March 30, 2023 • 19 mins
The big game companies - Microsoft, Nintendo, Sony, Epic Games - are all insinuating they are taking a close look at NFTs or moving forward and bringing them into their ecosystem, signaling mass adoption. We explore how these companies can bring NFTs to the masses.
Sony filed a patent for transferrable NFTs that can be applied to multiple game titles and consoles, which signals their intention to implement the technology.
Digital ownership asset transfer empowers players to monetize their game play and in-game asset accruals, which is a HUGE billion dollar industry already. Let's chat digital asset ownership in relation to gaming in this Episode #206 of The Nifty Show.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Ryles (00:00):
The Nifty show. The apparent inevitability of NFT mass adoption
is becoming higher resolution and drawing nearer amid recent news.
I'm Ryles hosting the nifty show with Joel Comm. Pleased
to bring you episode number 206, if you can believe that.
Joel Comm (00:19):
And this is kind of this episode dovetails off of
our last episode. We in 205 talked about how the
big game companies, the Giants, Microsoft, Nintendo, Sony, Epic Games,
all either insinuating that they're taking a close look at
Nfts or in some cases are actually moving forward and
(00:42):
bringing them into their ecosystem. And today, we're going to
talk about how these companies and perhaps others can help
bring nfts to the masses via gaming.
Ryles (00:56):
One of the biggest stories that broke in our last
episode was that PlayStation, Sony, the the owners of PlayStation
have filed a patent for Transferable Nfts that that can
be applied to multiple games, multiple consoles, multiple hardware devices.
And this this was pretty huge news on the grounds
(01:17):
that Sony is a massive, massive player in the gaming space.
And if they are to put Nfts onto a PlayStation.
Immediately that technology is going to become exposed to millions
of people that have never heard of Nfts.
Joel Comm (01:37):
Right. They're not just saying, hey, we're thinking about this.
They're saying we're we're we've got a patent. We intend
to do this. This is happening. So keep up.
Ryles (01:48):
Of course, since this is games that we're talking about,
there is already been a lot of discourse, even in
the gaming mainstream pertaining to nfts and amid entities like
bored apes, Dookie and some of the play to earn
projects that have spectacularly crashed and and even ruin some
(02:13):
people's lives. You can imagine that the coverage hasn't been
overall positive, but with both of these things happening at
the same time, there's a lot to to expect in
the near future.
Joel Comm (02:27):
You know, before before you go on to that, I'm wondering,
I could think of two major arguments that the new
the well has been poisoned with as far as gamers
are concerned. You know, one of them being that nfts
are a Ponzi scheme. Actually, three nfts are a Ponzi scheme.
(02:50):
And if I can own your NFT by right click,
save assing it. Now I own your jpeg of your
ape or whatever. And the third is that nfts kill
the environment because of gas fees on what used to
be proof of work on Ethereum and is now proof
of stake. Are there others I'm missing?
Ryles (03:12):
It seems to me that the primary association that the
the gaming mainstream has with NFTS is that they're just
a scam, like they're just designs to take money from
you and not actually give you what they promise in return.
Joel Comm (03:25):
And imagine that the the lack of understanding that you
must have, you'll go in a game and you'll pay
real money to own a skin or a weapon or,
you know, that you use only in the game versus
being able to purchase something, purchase something with real money
(03:46):
and be able to sell it to somebody else. That
is maybe not even in game yet. I don't get it.
Ryles (03:56):
This is actually there's another story that that wasn't previously
in the show notes that we should discuss, because this
this brings to mind the fact that EA just announced
that they are taking service offline for several games and
because they're taking the services offline, they are no longer
selling them. And these are games that existed before the
concept of games as a service. Battlefield Bad Company one Battlefield,
(04:18):
Bad Company two and Mirror's Edge all have online functionality
that is just going to disappear. Those were those were
products that people paid once for to own them. And
now functionality is being taken away because there's no system
in place to guarantee that you own anything. So rip
the Band-Aid off everything that you have ever bought in gaming.
(04:40):
If it requires any kind of server or you don't
have physical media for it, you don't own it. And
some of these companies, including ourselves, are trying to help
remedy that.
Joel Comm (04:50):
So that that's real interesting. I'm looking that story up
right now and I'm going to go ahead and and
put that on the screen because I think that it
really is the the tale being told there that people
have paid to license these games. And now Electronic Arts,
EA is saying, well, we're taking them off the stores.
