I think this helps us get here, When a few thousand NFTs are created and have a hard time selling... eventually it'll work itself out.
I also believe its a Digital Tulip, even more so than Doge coin. Even BTC (when tulips bulbs were a thing they were trading high too, it doesn't mean they have real long-ish term value)
I have to wonder about the effects of the essentially useless economic activity that the NFT market creates. No real value is created, yet absurd amounts of value are invested in it.
China already banned cryptocurrencies. Meanwhile, not insignificant portions of the US tech sector along with investors, including retail investors, are investing time and capital in the cryptocurrency and NFT scam markets.
Is there some reason "1PN6H2" is appended to the link? Is it some sort of identifier for visitors or affiliates? https://www.coinbase.com/nft/announce/ works just fine too.
EDIT: I see now!
> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.
> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.
This waitlist concept is just artificial scarcity for accounts that aren't actually scarce and that have no reason to be limited. The only way to increase your position in the queue is to advertise it and get more people lower down to buy into the premise, further pushing the illusion to everyone else that the positions at the front of the queue are valuable and in demand.
In other words, it's the perfect way to launch an NFT platform.
Coinbase has relied on referral marketing for their platform for a while[1], and I can't help but draw parallels to how referral marketing is relied upon by MLMs.
I don't follow Solana, but assuming their NFTs are the same as Ethereum's, the long-term potential value is the proof of ownership and the rights that may bring, not the image itself.
I can take a picture of someone else's bank balance, I can even edit the html on a picture of my own bank account to have the same numbers and post that on twitter. It's the same pixels, sure... but it doesn't let me spend the dollars.
>Every time someone joins the waitlist using your referral link, you'll move up the leaderboard. Be first in line for early access to Coinbase NFT by referring others
Interesting (but not particularly surprising) choice for ranking the waitlist members. OpenSea (which is also a YC company, wow!) has been dominating this market to an amazing extent in the last year, so it will be interesting to see how well this pans out for Coinbase. Here's a graph of NFT MM marketshare by volume for the past year: https://i.imgur.com/C0l9O1Q.png
In the case of NFTs, I don't blame anyone for wanting to be the one selling the shovels, so I'm interested in seeing how this turns out for Coinbase over the next few months/years.
This is a genius marketing tactic in general. Announce a new feature, artificially introduce a line to get in, move people up the line if they bring in their friends, now the friends want to move up the line as well. The MLM guide to product launches. Robinhood was I believe the first one to apply this in a major way.
NFTs can be anything, so the potential future use cases may be extremely diverse, but let's limit ourselves to the current main narrative, which is art.
Optimistically, NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. As an example, photographers often try to monetize using stock agencies, whom fully dictate terms and give them pennies, whilst keeping most of the resell value themselves.
As such, NFTs offer less gatekeepers, less or no cut on revenue, as well as new technical possibilities. The artist has far more control, and thus economic freedom. At least potentially.
As to whether this actually leads to artists more successfully monetizing is another question entirely. Too soon to tell.
It is obvious from their layout that their purpose is the sale and speculation of the products sold there. It is evident that the quality of the "work" published is utter garbage, devoid of any aesthetic value.
Now look at DeviantArt or any website dedicated to creating a community of artists and artisans. Then tell me that NFT isn't anything but a grift.
Why not? If people are willing to throw away money on glorified text files, might as well cash in on it. Any useful functionality of NFTs can be achieved using public key cryptography or digital signatures, but we're not gonna get rich with that attitude.
It's a scam. Mental illness, susceptibility to certain messaging, or even lack of intelligence can make people easy targets to be exploited by financial scams.
Some believe they have the right to not be pillaged, because a society looks out for its weakest.
Some believe: too bad, let 'em crash-n-burn and grind em into haggis when they fall. That's life.
The question is: do we want to let the cons prey on the weak in our society? I'm sure it'll never possible to stamp out all the possible ways to exploit people, but I think it wouldn't hurt to help protect people who aren't hip to the con.
I waffle about this issue. For example, when I see people throwing their life savings at a rich Prosperity Gospel preacher (google that shit, it is totally bonkers and elderly fall for it!) I fall into group #1, but when I see people gobbling up Kardashian NFTs, I fall into group #2.
The natural progression of the NFT market is that the barrier to entry for creating and marketing them will become so low that the market will get flooded until the median NFT sells for $0
Shouldn't it be that? I mean, isn't that a major success case if so?
That's how the physical world works. You or I can scribble whatever we want on a piece of paper and the median value of those creations is $0. It doesn't mean there isn't a valid art market that uses the same medium.
[+] [-] gibb0n|4 years ago|reply
[+] [-] redorb|4 years ago|reply
I also believe its a Digital Tulip, even more so than Doge coin. Even BTC (when tulips bulbs were a thing they were trading high too, it doesn't mean they have real long-ish term value)
[+] [-] heavyset_go|4 years ago|reply
China already banned cryptocurrencies. Meanwhile, not insignificant portions of the US tech sector along with investors, including retail investors, are investing time and capital in the cryptocurrency and NFT scam markets.
