It turns out that in addition to being a rather transparent scam, the digital "Property" known as NFTs created though the blockchain actually breaks the blockchain.
Given that the distributed zero-trust technology was supposed to immune to such occurrences, it raises significant questions about the viability of such technology.
We've had 10 years of blockchain as the technology of the future with no one finding a solution that it really does better than anything else, not even laundering money.
It's time to consign it to the trash heap of history, like bubble memory:
When Bored Ape Yacht Club creators Yuga Labs announced its Otherside NFT collection would launch on April 30, it was predicted by many to be the biggest NFT launch ever. Otherside is an upcoming Bored Ape Yacht Club metaverse game, and the NFTs in question were deeds for land in that virtual world. Buoyed by the BAYC's success -- it costs about $300,000 to buy into the Club -- the sale of 55,000 land plots netted Yuga Labs around $320 million in three hours.
It also broke Ethereum for three hours.
Users paid thousands of dollars in transaction fees, regardless of whether those transactions succeeded. Because the launch put load on the entire blockchain, crypto traders were unable to buy, sell or send coins for hours. The sale highlights the growing profitability of the NFT market but also the uncertainty around whether blockchains are robust enough to handle the attention.
Otherside is Yuga Labs' take on the metaverse, a large virtual word inhabited by thousands of people. Metaverses have existed for decades -- Second Life, Fortnite and World of Warcraft are all examples -- but newfound buzz around the term relates to blockchain proponents' belief that cryptocurrencies and NFTs will revolutionize the model.
The argument is that NFTs allow for true ownership of digital assets and cryptocurrencies the means to facilitate a digital economy. Metaverses like Sandbox, currently in beta, allow players to create in-game items and own plots of land, on top of which they can do what they fancy: Build a house, become a merchant, use it for advertisements or run a virtual business. The idea is that if these worlds come to be inhabited by millions, a la Fornite or World of Warcraft, that land becomes exponentially more valuable. Boosters say this will lead to more organic user-created worlds, while critics say profit seeking will take the fun out of gaming.
Seriously, why is anyone spending money on this?
1 comments :
It would be a way for Uncle Vladimir to enrich toadies, wouldn't it?
That alone would guarantee it continues. Kleptocrats gotta pay toadies, and toadies gotta buy megayachts.
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