Tres

Account Executive

Valued Contributor

NFTs that actually make sense

I know Crypto has been beaten to death on this forum, and rightfully so. To be honest, I've been very skeptical about NFTs, the usefulness of a digital file that you pay thousands of dollars for is beyond me. However I recently saw a concept that starts to make sense, even though in this case it's still way too expensive.

I ran across CryptoDripxyz, and it's coffee based NFTs where if you own one of them (there's only a handful) you get certain benefits, like they ship you actual coffee and brewing equipment. It got me thinking that this would be an NFT that actually makes sense, by owning it you become part of a club - I could see this working for sports teams where super fans can buy exclusive NFTs that give them greater access to content or players or games.

Anyways would love to hear what you think, is this an NFT model that isn't horribly stupid?

https://www.cryptodrip.xyz/ CryptoDrip Coffee is a universal language that brings people and ideas together. CryptoDrip's mission is introduce web3 to the world through a simple cup of coffee, digitally and IRL.

💎 Cryptocurrency

13

52 comments

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Notmyrealname

Politicker

10

AE

They already do this. Its called membership. It never needed the blockchain before and it still doesn't need it now.

funcoupons

WR Officer

8

👑

People really be out here reinventing the concept of membership...

braintank

Politicker

2

Enterprise Account Executive

Even better - they're reinventing money. Only this time they get to fuck you over instead of banks!

Notmyrealname

Politicker

6

AE

.

Tres

Politicker

2

Account Executive

Nice meme work!

Notmyrealname

Politicker

3

AE

Thanks. It ain't much but it's honest work

braintank

Politicker

5

Enterprise Account Executive

I like you

CaneWolf

Politicker

3

Call me what you want, just sign the damn contract

And didn't cause the planet to light on fire.

Tres

Politicker

0

Account Executive

Debatable on that point - not sure if you're referring to Bitcoin or Ethereum specifically or just Crypto in general. I've seen arguments on both sides about the actual negative impact of Bitcoin mining for example and I know Ethereum is talking about Proof of Stake v Proof of Work which does change the energy consumption model.

CaneWolf

Politicker

1

Call me what you want, just sign the damn contract

There's not actually debate on this if you talk to an objective observer. It's bad for the planet, full stop.

Tres

Politicker

0

Account Executive

I assume you are talking about mining right?

BenitoBlanco_

Opinionated

0

Regional Account Executive

What if halfway through the membership, you decide you don't want it anymore and you want to sell it? Unless there is a system in place to do so from the merchant (there never is), you either are stuck with it, or you have to go through the trouble of securing a sale yourself/not getting ripped off or coming to some wonky agreement with the buyer to exchange the money and change the shipping address.

This is where NFTs make perfect sense. If it's an NFT, you just list your membership on a marketplace. I buy it, sign into their Web3 site using my NFT ownership to validate my membership, and change the shipping address.

Notmyrealname

Politicker

0

AE

Nope. Just stop paying for the membership. I promise you it's easier this way.

BenitoBlanco_

Opinionated

0

Regional Account Executive

I’m referring to a membership that would be prepaid in this example…or really any asset that you might want to be able to easily buy or sell instantly with full transparency and security on both sides.

braintank

Politicker

6

Enterprise Account Executive

Couldn't I just buy coffee instead of paying $10k for a jpg?

braintank

Politicker

5

Enterprise Account Executive

And fractional ownership giving you benefits existed long before NFTs. Country clubs for example.

As with most web3 things, this is a clunky solution in search of a problem.

Tres

Politicker

0

Account Executive

True - it's clunky and not perfect, but it makes more sense than buying a picture of a Bored Ape right?

braintank

Politicker

3

Enterprise Account Executive

Does it...?

Tres

Politicker

0

Account Executive

You a Yacht Club fan?

braintank

Politicker

3

Enterprise Account Executive

I invest. I don't speculate.

No shame if you want to make money this way, but I'm a traditionalist.

Tres

Politicker

1

Account Executive

I'm not an NFT fan so have to agree with you there. There's better ways to invest.

CaneWolf

Politicker

1

Call me what you want, just sign the damn contract

Slightly, because I can just screenshot the ape picture. That's all I got of how this is better.

Tres

Politicker

0

Account Executive

Yeah, I guess that's my original point - I can actually see SOME value to this type of NFT, let's call it the "membership type". But to many comments above, it's easier to just do a simple membership and not dabble with Web 3.0

CaneWolf

Politicker

2

Call me what you want, just sign the damn contract

Yeah, agreed. Crypto is a solution in search of a problem 99.9% of the time.

Tres

Politicker

0

Account Executive

I agree it's way too expensive for this. But if it gave me access to coffee or coffee related supplies I couldn't get on my own, that would be worth something

braintank

Politicker

2

Enterprise Account Executive

What coffee or coffee related supplies are you not able to acquire on your own...?

Tres

Politicker

0

Account Executive

It would be rare coffee beans likely - if there are awesome beans in a difficult to reach country that only are exported and roasted by one company or a small group of people.

Equipment, probably not hard to acquire on my own.

Exclusive merch, well that's a whole separate discussions so I'll rule that out.

braintank

Politicker

2

Enterprise Account Executive

So like one of the dozens of single-origin coffee of the month clubs: https://nymag.com/strategist/article/best-coffee-subscription.html

What does this NFT provide (other than cash to the owner of this dubious org) that I can't get for $15 per month from one of these clubs?

