Hive accounts make community NFTs redundant
Direct from the desk of Dane Williams.
A look at why Hive accounts are essentially NFTs themselves, making the need for new community mints here redundant.
The more I think about it, the more I think that Hive accounts themselves make community NFTs completely redundant.
When I say community NFTs, I don’t mean blockchain gaming projects like Splinterlands that implement NFTs for the ownership of in-game assets.
Instead, I’m talking about PFP projects where the NFTs primary use-case is to provide the owner with access to an external event or more specifically a community.
This is something that I’ve been thinking a lot about since the elite BAYC community were happy to accept members holding stolen NFTs, essentially making the elite aspect of their community inconsequential.
Let’s dive in and take a look at community NFTs on Hive and what this could mean for our own Hive Punks and potential future LeoLegends project going forward.
Hive Blockchain accounts are not like other blockchain addresses
The fact is, Hive accounts are not like wallet addresses on other blockchains, making us unique when compared to everybody else in the entire space.
Here, your Hive account and your wallet are the exact same thing - Your username.
On Hive, there are no complicated strings of letters and numbers that you need to remember in order to use your account and wallet.
It’s our system of immutable yet legible accounts that sets us apart and in my opinion is one of the most underrated aspects of our chain.
You see, the real power of a Hive account isn’t in the name itself…
…because if it was, it would be just like any other blockchain’s string addresses.
Instead, the power is in all of the intangibles that end up attaching themselves to your account based upon your social actions.
Members of the Hive community quickly get to know you as a person (anon or not, it doesn’t matter) and your Hive account develops a standing within the community.
Think about it.
Not all Hive accounts are equal.
The community respects qualities such as:
- Those with intelligent takes
- Those who are powering up
- Those who support others
- Those who contribute value
All of these intangibles already make one account worth more than another and as you can see, the major value adds aren’t even based on the crypto assets they hold.
Hive accounts are NFTs themselves
When you strip everything back, Hive accounts are actually NFTs themselves and make the need for community based NFTs sitting on top of them, redundant.
Yep, you don’t need an NFT profile picture acting as a key to the community with whatever attributes or allowances attached, because you already have that with your Hive account itself.
I know it’s cool to say look at my pretty piece of art.
Heck, I’m even rocking a Hive Punk as my profile photo here and on Twitter.
But considering the fact we already have immutable Hive accounts with inherent social attributes attached depending on your actions and standing within the community, what is the point?
I’m struggling to find one.
The biggest selling point of this genre of NFTs is that they offer access to a community, but with the social standing behind my Hive account itself, it is completely redundant…
It is nothing more than a piece of subjectively shitty art.
Final thoughts on Community NFTs on Hive
I have to admit that I do find the concept of LeoLegends intriguing for no other reason than because I’m a LEO geek who loves this community and the potential I believe that it holds.
But in saying that, you can see that there are certainly a number of things worth debating when it comes to minting community NFTs like this on our uniquely social Hive blockchain.
Do you agree that Hive accounts make community NFTs redundant?
Does the gamification process of powering up LEO and completing social tasks to ‘level up’ need to be attached to an NFT when it’s all there on your immutable Hive account anyway?
I look forward to reading your take in the comments section below.
Best of probabilities to you.
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Well in the aspect of powering up, I really think that is what most people want well for those that understands what it really means. But it is not that easy to do because some font have what they rely on than hive which might be sometimes hard.
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Ah, ok.
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Lol.. why this reply??😃😃😃
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I kind of agree. I wasn't feeling that great about the LeoLegends NFT until I heard that it could be part of a game. However, I do think it could just keep track of LEO and use that instead.
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Giving LeoLegends NFTs a gaming use case is a whole other kettle of fish though.
Obviously the development required there would be off the charts - Just look at Punks and Ragnarok.
Imho, we need to be focusing development elsewhere (like ad revenue integration on leofinance.io to ignite demand for LEO) right now.
Not shifting focus again by adding another project to the pipeline that will likely never be completed to a high standard.
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I like this view you suggested. I would say that Hive has created modifiable, customizable and evolving NFTs. Something not be easy found into collections
How can I see the 'collections' attached to my own Hive account?
Can you help me out with a link?
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Sure! Here you can find all your badges and so on. I guess that these are the collections
https://hivebuzz.me/@forexbrokr
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I enjoyed reading this (read the whole thing plus links!) because this is the type of thing I muse about. Thoughts...
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@forexbrokr, @crrdlx(3/4) sent you LUV.
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Great to see I'm not the only one who ponders these types of things ;)
I'm just continuing to think out loud as I go here...
What would you call the HiveBuzz achievement system?
You can't trade them because each achievement is tied to your specific Hive account, right?
Which makes them not NFTs, but with all the popular visuals that the outside world sees and makes them think NFT.
Maybe this is a good model...
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Hi, regarding hivebuzz badges, I really like them because they add a layer of fun.
I haven't thought of them as NFTs or not. My first thought is yes they are, just non transferrable ones. I'm generally not a fan of non transferable NFTs. I've been airdropped some and thats fine. But what if it was a nsfw nft that appears? Usually you can burn it, though its still in your history. It's like somebody can give you something that you can never get rid of if you don't want it? How would that fly in the tangible real world?
Gotta go now. I'll get back.
