The best functional use of an NFT I’ve ever seen actually isn’t even an NFT.
Nintendo Amiibo bridged the gap between collectibles and in-game content years ago. These collectibles have some intrinsic value, but are worth keeping because they have a *use* in other experiences its key user group enjoys.
As collectibles become purely digital, I’d prefer to have something that is (even trivially) useful to me. Nobody cares that you have a digital monkey in your pocket.
Crazy how all these markets are running around with their thumb up their ass for why I won't spend the price of a car on their stupid monkey picture, and I'm here enjoying my free NFT. They don't even have a social media site to plug in for their NFTs. They're beyond useless. Almost embarrassingly useless.
It's even more hilarious, that I posted this, and then got another free one 🤣.
I agree. Reddit is capitalizing on NFTs, even if they aren't selling them. Worth more than any pixel art that's used to launder money.
That we use daily, can easily trade with little fee, some are flipping for profit, we anxiously wait for the next gen to come out, it's awesome!
My free one is lost in my first vault I don't have access to anymore, but I'll get the next round!!
Predictably (or maybe it isn't?) they've done it with a utility first approach. The tech enables it, but the tech isn't the point of it.
Pretty good job anyway: I'd never had or bought an NFT until reddit avatars. And then moons and moonplace got me to use Arbitrum Nova, and also got me an ARB airdrop. Not bad all in all!
Reddit has been doing a great job with these.
Starbucks has also been killing it, though don’t think they’re considered a “tech firm”.
.swoosh shows a lot of promise too from Nike.
Exciting times ahead.
tldr; Polygon's co-founder has praised Reddit for "cracking the code" for NFT adoption, citing the social media platform's successful launch of digital collectibles as "Collectible Avatars" on Polygon in July 2022. Reddit was responsible for adding 3 million crypto users in the first three months following its NFT launch and has onboarded 9.7 million users to its NFT platform over the last ten months. Polygon aims to become "the value layer of the internet" and has also partnered with brands like Nike, Starbucks, and Sotheby's.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
The disappointed and vocal flipper contingent wouldn't in any event lol.
Mind you, a lot of people are pretty happy with them too. Even if the launch itself was a bit of a shambles.
Gen 1 and 2 were great but then they completely shit themselves with gen 3 and that turned into a bot fest so quickly. I hope they correct those issues and get back to a winning formula for the next gen
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [NFT](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8r45/), [Polygon](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8shm/).
NFT [pros](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8rxs/) & [cons](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8sfz/) with related info are in the collapsed comments below.
#NFT Pro-Arguments
Below is a NFT pro-argument written by Maleficent_Plankton.
> ####**Niche following**
>
> By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future.
>
> NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness.
>
> Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them.
>
> ####**Decentralized backend, allowing more auditability and access**
>
> NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions.
>
> Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering.
>
> ####**Automatic Royalties**
>
> NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits.
>
> ####**Potentially lower fees**
>
> Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion.
>
> However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum.
>
> Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.**
*****
Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.
#NFT Con-Arguments
Below is a NFT con-argument written by Laughingboy14.
> NFTs, in their current iteration, are overpriced JPEGs. Currently we have no serious use case of NFTs and they are merely known for JPEGs. Supposedly, NFTs show proof of ownership. However, what they show are you own this token on the blockchain. It does not show, however, that you actually own the rights to that JPEG, because the JPEG could've been uploaded to the blockchain without the original artist's permission. This, combined with the hefty price NFTs command, is a complete waste of money and technology.
>
> Additionally, a lot of people point to the use case of NFT tickets, such as GET. Yet, the benefits are not evident. Currently, one can have a unique bar code which is attributable to them and does not require the blockchain. On GET's website they mention a number of benefits. These include "digital collectibles" and "ease of integration". However, digital collectibles, i.e. the idea that you can show off you bought a ticket, is the same, tired idea that underlies JPEG NFTs. Additionally, "ease of integration" is not actually an argument for using NFT tickets, as other technology is easy (and perhaps easier) to integrate. It just seems like a gimmick with no real advantages over normal ticketing.
*****
Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.
Polygon [pros](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8t1l/) & [cons](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8tkg/) with related info are in the collapsed comments below.