Hell, Amazon also sells single-origin coffee: https://www.amazon.com/Single-Origin-Coffee/s?k=Single+Origin+Coffee

Tres

Politicker

0

Account Executive

I would push back a little on the quality of the coffee for $15/month, usually I find good beans to be a bit more than that, but I agree with the rest of your comment. (Personally I do buy direct from places like Sweet Bloom, Madcap, etc and they always have free fast shipping if the order is over a certain amount).

braintank

Politicker

2

Enterprise Account Executive

Fine. But there's a big gap between $15 a month and $3,200 (current lowest price for NFT).

Tres

Politicker

0

Account Executive

Yes

CuriousFox

WR Officer

4

🦊

@poweredbycaffeine I'm shocked you haven't seen this yet 😎

1nbatopshotfan

Politicker

2

Sales

I have done NBA Top Shots (as my name indicates) and got pulled into the NFL beta. I’ve spent 23 dollars and have actually made a lot. I don’t understand it’s worth or value, but got in on the bubble at the right time lol.

CaneWolf

Politicker

3

Call me what you want, just sign the damn contract

Just make sure you're not holding when this shit falls apart.

1nbatopshotfan

Politicker

2

Sales

At this point I’m very far ahead without having spent any more of my own money that I wouldn’t mind if it ended tomorrow.

Tres

Politicker

1

Account Executive

Yes, I was hoping you would chime in here, I knew you made out on Top Shot and think you have a good perspective on it - you're skeptical, but were opportunistic with your $23 investment.

1nbatopshotfan

Politicker

2

Sales

Right place right time for sure. I’m brilliant ha!

I do hope that I can grab one of the NFL ones worth a few grand. It would be pure luck from the regular pack drops, but that’s the benefit of being in the beta.

Tres

Politicker

0

Account Executive

Us savages are rooting for you. Go get em

Pachacuti

Politicker

1

They call me Daddy, Sales Daddy

Make sure you can afford to lose whatever you “invest” here.

poweredbycaffeine

WR Lieutenant

1

☕️

See: Big Face Coffee. They sold NFT loot boxes and travel cases with custom machines that were 1:1 inside. Jimmy did it first.

Tres

Politicker

0

Account Executive

Good old Jimmy Butler.

BenitoBlanco_

Opinionated

1

Regional Account Executive

NFTs and blockchain technologies are amazing, they just get a bad rap because of dumb projects, dumb people and sensationalized media coverage. There is a ton of utility involved if implemented correctly. I'll give another example in addition to yours:

I invested in an startup crypto trading platform, won't bore you with the details but it has a very real and unique value prop. The way I invested was to mint (buy directly from creator on initial release) an NFT on the Solana blockchain, which guaranteed me voting rights essentially as a shareholder and X amount of tokens that dictate what slice of revenue I am due from the fees collected by the trading platform.

These tokens are distributed on a set monthly schedule. Let's say for whatever reason, I decide I am happy with the tokens I have at this stage and am looking to sell my NFT, which means I would sell my voting rights and the remaining tokens that have yet to be airdropped.

I can go onto any legit marketplace (on Solana examples are Magic Eden, Solsea, Solanart), list my NFT for sale, you can buy it, and there is 0 doubt that it's legit because the marketplace is reputable and has verified the collection. You don't need to get lawyers involved or anything like that - if you are buying it on that marketplace and the marketplace says it's legit, it's undeniably legit because that's a tenet of how blockchain tech works.

The only way to defraud anyone is to trick them into buying from a lookalike collection, or trick them into connecting to a malicious contract or token. A legit marketplace will never do either of those things. If a buyer knows basic things like how to verify this, it's safe and easy and the transaction can happen instantly. It's brilliant, but like many of the products we sell, the biggest barrier to entry is understanding what/why/how.

Blackwargreymon

Politicker

1

MDR

I like you

hh456

Celebrated Contributor

0

sales

the purpose of NFTs are royalties for long term assets. you can also lend against your future assets without relinquishing control of the asset. i think nft's are great but these digital monkeys i think are just tax maneuvers.

think about a great work of art in a museum. if the original person had minted an nft showing ownership their grandkids could be receiving royalties for their work. or think about a song that has an nft minted and you license it to the radio station to play. any ad revenue sold because your content (music) created a listening audience is a royalty owed to you.

nft's are great, just not for ms paint.

braintank

Politicker

0

Enterprise Account Executive

Nice pipe dream you got there ;)

hh456

Celebrated Contributor

1

sales

i own 0 nft's and crypto.

braintank

Politicker

2

Enterprise Account Executive

All of these use cases sound cool on paper but fall apart in the real world, that's all

hh456

Celebrated Contributor

0

sales

How else are you supposed to scam people for money?

DungeonsNDemos

Big Shot

0

Rolling 20's all day

I prefer Dryptocrip. Give me my coffee now please.

Tres

Politicker

0

Account Executive

Maybe you should start this..

Clashingsoulsspell

Politicker

0

ISR

Those who don't understand what it takes to sell don't make quota. Those who can't cut it in sales go into management.

MR.StretchISR

Politicker

0

ISR

Chief Commercial Officer hired a BDR to be the VP of Partnerships…her resume included a headshot and she was objectively gorgeous—and she heard he couldn’t resist blondes (well known fact that he as a sleaze ball at conferences).

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