What are you thoughts on centralized NFTs (like VeVe)?
What are your thoughts on VeVe and centralized NFTs? Will they ever have real world value? I heard OMNI & Immutable X were trying to make it so they could be traded on Ethereum & be able to cash out.
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Really great question! In short, I think the fact that VeVe NFTs are indeed migrating to the Ethereum blockchain ecosystem via the Immutable X L2 platform is a vote of confidence in favor of truly decentralized NFTs stored on a real blockchain instead of a 'centralized blockchain'. Tl;dr - don't think centralized NFTs will ever practically take off for the same reason that NFTs haven't really taken off as a thing before blockchain technology existed. 'Centralized NFTs' have essentially all the same downsides as centralized Web2 digital assets - all controlled by a single company, not very interoperable, basically only usable inside a closed ecosystem controlled at will by one company. But VeVe NFTs very well may take off, especially since they've made it very clear they are moving to Immutable X - something they announced over a year ago now, and back in November they mentioned they've already re-minted all their NFTs on Immutable X so a full truly decentralized rollout of their NFTs is due any day now. Anyone's guess how they do once they become real NFTs, but at least there's definitely a solid possibility of success! Thanks for asking such a great question Laurence!
Yeah I definitely have similar concerns Laurence and as Ben mentioned, it sounds like they're moving the right direction. It seemed like a bit of a lost cause previously because you'd sell the Veve collectibles for tokens that were only good within their ecosystem. Without same way to cash out or at least use those gains for other purposes, it seems a lot of people lose interest quickly. It'll be interesting to see how they incorporate the gems or if you end up having to buy a Veve NFT with a gem balance to then sell it via ImmX to more easily transfer it into the wider ecosystem.
The one thing Ben mentioned that struck me was ""Interoperable" only usable inside a closed ecosystem controlled at will by one company. essentially if we can only use an NFT on a certain platform such as Ethereum or Cardano, ect.... Are we not just replacing one corrupt system for another? I think I may ask this as a question.
Looks Like VEVE is just as unethical as the old sytsem has ever been. We are still being held prisoner on chain with no break throughs for Immutable X. Turns out they even keep the rarest first 1-41 NFTS for them selfs & their "Partners" No cash out unless you keep $500 worth of their Gem currency at all times And all updates have been misled, unfullfilled & even straight up lied about. VEVE are not your property, they are VEVE'S
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Thanks Ben! Great Answer, This gives me a lot of confidence in my VeVe investments.