What Are Your Thoughts on NFT and Web3 Domains? (1 Viewing)

MicahDomains

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What are your thoughts on NFT and Web3 domains? With GameStop set to launch an NFT marketplace in the coming months, and media companies pushing metaverse-related projects, will such domains see increased demand in the future?

I currently hold a few NFT and web3 domains.

nftwallets.ca
nftbot.ca
nftreward.ca
nftrewards.ca
web3games.ca
web3game.ca
web3wallet.ca
web3wallets.ca
 
A lot of people simply dislike NFT's because they see a 16x16 pixel art image of an ape smoking on a joint with a selling price of $100,000. While I do believe these useless projects are doing the entire community a disfavor, I think it is just growing pains in the early adoption phase.

I try to explain NFT's like this; You are looking to purchase tickets to watch your favourite NHL team but the game is sold out. Ticket reselling websites are charging an arm and a leg, so you avoid them. You finally find someone on Kijiji who is willing to sell you the tickets for a good price, but obviously you're skeptical because there is no way to verify the legitimacy of the tickets. Boom! If the tickets were issued as NFT's, you could verify the legitimacy right through someone's wallet.

Obviously, this is a one off example. The same can be done with car titles and property deeds, though.
 
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mcm said:
A lot of people simply dislike NFT's because they see a 16x16 pixel art image of an ape smoking on a joint with a selling price of $100,000. While I do believe these useless projects are doing the entire community a disfavor, I think it is just growing pains in the early adoption phase.

I try to explain NFT's like this; You are looking to purchase tickets to watch your favourite NHL team but the game is sold out. Ticket reselling websites are charging an arm and a leg, so you avoid them. You finally find someone on Kijiji who is willing to sell you the tickets for a good price, but obviously you're skeptical because there is no way to verify the legitimacy of the tickets. Boom! If the tickets were issued as NFT's, you could verify the legitimacy right through someone's wallet.

Obviously, this is a one off example. The same can be done with car titles and property deeds, though.

Agreed, if there are some real potential uses, then someone needs to start bringing that to the forefront, otherwise it just hurts the entire concept.
 
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There is certainly a speculative bubble component to this early phase that makes very little sense, but I do believe that with further adoption of the concept, we will see real-world usage in the years ahead. Two areas I'm watching are gaming and finance. NFTs could be a way to issue dividends. I only have few dollars invested in the domains, so comfortable to wait it out and see where it all goes.
 
And OpenSea just got hacked. User wallets emptied, NFTs lost forever.

And that $1.7M is a vast understatement according to experts.

[twitter=https://twitter.com/web3isgreat/status/1495225094549172225][/twitter]
 
[twitter=https://twitter.com/confederatiode2/status/1495251657738711042][/twitter]
 
NFT Marketplace OpenSea Suffers Massive Phishing Attack
Code:
Online non-fungible token marketplace OpenSea has started investigating exploit rumors, stating that it has likely fallen victim to a fishing attack in a recent tweet.

The NFT community was set ablaze with speculation earlier today after it came to light that a hacker stole millions of dollars worth of non-fungible tokens.

On Saturday, the company informed users about launching a new upgraded smart contract, urging them to migrate their listings without paying gas fees before the deadline window closes on Feb. 25.

The hacker, however, has decided to take advantage of the upgrade by tricking users into parting ways with their NFTs with the help of legit-looking phishing emails. The company has cautioned users against clicking any links outside of the official website
https://u.today/nft-marketplace-opensea-suffers-massive-phishing-attack
 
$1.7 million from a phishing attack, with possibly a few more million after the dust settles?
Give me a break. People get taken for that on the daily through bank phishing and you don't see any breaking news headlines.

 
I bought some NFT domains last year when the word started showing up more in headlines. I can see good NFT domains as retaining some value since NFT's probably are here to stay. As for the Web3 term, that is probably more transient and time limited, like what would Web 2.0 domains be worth now, or 3G domains when 5G is now here?
 
This "it was all phishing" is not 100% true and it goes deeper than this. Issues with code, contracts, known exploits, etc.

Some of the estimates are hitting $200M lost and probably more, as a lot of whales are just eating the NFT loss rather than come out public about it.
 
domains said:
I'd think NFT's would be easily trackable through blockchain as each one is a unique item.

They are, but once you put them on a Eth marketplace, ownership can change at any time.

Sale, theft, or software issues, like when OpenSea "lost" some NFTs on their market. There are exploits all over the place, and it's quite scary to be trusting these guys with this amount of money.

https://decrypt.co/91513/opensea-refunds-ethereum-users-lost-nfts-inactive-listing-exploit


[twitter=https://twitter.com/rfdzee/status/1495224136444301318][/twitter]
 
I read that they have been able to get some of the NFTs back and still trying to get them all.

The safety issue is a big one for crypto and nfts. If you are just using a password and someone guesses it, or hacks your email, they can take it all. If you set up 2fa, I've heard of hackers calling phone companies and being able to take control of the phone number to get the code. At somewhere like Coinbase, you can vault your crypto and add a second email to verify any withdrawals. If your crypto is vaulted, even if you successfully request a withdrawal, you have to wait 3 days as an added safety precaution (so if you get hacked the hacker can't move everything instantly, and hopefully you notice what's going on in those 3 days and report it to coinbase).

For the extra security of getting into cold storage and ledgers, using a 12 word keyphrase, etc, now that is getting beyond the effort that the average person will probably want to spend time learning and doing correctly.

So making crypto and nfts safe and secure in a standard manner for the average person is still a hurdle imo.
 
Added security measures I've thought about that could be added to any site in general would be to set the IP location of someone logging in. So say if you were able to restrict a login to your account to a specific city or province in Canada that would be a good added barrier. Or, after a successful login, require a 5 or 6 digit PIN number to continue that can only be reset by calling in and verifying identity.

One thing though with these giant tech and social media companies like Twitter, try phoning in and talking to a real person, next to impossible.

So one thing tech hasn't yet disrupted is an efficient timely support department where you can access a real person. Tech has just made company support depts worse.
 
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Picked up a few more. :)

nftpayment.ca
nftpayments.ca
nftcreators.ca
nftcryptowallet.ca
nftcryptowallets.ca
 
I only have one but it is a .com

BoredApeNFT.com with the matching twitter handle @twitter.com/boredapenft


It gets tagged hundreds of times and is for sale



Screenshot-17.png
 
nfts have started with art, but they are going to move into other industries over time. nfts will be yuge.
 

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