[+] [-] dqpb|4 years ago|reply
[+] [-] unknown|4 years ago|reply
[deleted]
[+] [-] sydthrowaway|4 years ago|reply
[+] [-] miles|4 years ago|reply
EDIT: I see now!
> After you're on the waitlist, you'll get a referral link to share. Be first in line for early access by referring others. The more you refer, the higher up in line you’ll go.
[+] [-] FireInsight|4 years ago|reply
[+] [-] danShumway|4 years ago|reply
This waitlist concept is just artificial scarcity for accounts that aren't actually scarce and that have no reason to be limited. The only way to increase your position in the queue is to advertise it and get more people lower down to buy into the premise, further pushing the illusion to everyone else that the positions at the front of the queue are valuable and in demand.
In other words, it's the perfect way to launch an NFT platform.
[+] [-] heavyset_go|4 years ago|reply
[1] https://www.fintechmarketinghub.com/post/coinbase-the-power-...
[+] [-] aplummer|4 years ago|reply
Also you can download all 10000 in minutes with:
Crazy times.[+] [-] quartz|4 years ago|reply
I can take a picture of someone else's bank balance, I can even edit the html on a picture of my own bank account to have the same numbers and post that on twitter. It's the same pixels, sure... but it doesn't let me spend the dollars.
[+] [-] cdiamand|4 years ago|reply
I've got some friends who are modeling the CryptoPunks prices with machine learning over at https://deepnftvalue.com
Pretty interesting stuff. These asset prices behave pretty exotically.
[+] [-] dflock|4 years ago|reply
[+] [-] ve55|4 years ago|reply
Interesting (but not particularly surprising) choice for ranking the waitlist members. OpenSea (which is also a YC company, wow!) has been dominating this market to an amazing extent in the last year, so it will be interesting to see how well this pans out for Coinbase. Here's a graph of NFT MM marketshare by volume for the past year: https://i.imgur.com/C0l9O1Q.png
In the case of NFTs, I don't blame anyone for wanting to be the one selling the shovels, so I'm interested in seeing how this turns out for Coinbase over the next few months/years.
[+] [-] paxys|4 years ago|reply
[+] [-] unknown|4 years ago|reply
[deleted]
[+] [-] notamy|4 years ago|reply
[+] [-] rootsudo|4 years ago|reply
[+] [-] dstaley|4 years ago|reply
[+] [-] fleddr|4 years ago|reply
Optimistically, NFTs give artists and photographers a new channel to sell their work without being constrained too much by middle men. As an example, photographers often try to monetize using stock agencies, whom fully dictate terms and give them pennies, whilst keeping most of the resell value themselves.
As such, NFTs offer less gatekeepers, less or no cut on revenue, as well as new technical possibilities. The artist has far more control, and thus economic freedom. At least potentially.
As to whether this actually leads to artists more successfully monetizing is another question entirely. Too soon to tell.
[+] [-] Daishiman|4 years ago|reply
It is obvious from their layout that their purpose is the sale and speculation of the products sold there. It is evident that the quality of the "work" published is utter garbage, devoid of any aesthetic value.
Now look at DeviantArt or any website dedicated to creating a community of artists and artisans. Then tell me that NFT isn't anything but a grift.
[+] [-] atatatat|4 years ago|reply
[+] [-] root_axis|4 years ago|reply
[+] [-] SavantIdiot|4 years ago|reply
Some believe they have the right to not be pillaged, because a society looks out for its weakest.
Some believe: too bad, let 'em crash-n-burn and grind em into haggis when they fall. That's life.
The question is: do we want to let the cons prey on the weak in our society? I'm sure it'll never possible to stamp out all the possible ways to exploit people, but I think it wouldn't hurt to help protect people who aren't hip to the con.
I waffle about this issue. For example, when I see people throwing their life savings at a rich Prosperity Gospel preacher (google that shit, it is totally bonkers and elderly fall for it!) I fall into group #1, but when I see people gobbling up Kardashian NFTs, I fall into group #2.
Tough call...
[+] [-] lvs|4 years ago|reply
[+] [-] smoldesu|4 years ago|reply
[+] [-] mam3|4 years ago|reply
https://coinbase.com/nft/announce/1Q4W65
[+] [-] randomhodler84|4 years ago|reply
[+] [-] wyager|4 years ago|reply
[+] [-] Daishiman|4 years ago|reply
[+] [-] quartz|4 years ago|reply
That's how the physical world works. You or I can scribble whatever we want on a piece of paper and the median value of those creations is $0. It doesn't mean there isn't a valid art market that uses the same medium.
[+] [-] thrill|4 years ago|reply