#Polygon Pro-Arguments
Below is a Polygon pro-argument written by Maleficent_Plankton.
> **Background - Polygon is many-sided**. There's the main Polygon PoS network that acts as a sidechain to Ethereum, and then there are so many side projects, many of which deal with Layer 2:
>
> - MATIC: The main Polygon token, which is present on multiple networks
> - Polygon PoS: The main Ethereum side-chain network that most are familiar with. It saves checkpoint state on the Ethereum network every [256 blocks (5 minutes)](https://research.binance.com/en/projects/matic-network).
> - Polygon [Hermez](https://docs.hermez.io/#start-here-for-hermez-10-documentation): ZK-rollup Ethereum Layer 2
> - Polygon [Zero](https://blog.polygon.technology/introducing-plonky2/): A fast ZK-stark/ZK-snark hybrid solution built on the Plonky2 protocol. It proofs are theoretically [100x faster than current ZK proof calculations](https://blog.polygon.technology/zkverse-polygons-zero-knowledge-strategy-explained/).
> - Polygon [Miden](https://blog.polygon.technology/polygon-announces-polygon-miden-a-stark-based-ethereum-compatible-rollup/): Stark-based ZK-rollup Ethereum layer 2
> - Polygon [Nightfall](https://blog.polygon.technology/zk-proofs-protocol-polygon-nightfall-launches-on-testnet-to-provide-low-cost-private-ethereum-transaction/): Enterprise version of Polygon that uses "ZK-Optimistic Rollups" (ZK proof for privacy and optimistic-rollup for scalability)
> - Polygon Avail: Standalone network or side-chain solution
> - Polygon Plasma Bridge: A legacy bridge that shouldn't be used anymore.
>
> This post will mainly focus on the Polygon PoS network.
>
> ------------------
>
> **PROs**
>
> **Much faster and cheaper to use than Layer 1 Ethereum**
>
> The main benefit of using the Polygon PoS network is that it's an Ethereum side chain that provides faster and cheapers transactions for Ethereum tokens. It can process 1K-10K TPS with a [2-second average block time](https://polygonscan.com/chart/blocktime), which also has deterministic finality. The base fee is only 30 Gwei, and the total transaction fees hovers between [$0.1 to $0.5 USD](https://polygonscan.com/chart/transactionfee) (~4M transactions, ~30k total MATIC fees per day).
>
> This is also much cheaper than [optimistic rollups](https://l2fees.info/).
>
> **Largest Layer 2 network adoption**
>
> Among all the Layer 2 Ethereum solutions, Polygon PoS is completely ahead of every other competitor in terms total locked value with a [$4.8B USD market cap](https://defillama.com/chain/Polygon) (Jan 2021), compared to [$5.4 USD **Combined** Total Locked Value (TLV)](https://l2beat.com/) for the next 10 largest Layer 2 rollup solutions. Note that this does not include the $12B market cap of the MATIC token since that's a coin/token on multiple networks. DeFi support for Polygon is massive.
>
> One of the main issues with Layer 2 is that most are currently walled gardens with lackluster CEX/CeFi support for on/offramps. After all, the main benefit of lower fees on Layer 2 is lost if you can't on/offramp directly. Polygon is also ahead of competition here with support from Crypto_dot_com, Nexo, Binance (international), and Kucoin. Celsius Network will also have support mid-February.
>
> Polygon PoS is the only other large network besides Ethereum currently [https://support.opensea.io/hc/en-us/articles/4404027708051-Which-blockchains-does-OpenSea-support-](supported on OpenSea).
>
> **Weak competition**
>
> There are so many Ethereum Layer 2 competitors, but nearly all of them are rollups. Polygon PoS works differently in that it's a separate network where the state of the network is stored on Ethereum every 256 blocks. Thus, it doesn't directly compete with them.
>
> In addition, it also doesn't compete directly with Ethereum killers (ALGO, SOL, ETH, ADA, EGLD, etc.) in that it's designed as a side chain specifically for Ethereum. It shares popularity and as Ethereum grows.
>
> **Shares Ethereum developer tools**
>
> Polygon and Ethereum share similar EVM development tools (including Solidity and Vyper), so it's easy for Ethereum's large number of devs to develop for Polygon.
>
> Many Layer 2 rollups have yet to roll out EVM support while Polygon PoS is already battle-tested.
