Is it a website hack? Appears that it has been denied.
I don’t get this. That video clip and memes have a billion copies all over the Internet, so why spend almost a million dollars for something that half the world has a copy of already?
A priori, could be either a hack or a scam, or both.* But it sure does seem scammy from the “white paper”. Ostensibly a “pegged” index token whose only mechanism for maintaining the peg is rebasing the supply (and does so in an aysmmetric manner). Even Tether is more robust more than that.
- With the caveat that once you get past a certain threshold of work/design, a traditional exit scam doesn’t really work, if the coin does more or less what it says it will do.So they take the money and run? So what? People can sill trade their coins. I don’t know in practice how decentralised this token was - how is the index rebalancing and supply rebasing implemented?
Well, in my personal opinion, the value of cryptocurrency is questionable given regulator interests to defend their fiat currencies, and the move to central bank digital currencies. Persuading a central bank to allow a competing crypto to be used for transactions that operates outside their ability to influence it from a macropolicy perspective would be challenging, and that’s just one of the challenges crypto faces on its road to broader acceptance.
So unless there’s a clear road forward, at this point it’s arguably a scam, a gamble or both.
I mean, it’s undeniably a gamble. The entire point of the coin is to speculate on the value of a basket of cryptocurrencies.
This is interesting. Buy a digital game then sell it back to GameStop. They’re turning themselves into a used game store again. I wonder if the publishers will allow it.
I mean, you could make a case that one of the real-world uses for blockchain stuff would be to allow a transfer of ownership of something like a digital license.
We live in the dumb timeline, though, so this is probably going to be, like, selling the Thinkgeek monkey or something as an NFT.
I mean, Microsoft wanted to do this with the XB1 but it got shuttered very quickly soon after announcement.
(well, there was a bit more to it than that iirc, but dont recall)
Except it’s not clear that they are doing any of the sort. This would require them to:
- Have their own DRM directly tied to the NFT and the blockchain
- Have their own active game launcher that can check the block chain to validate your NFT
- Have game developer buy in to sell their games in this way
#1 and #2 is a year+ effort and #3 is never happening on any scale that would make this effort successful, especially since that would mean easier resale of games without Gamestop or anyone else capturing that revenue.
So no, everyone thinking that this announcement is them coming up with a new way to sell games needs to come back to reality. Most likely they are just going to try to make a game fan art marketplace or something like that.
It is extremely appropriate that the ultimate meme stock would jump on the NFT bandwagon.
FWIW, this is the Ethereum contract that shows up at the address linked on the page. Looks like it might just be the generic ERC721 NFT implementation. The coders among us might have a better idea what it does.
I don’t know guys, I think we might be letting our old man brains get in the way here. I think this is kind of brilliant. IF they can get the publishers to play ball. Right now Sony can charge me $70 for Returnal, and I’d love to get $30 of that back from GameStop because I’m done with it. But, I can’t. Had I bought the disc, maybe I could have.
They don’t have to limit themselves to games. Look at what Steam does with virtual item trading. I could, for example, sell my Witch Mercy skin for Overwatch 2 on GameStop’s marketplace. Or shit maybe Blizz will just start by selling an NFT of Witch Mercy on GameStop’s marketplace, and some thirsty nerd will pay $100k for it and now he can actually claim Witch Mercy is his waifu.
We talked in this thread about how trading these cockamamie coins on the blockchain is stupid because they’re inherently worthless. We know digital goods, especially in games, are valuable because all our favorite publishers are making like 25-50% of their revenue selling loot boxes and shit.
GameStop was a dying brand. There was no future for them in selling games the traditional way. A play at disrupting the industry was their only hope, and that’s exactly what this is. I think it’s brilliant, but we’ll see if it plays out. Again, they need to get the creators and publishers on board.
EDIT: I’m not holding any bags on GameStop. I got out in January for a 250% gain.
I mean, what you’re talking about is not a terrible idea, in principle, but there’s zero evidence it’s what they’re doing. And, as you say, it’s not something that they can do on their own.
Why would a publisher play ball on that? They fought Gamestop precicely because they did not want people being able to resell their used games. The publisher would rather you buy the game from them at $30 on sale retail than for you to buy it at $60 then resell it for $30.
Steam isn’t going to support Gamestop’s NFT system (because they have their own marketplace that doesn’t rely on blockchain). Epic isn’t for the same reason. Sony and Microsoft aren’t going to support it on their consoles.
Nothing about that idea lines up. It isn’t about “old man brains”, it’s about thinking about the current market conditions and actual business incentives. It makes zero sense for any publisher (big or small) to do that.
To be clear, I 100% exploited Amazon Prime preorder discounts to play new games quickly and resell them on amazon, reducing my total new game cost to $20-30. Sure it’s great as a consumer, it makes zero business sense for a publisher.
Timex
1887
Ya, this is the issue… they don’t want you to resell their games.
