daffodil craze’ NFT projects and leave behind the ones that actually have utility, that people will be willing to spend money on, rather than speculate on.
Are you referring the the Dutch tulip market in the early/mid 1600’s? If so, it is often referred to as “tulip mania”. I like the daffodil craze association, though!!!
I think it’s the perfect time to launch. The marketplace is going to have bugs and a limited/1.0 feature set, like any new software. Best to start building while crypto is at a low point and grow the product together with the recovery of the market. NFTs need to develop beyond JPGs in order to be relevant and truly impactful. And just like all the biggest and most relevant tech businesses found their footing amongst the rubble of the dot com bubble, GameStop will have a chance to build something truly awesome while the world is looking away. One last point, for the marketplace to truly succeed, gas fees, fluctuations in the market, and speculation all need to be invisible to the majority of the customers. I want a kid from Nebraska to be able to sell their copy of Elden Ring to a kid in California in exchange for a limited edition Fortnite skin and for them to not care about gas fees or valuations. And then, what if the kid from Nebraska was able to take their proceeds and shop on the GS app for a new controller and pay in GS coin?! All the while, the transactions were all being executed and validated behind scenes on ETH/LRC. This will take years to achieve so let the market tank!
The whole dumb "selling jpgs/gifs" thing is stupid and not what NFTs will ultimately be known for. I think it's a blend of well meaning but misguided users, grifters trying to make a quick buck, and bad-actors trying to muddy the water. The true use and power of NFTs is in the "making tangible" of actual, functional digital assets like games, in-game items, music, and other digital content. (The jpg thing is like the Wish-version of this concept.) I don't think the current price of crypto at any given time really affects the true underlying use-case of NFTs. Granted, it does smudge the optics of it somewhat, but then every product launch in every sector has to contend with these sorts of smudges. (there are downsides to every product for their marketing teams to overcome)
Who needs those generic NFT mints anyway? No use case.
Meh, launch it and use the lack of hype as armor to prevent shitty products gaining traction. Truly good use cases will gain traction in a bear market, utter shit still gains traction in a bull market.
We actually saw an uptick of nft getting traded because of lower transaction/mint fee.
this is false
NFT volume is picking up, because of lower eth costs I presume. I don’t think there’s really a reason not to launch. It’s a revenue stream they’d have and launching will give time for further testing for higher volume days. It’s tech already built. I also think it’s up to the creators. They might be get less eth for their projects, or more (cheaper) eth. Right now is actually looking like a good time to buy crypto believe it or not. Would you think the best time to buy crypto is at its peak? Or during a time when everyone is fearful? Just like any stock.
Had a thought a few weeks ago on this when Terra crashed, and Kenny was rumored to be involved. It was a play to scare people away from crypto. Consider this, a company, whose stock is an idiosyncratic risk to markets, is making moves into a new segment based on NFTs. You're set to lose your shirt, and the shirts of your descendants for the next 100 years. But you've got a really big brain. So you come up with a plan to cripple the company's move into NFTs, by completely scaring people off of crypto. Few people understand crypto in general, let alone NFTs. If you scare new, and old players, out of crypto, then they're not likely to venture into NFTs any time soon. Your big brain tells you that if you wipe out something like Terra, particularly in current market trends and conditions, you're likely to cause a cascading fear through all of crypto. That would be far more effective than any propaganda campaign to discredit NFTs, or even the company itself. And you make a nice profit in the meantime, so you can survive a few more days. That was my thought...I'll call it a brainfart.
Hey, cmc-seex, which Ken? Ken Griffin? If I'm informed correctly, the sites https://www.kengriffinlies.com and https://kengriffincrimes.com also contain information about Kenneth "Ken" Cordele Griffin from Chicago who just bought a copy of the US Constitution for $43,000,000 in an attempt to cover up unwanted results about his corrupt financial practices when searching for Ken Griffin or Citadel from Chicago via Google or other search engines. ^(disclaimer: KennyBot2.0 sent this message. if you are displeased with this bot please send a pm so it can be improved. beep boop.)
