NFT vending machine appears in London
- Reference: 1667559793
- News link: https://www.theregister.co.uk/2022/11/04/nft_vending_machine/
- Source link:
Clearly the crypto-bros behind the [1]NFT.London conference didn't get the memo because they've plopped "Europe's first NFT vending machine" outside the event's venue, the Queen Elizabeth II Centre in Westminster.
While Her Maj is probably rolling in her grave to have her name even tangentially associated with it, the machine is purported to dispense non-fungible tokens for £10 ($11.22) – an almighty fall from grace for a concept whose most sought after examples [2]once fetched multiple millions .
[3]
Indeed, the wider market crashed [4]97 percent from a high of $17 billion in January to $466 million in September as investors ditched risky assets in the face of inflation-curbing measures from central banks.
[5]
[6]
And they are risky. Earlier this year, Microsoft founder Gates [7]told a tech event that he wouldn't touch the concept with a barge pole because NFTs only work if there is a "greater fool" than you who is willing to buy the overvalued assets for more than you did. NFTs have no intrinsic value, and there are going to be many people out there who have been stung.
Showing he hadn't read Forrester's forecast for [8]metaverse-related rubbish come 2023 , myNFT co-founder Hugo McDonaugh [9]told Bloomberg the point of the vending machine was to make NFTs "more accessible" and "eliminate any barriers to entry."
[10]
The machine accepts contactless payment and Apple Pay. For that princely sum of £10, you will receive an envelope with a QR code inside, which you can use to redeem your token through the myNFT platform – no crypto-wallet needed. Brands represented in the vending machine include "Dr. Who Worlds Apart, Thunderbirds and Delft Blue Night Watch" if that means anything to you.
The NFTs are said to be "multichain," meaning they can be held on Ethereum, Polygon, BNB Chain, Moonbeam, and Moonriver. But you'll have to be quick. The machine is only there as long as the NFT.London conference, which ends today, though McDonaugh said they're "looking at a couple of bars" in the search for a permanent home.
[11]Microsoft to blockheads: NFTs and blockchains aren't welcome in Minecraft
[12]One of the first RISC-V laptops may ship in September, has an NFT hook
[13]OpenSea staffer charged with insider-trading of NFTs
[14]Landmark case recognizes Bored Ape NFT as an asset
In a statement, he claimed: "There is so much potential in the NFT market and it's such a shame to see some of that go to waste when possible investors are put off getting involved by various unnecessary and complicated barriers. We're determined to turn NFT investment into an everyday activity, and break it out of its current clique."
At which point we feel the need to break out the special Register guide to NFTs once again:
Non-fungible tokens for dummies
Want to buy nothing? You'd probably say no. That's because people don't like nothing, they like scarcity and status. In the digital world, scarcity doesn't work because data can be infinitely replicated.
But what if I faked digital scarcity? A database with limited spaces, each identified by a unique number. Think a line of people queuing for nothing. There's no value inherent in one spot over another, but I sell you a position in the queue. I'm not selling you the queue, or its destination (there isn't one), just the right to stand in this particular position.
You give me a dollar, and I give you some paper work, signed by yours truly, that says you have the right to stand there. Your position in the queue combined with my paper is a token that can't be recreated. There is only one of each position. It is, therefore, "non-fungible." The blockchain checks every single sale of a queue position and once you've bought your spot, it's listed on the blockchain. Want to sell your position to someone else? You can, and that transaction will be listed on the blockchain too.
Why would anyone want a spot in my queue? Well, what if I put up a poster next to your position? Every spot now has a unique poster, and buying a place in the queue means you can now stand next to that poster. You don't own the poster, you don't own the image on the poster, you can't reproduce the image, or sell copies, or claim any other type of ownership. What you've bought is the right to stand next to that poster – that's it. You can show your friends the receipt that says you can stand there. They might even think it's cool.
Congratulations, you now understand NFTs. Yes, it really is that stupid.
Buying nothing as an "everyday activity"? We bet there's a queue forming outside the vending machine right now. ®
Bootnote
Proceeds from the machine will supposedly go to [15]Giveth and [16]Roald Dahl's Marvellous Children's Charity , so it's not all bad , but there are links on each website that allow you to directly donate to their causes. Saves you a trip to Westminster. And a useless NFT.
Get our [17]Tech Resources
[1] https://www.nft.london/
[2] https://metav.rs/blog/24-most-expensive-nfts/
[3] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2Y2VFNB9MsmrZ8NFCi1mY7wAAAMk&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[4] https://www.bloomberg.com/news/articles/2022-09-28/nft-volumes-tumble-97-from-2022-highs-as-frenzy-fades-chart
[5] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y2VFNB9MsmrZ8NFCi1mY7wAAAMk&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33Y2VFNB9MsmrZ8NFCi1mY7wAAAMk&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[7] https://www.theregister.com/2022/06/16/bill_gates_nfts/
[8] https://www.theregister.com/2022/10/27/forrester_metaverse_2023/
[9] https://www.bloomberg.com/news/articles/2022-11-03/europe-s-first-nft-vending-machine-gets-cold-london-reception
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/front&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44Y2VFNB9MsmrZ8NFCi1mY7wAAAMk&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[11] https://www.theregister.com/2022/07/21/minecraft_nft_ban/
[12] https://www.theregister.com/2022/07/01/riscv_roma_laptop/
[13] https://www.theregister.com/2022/06/02/opensea_nft_arrest/
[14] https://www.theregister.com/2022/05/19/nft_recognized_asset/
[15] https://giveth.io/
[16] https://www.roalddahlcharity.org/
[17] https://whitepapers.theregister.com/
Doctors have come up with a name for the disease these poor suckers have... Barnumitis.