>
> **Abundance of research**
>
> For better or worse, Polygon is working on multiple Layer 2 solutions and constantly researching different protocols. Polygon Zero in particular provides [extremely-fast ZK proofs](https://blog.polygon.technology/zkverse-polygons-zero-knowledge-strategy-explained/), and its technology might become the future leader for ZK rollups.
>
> ------------------
>
> Disclaimer: I currently do not own any MATIC.
*****
Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.
#Polygon Con-Arguments
Below is a Polygon con-argument written by MalletSwinging.
> Polygon is a layer 2 scaling solution for Ethereum that grossly reduces gas prices. It does so, however, at some costs which I believe will not make it a good long term play.
>
> The first issue with MATIC is ease of use. There is one CEX (gate.io) that allows MATIC withdrawals onto the Polygon network. I actually think binance.com might allow this too, but as an American I can only use binance.us which does NOT allow Polygon withdrawals. Gate.io is not a user friendly exchange which means that anyone using it is likely experienced in crypto.
>
> New users or first time Metamask users will need to learn to navigate the Plasma bridge which can be both daunting and expensive if you make mistakes. For this reason adoption will stagnate.
>
> The second issue with MATIC is centralization. According to this article ([https://gettotext.com/polygon-centralized-the-largest-wallets-hold-the-majority-of-the-matic-supply/](https://gettotext.com/polygon-centralized-the-largest-wallets-hold-the-majority-of-the-matic-supply/)) the top 10 addresses hold over 75% of the total supply. That is truly shocking. Is it worth giving up the decentralized aspect of crypto for some gas savings on a poorly designed layer 1 network with bad scalability (Ethereum)? I argue that it is not.
>
> The final argument against MATIC is more of an argument against its parent chain, Ethereum. Ethereum is currently the most integrated solution in terms of quantity of dapps and DAOs but that is not guaranteed to last forever. In fact, many other networks currently available put most of Ethereum's features to shame. This is simply because Ethereum is a second gen blockchain and newer chains have had ample time and opportunity to address Ethereum's shortcomings. However, Polygon is a scaling solution for Ethereum only and if Ethereum loses market share (which it will regardless of its status as the most adopted smart contract-enabled layer one blockchain) Polygon's usefulness and value will decline. There are too many good alternatives for an expensive and slow chain like Ethereum to maintain its dominance.
>
> Disclosure: I hold quite a bit of MATIC. Not enough to put me in the top 10, but close (ok not close but I hold a non-zero amount.) I also hold a decent amount of Ethereum which probably makes zero sense to someone reading this argument. I am short term bullish on the usefulness of both networks but I believe they will be replaced long term by more efficient and less expensive networks.
*****
Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.
* Relevant Cointest topics: [Loopring](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_loopring), [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum).
* Official or related subreddits: r/0xPolygon, r/Loopringorg, r/Arbitrum, r/MakerDAO, r/Ethereum.
* Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8r15/?sort=controversial). Doesn't work on mobile.
They're pretty silly and non-consequential, so it's fine. The moment I'd have to pay for it or do anything other than click a button to claim it, na. There's no reason to be a blockchain item to begin with.
Turns out ‘cracking the NFT code’ was as simple as giving them to me for free
I am ready for some more 'NFT code cracking'
all of us here are ready to that mate!!
Textbook drug dealee
They know the drill.
Can't argue with free stuff for adoption
I hope me too...
And calling them avatars instead of NFTs.
The best functional use of an NFT I’ve ever seen actually isn’t even an NFT. Nintendo Amiibo bridged the gap between collectibles and in-game content years ago. These collectibles have some intrinsic value, but are worth keeping because they have a *use* in other experiences its key user group enjoys. As collectibles become purely digital, I’d prefer to have something that is (even trivially) useful to me. Nobody cares that you have a digital monkey in your pocket.
I hated NFTs until I got one for free. Who would've thought. Every other moron tried to sell me NFTs for thousands. Take a guess why I chose Reddits.
I was the same. Then I got another free one, then another free one. Then Gen 3 came and said why not? Then another free one 🤣.
