Does anyone think we are missing the boat on NFTs?[Discussion]

Just wondering about the communities thoughts on possible CoE involvement somehow, someway in the NFT space. Ill come out right away and say im bullish on the prospects of the space. I feel like it has turned into a new type of social media whereas holders of certain collections of NFTs immediately come out into the spot light in social media and other holders in the collections seem to rally around each other when people buy NFTs in certain collections. Wondering since we have a nice sized pot with a couple things going on such as newsletter by me, marketplace, lending on sushi etc, that some of the funds can be utilized at some point to push into the NFT/metaverse space as we keep trying to come up with other projects in our own space. I sort of feel like in this untapped space we can get a bit more exposure to Numerai in an interesting way.

Also, maybe we can get a team together to do our own NFT type drop? Something ML/Data Science related?(this maybe would not work since it would be for profit)

Wondering peoples thoughts. NFTs have seen significant rise in popularity this year. Some might feel this is a popularity “bubble” while others feel its only stage one of the metaverse/social media and even if a short term drop in interest comes soon, some projects can have a lasting impact down the road.

This sort of pushes into a weird thought I had a couple months back about buying land in something like decentraland and being the first hedge fund in the metaverse. This is a different animal all together but in the same realm.

3 Likes

I was looking for more applications of NFTs apart from proving legal right on land, properties, etc in physical world and recently Shaan Puri sold an NFT for 5 minutes of interview presence.

This seemed interesting. Can be used by CoE to raise fund. Think of an accelerated proposal request from the NFT owner or an interview with the CoE that all must attend.

There are so many use cases for NFTs. Vitalik himself stated recently the NFTs have been the biggest and most surprising aspect of the use case for the ETH blockchain tech. What you pointed out is a big one, “physical” redemption type NFTs. Others such as BAYC etc have built up like closed door, social media clubs that you can only enter being a holder. Others have real digital artist backing. Its a pretty amazing world.

1 Like

I’m conflicted on one major thing, so let me start there.

1 - if the CoE is a non-profit, then the CoE should not be engaging in profit generating activities

In order to avoid conflict with the above, how can the CoE be involved?

Who benefits the most from NFT’s: the users, Numerai, or the CoE?

How do NFT’s benefit Numerai stakeholders at large?

HB’s use of NFT’s were brilliant, but that functionality is being replaced by Numerbay.

/end stream_of_consciousness

4 Likes

Hmm :thinking: I guess I did not realize CoE is a non profit directly. Really that would be a secondary side effect of holding NFTs in the CoE wallet. I’m not really saying let’s buy NFTs to just flip them but more of having something else going on to give us that outside exposure more that could bring more investors to Numerai, more investment into NMR which will pretty much benefit everyone involved. Really would be a lot of fun press and it seems that’s what everyone is looking at lately in the space. I don’t see really the outside exposure pushing more data scientists in the mix that would effect the PF in the tournaments but maybe can have some effect on NMR purchases etc. I’m sort of spitballing too :rofl:

Missing the boat on NFTs? Probably not, late for “classic” NFTs like cryptopunks, maybe. But NFT functionality has just begun to be explored. Programmers are just figuring out NFT programmability which will be a leap from old hyperlink kind of NFTs.

So a metaverse kinda place for Numerai gatherings sounds like comfy idea, not only for the existing community but for others who are already roaming the blockchain virtual worlds as well, who knows, maybe that’s a good way to make Numerai more visible and recruit more Numerati.
Something like a Numerai museum/cafe/shooting range in decentraland or something better would be nice. That’s because all things Ethereum related are kinda expensive and wasteful in fees. BUT… virtual worlds are massive (WoW, VRChat, etc.) and blockchain virtual worlds are just in their beginnings and are bound to be massive as well, so I’d like to see something like that being implemented, maybe in the future.

2 Likes

@aventurine I am down for digging new opportunities in the NFT space. This is still untapped territory in many ways and if it can generate traction for the Numerai community I think it’s definitely worth the shot. I was doing some Numerai inspired GAN generated NFT earlier this year. Let me know if you guys want to see some more :grinning:

1 Like

Note: editing out the portion taking about buying NFTs as investments and added note that an NFT drop could constitute as a for profit activity.

1 Like

The Numerai tower in decentraland close to financial district would be sweeeet.

3 Likes

We could also make an NFT drop a team could make free as well(gas only) if we can’t do for profit activities.

1 Like

I see profits and income as very different. I don’t see the problem with CoE generating an income if it’s reinvested into the organization and mission

4 Likes

Oh….maybe you guys need to get together to discuss on the side the for profit or not for profit thing. It would be good to know because if the CoE were decide to sell anything(NFTs, merch etc) I would think that would be for profit unless it’s reinvested back into the DAO? I’m not sure how non profits work. For some reason it’s in my head you could invest and sell services etc as long as the profits are reinvested in a certain time period(yearly or whatever)

In the context of Numerai, is there anything NFT offers that regular e-commerce doesn’t?

It may be possible to make NumerBay a NFT platform instead of the plain e-commerce it is now. But what would be the incremental value? NFTs also have gas cost that can be avoided with regular e-commerce.

I’m open to ideas though

1 Like

I think it’s a great idea. I mentioned in DSC a couple weeks ago that CoE should do a NFT PFP project but I never made a CoE proposal. Do a pre-sale mint for Numerai participants and then open it up to the rest of the world. Too many default avatars on the leaderboard :slight_smile:

2 Likes

I dont think that turning all prediction files would change anything if they were NFTs or not. I think what we got going on there is awesome already. I was more leaning towards some possible areas CoE could move into such as holding certain NFTs that gives them access to closed communities and could get more outside exposure to NMR and Numerai, NFTs with physical redemption like what @surajp mentioned, an NFT mint project that myself and @chanes also suggested as another possible avenue to go down or even something more wild like virtual plot of land in an NFT metaverse like decentraland and building out the first hedge fund in the metaverse sort of thing.

3 Likes

The art there would be :fire:

1 Like

Buying metaverse land is something we have also discussed but no definite plans. I think it would be awesome to have a live Score Tracker 9000 in the metaverse

1 Like

What about giving medals as a NFT? I’m not sure anything else would “not feel forced”. I don’t think they would have much value, but it would still be cool to show a gold-medal (with round, model name and rank) on Twitter in the avatar.

2 Likes

Yes we have also discussed this. It will 100% happen eventually, but other things are higher priority for now

1 Like

Ping COE. Was there any discussion on if the CoE can or cannot be for profit and if not what constitutes using any profits generated on projects coming back out to keep the non profit status?