Would you like to cure Barnumitis? I have the cure! Please send £10 to me and I'll send you the cure.
The cure should probably be applied several times. Simply send me more £10 to ensure a permanent cure.
It's fundamentally an issue of supply and demand.
Infinite supply and Zero demand = worthless and pointless
'McDonaugh said they're "looking at a couple of bars" in the search for a permanent home."
Well, with the quantity that Brits drink, that could be a viable option.
About last night?
So in addition to possibly waking up with a tattoo or a bedmate (an STD optionally) after a serious session, you now have the risk of waking up with an NFT?
I'm not sure which is worse...
Re: About last night?
I'm on tenterhooks, waiting to see if drunks will outbid fools.
Re: About last night?
+1 for "tenterhooks."
Re: About last night?
I don't give a shit about any of this, I'll be waking up tomorrow morning and playing the Levellers "Beautiful Day" with the volume set to 11 (LOL).
Genius marketing
I just can't wait for the chance to stand round in the foyer of a travel lodge and pay double the normal asking price for a picture of a bored ape which will be worthless tomorrow....
Of course, the stroke of genius is that I don't have to worry about losing my money when my picture of a bored ape gets stuck in the mechanism, because it was never mine anyway. That way, there's no need to shoulder barge the machine to get the goods I paid for.
Re: Genius marketing
double the normal asking price for a picture of a bored ape which will be worthless tomorrow
Not even a picture; it's a link to a file that contains a picture of a bored ape -- like [1]these but with Blockchain™. You won't own the picture or the file, so you don't have to wait until tomorrow for it to be worthless.
[1] https://www.google.com/search?q=bored+ape&tbm=isch
"Yes, it really is that stupid"
Obligatory cartoon (not XKCD, unfortunately): https://www.toonhoundstudios.com/comic/20220131/?sid=372 "You sell an idiot nothing and give them bad art as a receipt"
NFTs explained
https://sebastianherold.com/ive-found-it-the-perfect-explanation-of-nfts-3a8242ca7f80
Bitcoin ATMs are illegal in the UK unless they have been authorised by the FCA. None have been able to meet the requirements for authorisation.
Is this NFT ATM authorised? I suspect not, so maybe the relevant authorities should be made aware of its existence.
Kill me now
please
Re: Kill me now
The thought of fools being parted from their money seems to cause you alot of distress.
Have a pint. If I could add it twice I would give you two! Maybe then you'll feel better.
Somewhat misleading explainer
> But what if I faked digital scarcity? A database with limited spaces, each identified by a unique number.
Not a good equivalence, because the "database" effectively has infinite spaces - there's no technical limitation there. The "scarcity" comes entirely from the NFT creator making a pinky-swear not to create more database entries in future!
> You don't own the poster, you don't own the image on the poster, you can't reproduce the image, or sell copies, or claim any other type of ownership.
While I'm sure this is true of the majority, this is not necessarily true as a generalisation. The most famous of NFTs - the Bored Apes - explicitly came with the copyright - or at least the legal right to reproduce, use, sublicense, etc. that work. That was the whole reason for the hullabaloo about whatsisface who is/was planning on making a TV show featuring his Bored Ape character, whose NFT subsequently got stolen and later recovered (at significant cost).
Which is to say that, in theory, NFT ownership can have value, but only if some legal rights are associated with that ownership, and only if those rights can be enforced using real-world courts and laws.
Re: Somewhat misleading explainer
So,you replaced a contract that would legally assign those rights to you , with a combination of a contract and an NFT , where the rights are assigned to the NFT, not you. Assuming the courts would recognized such a contract, and with the risk that someone might steal your NFT by getting your private key and legally you wouldn't have a leg to stand on? (If you could argue the NFT was stolen and therefor the rights still belonged to you then the NFT is legally worthless). Not a huge benefit, and the step where the rights are assigned to the NFT is no more secure/guaranteed than any other contract. e.g. Want to buy this NFT of the Golden Gate Bridge?
Re: Somewhat misleading explainer
Which is to say that, in theory, NFT ownership can have value, but only if some legal rights are associated with that ownership, and only if those rights can be enforced using real-world courts and laws.
Essentially, an NFT can have value only if it is functionally the same as buying an actual, physical image and its associated rights. So why not just do that?
Oh, right; that wouldn't have blockchain . Duh. Never mind.
McDonaugh said they're "looking at a couple of bars" in the search for a permanent home.
Because you'd have to be drunk to think they're a good idea? Says it all, really.
Reuters…
…which once upon a time was a serious news agency has (or had, until very recently) a particular penchant for hyping NFT. Probably because all they do nowadays is print whatever press releases they are handed by anyone who is half media savvy.
The problem is that then sensible people come and ask you about this NFT thing and when you explain it to them they just don't believe you, because "Reuters says otherwise".
A reflection of the world we live in, I suppose.
Delft Blue and The Night Watch
Something to do with the Netherlands and Rembrandt no doubt?
The only right thing to do
Time to set up a Premium NFT vending machine next to it that charges more money. If the goal is spending money on nothing, it's clearly the better value.
Actually an ancient principle
I read somewhere some 30 years ago of a guy who sold envelopes on the street for (let's say) £5 each. On the front was the statement "how make a million without effort". Inside was a card bearing the text "do to lots of other people what I've just done to you".
Re: Actually an ancient principle
Weirdly, a lot of people seem to be getting scammed with this logic by corpos and thanking them for it.
"There is so much potential in the NFT market" a new wording of a there's a sucker board every minute?