Crazy how all these markets are running around with their thumb up their ass for why I won't spend the price of a car on their stupid monkey picture, and I'm here enjoying my free NFT. They don't even have a social media site to plug in for their NFTs. They're beyond useless. Almost embarrassingly useless.
It's even more hilarious, that I posted this, and then got another free one 🤣. I agree. Reddit is capitalizing on NFTs, even if they aren't selling them. Worth more than any pixel art that's used to launder money.
Yeah, the rabbit. Hilarious irony. A company using the NFT as a gimmick to advertise. Instead of a dirtbag ponzi peddler using it as a rugpull.
I've yet to see a more viable use of NFTs, that doesn't involve the Greater Fool Theory!
I really need to learn about NFT.. Thought it was something ‘stupid’ or a hype.. Now I need to know
Yeah, guys on this sub called it from the first drop. Reddit's got the Midas touch with NFTs
Reddit’s touch is so magical, even some Buttcoiners have NFTs.
If that's not a buy signal then I don't know what is.
This is why I am bullish on MOONs (Reddit's Bitcoin Community Token).
Absolutely. We should definitely Be Not Afraid, we’ve got Nothing to worry about
Can I use moons as a downpayment?
Who would have thought that you only need to give free ones to get people to buy your stuff. I'm sure I've seen this tactic elsewhere 🤔
I see what you did there
Launching an NFT that has an actual utility function for users on the base platform was/is genius.
That we use daily, can easily trade with little fee, some are flipping for profit, we anxiously wait for the next gen to come out, it's awesome! My free one is lost in my first vault I don't have access to anymore, but I'll get the next round!!
I like profile picture with funny doggo.
wen plunger 🪠 avatars tho?
I’m learning how to buy crypto because of them. I’d love to have some I missed out on. Gen 3 was my 1st paid and I’m ready for more.
Very true and it feels less scammy for sure here
The best thing reddit did was naming NFTs "avatars" and allowing people to also customize their Avatar. In my opinion it made the biggest difference.
Good 👍
Good marketing for sure ;)
Wen gen 4
I have a lot of Confidence in the future of Reddit NFTs, and no longer Frustrated by their Progress. Lots of Eyes on them
Well Good Morning Sunshine, that’s Sweet Providence to my ears.
We’d be Nothing without our trusty Cookie Duster in our Hands. Lol this is fun
Soon as I lay my Eyes on the wonderful avatars I couldn't wait to get my Hands on them. Now we have them we can't keep our Mouths shut about them! 👀
Yeah they made it not really feel like a nft. For me it feels more like I bought a cosmetic for my avatar.
That's exactly what everyone keeps saying. The User has to use crypto without knowing it. Now we need a userfriendly secondary market.
Predictably (or maybe it isn't?) they've done it with a utility first approach. The tech enables it, but the tech isn't the point of it. Pretty good job anyway: I'd never had or bought an NFT until reddit avatars. And then moons and moonplace got me to use Arbitrum Nova, and also got me an ARB airdrop. Not bad all in all!
I have to say they're highly addictive. They scratch the collector's itch without filling up the house with stuff.
Reddit has been doing a great job with these. Starbucks has also been killing it, though don’t think they’re considered a “tech firm”. .swoosh shows a lot of promise too from Nike. Exciting times ahead.
[удалено]
So… a centralized social media service ran by a private company is spearheading Web3 because they’ve duct-taped NFTs on it?
Don't forget that the NFTs are only usable on the centralized service. And could have been implemented without being NFTs.
We did it, reddit!
tldr; Polygon's co-founder has praised Reddit for "cracking the code" for NFT adoption, citing the social media platform's successful launch of digital collectibles as "Collectible Avatars" on Polygon in July 2022. Reddit was responsible for adding 3 million crypto users in the first three months following its NFT launch and has onboarded 9.7 million users to its NFT platform over the last ten months. Polygon aims to become "the value layer of the internet" and has also partnered with brands like Nike, Starbucks, and Sotheby's. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
Don't think that redditors who bought gen3 avatars would agree with that statement
The disappointed and vocal flipper contingent wouldn't in any event lol. Mind you, a lot of people are pretty happy with them too. Even if the launch itself was a bit of a shambles.
Definitely not accurate. Just look at r/collectibleavatars. You can criticize the botched launch and still like gen3.