(05:13):
So the money that you put in to pay these games,
you don't have access to the functionality that you you
paid for before.
Ryles (05:24):
And let's be very specific about this. The single player
functions should still be available. It's basically all online functionality
that is going away, which.
Joel Comm (05:34):
Is for these games. That's a big deal for some of.
Ryles (05:36):
Them, Yes, Not so much for Mirror's Edge. I think
that only has like Speedrunning leaderboards, but for the shooters,
the entire reason to play them was really the online.
It wasn't the campaigns.
Joel Comm (05:48):
It does show how much power that the companies have
to to be able to control what people are going
to play.
Ryles (05:59):
Anyway, that was really just a valuable detail to add
context to the situation. At the end of the day,
what we're looking at right now is we're looking at companies,
very large companies that are putting effort into delivering NFT
services and NFT value to gamers, and a lot of
gamers are not going to be happy with that. But
(06:20):
I'm very certain about some things that are going to
happen anyway. Okay.
Joel Comm (06:24):
What are those things?
Ryles (06:26):
Mike His assertion is that Nfts are going to become
extremely commonplace and extremely standard in games in the mainstream,
regardless of who likes it or not, no matter what.
And here's why. Okay. There's there's multiple reasons. The first
one and no one's going to like hearing this, but
this is just a factual statement. Historically, new technologies get
(06:49):
mass adopted by the gaming mainstream against the wishes of
the vocal minority. So, you know, when I was growing up,
the standard was you purchase one game on the physical medium,
typically a compact disc. You would own that game, you
would play that game whenever you pop the disc into
to your PC. And that was the end of it.
(07:10):
But beginning with first downloadable content, which I think pretty
much everybody is still in favor of where you would
pay a larger sum for a sizable chunk of content
to be added to a game that you all really
enjoy that turned into microtransactions where we have seen a
lot of good and we've seen a lot of that
(07:31):
and the whole reputation of microtransactions got off on the
wrong foot and has kind of stayed there in a
lot of ways. Infamously, the the Oblivion Horse Armor is
sort of the first controversial DLC that I would contend
would be better categorized as a microtransaction where Bethesda attempted
(07:55):
to sell a a horse armor for the Elder Scrolls
for oblivion. Um.
Joel Comm (08:03):
Which was a very popular game, right?
Ryles (08:06):
Yes. Oblivion is a very well received game. And this
is really a pattern with Bethesda. Bethesda produces very popular
games that have some very weird quirks about them. Anyway,
they were widely made fun of for the horse armor,
and I'm going to guess they didn't get a ton
of sales out of that. But if you look at
the current state of things, if you look at how
(08:29):
prolific and universal microtransactions have become, I'm not saying that
they're all a good thing. I'm just saying that they're
all they're more examples of these technologies that have gotten
mass adopted. Are the concept of games as a service,
which everybody should now be very intimately familiar with. That's
the concept that it's no longer games as a product.
(08:51):
It's a an always online service that is provided for
the duration that the company is willing to maintain the servers.
And at this point, I have watched one hundreds of
games as a service games die forever because they lost support.
Joel Comm (09:08):
And then, well, there's all kinds of problems because you
linked up an article here that that actually lists eight
problems with this games as a service model. What are
the absolute ones?
Ryles (09:20):
So I love the first one in this article because
it lists that they sort of use games as a service.
Developers will use games as a service to excuse releasing
something that isn't finished because there is this implicit promise
that things will be fixed along the way. They'll be
patched in future updates and cut content that they couldn't
(09:44):
release in time will come out at a later date.
And maybe these promises get fulfilled and maybe they don't.
And a lot of these problems are very real. But again,
I'm not talking about whether they're good or bad. I'm
just saying these are now widely adopted. I have a question.
Joel Comm (10:01):
This is this example in this photo. This is not
intended to look like a man in a skeleton costume. Right.
This is this is a skeleton that somehow the texturing
isn't done yet and they've still got the outfit on him.
Ryles (10:17):
I mean, that sure looks like a I couldn't tell you.
I don't know what game that's from. I mean, I
can tell you it makes a lot of things like that.
A lot of game things like this have definitely happened
for sure.
Joel Comm (10:27):
Makes the case for, you know, putting out something before
it's ready.
Ryles (10:31):
Yeah, absolutely. And again, like these, these are definitely real problems.
