Months from now I’ll be saying “I started with Yordacoin before it was mainstream and cool.”
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Thing is, whilst it is correct that, the basic concept works, it still needs a framework that is established. Which currently there is not.
I mean essentially that is how non-coin based finance works anyway. I don’t know the precise wording on other countries bank notes, but on any English one it has the statement “I Promise to bear the owner on demand the sum of X” So basically accepting the bank note, is binding the new owner of said note, to value it accordingly. a £5 is a £5 note. The rate of inflation may mean you can buy less for £5, but it’s value is a set static, and one enforced and honoured by the Bank of England. You can’t artificially inflate your own currency in your own possession and say “Actually this is worth £10” It is always going to be worth £5.
I mean with the exception of coins, which bear no such inscription, all money is essentially ‘money in potentia’ and only actually worth what consumers and vendrs place in terms of credence of it’s value. When that system breaks down, as in both the vendor and emptor do not believe in the power of the national bank to actually come good on that promise, is where you get horrible scenario’s like Weimar Republic Germany, where the ‘Emperor is revealed to be wearing no clothes’ and the whole concept of banking in general, and the notes it offers, becomes devalued.
Even so however, the bank is -saying- that said note is worth X amount, but the process only really works as long as everyone believes it. This is why a ‘Run on the Banks’ can utterly ruin the system.
Put it this way, if Every Brit tomorrow went into the bank and demanded all of their money, that they legally own. The banks would run out of physical tokens of money before everybody could be given their physical notes and coins, and it would all collapse. It is the faith in that ‘money in potentia’ that makes the system work, and always has done since the Phoenicians kind of , heh… ‘monopolised’ the idea thousands of years back.
The same is true of International banking, hence the stock markets worldwide, it’s a bizarre spiralling ballet of commerce, which even your top bankers don’t really understand anymore, but has become too intertwined and complex, as if ‘money’ was effectively an idiotic A.I with no consciousness, with only top financier’s as it’s High priests trying to divine what it will do in the future, when ‘money’ itself doesn’t know, because it is an insensate concept.
Sometimes it leads to what seem like bizarre contradictions. For example, ‘Opposition’ politicians will always bang on about Britain’s ‘National Debt’. Which admittedly is huge. I mean it has been since the Monroe doctrine in WWII. What they never actually tell you, is that other countries owe Britain money, far in excess of what we owe to other Countries. So far from the panic of “We owe so much money!” it’s more like “We owe so much money! But that’s OK, because we are owed -More- Money than that!”
To give an example of those economics in action, some people might remember about 10, 15 years ago, The Republic of Ireland (‘Eire’ to give it it’s actual native language name) absolutely stacked it, their economy had spiralled and there was zero confidence in the banks. So what happens? Great Britain steps in and goes “Here’s a loan, a shot to the arm for your economy” Which Eire accepted. Now a lot of armchair bankers who read too many tabloids were like “Why are we spending money on Eire, raah raah raah, I’m not racist -but-.” Without actually understanding the facts.
Who buys the most tat from Britain? Eire. Who buys their actual Navy, Air force, Army gear from Britain? Eire. Who has the most trade deals with Britain? Eire.
So what happens if Eire suddenly can’t afford to buy our Shiz?
Our Economy will be next against the Wall. So…financially it actually makes sense to fund the Eire economy so that they can keep on buying our Shiz. It’s basically the opposite of ‘Crab Bucket’ theory. Rather than one crab grabbing one climbing out of the bucket and pulling it down, the one almost out of the bucket is grabbing the one in the bucket, and pulling it -up-.
It’s that continual awareness that we’re all kind of entwined and need each other, that makes Economy work, internationally.
So what has this got to do with Crypto Currency or NFT?
Pretty simple. There’s no Guarantor. There is no agreed or assigned value. If you take Bitcoins or NFT’s to a shop, they will not honour them, because what are they actually worth? (I know there is a South American country that made Bitcoin’s legal currency. I also know that less than a year later that has massively backfired) I’m Freelance, if someone offered to pay me in Bitcoin or NFT I would tell them to jog on, because it has no actual agreed or assigned value. I can’t put that in my bank, because no bank is going to honour it, nor should they, they aren’t bound to by law. It is just labour for services that flies off into the Ether and is so intangible as to be utterly pointless.
Imagine trying to go to the bank and go “I have £1,000 worth of Bitcoin, can I draw that out please?”
“Err, no?”
“But you have to!”
“Says who?”
This is why as much as people like to think it is actually some sort of cutting edge of technology and commerce, it is actually a retroactive step taking us -backwards-, because it is essentially trying to institute a ‘Barter Economy’.
The problem being, that as with original Barter Economies before money was defined, the value is simply the value agreed between two parties, and may in fact have no value to any other party they wish to use it upon.
It’s actually a really retroactive step when it comes to money.
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I won’t be amazed if blizzard and Activision adopts it . Ubisoft has already started doing it . If nft makes money to blizzard like gold tokens does .they will surely adopt it .
Imagine playing aliance and gipsy from outer space on top of that!
Thats a bold statement, whatever the context. I think they’ve repeatedly proven they can do much worse.
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NFT are for rich people that are not happy with the money they make from investments to they try to convince people that digital one off math algorithm has some kind of worth.
Its not buying a pixel in the metaverse that something completely different.
Its not really crypto currency
It just a proof of something like a digital tag. That is usually applied to something in the real world like a certification certificate on a wrist watch but they trade certificates.
It’s a scam and pretty worthless to people, and as soon as quantum computing comes online it will all be worthless.
Don’t believe the hype.
No no not, not in a million years. I know how crypto works and i’m into it but for now as it is very unstable currency that can be outdone with 1 single tweet from Elon Musk.
And the response from their player base wasn’t positive over the news.
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A thread about NFTs and no one seems to have yet posted this?
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ducks are agents of the void lords and cannot manifest in our reality 
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honestly it will never fly because square enix almost went chapter 11 and ff 14 saved the company if they turn their back on their fans their basically finished as the primery money maker for SE and a executive him self Yoshi P has a decent amount of sway
I am not sure what NFT means and how it works. It makes more expensive to play gameonline?
Yeah…
In the next few days, we will see them with NFT proposal to players and they will love them for it…
Well I must be lucky that I purchase mine grocceries with CRO.
Neither does the OP, read the posts they are highly amusing.
It makes little difference. It’s a fad and a con.
They didn’t say they were implementing NFT, just that they were looking into it. It’s the equivalent of your parent saying we’ll see rather than an outright no.
People think blockchain and $$$ so investors are going like why are you not making a blockchain game. Remember everyone and their dog was making the next WoW back when.
The only people who are making money from NFT are con artists.
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Blizzard? NFTs? Mate their still copy and pasting content from 2004. Believe yourself blizzard will never modernize their so far behind it’s an actual meme.
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Well there is still hope. I believe they will do big thing with NFT’s. Bring new players. Game need to evolve. And traditional players need to adopt, or they can leave. There will always be enough games out there for them to play. For example GW 2. GG
Or… you can follow your own advice, chase the NFT dragon and leave.
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