!LUV
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I wanted to complete my earlier thought (had to hit the road then). Would I consider hivebuzz badges nfts? I said yes, now I'll say no. My definition of nfts was 3 things: "verified unique ownership." They're verified by hivebuzz doing the work for is. If I have a 1000 posts badge, I suppose anyone could data mine the chain and corroborate what hivebuzz is saying. So, check for verified. Unique...no, one "1000 posts" badge is the sane as any other. With nfts there are mints and Metadata to distinguish one from another. No check for unique. Ownership: no. Hivebuzz gave them, but they could also take them. I give "Hivebits whale" badges to top 25 holders. I take them back when someone drops out of top 25. They don't own them. With nfts, when you own it it cannot be taken. So, no check for ownership.
Good stuff, fun thinking. !HBIT
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I also agree with you, leolegend does not actually change so much
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I'm interested in hearing whether it's possible for the art aspect of LeoLegends to be integrated into the immutable aspects of people's Hive accounts themselves.
I guess just like LeoFinance's own HiveBuzz?
It's not like someone can sell or trade a HiveBuzz achievement, right?
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I would agree if Hive accounts were more widely recognized as NFTs, but one day! I think they're kinda SBTs too.
All NFTs are, is a recording of ownership on an immutable ledger.
Nothing more.
When you have that recording on the untouchable ledger, you can then attach whatever you want on top.
Things like:
But this is all surface level stuff and secondary to the entry on the ledger which is all that really matters.
Bringing this back to your comment, my point is that nobody really needs to recognise that something is an NFT on the surface.
This is where I think the mainstream has a warped view of NFTs.
In my eyes, I'd say that NFTs on Solana for example are garbage because the underlying ledger is just waiting to explode.
I mean how do those entries on the Terra blockchain look now?
But 99% of Solana based NFT project are viewed as recognisable/valuable by the mainstream, simply because they have that cookie cutter digital art look to them.
When in reality, all that matters is the recording of ownership underneath which on Solana, isn't worth jack.
I'm worried less about whether an NFT is recognisable and simply whether the underlying recording of ownership is stable.
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I honestly don't know what to do with all the punks I bought. They don't grant me any special privilege beyond a badge. If there's no actual development around an NFT pfp, they become redundant on Hive because, as you've pointed out, our accounts already do just fine
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How many Punks did you buy and did you end up flipping any on the secondary market for a profit?
There was talk that Punks were going to be more than just a PFP at the time, but all the hype seems to have dissipated.
Gotta strike while the iron was hot!
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It is very interesting to see Hive and NFTs from the perspective you mention. The truth is that from the general point of view, like you, I believe that in the current scheme of things Hive accounts have much more value than any NFT, therefore, that it makes NFTs redundant at a general level; but I think this so probably for a different reason, and that is that I think that with a Hive account and writing and adding value to what is written and creating ties with the community, it is very easy for anyone to grow and earn money; On the other hand, with the universe of NFTs, I perceive that success (or even making any kind of profit by minimal that it be) is much more difficult to achieve; because creating a community around an NFT project is much more complex, especially if said project is not related to a game or something with tangible utility beyond the very nature of NFTs themselves.
By the way; excellent Post. Thanks for sharing and greetings!
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This is the intangible, social characteristics that make certain Hive accounts more valuable than others.
It all depends on how the user interacts with the community as to whether their account is more valuable than another.
I agree.
Like what happens if someone steals another's NFT?
Do they just inherit the original owner's place in the community (and thus their earning potential)?
If a Hive account was stolen, they wouldn't be able to because the community would know and not tolerate this behaviour.
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This is something that I (and a few others) have been talking about for some time in different respects - Hive accounts, the original NFTs. Sure... it was on Steem at the time :D
What it is also going to tie in with is the growing developments in webs of trust, because using/building that account becomes a more accurate digital reputation (unlike the one based on votes) across the various platforms and into life itself.
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https://leofinance.io/threads/@forexbrokr/re-hivetrending-2jhfws2gz
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This is probably the only article you've written that i almost agreed with nft's are redundant but i'd say hive is closer to a good payment system than anything. the rest of the use cases are trash and garbage and nfts like defi was always recycled regurgitated crap.
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Welcome back my friend, I knew you wouldn't be able to stay away for long.
So you can see a clear use case for Hive after all?
All roads lead to Hive!
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https://basicincometoday.com/the-founder-of-ethereum-just-dumped-a-bunch-of-meme-coins-and-used-the-funds-to-support-a-crypto-ubi-project/
No most roads don't lead to hive. Hive is headed to 200-500 ranked coin. I'm obviously not here to make money like you all. Why? because i make more in other crypto projects. So why am i here? Because as a ubi advocate it makes since to build my multichain network on free transaction systems or nearly free. That's the vow ubi projects should make.
I'd say all roads lead to ethereum and if eth 2.0 comes out in august as planned i'd not see much use in hive as eth has most decentralized social media dapps and most things you can imagine. The rewards system from a market psychology perspective more pisses people off than attracts people. That's not just my opinion .. that's the opinion of the original founders. Somehow you all think you know better. Data shows otherwise.
So vitalik and other billionaires donate millions of dollars to ubi coins and programs. They have contributed zero dollars to hive nor do they speak about it. So you're certainly misinformed and as far as why people on hive as i mentioned free transactions or nearly free that's still a misbranding of hive doing the other things as nobody knows what hive is or trying to be. i think that hurts it not helps it most people just don't really know what it is and when they find out most people don't like it with the exception of a few of you all that are at the top of the pyramid but most of the cryptosphere doesn't like hive.. all you need to do is take a poll and you'll see most big names in crypto don't like hive.
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