So what you would be taking away from this in
the context of what I asserted is that even if
some bad things happen as a result of Nfts becoming
integrated into the gaming mainstream, it's going to happen, period.
(10:52):
This is just historical evidence for why that's going to
be the case.
Joel Comm (10:56):
Well, and I see this in a broader sense, too,
because I remember, you know, getting online early and when
the Web was new, people saying, oh, this Internet thing
will never catch on. I remember when Jeff Bezos started
selling books out of his garage and they were like, Oh,
people will never shop online. When the smartphones came out,
people say, We don't need a smartphone. We don't need
(11:16):
a computer in our pockets. We just want to be
able to make calls. And so, of course, the new
technology at the beginning, people push against it. You can
go back to when, you know, Henry Ford made the
automobile and people were like, we don't need this car.
We have horse and buggies to take us around. So
people are just resistant to change. They like what they know.
(11:37):
They like what's comfortable, and they don't understand how these
advances in technology are actually going to improve their lives
and their experiences. And the same thing is going to
happen with Nfts, which will probably go back to calling
digital collectibles again. And, you know, just like you like
to pat yourself on the back, well, deservedly for calling,
(11:59):
you know, how Play to Earn is a bad model.
Back in 2017, when Travis and I did an episode
on CryptoKitties before, you know, anybody else did a show
on it, we didn't call them Nfts. We didn't know
that terminology. We call them digital collectibles, which is something
that I think people can understand and embrace a lot
(12:21):
more than an NFT.
Ryles (12:25):
I know you want to take it in the direction
of the marketable term. I don't think I don't think
digital collectibles is going to catch on for the mainstream.
I think it's it's still ownership, bulls, digital ownership.
Joel Comm (12:37):
I like some other term.
Ryles (12:38):
Like true ownership has has so much more weight to it.
But besides that you've got me feeling like I'm playing
good cop here, of all things.
Joel Comm (12:46):
That's okay. Go. Go for it.
Ryles (12:48):
I sympathize with the people that are cynical about all
of this. If you were an outsider looking into this
space and seeing people's lives fall apart because they bought
into a scam or they bought into a play to
earn that crashed or they bought into a bitcoin and
(13:08):
their finances fell apart, wouldn't.
Joel Comm (13:10):
That's kind of kind of like having your money at
Silicon Valley Bank. Hello.
Ryles (13:16):
Perspective is everything. You know, people don't have quite the
whole holistic perspective that we have on the relationship between
assets and ownership and how much people have of either one.
But if you were an outsider, wouldn't you be looking
at this and saying, gee, it doesn't seem like a
whole lot of people's lives are being made better?
S3 (13:37):
Uh.
Joel Comm (13:38):
Possibly. But if I had a very limited view, which
is what we're talking about, perhaps. See, I rarely have
that view when it comes to technology, because I'm usually
looking at these things before, you know, we're anywhere near
the mainstream being able to hear about it. So when
I hear of new technology, I'm always just excited like, Oh,
what cool toy is this? And what's it going to do?
(14:00):
But I can't understand normies feeling that way.
S4 (14:04):
Normies? Yeah.
Ryles (14:08):
Right. Yeah, it does make sense. It makes sense that
people are cynical and it's okay that they're cynical. This
is just all about how, regardless of how much reading happens,
regardless of how many popular YouTubers replace the the acronym
for NFT with no fucking thanks. It's going to happen.
(14:30):
It's been proven that it's going to happen. It's proven
that this isn't a fad on the grounds that whereas
Pogs didn't have any hidden greater utility, this technology clearly
does well.
Joel Comm (14:45):
And there's expectations too that are being put on nfts
that there weren't on previous collectibles. You know, when when
we put up blockchain heroes, we said, these are these
are digital collectibles. That's what these are. That's what they do.
You open a pack, you might get something super rare.
You collect them, you might be able to participate in
(15:05):
some burn activities to get some new stuff. But that's
what they do. And now in the NFT world, that's
not enough for a lot of people. They are demanding
that these collectibles, these nfts do something. It's like the
meme with the guy with the stick poking saying, Come on, NFT,
do something on baseball card. I want I don't just
want a baseball card, rookie card of the new player
(15:27):
for the Kansas City Royals. I want this card to
unlock something else. I don't think the baseball card collecting
community is doing that, but it would not surprise me
and I would applaud Topps or Fleer or any the
companies that put out cards if they did add additional
utility to their physical collectibles.