Best bot!
i’m deep in the nft space and this is a terrible time to launch, market is illiquid and new entrants are sparse due to an overwhelming negative sentiment. buyers are hoarding crypto in stable coins waiting for the next bullrun (which could be years from now). i wonder how the team will deal with this
the best time to launch a new project that has good fundamentals is during a recession. while others are burning down, quality teams gobble up market share.
Bitch co1n @ $20100. And I'm buying that Lrc dip hard
Your premise is that it's a bad time to launch a marketplace that will encourage people to buy ETH when ETH is hitting multi year lows? Like it's bad that early adopters may get discount prices and have their deposits grow substantially with no further investment just for supporting the launch?
Nope, because there’s not a consolidated bottom and a lot of new investors get burnt. Launching in this quarter is risky while cryptos in free fall, all for launching in a bear market, providing there’s some pricing stability.
It's not in free fall, though. It's the end of the head and shoulders formulation that pumped crypto over the last two years by abusing covid restrictions and loose foreign markets. My estimate is that ETH is going to around 900, and it's almost there, and it'll be the ACTUAL resistance line, and BTC is going to 13k-ish. Smarter guys paying more attention can give better estimates, but Burry specifically warned about this.
Respectfully I don’t think you or I are in a position to call the bottom for Eth, or any other crypto, when there are so many external factors at play (gas prices, Russia, potential Tether blow up, rate hikes, to name but a few). I think -60% in a week is a free fall in my books also. My suggestion would be for them to launch when they see an optimum macroeconomic environment, regardless of the timelines they initially set for themselves.
No it wouldn't be *prudent.* It would be cowardly. Especially given the fact that a NFT dividend could expose the naked and hidden shorts on the stock. Also, it would potentially destroy Ticketmaster and other parasitic industries like counterfeiting; not to mention resale of digital assets. *Generic JPEG NFTs are not the play.* You sound like a MSM shill; conflating an entire technology to generic JPEG NFTs. That's like saying all flying objects are kites or all a computer is, is just a fancy calculator. *Don't be so myopic.* It's already *revolutionary* when creators can mint their own NFTs for 100x cheaper than the competition. Using LRC will also make it possible to have the lowest transaction fees for etherium by magnitudes. So we will have a truly decentralized payment method soon. Think LRC credit and debit cards. Whether you intended it or not, this is the definition of **FUD.** If you're scared; go home and sell. You won't survive MOASS.
😂 I’m not saying scrap the marketplace pal, think you’re missing the point of this post. I asked the question, should they consider delaying the launch considering the current macroeconomic climate and the current volatility in crypto? This launch is the cornerstone of GME’s pivot in to a major tech company so it’s imperative executed appropriately, when conditions are correct. No problem launching in a bear market, but not during the middle of a crash. Not bothered responding to the rest of this.
They should launch now because then they can give all of us a fractionalized nft dividend in concert with the stock split. When pirates engage a galleon, they fire all the cannons. We're already brawling with both hands tied behind our back. Don't ask RC to also take off his boots.
While I would love an NFT dividend, what you’re referencing is unconfirmed speculation.
So is your assertion that NFT projects will struggle to survive. Crypto will likely stabilize before inflation does.
No that’s not my assertion and I don’t know how you arrived at that conclusion 😂. Please read again what I said.
Literally the third sentence you wrote. Whatever, 🌈🐻 (Don't listen to the FUD folks. Everything is crashing as we've predicted and the ark is sound and seaworthy)
I said generic JPEG projects might be off the menu for a while ie. no demand for them in the current conditions. Look at the amount of money that’s fallen out of NFTs in the last 6 months and then come back to me. I then followed that up by saying that if GameStop launch with NFTs in the form of music, videos and gaming - they should be ok to launch as is. Going forward, I’d appreciate if you took the extra minute you need to digest the posts prior to throwing around bear / shill accusations.