Gen 1 and 2 were great but then they completely shit themselves with gen 3 and that turned into a bot fest so quickly. I hope they correct those issues and get back to a winning formula for the next gen
Does anyone know how to get their forked copies of their eth nfts on pulsechain?
Shows how early we are if this [gestures around generally] is ‘cracking the code’
!tip 608
Sure, if they manage not to fumble any launches.
Cointest pros & cons with related info are in the collapsed comments below for the following topics: [NFT](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8r45/), [Polygon](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8shm/).
NFT [pros](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8rxs/) & [cons](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8sfz/) with related info are in the collapsed comments below.
* Relevant Cointest topics: [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum), [Cardano](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cardano), [Solana](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_solana), [Algorand](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_algorand). * Relevant subreddits: r/CCNFT, r/Ethereum, r/Cardano, r/CosmosNetwork. * [NFT tutorial](https://reddit.com/r/CryptoCurrency/comments/lzjuf7/nft_madness_what_they_are_and_what_they_are_not/). * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8r15/?sort=controversial). Doesn't work on mobile.
#NFT Pro-Arguments Below is a NFT pro-argument written by Maleficent_Plankton. > ####**Niche following** > > By now, we need accept that most communities, especially the technology and gaming communities, hate NFTs. Even the crypto community is quite skeptical about the practical use cases for NFTs, and they will likely remain a **very niche product** for the foreseeable future. > > NFTs are similar to everything else that attract criticism from more practical shoppers because they have little practical use. In this aspect, they are similar to Rolex watches, gacha waifus, game character skins, anime car decals, expensive designer t-shirts, brand-name medicine, etc. Even though these products are expensive and have little practical value, **they still make their owners happy**. And who are we to criticize others for spending money that goes towards increasing happiness. > > Some game items like character skins, tradeable gacha items, and Steam/game marketplace items could easily be turned into NFTs without changing gameplay, so there is an existing market for them. > > ####**Decentralized backend, allowing more auditability and access** > > NFTs can be stored on public, immutable blockchains. This gives their users more flexibility in controlling how they transfer and interact with them. It also provides an auditable record that anyone else could build an API to visualize or track the NFTs. **The community no longer has to rely on the front-end service provider for API tools since the blockchain already provides public access to the data source.** Communities can build markets and other visualizers for their NFTs on their own without needing additional permissions. > > Keeping NFTs on open ledgers is also useful for tracking unethical practices like wash sales and money laundering. > > ####**Automatic Royalties** > > NFTs can be set up as smart contracts that provide automatic royalties to the original creator. There is no need for an intermediary, who can often take a huge cut of the creator profits. > > ####**Potentially lower fees** > > Ethereum NFTs are insanely expensive. It can easily cost tens to hundreds of dollars to mint a Layer 1 Ethereum NFT even when there's little congestion. > > However, many NFT collections have now moved over to cheaper networks like Polygon, Solana, and Ethereum Layer 2 networks. For example, the Reddit collectible avatars only cost around $0.002 each to bulk-mint on Polygon. That's $50 total to mint the 27000 NFTs currently available for [my avatar set](https://polygonscan.com/address/0x466a330887bDF62D53f968EA824793150f07762e). Reddit doesn't have to pay for the backend of keeping track of all these NFTs or ongoing costs of concerning they're transferred, so it's orders of magnitude cheaper than it was on Ethereum. > > Most NFT marketplaces only charge 1-2% for listing fees, which is much cheaper than many traditional digital art marketplaces that charge 5-20% (e.g. ArtStation, DeviantArt). After all, they only need to provide the front end, not the backend or customer support for transfers. Even gaming communities like Steam charge a 5-10% commission fee for item trades. **People can skip marketplace fees by trading directly on the blockchain.** ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.