Ryles (15:48):
People are expecting, Oh, I'm going to put money into
this project, and then all the responsibility is on the
the project developers for making the things that I bought
worth more so that I can sell them and and
make a successful trade. And that's just none of that
is going to fly anymore. That that is all over.
Joel Comm (16:10):
And that that doesn't mean we're not going to see
another bull market for Nfts. It just means that this
get rich quick concept that that doesn't last anywhere anyhow.
Ryles (16:24):
You know, when we were talking about grit in the
last episode, I actually had some some big hopes for
it because I sort of realized everybody's been trying to
push multiple separate benefits with Nfts simultaneously. There's the true
ownership there and then there is the making money. And
(16:46):
those are two different things because. Having provable ownership of
a game asset that's cool on its own. If that
can never be taken away from you and it has
utility already. That's really slick. Okay. But then the AI,
as soon as you introduce the concept of then selling
(17:07):
digital assets, some part of it sort of inevitably becomes
about this money making opportunity and some people who consume
that product will either do so. Specifically because they want
to make money off of it, or they may feel
a little disgruntled by the fact that now there is
(17:28):
there is a profit incentive baked into the system.
Joel Comm (17:32):
Well, this is an ongoing discussion that we're having because
it is developing. Always developing is new initiatives or surfacing
and the the marketplace is moving forward. We'd love to
hear from you guys. Our email is always open 24
over seven, the nifty show at gmail.com. You could always
let us know what you think of what we're talking about.
(17:54):
If there's anything that you'd like us to cover. But
we're going to keep bringing you these discussions right on
the front lines of Nfts now covering them since 2017.
And this show is actually coming up on its third year,
I believe. I don't know when episode one officially came out.
(18:15):
I'm trying to look it up right now and see
if there's a date on it May 30th, 2020 was
the the first episode that Travis and I released. So
we're coming up on three years of of Nifty show.
What do you think of that?
Ryles (18:30):
That is a little crazy. You're going to have to
sign the show up for pre K soon.
Joel Comm (18:35):
There you go. And don't forget to subscribe Ring the
Bells review and what else?
Ryles (18:43):
Be sure and keep it nifty.
S5 (18:45):
Looking into the future. What do we see? It's lined
with digital collectibles. We call them NFT games, trading cards,
digital art and those CryptoKitties.
UU (18:59):
Joe Riles are the host till no trolling. I'll say
this won't blow. They locked and loaded, so. Ready, set, go.
It's the nifty. Really kind of spiffy. The. Nifty show.
The Nifty show. The apparent inevitability of NFT mass adoption
is becoming higher resolution and drawing nearer amid recent news.
I'm Ryles hosting the nifty show with Joel Comm. Pleased
to bring you episode number 206, if you can believe that.
Joel Comm (00:19):
And this is kind of this episode dovetails off of
our last episode. We in 205 talked about how the
big game companies, the Giants, Microsoft, Nintendo, Sony, Epic Games,
all either insinuating that they're taking a close look at
Nfts or in some cases are actually moving forward and
(00:42):
bringing them into their ecosystem. And today, we're going to
talk about how these companies and perhaps others can help
bring nfts to the masses via gaming.
Ryles (00:56):
One of the biggest stories that broke in our last
episode was that PlayStation, Sony, the the owners of PlayStation
have filed a patent for Transferable Nfts that that can
be applied to multiple games, multiple consoles, multiple hardware devices.
And this this was pretty huge news on the grounds
(01:17):
that Sony is a massive, massive player in the gaming space.
And if they are to put Nfts onto a PlayStation.
Immediately that technology is going to become exposed to millions
of people that have never heard of Nfts.
Joel Comm (01:37):
Right. They're not just saying, hey, we're thinking about this.
They're saying we're we're we've got a patent. We intend
to do this. This is happening. So keep up.
Ryles (01:48):
Of course, since this is games that we're talking about,
there is already been a lot of discourse, even in
the gaming mainstream pertaining to nfts and amid entities like
bored apes, Dookie and some of the play to earn
projects that have spectacularly crashed and and even ruin some
(02:13):
people's lives. You can imagine that the coverage hasn't been
overall positive, but with both of these things happening at
the same time, there's a lot to to expect in
the near future.
Joel Comm (02:27):
You know, before before you go on to that, I'm wondering,
I could think of two major arguments that the new
the well has been poisoned with as far as gamers
are concerned. You know, one of them being that nfts
are a Ponzi scheme. Actually, three nfts are a Ponzi scheme.