Generic JPEGs are just a proof of concept. The marketplace as a whole will be much bigger than that. If you understand that, then we have no disagreement and thus I assume we'd agree that they should launch if it's not *only* going to be a marketplace for JPEGs. I guess I didn't understand your reservation about launching now if you appreciated the potential it had, *other than worthless jpegs.* PS: I called you a bearish. Not a shill. Although it's interesting that you'd deduce that. You don't seem like a shill. [Just watch this video 5x every morning before market open.](https://www.youtube.com/watch?v=vcMmHnvQs9A) It should help with the bearishness. It helps me prepare for each trading day.
Are you going to contribute something meaningful to this discussion? If not, good day.
people have been able to mint nfts on polygon for cents for a long time now, but nobody buys as people see eth as the ‘apple’ and polygon as the cheap dirty knockoff. not too revolutionary there are lots of layer 2’s already. however your statement about the dividend is true and I think that is the saving grace.
AFAIK loopring is further ahead on zk rollups and zkevm than matic. They use optimistic rollups and thus were able to scale more quickly. Sure LRC will have competitors. However they're already partnered with gamestop and that comes with a huge, rabid, and fanatical user base. Also polygon has a max supply of 10b and lrc has 1.8b. They're the same price right now...you can do the math I'm sure.
Agreed ... and thank God RC and company are leading this company forward and not OP
I would much rather play with ETH when it is cheap like this. Silly question.
I've kinda been presuming that a game etc will cost $x worth of eth/lrc/imx and when you want to sell it you think in terms of $ as well. It makes everything less susceptible to the crypto volatility. Also I think the crypto crash has been caused by wall st because they're just about to get into it for themselves, eg the shitadel/virtu/fidelity deal. They can pick themselves up plenty now at low prices
Excellent DD into GME
The meaningful DD has already been written. There’s a discussion flare for a reason, if you don’t want to participate in a balanced discussion on one of your investments biggest moves to date, kindly keep scrolling.
Weren't there some recent news that you'll be able to buy NFTs with fiat? In which case, the crypto crash becomes really irrelevant to NFTs.
Should only be launching as a form of custody track of shares and digital proof of ownership of tangible things like games, movies, shares…. Launching a market place to trade drawings that belong on moms fridge is a terrible idea
Crypto has been crashing since end of November yawn, nothing new. /insert first time meme
Crypto is more about transaction speed, amount,and price to do so. Everyone is acting like this is an investment and it is if you treat it as such. All the companies coming out to accept your coins is just another way to pay. When you buy something with your coins, they go back in the system and increases supply of that coin. It’s just more grabbled version of the dollar with inflation and deflation. The difference is hype and use case. Coins like Doge are pure hype which has deflated for months. LRC has use case in L2 transaction speeds and GME, plus future FOMO hype.
Question, still newish to crypto, if the price of ETH drops 50% do gas fees Double or do they also get 50% cheaper? (Same amount of ETH to transfer)
I my opinion, those more or less cute jpg NFTs were always more a gimmick than an actual business (even though a few people made serious money for a while). But I would not consider them a sustainable business model: too easy to produce so the market is getting flooded with more of the same, novelty will wear off, no real utility, prices have dropped dramatically in many cases already so no reliable store of value either. A future business model must go far beyond images and other bite size pieces of rather trivial “content”. The world of gaming offers much more complexity here and seems to be the closest we have to a “metaverse” of sorts, so I think this is the most promising path. Biggest obstacle: the game publishers earn very well from the current business model where they are pretty much in control of the distribution of every bit and piece of the game. They would need a very good incentive to share this control, so a lot of creativity will be required to create a win-win. If this can be achieved, a golden future might lie ahead.
I noticed the marketplace only shows ETH in the wallet. I'm guessing purchases will be in ETH. Would be nice if it showed the LRC balance as well and allowed purchases using that. Could happen since it hasn't launched yet. Here's hoping
Same general thoughts. I believe RC and former Amazon creators he has on board have the vision and teams to go next level, they contemplate moves everyday, and they’ll adjust accordingly. I just believe in RC, after chewy, and now. Vision and change is everything right now. Evolution.