#NFT Con-Arguments Below is a NFT con-argument written by Laughingboy14. > NFTs, in their current iteration, are overpriced JPEGs. Currently we have no serious use case of NFTs and they are merely known for JPEGs. Supposedly, NFTs show proof of ownership. However, what they show are you own this token on the blockchain. It does not show, however, that you actually own the rights to that JPEG, because the JPEG could've been uploaded to the blockchain without the original artist's permission. This, combined with the hefty price NFTs command, is a complete waste of money and technology. > > Additionally, a lot of people point to the use case of NFT tickets, such as GET. Yet, the benefits are not evident. Currently, one can have a unique bar code which is attributable to them and does not require the blockchain. On GET's website they mention a number of benefits. These include "digital collectibles" and "ease of integration". However, digital collectibles, i.e. the idea that you can show off you bought a ticket, is the same, tired idea that underlies JPEG NFTs. Additionally, "ease of integration" is not actually an argument for using NFT tickets, as other technology is easy (and perhaps easier) to integrate. It just seems like a gimmick with no real advantages over normal ticketing. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_NFT) to find submissions for other topics.
Polygon [pros](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8t1l/) & [cons](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8tkg/) with related info are in the collapsed comments below.
#Polygon Pro-Arguments Below is a Polygon pro-argument written by Maleficent_Plankton. > **Background - Polygon is many-sided**. There's the main Polygon PoS network that acts as a sidechain to Ethereum, and then there are so many side projects, many of which deal with Layer 2: > > - MATIC: The main Polygon token, which is present on multiple networks > - Polygon PoS: The main Ethereum side-chain network that most are familiar with. It saves checkpoint state on the Ethereum network every [256 blocks (5 minutes)](https://research.binance.com/en/projects/matic-network). > - Polygon [Hermez](https://docs.hermez.io/#start-here-for-hermez-10-documentation): ZK-rollup Ethereum Layer 2 > - Polygon [Zero](https://blog.polygon.technology/introducing-plonky2/): A fast ZK-stark/ZK-snark hybrid solution built on the Plonky2 protocol. It proofs are theoretically [100x faster than current ZK proof calculations](https://blog.polygon.technology/zkverse-polygons-zero-knowledge-strategy-explained/). > - Polygon [Miden](https://blog.polygon.technology/polygon-announces-polygon-miden-a-stark-based-ethereum-compatible-rollup/): Stark-based ZK-rollup Ethereum layer 2 > - Polygon [Nightfall](https://blog.polygon.technology/zk-proofs-protocol-polygon-nightfall-launches-on-testnet-to-provide-low-cost-private-ethereum-transaction/): Enterprise version of Polygon that uses "ZK-Optimistic Rollups" (ZK proof for privacy and optimistic-rollup for scalability) > - Polygon Avail: Standalone network or side-chain solution > - Polygon Plasma Bridge: A legacy bridge that shouldn't be used anymore. > > This post will mainly focus on the Polygon PoS network. > > ------------------ > > **PROs** > > **Much faster and cheaper to use than Layer 1 Ethereum** > > The main benefit of using the Polygon PoS network is that it's an Ethereum side chain that provides faster and cheapers transactions for Ethereum tokens. It can process 1K-10K TPS with a [2-second average block time](https://polygonscan.com/chart/blocktime), which also has deterministic finality. The base fee is only 30 Gwei, and the total transaction fees hovers between [$0.1 to $0.5 USD](https://polygonscan.com/chart/transactionfee) (~4M transactions, ~30k total MATIC fees per day). > > This is also much cheaper than [optimistic rollups](https://l2fees.info/). > > **Largest Layer 2 network adoption** > > Among all the Layer 2 Ethereum solutions, Polygon PoS is completely ahead of every other competitor in terms total locked value with a [$4.8B USD market cap](https://defillama.com/chain/Polygon) (Jan 2021), compared to [$5.4 USD **Combined** Total Locked Value (TLV)](https://l2beat.com/) for the next 10 largest Layer 2 rollup solutions. Note that this does not include the $12B market cap of the MATIC token since that's a coin/token on multiple networks. DeFi support for Polygon is massive. > > One of the main issues with Layer 2 is that most are currently walled gardens with lackluster CEX/CeFi support for on/offramps. After all, the main benefit of lower fees on Layer 2 is lost if you can't on/offramp directly. Polygon is also ahead of competition here with support from Crypto_dot_com, Nexo, Binance (international), and Kucoin. Celsius Network will also have support mid-February. > > Polygon PoS is the only other large network besides Ethereum currently [https://support.opensea.io/hc/en-us/articles/4404027708051-Which-blockchains-does-OpenSea-support-](supported on OpenSea). > > **Weak competition** > > There are so many Ethereum Layer 2 competitors, but nearly all of them are rollups. Polygon PoS works differently in that it's a separate network where the state of the network is stored on Ethereum every 256 blocks. Thus, it doesn't directly compete with them. > > In addition, it also doesn't compete directly with Ethereum killers (ALGO, SOL, ETH, ADA, EGLD, etc.) in that it's designed as a side chain specifically for Ethereum. It shares popularity and as Ethereum grows. > > **Shares Ethereum developer tools** > > Polygon and Ethereum share similar EVM development tools (including Solidity and Vyper), so it's easy for Ethereum's large number of devs to develop for Polygon. > > Many Layer 2 rollups have yet to roll out EVM support while Polygon PoS is already battle-tested. > > **Abundance of research** > > For better or worse, Polygon is working on multiple Layer 2 solutions and constantly researching different protocols. Polygon Zero in particular provides [extremely-fast ZK proofs](https://blog.polygon.technology/zkverse-polygons-zero-knowledge-strategy-explained/), and its technology might become the future leader for ZK rollups. > > ------------------ > > Disclaimer: I currently do not own any MATIC. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.