(02:50):
And if I can own your NFT by right click,
save assing it. Now I own your jpeg of your
ape or whatever. And the third is that nfts kill
the environment because of gas fees on what used to
be proof of work on Ethereum and is now proof
of stake. Are there others I'm missing?
Ryles (03:12):
It seems to me that the primary association that the
the gaming mainstream has with NFTS is that they're just
a scam, like they're just designs to take money from
you and not actually give you what they promise in return.
Joel Comm (03:25):
And imagine that the the lack of understanding that you
must have, you'll go in a game and you'll pay
real money to own a skin or a weapon or,
you know, that you use only in the game versus
being able to purchase something, purchase something with real money
(03:46):
and be able to sell it to somebody else. That
is maybe not even in game yet. I don't get it.
Ryles (03:56):
This is actually there's another story that that wasn't previously
in the show notes that we should discuss, because this
this brings to mind the fact that EA just announced
that they are taking service offline for several games and
because they're taking the services offline, they are no longer
selling them. And these are games that existed before the
concept of games as a service. Battlefield Bad Company one Battlefield,
(04:18):
Bad Company two and Mirror's Edge all have online functionality
that is just going to disappear. Those were those were
products that people paid once for to own them. And
now functionality is being taken away because there's no system
in place to guarantee that you own anything. So rip
the Band-Aid off everything that you have ever bought in gaming.
(04:40):
If it requires any kind of server or you don't
have physical media for it, you don't own it. And
some of these companies, including ourselves, are trying to help
remedy that.
Joel Comm (04:50):
So that that's real interesting. I'm looking that story up
right now and I'm going to go ahead and and
put that on the screen because I think that it
really is the the tale being told there that people
have paid to license these games. And now Electronic Arts,
EA is saying, well, we're taking them off the stores.
(05:13):
So the money that you put in to pay these games,
you don't have access to the functionality that you you
paid for before.
Ryles (05:24):
And let's be very specific about this. The single player
functions should still be available. It's basically all online functionality
that is going away, which.
Joel Comm (05:34):
Is for these games. That's a big deal for some of.
Ryles (05:36):
Them, Yes, Not so much for Mirror's Edge. I think
that only has like Speedrunning leaderboards, but for the shooters,
the entire reason to play them was really the online.
It wasn't the campaigns.
Joel Comm (05:48):
It does show how much power that the companies have
to to be able to control what people are going
to play.
Ryles (05:59):
Anyway, that was really just a valuable detail to add
context to the situation. At the end of the day,
what we're looking at right now is we're looking at companies,
very large companies that are putting effort into delivering NFT
services and NFT value to gamers, and a lot of
gamers are not going to be happy with that. But
(06:20):
I'm very certain about some things that are going to
happen anyway. Okay.
Joel Comm (06:24):
What are those things?
Ryles (06:26):
Mike His assertion is that Nfts are going to become
extremely commonplace and extremely standard in games in the mainstream,
regardless of who likes it or not, no matter what.
And here's why. Okay. There's there's multiple reasons. The first
one and no one's going to like hearing this, but
this is just a factual statement. Historically, new technologies get
(06:49):
mass adopted by the gaming mainstream against the wishes of
the vocal minority. So, you know, when I was growing up,
the standard was you purchase one game on the physical medium,
typically a compact disc. You would own that game, you
would play that game whenever you pop the disc into
to your PC. And that was the end of it.
(07:10):
But beginning with first downloadable content, which I think pretty
much everybody is still in favor of where you would
pay a larger sum for a sizable chunk of content
to be added to a game that you all really
enjoy that turned into microtransactions where we have seen a
lot of good and we've seen a lot of that
(07:31):
and the whole reputation of microtransactions got off on the
wrong foot and has kind of stayed there in a
lot of ways. Infamously, the the Oblivion Horse Armor is
sort of the first controversial DLC that I would contend
would be better categorized as a microtransaction where Bethesda attempted
(07:55):
to sell a a horse armor for the Elder Scrolls
for oblivion. Um.
Joel Comm (08:03):
Which was a very popular game, right?