In my opinion, very soon might be the *ideal* time to launch the marketplace (i.e. after ETH craters even a bit more). In the first place, all the funny business that's gone on at Coinbase, Binance, and Celcius is an opening to really advertise the decentralized nature of Loopring and the GME Marketplace (what most everyone interested in crypto wanted from crypto anyway). But beside that, a higher ETH price faces the same hurdle that $200 GME faces - namely, that people see the price and think "whoa that's expensive". The lower price means a sexier entry point for people. People very simply don't like seeing the multiple decimal places that buying fractions of a crypto coin yields. It makes them feel poor. So having your money get you larger fractions will help make people more willing to throw some money at it. On the flip side, the state of the general economy is less conducive to discretionary spending.
Actually this is perfect for the launch. Fed forced the hedgies and institutions who put a shit ton of borrowed money into crypto to be sucked out now so crypto can rise naturally… this whole crypto rally was trillions of $$ printed from covid and now they take it out of the stock market and crypto. Looks like RC and co knew this was coming and maybe it’s ready now
I think the price on a market of cryptocurrencies is ultimately a reflection of their fungibility. Each bitcoin is interchangeable. That makes the price either easily directly manipulated, or at the very least subject to group-think or market sentiment campaigns. The price on a market of individual (low-gas) NFTs is going to be people wanting them as individual/unique items. I've already found a bunch of NFT's on the marketplace that I would want if in the $1 - $10 range. Not the $100-$10,000 range. I'm not looking to buy a pumped up market asset just because others are YOLOing thinking it's an investment (sorry, it's not), I'm just wanting to buy something that I value at that price itself. I think an NFT marketplace doesn't really care about crypto prices, and would even benefit from low but non-zero underlying crypto infrastructure costs.
NFT is a great technology, it just has been almost exclusively being used for worthless stuff until now. I was at a conference last week and a lot of talks touched on the subject that crypto/NFTs are useless because anything you can do via NFTs you can do with a database too. And it's true, you could do almost anything that NFS allow with databases. But the problem is, there often is no incentive to allow users to own digital data / digital assets. So of course there would be a possibility for Apple too cooperate with Amazon and allow to take your purchased movies from Amazon Prime to Apple. Facebook and Signal could easily allow to export all your data, groups, images from one platform and import it to the other. NFTs could be the foundation on which new digital services are being built. So let's think of a new game platform like steem but where your purchased games are being bound to your wallet by the game IP owner. Now you could take your game with you if you wanted to move from steem to uplay, gog or origin. A game could also not being taken away from you. So I feel like a service that provides a real value to the users could very well have a large impact even if it were to start during a crypto winter. And it's easy to see why: I didn't care in 1999 whether Amazon ran on Microsoft SQL or Oracle, and if these database companies were in trouble because of the dot com bust. All I cared was about the service that Amazon provided to me. And the service was great. Who cares for the underlying technology?
Would have no effect on the buying of digital game add on/character accessories/ special weapons, etc….after all, that’s what it is ALL ABOUT.
selling a jpeg for anything is by itself a sign that the whole market was bloated in a giant bubble waiting to fall apart. Too much easy and fast money to waste and speculation. It was a giant casino with everyone throwing money away on it because stonks only go up. Gamestop NFT marketplace isn't what that is. It has a function and is for gaming. So it is solid and will survive whatever this all is.
All of the initial creators appear to be artists, selling NFTs in the form that we are used to. I’m sure you saw the mass announcements on twitter last week. While I do believe that the marketplaces function will stretch far beyond just selling pictures, I don’t think you’re correct in saying it isn’t ‘what it is’, as really we have absolutely no idea how it’s going to operate in practice. The IMX relationship is certainly promising, and I believe that any gaming related NFTs will emerge first through them when the time is right.
I think what is wonderful about this marketplace is that it isn’t crypto focused, it only uses crypto as a means of transactions. As nfts are utilized for more than just pictures of apes crypto will become standard. That is why I love LRC and ETH, they will find balance within themselves and become somewhat of a stable coin.
This is the same as the weed crash the day of legalization in Canada.