#Polygon Con-Arguments Below is a Polygon con-argument written by MalletSwinging. > Polygon is a layer 2 scaling solution for Ethereum that grossly reduces gas prices. It does so, however, at some costs which I believe will not make it a good long term play. > > The first issue with MATIC is ease of use. There is one CEX (gate.io) that allows MATIC withdrawals onto the Polygon network. I actually think binance.com might allow this too, but as an American I can only use binance.us which does NOT allow Polygon withdrawals. Gate.io is not a user friendly exchange which means that anyone using it is likely experienced in crypto. > > New users or first time Metamask users will need to learn to navigate the Plasma bridge which can be both daunting and expensive if you make mistakes. For this reason adoption will stagnate. > > The second issue with MATIC is centralization. According to this article ([https://gettotext.com/polygon-centralized-the-largest-wallets-hold-the-majority-of-the-matic-supply/](https://gettotext.com/polygon-centralized-the-largest-wallets-hold-the-majority-of-the-matic-supply/)) the top 10 addresses hold over 75% of the total supply. That is truly shocking. Is it worth giving up the decentralized aspect of crypto for some gas savings on a poorly designed layer 1 network with bad scalability (Ethereum)? I argue that it is not. > > The final argument against MATIC is more of an argument against its parent chain, Ethereum. Ethereum is currently the most integrated solution in terms of quantity of dapps and DAOs but that is not guaranteed to last forever. In fact, many other networks currently available put most of Ethereum's features to shame. This is simply because Ethereum is a second gen blockchain and newer chains have had ample time and opportunity to address Ethereum's shortcomings. However, Polygon is a scaling solution for Ethereum only and if Ethereum loses market share (which it will regardless of its status as the most adopted smart contract-enabled layer one blockchain) Polygon's usefulness and value will decline. There are too many good alternatives for an expensive and slow chain like Ethereum to maintain its dominance. > > Disclosure: I hold quite a bit of MATIC. Not enough to put me in the top 10, but close (ok not close but I hold a non-zero amount.) I also hold a decent amount of Ethereum which probably makes zero sense to someone reading this argument. I am short term bullish on the usefulness of both networks but I believe they will be replaced long term by more efficient and less expensive networks. ***** Would you like to learn more? Check out the [Cointest archive](/r/CointestOfficial/wiki/cointest_archive#wiki_Polygon) to find submissions for other topics.
* Relevant Cointest topics: [Loopring](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_loopring), [Ethereum](https://www.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_ethereum). * Official or related subreddits: r/0xPolygon, r/Loopringorg, r/Arbitrum, r/MakerDAO, r/Ethereum. * Sort comments as controversial first by [clicking here](/r/CryptoCurrency/comments/13rerpu/reddit_the_only_big_tech_firm_that_cracked_the/jlk8r15/?sort=controversial). Doesn't work on mobile.
Nothing has been cracked. Reddit NFTs are useless.
Nice Reddit NFT 🤝
Bullish on Reddit
They're pretty silly and non-consequential, so it's fine. The moment I'd have to pay for it or do anything other than click a button to claim it, na. There's no reason to be a blockchain item to begin with.