Ryles (08:06):
Yes. Oblivion is a very well received game. And this
is really a pattern with Bethesda. Bethesda produces very popular
games that have some very weird quirks about them. Anyway,
they were widely made fun of for the horse armor,
and I'm going to guess they didn't get a ton
of sales out of that. But if you look at
the current state of things, if you look at how
(08:29):
prolific and universal microtransactions have become, I'm not saying that
they're all a good thing. I'm just saying that they're
all they're more examples of these technologies that have gotten
mass adopted. Are the concept of games as a service,
which everybody should now be very intimately familiar with. That's
the concept that it's no longer games as a product.
(08:51):
It's a an always online service that is provided for
the duration that the company is willing to maintain the servers.
And at this point, I have watched one hundreds of
games as a service games die forever because they lost support.
Joel Comm (09:08):
And then, well, there's all kinds of problems because you
linked up an article here that that actually lists eight
problems with this games as a service model. What are
the absolute ones?
Ryles (09:20):
So I love the first one in this article because
it lists that they sort of use games as a service.
Developers will use games as a service to excuse releasing
something that isn't finished because there is this implicit promise
that things will be fixed along the way. They'll be
patched in future updates and cut content that they couldn't
(09:44):
release in time will come out at a later date.
And maybe these promises get fulfilled and maybe they don't.
And a lot of these problems are very real. But again,
I'm not talking about whether they're good or bad. I'm
just saying these are now widely adopted. I have a question.
Joel Comm (10:01):
This is this example in this photo. This is not
intended to look like a man in a skeleton costume. Right.
This is this is a skeleton that somehow the texturing
isn't done yet and they've still got the outfit on him.
Ryles (10:17):
I mean, that sure looks like a I couldn't tell you.
I don't know what game that's from. I mean, I
can tell you it makes a lot of things like that.
A lot of game things like this have definitely happened
for sure.
Joel Comm (10:27):
Makes the case for, you know, putting out something before
it's ready.
Ryles (10:31):
Yeah, absolutely. And again, like these, these are definitely real problems.
So what you would be taking away from this in
the context of what I asserted is that even if
some bad things happen as a result of Nfts becoming
integrated into the gaming mainstream, it's going to happen, period.
(10:52):
This is just historical evidence for why that's going to
be the case.
Joel Comm (10:56):
Well, and I see this in a broader sense, too,
because I remember, you know, getting online early and when
the Web was new, people saying, oh, this Internet thing
will never catch on. I remember when Jeff Bezos started
selling books out of his garage and they were like, Oh,
people will never shop online. When the smartphones came out,
people say, We don't need a smartphone. We don't need
(11:16):
a computer in our pockets. We just want to be
able to make calls. And so, of course, the new
technology at the beginning, people push against it. You can
go back to when, you know, Henry Ford made the
automobile and people were like, we don't need this car.
We have horse and buggies to take us around. So
people are just resistant to change. They like what they know.
(11:37):
They like what's comfortable, and they don't understand how these
advances in technology are actually going to improve their lives
and their experiences. And the same thing is going to
happen with Nfts, which will probably go back to calling
digital collectibles again. And, you know, just like you like
to pat yourself on the back, well, deservedly for calling,
(11:59):
you know, how Play to Earn is a bad model.
Back in 2017, when Travis and I did an episode
on CryptoKitties before, you know, anybody else did a show
on it, we didn't call them Nfts. We didn't know
that terminology. We call them digital collectibles, which is something
that I think people can understand and embrace a lot
(12:21):
more than an NFT.
Ryles (12:25):
I know you want to take it in the direction
of the marketable term. I don't think I don't think
digital collectibles is going to catch on for the mainstream.
I think it's it's still ownership, bulls, digital ownership.
Joel Comm (12:37):
I like some other term.
Ryles (12:38):
Like true ownership has has so much more weight to it.
But besides that you've got me feeling like I'm playing
good cop here, of all things.
Joel Comm (12:46):
That's okay. Go. Go for it.
Ryles (12:48):
I sympathize with the people that are cynical about all
of this. If you were an outsider looking into this
space and seeing people's lives fall apart because they bought
into a scam or they bought into a play to
earn that crashed or they bought into a bitcoin and
(13:08):
their finances fell apart, wouldn't.
Joel Comm (13:10):
That's kind of kind of like having your money at
Silicon Valley Bank. Hello.
Ryles (13:16):
Perspective is everything. You know, people don't have quite the
whole holistic perspective that we have on the relationship between
assets and ownership and how much people have of either one.
But if you were an outsider, wouldn't you be looking
at this and saying, gee, it doesn't seem like a
whole lot of people's lives are being made better?
S3 (13:37):
Uh.
Joel Comm (13:38):
Possibly. But if I had a very limited view, which
is what we're talking about, perhaps. See, I rarely have
that view when it comes to technology, because I'm usually
looking at these things before, you know, we're anywhere near
the mainstream being able to hear about it. So when
I hear of new technology, I'm always just excited like, Oh,
what cool toy is this? And what's it going to do?
(14:00):
But I can't understand normies feeling that way.
S4 (14:04):
Normies? Yeah.
Ryles (14:08):
Right. Yeah, it does make sense. It makes sense that
people are cynical and it's okay that they're cynical. This
is just all about how, regardless of how much reading happens,
regardless of how many popular YouTubers replace the the acronym
for NFT with no fucking thanks. It's going to happen.
(14:30):
It's been proven that it's going to happen. It's proven
that this isn't a fad on the grounds that whereas
Pogs didn't have any hidden greater utility, this technology clearly
does well.
Joel Comm (14:45):
And there's expectations too that are being put on nfts
that there weren't on previous collectibles. You know, when when
we put up blockchain heroes, we said, these are these
are digital collectibles. That's what these are. That's what they do.
You open a pack, you might get something super rare.
You collect them, you might be able to participate in
(15:05):
some burn activities to get some new stuff. But that's
what they do. And now in the NFT world, that's
not enough for a lot of people. They are demanding
that these collectibles, these nfts do something. It's like the
meme with the guy with the stick poking saying, Come on, NFT,
do something on baseball card. I want I don't just
want a baseball card, rookie card of the new player
(15:27):
for the Kansas City Royals. I want this card to
unlock something else. I don't think the baseball card collecting
community is doing that, but it would not surprise me
and I would applaud Topps or Fleer or any the
companies that put out cards if they did add additional
utility to their physical collectibles.
Ryles (15:48):
People are expecting, Oh, I'm going to put money into
this project, and then all the responsibility is on the
the project developers for making the things that I bought
worth more so that I can sell them and and
make a successful trade. And that's just none of that
is going to fly anymore. That that is all over.
Joel Comm (16:10):
And that that doesn't mean we're not going to see
another bull market for Nfts. It just means that this
get rich quick concept that that doesn't last anywhere anyhow.
Ryles (16:24):
You know, when we were talking about grit in the
last episode, I actually had some some big hopes for
it because I sort of realized everybody's been trying to
push multiple separate benefits with Nfts simultaneously. There's the true
ownership there and then there is the making money. And
(16:46):
those are two different things because. Having provable ownership of
a game asset that's cool on its own. If that
can never be taken away from you and it has
utility already. That's really slick. Okay. But then the AI,
as soon as you introduce the concept of then selling
(17:07):
digital assets, some part of it sort of inevitably becomes
about this money making opportunity and some people who consume
that product will either do so. Specifically because they want
to make money off of it, or they may feel
a little disgruntled by the fact that now there is
(17:28):
there is a profit incentive baked into the system.
Joel Comm (17:32):
Well, this is an ongoing discussion that we're having because
it is developing. Always developing is new initiatives or surfacing
and the the marketplace is moving forward. We'd love to
hear from you guys. Our email is always open 24
over seven, the nifty show at gmail.com. You could always
let us know what you think of what we're talking about.
(17:54):
If there's anything that you'd like us to cover. But
we're going to keep bringing you these discussions right on
the front lines of Nfts now covering them since 2017.
And this show is actually coming up on its third year,
I believe. I don't know when episode one officially came out.
(18:15):
I'm trying to look it up right now and see
if there's a date on it May 30th, 2020 was
the the first episode that Travis and I released. So
we're coming up on three years of of Nifty show.
What do you think of that?
Ryles (18:30):
That is a little crazy. You're going to have to
sign the show up for pre K soon.
Joel Comm (18:35):
There you go. And don't forget to subscribe Ring the
Bells review and what else?
Ryles (18:43):
Be sure and keep it nifty.
S5 (18:45):
Looking into the future. What do we see? It's lined
with digital collectibles. We call them NFT games, trading cards,
digital art and those CryptoKitties.
UU (18:59):
Joe Riles are the host till no trolling. I'll say
this won't blow. They locked and loaded, so. Ready, set, go.
It's the nifty. Really kind of spiffy. The. Nifty show.
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